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        <title>Park City Utah Real Estate Blog</title>
        <link>http://www.enjoyparkcity.com/blog/</link>
        <description>Looking for up to the minute information about the Park City area in Utah? Come and check out our real estate blog with many informative articles about living and buying in Park City, Utah!</description>
        <item>
            <guid>http://www.enjoyparkcity.com/blog/recognizing-the-buyers-market-sweet-spot.html</guid>
            <link>http://www.enjoyparkcity.com/blog/recognizing-the-buyers-market-sweet-spot.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Recognizing The Buyer's Market "Sweet Spot"</title>
            <description> <![CDATA[ 
Real Estate Market Fundamentals - Recognizing The Buyer's Market "Sweet Spot"


Nobody Buys in A Buyers Market!Why is it that when we are in a Seller's Market, buyers line up and compete with each other to buy with multiple offers trying to out bid each other, but once we are finally in a Buyer's Market, the buyers won't buy? In the Buyer's Market everyone is frozen with fear. They are watching and waiting, and watching and waiting for some signal that we are in the absolute bottom point of the bottom of the market. But guess what, no one rings a bell once we hit the bottom. There is no memo sent out to potential buyers, there is no breaking news forecast, there is no alarm sounding off. So how do buyers know when we are truly at the bottom of the bottom?


Timing the PeakWe all know what a Seller's Market looks like because we were just there a few years ago. We all participated in it and remember it well. This last Seller's Market was probably one of the biggest and most impactful Seller's Markets in history, for the U.S. and also here in Park City. We can all easily recall how it played out because we now have the benefit of the experience of being there. The key to recognizing the peak, we now know of, is that it is in our past. We can see the peak that occurred, because we then came down from it. Now we can easily look back and see it. You'll remember, that when we were at the peak, almost no one had the foresight that we were at the peak. Many people thought the market would just keep going on up. But of course it didn't, the market eventually peaked, and then started its decline back down. Nobody rang a bell to signal the peak. And we did not know we hit that peak until we were working down and finally had enough time, and data, to illustrate that we in fact did pass the peak of that very hot Seller's Market.The same is true when we are in a Buyer's Market, as we are now currently in. If you recall how we just discussed the Seller's Market, when you're in it, it is very difficult to pinpoint exactly at what point you are at; such as nearing the peak, at the peak, or passed the peak? For our current Buyer's Market, we are trying to figure out if we are heading to the bottom, at the bottom, or passed the bottom. Why is it that Buyers do not buy once in a favorable Buyer's Market?… They are waiting for evidence that we are truly at the bottom, so they can be sure they are getting the absolute best deal. The problem is that recognizing the absolute bottom is difficult while you're somewhere in it.


