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...

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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…

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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…

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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

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

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

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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.  

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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…

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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 

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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

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It's still snowing in Park City, Utah and resorts across the state are beginning to open for the 2011-12 winter season.  It's exciting for the resorts, and it also means it's time to lock-in your snowplowing solution for the coming winter!

If you haven't yet arranged for snow removal at your home in Deer Valley or Park City, we just discovered the ultimate snow removal solution.  Park City Sno Blowers, aka Blue Ribbon Seasonal care, just acquired a couple of ultra high-end european made tractors outfitted with huge snow blowers.  These burly machines make quick work of even the most challenging driveways in high-altitude locations like The Colony and Upper Deer Valley.

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They're faster, more energy efficient, and less damaging to your driveway than…

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