How The US Gov't Shutdown Could Impact Park City & Deer Valley Real Estate

Warning:  If you're getting a loan for a real estate purchase in Park City or Deer Valley during the shutdown, beware these pitfalls....

I just spoke with a friend who owns a mortgage company here in Park City about how the US Government shutdown could impact real estate in Park City & Deer Valley. 

Fannie & Freddie loans can still be processed to a certain extent, as these entities are open for business.  However, there are still potential challenges for these conforming loans.  See below for details...

USDA Loans Not Available in Wasatch & Summit County at This Time

On the flip side, since the UDSA is not operating at full strength, the USDA rural loan programs that are popular here in Wasatch and Summit Counties will simply not be able to be…

2627 Views, 1 Comments

Park City & Deer Valley Distress Sale Update

Sorry, foreclosure fans.  This game is just getting harder and harder!

For the third straight quarter, the percentage of distress sales in the Park CIty marketplace dropped again.  Down from a high of over 33% of sales being distressed, in the third quarter of 2012, only 13.81% of sales were distressed.

Click on the chart above to see the whole Park City Distress Sale report...

Our friend Rick Klein at Wells Fargo Mortgage in Park City performs an extensive analysis of the Park City distress sale market each quarter.  You can download his most recent research masterpiece here!

3048 Views, 0 Comments

Deer Valley & Park City Luxury Real Estate Market Recap & Forecast 2012 YTD

We just posted our most recent Deer Valley & Park City Luxury Market Recap & Forecast!

If you're not familiar with the report, here's what you'll find inside:

Recaps of the Deer Crest, Upper Deer Valley, Lower Deer Valley, Empire Pass, The Colony, and the greater Park City Luxury Market.

In the report, you'll be able to research specific sales, market trends in your favorite target neighborhoods, and read our forecast for the coming quarter and where we see the best opportunities for buyers and sellers of Deer Valley Real Esate.

You can download the full report here. 

2225 Views, 0 Comments

Park City Foreclosures: Going, going...

Deer Valley & Park City Real Estate Prices

Nobody rings a bell at the bottom...or do they?

If you've been reading our regular Park City Foreclosure Updates, you won't be surprised to learn that distress sales are becoming harder and harder for value-conscious buyers to find.  And if you're a skeptic, don't take our word for it.  Here are the cold, hard, facts...

See how the number of NOD's (Notices of Default--number of new borrowers 90+ days delinquent on their loan payments) has dropped in 7 of the past 11 quarters in Summit County?  Looking at the # of NOD's is a quick and easy way to forecast how many properties banks will take back at Trustee's Sales in the months ahead.  The chart above shows this lag, and it relates very closely with the…

4864 Views, 0 Comments

Victory Ranch Has New Owner

Park City Golf Development 'Victory Ranch' Sold

A Chicago based developer just closed on their acquisition of the Victory Ranch development from Wells Fargo Bank.

This is a significant development in the Park City real estate marketplace.  We have been watching this with keen interest.  

Victory Ranch offers some of the best private Fly Fishing in the Park City area, and the river, combined with the spectacular golf course, will provide Victory Ranch property owners with an enviable package of lifestyle amenities!

The following article is an excerpt from the Salt Lake Tribune...

Chicago-based firm buys Utah's Victory Ranch development

| The Salt Lake Tribune

A luxury home development that spans almost 6,500 acres near Park City has changed…

8331 Views, 0 Comments

Park City Real Estate Market Stats Q1 2012

We just reviewed the 2012 first quarter Park City real estate market stats, with no real surprises.  

Existing market recovery trends continued.  Here are some of the highlights:

• The number of active property listings is down
• The number of pending sales is up
• The 6 andd 12 month moving averages for # of properties sold is stable
• Distress sales are a smaller percentage of the closed transactions...down to 19.1%
• Distress sales represent only 8.5% of the total inventory for sale
• The number of "Notices of Default" incresed in Summit County but decreased in Wasatch County in Q1

You can read the complete first quarter 2012 Park City Market Report here:

http://www.parkcityrealestateguide.com/documents/2012_Q1_PCMLS_Market_Stats.pdf

2614 Views, 0 Comments

NAR Chief Economist Visits Park City

Lunch with Dr. Lawrence Yun in Park City, Utah

We had lunch last week with Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®.  Dr. Yun was relatively bullish for the near-term future of resort real estate market conditions in the Park City & Deer Valley areas.  

Dr. Lawrence Yun-NAR Chief Economist & Erik Asarian-Branch Broker Keller Williams

One might suspect the Grand Poobah of REALTORS® might spin the data into a good news story, but he had the facts to back up his assertions.  

Key factors in his case for continued market recovery included: 

• Massive reduction in available properties for sale compared to a couple of years ago
• Anemic number of new housing starts in Summit County, Utah
• Affordability (low…

32428 Views, 0 Comments

Deer Valley Real Estate Stats - 2011 Recap and 2012 Forecast

We just finished compiling the Park City & Deer Valley luxury market real estate sales data from 2011.  You can read the complete report here...

Deer Valley 2011 Recap & 2012 Real Estate Forecast

3078 Views, 0 Comments

Park City Real Estate Market Stats

Want to pull back the curtain on the real numbers behind the Deer Valley & Park City real estate market?

We just finished compiling the year-end stats.  Here are the key takeaways:

1) Available inventory of properties for sale is substantially reduced in most Deer Valley and Park City neighborhoods

2) Properties are twice as likely to sell as they were a couple of years ago

3) Foreclosures and short sales represent about 25% of the closed sales in the Park City utah real estate marketplace

Here is the link to the rest of the story, including charts, graphs, and predictions about where we expect prices to go from here...

Park City Real Estate Sales Statistics 

2791 Views, 0 Comments

St. Regis Deer Valley...at HUGE discounts!

Remember back when the St. Regis Deer Valley was pre-selling condos & residences while the building was under construction?

Well, a handful of those buyers could not close on their purchase.  Their misfortune is now a huge opportunity for you!

Here is the rest of the story about the St. Regis Deer Valley condos on sale

2998 Views, 0 Comments