The Sweet SpotBut what if the buyers could look at it all in a slightly different way. Instead of trying to pinpoint the exact absolute bottom of the market, which is nearly impossible to do, why not try to make the purchase somewhere near the bottom. We can much easier calculate or attempt to recognize the segment of the Buyer's Market where we know we are somewhere near, at or past the bottom. This segment of the Buyer's Market is what we call the Buyer's Market "Sweet Spot". At the end of the day, if a buyer makes a purchase anywhere in this timeframe, or this segment of the trending market, that buyer has hit a "home run".So how do we successfully predict, calculate, or recognize when the trending market hits the "Sweet Spot"? There are a few signs to help us figure out where the moving and changing market is at. We can identify a few key factors to help us define a beginning, middle and end of the "Sweet Spot". First to identify if you're at the lowest point of the Buyer's Market (Point B on the above Market Trend graph) you must identify that we have passed Point A, and will be heading to Point C. So lets look at each point and how to identify them.Point A:- Number of All Distressed Properties reaching new highs- Prices declining steadily in all neighborhoods- Activity now increasing strongly in some neighborhoodsWith an abundance of Short Sales, Notice of Defaults (NOD's) and Foreclosures and Bank Owned / REO properties, pricing in all neighborhoods is driven down to new lows. Now that the pricing is finally down significantly, the leading buyers start coming back and they start buying, mostly cash deals. Once a few start, more follow and there might even be a buying frenzy in the areas that went into the downfall first.In our Park City Real Estate Market, this is exactly what we saw in Empire Pass Deer Valley, and in Promontory. We have seen the signs of Point A. We have passed Point A.Point B:- Distressed Properties - Number of NOD's decreasing- Prices still declining in many neighborhoods, but starting to increase in others- Activity now increasing strongly in most neighborhoodsThe distressed properties continue, but less attention on Short Sales and more focus on the Bank Owned / REO properties where a quick cash deal can be made. Pricing is still declining in many neighborhoods, but in some they have reached their bottom. In fact in some it may be to late - the best deals have come and gone. For the overly cautious buyers who have been watching and waiting, they may have watched and waited too long, and missed the best opportunities. At this point the good properties that do come up go very fast. The NOD's have now been decreasing steadily, so at this point the market can expect to start also seeing a decrease in foreclosures. The inventory is shrinking, and the "junk" is getting cleared out, making way for new properties to bump pricing up finally.In our Park City Real Estate Market we are now seeing this in Promontory, Empire Pass, The Colony and Pinebrook. We'll see it in more neighborhoods very soon. This is Point B, and as of today, February 15th, this is where we are at. Look at the signs, the bottom everyone has been waiting for is here. Point C:- Distressed Properties - Number of NOD's down, foreclosures down- Prices now increasing in most market areas- Activity still steadily strong in most neighborhoodsNow that the NOD's are way down, the forecast for foreclosures is down and soon we'll see less Bank Owned / REO properties. With the inventory shrinking, and cleaning up, sellers can finally ask a little more again for the good properties. These good properties will start selling again, at higher prices, bringing the overall median and average sales prices back up, which in turn will allow people to ask a little more for the next properties, and so on, and so on. The buyers who have come to the party late will have to pay a bit more to get the property they want. But a little more is still better than a lot more, which is the direction the market is now headed.In our Park City Real Estate Market, this is where we are headed, and it may not be too far away.Take-Away MessageIn reality, buying anywhere in the Buyer's Market "Sweet Spot" is a big win. Trying to pinpoint the absolute bottom is just too difficult, and you'll over analyze the situation and talk yourself right out of a good opportunity. Decide what is most important to you, buy the right property for you and your family, the deal is there, the time is now, you'll be glad you did it once you do. None of us are getting any younger. If you wait another year to buy prices will probably be higher, interest rates will probably be higher, and you and your family will be one year older when you do.
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            <pubDate>Wed, 15 Feb 2012 17:00:06 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-update-2011-end-of-year-report.html</guid>
            <link>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-update-2011-end-of-year-report.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Park City Real Estate Market Update - 2011 End of Year Report</title>
            <description> <![CDATA[ 
It's still a Buyer's Market but the inventory is going fast.


Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board ofREALTORS® show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continue to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the state of Utah. For the Park City area, tourism, resort industries and a nationally ranked public school district continue to draw both primary and secondary home buyers.It was predicted that 2011 would look much like 2010, and that turned out to be true. Just as in 2010, in 2011 the number of sales was up while prices continued to decline. The exception to this is that prices in some neighborhoods and some property types seem to have stabilized. Prices have declined in many areas and property types with the following exceptions: home prices overall and particularly in the Snyderville Basin were either flat or saw an increase, while vacant land prices in the Snyderville Basin and in the Heber Valley were either flat or have increased. "The market continues to be active, with the number of sales in all four quarters of 2011 being strong, with the second quarter of2011 having the most sales that we've seen since the fourth quarter of 2007," says Statistician and Past President of the Park City Board of REALTORS®.PricesMedian sold prices in 2011 were down 13% for our overall market, although single family homes continue to be the strongest part of our market with a 1% increase. Condo median prices were down 16% and vacant lot median prices were down 13%. While the percentages improved in the second and third quarters, they are still well below where they were predicted to be at the beginning of the year.


Number of SalesThe number of closed sales in the Park City area in 2011 was up substantially over 2010. Home sales increased by 19%, condo sales were up 10% and vacant land sales were up 23% in 2011 compared to 2010. Just as had been noted throughout the year, the number of overall sales and home prices in particular are the two bright spots in our market.Single-Family HomesHome prices may be stabilizing. Although certain neighborhoods are still seeing declining prices, other neighborhoods are experiencing increased prices. This is similar to the national trend where the year end statistics showed three straight months of improved sales and is characterized by the National Association of REALTORS® as a "market in recovery."


In reviewing the data for individual neighborhoods, some areas are certainly doing better than others. Median home prices in Old Town are down 14% to about $817,500 while median home prices in Park Meadows are down 7% to an even $1,000,000. Median home prices are also down 2% to about $609,000 in the Silver Springs area. However median home prices in the Sun Peak area are up 25% to a median price of $872,500, up 12% in the Old Ranch Road area to a median price of $1,500,000 and up 13% in Pinebrook to a median price of about $642,500. Conversely, median prices in Jeremy Ranch are down 11% at $624,000.CondosMedian condo prices inside the city limits are down about 28% from a year ago to a median price of $539,500, while median prices in the Snyderville Basin area are down about 15% to a median price of about $260,OQO. However, there are some areas where median condo prices have increased, including Empire Pass (up 25%), the Prospector area (up 12%) and Sun Peak (up 4%).Vacant LandMedian lot prices were down about 18% inside the city limits, and were flat in the Snyderville Basin (exactly the same at a median price of $160,000). However, just as with home and condo prices, certain neighborhoods did post median price gains, including Promontory (up 7%) and Summit Park (up 59%). The Promontory area had by far the highest number of sales in an individual area, accounting for over half of all lot sales in the Snyderville Basin area.ForeclosuresAs in 2010, foreclosures continued to be a significant part of our market in 2011. As reported previously, the number of Notices of Default (NOD's) in Summit County peaked in the third quarter of2009 and has been falling since. In fact, the number of NOD's in 2011 was about half of what it was in 2009, and about one-third fewer than in 2010. The number of Trustee's Sales (foreclosures) peaked in the fourth quarter of 2009 and has also been generally falling since. The total number of foreclosures was down in 2011 about 25% from the higher numbers seen in 2009 and 2010. "The numbers are still historically high, but it is a positive sign that those numbers are decreasing". As for actual sales of distressed properties in our market, about 30% of all sales were distressed, a high number but down from 2010. Distressed sales still make up about 7% of all properties on the market.The news isn't as positive in Wasatch County with the numbers of foreclosures declining but the number of NOD's still elevated throughout 2011. So even though there were fewer foreclosures in Wasatch County in 2011 than 2009 and 2010, the number of foreclosures is likely to increase in 2012 compared to 2011.Looking AheadPrices in our market have, in general, been falling for four straight years, with many parts of our market being 40-45% below where those prices were at the peak. Similarly to how many erroneously thought in the mid-2000's that prices would keep rising "forever," it is just as erroneous to assume that prices will keep falling as they have over the past four years. It appears that prices have now corrected in virtually all parts of our market, and although price increases will probably be slow, future sizable declines seem unlikely. It continues to be a buyer's market, but choices are declining as the distressed properties are being purged from the market.The bottom for home prices has probably already past, and that may be true of lot prices as well. Condos are probably nearing their low point or will reach that point in 2012. There continues to be strong buyer interest and activity, and hopefully the number of sales will be similar in 2012 to what they were in 2011. Properly priced properties will continue to sell, while properties that are priced too high will languish. PCBOR advises, "With different neighborhoods responding differently to the current market, it continues to be very important to consult with your local REALTOR® to understand what the market is doing in your area."The Park City Board of REALTORS® (PCBOR) is a trade association of nearly 900 members comprised ofREALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.
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            <pubDate>Mon, 13 Feb 2012 13:59:00 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/another-foot-of-snow.html</guid>
            <link>http://www.enjoyparkcity.com/blog/another-foot-of-snow.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Another Foot of SNOW!</title>
            <description> <![CDATA[ 
We just had another small storm come through over the weekend, and received about a foot of snow in the upper elevations of the Park City ski resorts  I think the storm was a surprise to everyone as we were not expecting much more than an inch or two. As we got up late Sunday morning we looked outside and were surprised to see about 6 inches on the top of the hot tub. We even slowly got ready and once I finally was out to snowblow the driveway I started to realize it could actually be a good day on the mountain. We went up to Park City Mountain Resort and had a great day. The Snowbird snow report had mentioned only 5 inches, and Park City and Deer Valley reports mentioned less. I think much of the snow fell in the couple hours after the reports were made, and before everyone got on the mountain, because back in areas like Motherlode and Jupiter, there was an easy foot or more.


The mountain was quiet, again I dont think people were expecting a pow day. We rode on pioneer for a couple laps, which was nice. We tried out Motherlode Meadows area but was still too thin of a base for coverage. Jupiter lift at PCMR was good, but you still had to be careful of the thin base layer, there are still logs, stumps, roots, etc sticking out.  I believe another storm is working towards us, so hopefully we get more!
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            <pubDate>Mon, 13 Feb 2012 11:17:47 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-update1.html</guid>
            <link>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-update1.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Park City Real Estate Market Update</title>
            <description> <![CDATA[ 
Park City 2011 End of Year Stats


Below are some quick snapshots of the Park City real estate market comparing 2011 end of year numbers with the previous year. Also compares the overall price decrease from the height of the market in 2007. We will soon have a more detailed report once we complete our End of Year Statistics Report with the Park City Board of Realtors statistics committee.When we first ran these numbers for this article, we were surprised by the huge amount of decrease in our Park City real estate 2011 median sold prices from the 2007 median sold prices. The amount of decrease is astonishing. Activity sure has been up since the slower years of 2008 and 2009, and here you can see why. With these lower prices on ski homes and condos, we are seeing many buyers return to the market. The numbers below are to provide you with a quick snapshot of the overall Park City and Deer Valley real estate market. Obviously if you want more detailed information on your area of interest, you can call or email us and we can get that to you. The statistcis information below was compiled from our Park City MLS.


 


Park City Real Estate Market Update:


Park City Proper (MLS Areas 1-9)


SINGLE FAMILY HOMES2007 Median Price was $1,600,000In 2010 130 Homes sold, median price: $1,117,500In 2011 155 Homes sold, median price: $1,000,00038% price decrease from 2007 CONDOS2007 Median Price was $994,500In 2010 254 Condos sold, median price: $747,500In 2011 270 Condos sold, median price: $539,50046% price decrease from 2007 LOTS2007 Median Price was $925,000In 2010 29 Lots sold, median price: $588,500In 2011 25 Lots sold, median price: $485,00048% price decrease from 2007  


Greater Park City Area (MLS Areas 10-23)  


SINGLE FAMILY HOMES2007 Median Price was $859,500In 2010 286 Homes sold, median price: $662,025In 2011 336 Homes sold, median price: $681,50021% price decrease from 2007 CONDOS2007 Median Price was $420,000In 2010 199 Condos sold, median price: $297,000In 2011 243 Condos sold, median price: $265,00037% price decrease from 2007 LOTS2007 Median Price was $645,000In 2010 120 Lots sold, median price: $197,450In 2011 158 Lots sold, median price: $165,00075% price decrease from 2007
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            <pubDate>Tue, 31 Jan 2012 18:07:04 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/freestyle-world-cup-at-deer-valley-utah.html</guid>
            <link>http://www.enjoyparkcity.com/blog/freestyle-world-cup-at-deer-valley-utah.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Freestyle World Cup at Deer Valley Utah</title>
            <description> <![CDATA[ 
Deer Valley will host the 2012 FIS Freestyle Ski World Cup event this season! Competitors from around the world will challenge each other and themselves on Deer Valley's 2002 Olympic runs. All events, including concerts, are free to the public. The festivities will begin February 1, 2012 with Robert Randolph and the Family Band playing on Lower Main Street in Park City.


Its amazing events like this that makes buying real estate in Park City and Deer Valley such a fun investment.





If you have not been to one of these events yet, you have got to go. This is a highlight of every winter in Park City and Deer Valley. The events are hosted at night, so you can ski all day, and then watch the events under the lights at night. You may have seen the moguls and aerials events on TV, maybe during the olympic coverage, but there is really nothing like witnessing this amazing contest in person. If you think it ios impressive on TV, when you are actually there, you will be blown away at the speed of the riders, and the amount of air the mogulists and aerialists acheive.


The evnt is always free, and easy to get to. Its a perfect night of entertainment for the entire family, and an ideal way to enhance your Park City and Deer Valley vacation - you wont see anything like this back in your suburban and metropolitan homes. The kids always love these events, and many of them spend a lot of time sliding down the hills and the end of the main spectating area. Just be sure to dress warm!Wednesday, February 1 7 p.m. - 9 p.m. Evening Entertainment on Lower Main St. 9 p.m. Fireworks Thursday, February 2 4 p.m. - 5 p.m. Ladies' Mogul Qualifications5:50 p.m. - 7:15 p.m. Men's Mogul Qualifications8 p.m. - 8:55 p.m. Men's and Ladies' Mogul Finals (16/16) 9:10 p.m. Fireworks Friday, February 31:05 p.m. - 1:50 p.m. Ladies' Aerial Qualifications4 p.m. - 5 p.m. Men's Aerial Qualifications7:45 p.m. - 9:25 p.m. Men's and Ladies' Aerial Finals (12/12) 9:30 p.m. - 9:40 p.m. Awards9:40 p.m. Fireworks Saturday, February 43 p.m. - 4 p.m. Ladies' Dual Mogul Qualifications4:50 p.m. - 6:15 p.m. Men's Dual Mogul Qualifications 7 p.m. - 9 p.m. Men's and Ladies' Dual Mogul Finals (32/16) 9:15 p.m. Fireworks  Freestyle Feast VIP tickets are available Thursday, Friday and Saturday, February 2 - 4, 2012.
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            <pubDate>Tue, 24 Jan 2012 09:34:29 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/4-feet-of-snow-in-park-city-ski-resorts.html</guid>
            <link>http://www.enjoyparkcity.com/blog/4-feet-of-snow-in-park-city-ski-resorts.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>4 FEET of SNOW in Park City Ski Resorts</title>
            <description> <![CDATA[ 
FINALLY!!! We just received about 4 feet of snow at all of our Park City, and northern Utah ski resorts. Its been a long wait, but better late than never!


The image below is from the KSL news broadcast showing the big snow totals from the storm. Powder Mountain and Snowbasin are about 50 minutes to the north. Alta is over by Snowbird in Little Cottonwood Canyon and only about 50 minutes away from Park City. They did not show Deer Valley or Park City on this list, but I did see a report showing Park City at 41 inches so far, and I had heard Deer Valley had a little more than Park City resort. I was up on McConkeys lift at Park City resort yesterday and there was an easy 2 feet of fresh on top of about a new 2 foot soft base. Many turns were bottomless, so much fun!


c


Our world of Park City real estate depends heavily on snowfall and good winter weather. Luckily we are getting back on track with our normal Utah conditions. Hopefully we see a continuation of winter storms in Park City, Deer Valley and the nearby Cottonwood Canyons ski resorts. If you visit Park City this winter, let us know and we can make some recommendations on where to go.  We have the 3 great resorts right here in Park City, but also we have other amazing ski resorts within an hours drive.  Its a great place to stay, and use as the "base camp" and easily go and check out the other resorts as well.  They are all great, and can offer a huge variety of skiing and snowboarding. Let us know what level youre at, and what you like to ski or board, and we'll give you soem very helpful adviuce as which resorts to go to, and where to go once you are there.
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            <pubDate>Tue, 24 Jan 2012 09:19:50 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/snow-is-here-in-park-city-utah.html</guid>
            <link>http://www.enjoyparkcity.com/blog/snow-is-here-in-park-city-utah.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>SNOW IS HERE in PARK CITY, UTAH!</title>
            <description> <![CDATA[ 
The snow has finally come, over 2 feet of it last night, and we had an amazing weekend of beautiful powder runs, with nobody here! Sundance is a great time to have the big storms come in as most of the Sundance crowd does not ski or snowboard. Its a great time for all of us Park City realtors to take a break from showing property and get some great runs in. Perfect that this Sundance weekend we got dumped on! There was well over 2 feet of fresh snow on McConkeys lift at Park City Mountain Resort, and I was there for first tracks. Once I headed down to go back to my Sotheby's real estate office, I passed the usual Silver Queen run to get down and found more great powder on the side of the groomed runs. For sure was an epic day, and so glad to see the snow arrive.  This should give us a great base and have us well prepared for the next storms to come. 


The resorts did quite well with these last sets of storms. Whenever I check the PCMR snow report, it always shows less snow than what they really have, because they get so much less at the base area as compared to what they get up top.  They average it all out so the number is always low.  Best is to always check out the snow report for Snowbird, because if PCMR says 12 inches, and Snowbird says 24, you know the upper areas of PCMR will be close to that same 24. If you are ever wondering how the conditions are, or where to go ski or board, simply give us a quick call, we'd love to share our local knowledge with you!











In the world of Park City real estate snow is crucial to everyone's success. From us as Park City realtors selling ski homes and condos, to our clients who own and rent out thier ski homes and ski condos. The slow start of the snow year was beginning to affect our busy selling season. Now that we have a good amount of snow, it should hopefully get things turning again. We'll still keep our fingers crossed in anticipation of many more storms. Today was just too much fun, and is another reminder of why owning property here is so great. If you live here you can take full advantage of every storm. If you own a second home here, you can watch the weather, and then come out as soon as we start getting in sight of a major storm system.
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            <pubDate>Sun, 22 Jan 2012 16:01:01 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/park-city-real-estate-inventory-years-of-supply-or-only-a-few-to-choose-from.html</guid>
            <link>http://www.enjoyparkcity.com/blog/park-city-real-estate-inventory-years-of-supply-or-only-a-few-to-choose-from.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Park City Real Estate Inventory - Years of Supply? Or only a Few to Choose From?</title>
            <description> <![CDATA[ 
Recently, I had a client ask about our amounts of listed inventory for sale in the Park City real estate market. He stated that "I was reading there are well over 3 years of unsold inventory for 2 million plus homes in Park City?" I was not exactly sure on that statistic as actual fact, nor could I quickly or confidently dispute it. Nor should I without having the data to verify the information. So, I took some time to pull up the real data (a.k.a. FACTS) and compiled the information below. This study produced interesting facts, but more so it showed just how misinformed many of our educated real estate buyers are.I found it quite interesting that he was thinking we had over 3 years of inventory for homes over $2 million, when in reality it was less than 2 years worth of inventory for our entire MLS. If looking at just the area he was interested in, which is Upper Deer Valley (includes Deer Valley's Silver Lake Village) the length of inventory equates to only a 1 year supply! A 1 year supply is a healthy amount of inventory; enough to keep things turning, enough to keep momentum going. It is nowhere near the "well over 3 years " amount, and so off base from what my client had heard elsewhere.I just love how all of our clients won't ask us for the actual facts on a subject we work in every day of the week. Instead they always try to find some random source and then live by that source as ultimate truth. If you read below, you can see what our entire MLS has listed for sale, and what length of inventory that would be. But real estate is local - nationally, regionally, and even locally within a local market. So if you are interested in say… UpperDeer Valley, looking at overall Greater Park City stats does not make sense, but looking at stats specific to Upper Deer Valley sounds like a great idea. If I come off sounding a little perturbed, I am. We deal with this so often. If our clients would allow us the time to get them the stats that are pertinent to them, life in the world of real estate would be so much easier. But then maybe it would not be called real estate.So for my market research below I used this client as the example. He was referencing about properties in the Park City area priced at $2 million and above.Entire Park City MLS:I started my research of facts by pulling up information on the entire Park City MLS which includes the greater Park City area, Deer Valley and The Canyons ski resort areas. Furthermore it also includes a few properties in Salt Lake City, and also includes outlying areas such as Heber, Sundance, Coalville, Kamas, Wolf Creek Ranch, Morgan, Ogden Valley, etc. For the ENTIRE MLS there are 235 homes and condos listed for sale at $2,000,000 and higher. For the ENTIRE MLS there was a total of 128 homes and condos that were listed at $2,000,000 or higher that have SOLD, or are pending sale in just the last year. WOW, 128 sales in 1 year of properties priced over $2 million, sounds pretty good to me. So if we are selling an average of 10.6 of these homes a month, and we have 235 listed that currently is an inventory supply of 22 months, which is less than 2 years, not well over 3 years.Now this client was not interested in the entire Park City area, they are looking at ski homes, so I took a closer look at the potential areas of Deer Valley, Park City, and The Canyons. The main areas of town that would have ski vacation homes. I took out all the areas that would not even be of interest to this buyer. I wondered if my stats would be different, narrowing my search field to what was actually of interest to this client.Narrowed Down to In-Town Areas:For the "In-Town" areas at and surrounding Deer Valley, Park City and Canyons ski resorts there are a total of 201 homes and condos listed for sale at $2,000,000 or higher.  And going 1 year back, 119 homes and condos that were listed at $2,000,000 or higher have SOLD, or are pending sale. So if we are selling an average of 9.9 homes a month, and we have 201 listed that currently is an inventory of only 20 months – less than two years. Narrowing our field to be more suitable to what this client was looking for gave us results showing an even smaller amount of inventory.Now that last example was Homes and Condos, in all the "In-Town" areas. This client in particular was not interested in any condos, or townhomes. And furthermore they could not look at all of Deer Valley because in Empire Pass Deer Valley the homes are far too expensive and most everything is too clustered together. In Deer Crest Deer Valley they are also too expensive, and the only home near their desired price range is too close to the highway. And in Lower Deer Valley the family decided it was too far from the resort, and nightly rentals are not fully allowed.So, as with all clients, when you start looking at our entire market, you end up narrowing down to only looking at a particular area or two, in this case we narrowed down to Upper Deer Valley. So I took a closer look at the stats for that area for only Single family Homes, because they did not want to look at Townhomes, or condos.Narrowed Down to Upper Deer Valley:In Upper Deer Valley, for Single Family Homes priced at $2,000,000 and above, there are only 16 listed for sale. And in the last year there were 15 Homes that have SOLD or are currently pending sale, so that is about a 1 year inventory. A 1 year inventory! Not "well over three years". A huge difference.AND furthermore, once we narrowed down to these 16 homes listed for sale in Upper Deer Valley, 7 of them were priced above $5 million, which was much higher than what this client was willing to go up to. And out of the remaining 9 homes, most of those were not up to the level of quality, location, finishes, etc, that they were interested in. So at the end of the day, this client was really looking at a handful of home options to realistically choose from. A handful of homes! Nothing close to the idea that we have well over 3 years worth of $2 million+ homes.
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            <pubDate>Fri, 20 Jan 2012 16:56:43 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/snow-is-finally-coming.html</guid>
            <link>http://www.enjoyparkcity.com/blog/snow-is-finally-coming.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>SNOW IS FINALLY COMING!</title>
            <description> <![CDATA[ 
Great news! Looks like the snow is on its way!


We have had a very slow start this year in the Rocky Mountain West, but finally we are expectig some real snow. Now not all has been bad, the resorts have made an incredible amount of snow, so we have a great base, and conditions have been decent. For the kids riding the halpipe and terrain park, this has been an amazing year as every day has been blue skies and sunny weather. The groomers have been quite nice, but starting to get a bit icy. This new snow will be a game changer!


See below what the National Weather Service forecast has to say:


A WINTER STORM WATCH REMAINS IN EFFECT FROM WEDNESDAY AFTERNOON THROUGH FRIDAY AFTERNOON.* AFFECTED AREA: THE WASATCH MOUNTAIN RANGE.* SNOW ACCUMULATIONS: STORM TOTAL ACCUMULATIONS OF 24 TO 36 INCHES...LOCALLY GREATER AMOUNTS POSSIBLE.


In comparison to other western ski resorts, we here in Utah are doing much better than many of the other ski resort destinations. We have had a few storms early in the season, and it has been cold enough to keep the snow we fortunately got naturally.


The photos below are from Park City Mountain Ski Resort on January 15. As you can see, we have a good base with decent coverage. So once we get this new snow, we should be doing quite well.











The big concern will be avalanche conditions on the steeper slopes. This very hardpack base is not the ideal surface to hold all the new snow we are expecting, so it is going to be very dangerous for anyone heading into the backcountry.


For all of us working in Park City Real Estate, we are excited to finally see some snow on its way. Snow is very good for business, and our healing, yet fragile real estate market could use all the help it can get! It will also be nice to have this snow during Sundance. The Sundance crowd does not bring many skiers, so usually this is a good week to be in town, and get up on the mountain as you will have the slopes all to your self!
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            <pubDate>Tue, 17 Jan 2012 09:21:29 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/no-snow-no-problem.html</guid>
            <link>http://www.enjoyparkcity.com/blog/no-snow-no-problem.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>NO SNOW, NO PROBLEM!</title>
            <description> <![CDATA[ 
Skiing conditions are much better than you might think!


This sure has been a tough start for the year for all the western US ski resorts. We have been experiencing one of the slowest starts to the winter season that any of us can remember. It is especially in sharp contrast to what we enjoyed last year as one of our biggest snow years ever. If you were in Utah last year you know what I am talking about!


Normally by this time of the winter we have already had quite a few epic powder days, but this year has not been like that. We have had enough snow to be open, and with snow making capabilities the resorts have been able to get many runs open. Deer Valley and Park City have impressive abilities to create snow when mother nature does not deliver. You would be surprised at just how much is open, and just how good the conditions have been. Although we have not been having our much hoped for powder days, we have been enjoying some amazing weather. There has been no snow because of the warmer weather and no clouds. So even though we have not had a lot of snow, the weather has been so enjoyable. Bright, sunny, warm and just plain pleasant to be outside - whether skiing, snowboarding, snowshoeing, hiking, or even biking! Where can you ski all morning, and then go mountain biking or even golfing in the afternoon? In Park City, Utah you sure can, this year at least.So what about the conditions up on the mountain? Well there are quite a few runs open, but mostly the nice cruising groomer runs here in Park City and Deer Valley. Over in the Cottonwood Canyons (Alta, Snowbird, Brighton, Solitude) they do have a little more natural terrain. On this side of the Wasatch you can enjoy cruising well groomed runs in the beautiful sunny warm weather. If that is the type of skiing you prefer anyway, you'll still have a great time.


The terrain park and superpipe at Park City Mountain Resort - January 07, 2012If you are courageous enough you might want to try venturing into the terrain park or halfpipe at Park City Mountain Resort. Park City has done an amazing job building their terrain park and superpipe early in the season, blowing lots of snow at night while it has been plenty cold. The park sits at the lower elevation of the resort so in the afternoon the snow in the park softens and becomes more forgiving. There are all the big jumps of course (fun to watch these amazing kids), but there are also some great smaller features that are fairly easy to attempt. The Eaglet Park up on the ridge is the ideal place to try a few very small jumps and slider boxes. For any age, and any ability level it can be safe, easy and fun! For the skiers and boarders who ride the park often (like myself) it actually has been an amazing year, as conditions have been ideal for park and pipe.The snow will come! This is Utah, home of "The Greatest Snow on Earth". If this were Chicago where I grew up, I would be worried, but here in Utah the snow comes every year. And when it does, it often comes with a vengeance. I'll bet sometime soon the weather will totally change and we'll probably get dumped on for 3 weeks straight and have more snow that we know what to do with!So for now, the conditions are quite good and lots of fun. And when we do get the snow, I'll update you again with the good news!
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            <pubDate>Sun, 08 Jan 2012 15:23:45 -0700</pubDate>
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