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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>
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            <guid>http://www.enjoyparkcity.com/blog/park-citys-mountain-trails-get-gold-rating.html</guid>
            <link>http://www.enjoyparkcity.com/blog/park-citys-mountain-trails-get-gold-rating.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Park City's Mountain Trails get GOLD Rating</title>
            <description> <![CDATA[ 
The International Mountain Bicycling Association (IMBA) recently named Park City a Gold Level Ride Center, making Park City the first town in the world to receive the honor!As Park City Realtors we fully understand the importance of our amazing trails network. It is one of the most important aspects we get to boast about for our beloved town. We are members, and fully support the Mountain Trails Foundation. MTF is a non-profit organization that creates, and maintains trails throughout the Park City and Deer Valley area. Mountain Trail's director, Charlie Sturgis submitted Park City's application for the award. According to a press release, Park City received a score of 96, out of 100, and no other town has yet to achieve higher than a 90. Multiple towns had applied for the award but because Park City has everything a biker might be looking for, we won. Park City has single-track trails, paved trails, dirt bike parks, downhill trails, family friendly trails, terrain parks, and also offers hotels, restaurants and easy to access information for bikers. Park City has been described by the IMBA as a "model town".It is currently estimated that we have about 350 miles of mountain bike trails just in the west side of Summit County. With mountain bike tourism becoming a larger segment of the tourist population, awards and recognition such as this help to make Park City stand out well among all other ski resort destination towns. New trails are schedule to be constructed this summer on Pinecone Ridge and PC Hill.


Trail creation and maintenance is an ongoing project totally funded by charitable donations of money and time from community members. If you are interested in helping out, and you should be, please contact Mountain Trails and get involved or write them a check. Our trails belong to all of us, and we ALL should be involved to keep our trails open, and in the great conditions we enjoy everyday.
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            <pubDate>Thu, 03 May 2012 18:17:52 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-report-2012-1st-quarter-statistics.html</guid>
            <link>http://www.enjoyparkcity.com/blog/park-city-real-estate-market-report-2012-1st-quarter-statistics.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Park City Real Estate Market Report - 2012 1ST QUARTER STATISTICS</title>
            <description> <![CDATA[ 
2012 1ST QUARTER STATISTICSBy Park City Board of RealtorsPRESS RELEASE - FOR IMMEDIATE RELEASE:Park City, Utah –The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS®, is that the median sales price for vacant land and condos, in all areas, has gone up. The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for quarter one in 2012. Vacant land also saw a rise in median sold price from $134,500 in 2011 up to $200,000 in 2012. The overall sales dollar volume for quarter one, however, came in at $235 million, down from the first quarter of 2011 when overall sales topped $254 million. The total number of sales is also lower for the first quarter of 2012, with 338 sold properties, where as last year the number was 374.Prices


Median prices in the first quarter of 2012 have rebounded nicely from lower numbers which dominated much of last year. This increase in price can be directly attributed to an increase in condo and vacant land prices. The all area median price for single family homes is slightly lower for the first quarter of 2012 at $475,000 compared to $515, 000 in 2011. By area, first quarter statistics for single family homes are as follows: within the Park City Limits there were 37 sales with a median price of $1,130,000. In the Snyderville Basin Area, there were 41 sales with a median price of $489,900. In the Heber Valley, there were 36 sales with a median home price of $248,450.A year ago, we continued to see downward pressure on prices which seems to have flattened. “Prices throughout our market seem to have stabilized, and in certain segments prices have started to increase. We saw this trend start in 2011 with single family homes, and we are now seeing it in condo and vacant land sales,” says the statistician for the Park City Board of REALTORS®. He adds, “In certain parts of the market, and in certain areas, some pent up demand is being demonstrated and even among buyers there is little talk of prices continuing to fall.”Number of Sales


The total number of sales in the first quarter is the lowest quarter total since the first quarter of 2010. This lower number can be directly linked to slow sales in January, which followed a slow December in terms of pended sales. This slow January appears to be an anomaly as the number of pended sales in February increased, and March saw the highest number of pended sales since mid-year 2007. This high number of contracts portends well for second quarter numbers.Sales have occurred in all market segments, with the very high end in upper Deer Valley and in Deer Crest doing well. On the other end of the scale, low end condos and low priced lots are becoming more and more difficult to find. Sales of new product has continued, and now the abundance of new developer units in the Empire Pass area has ended with only Montage having any stock of brand new units. Sales of new product in the Jordanelle area has also been quite active, with sales occurring on units that are nothing more than a drawing on a map.Distressed Properties


Another point of interest is in the category of distressed properties which has become a smaller portion of our market. According to Rick Klein of Wells Fargo Home Mortgage, distressed sales, which include both foreclosures and short-sales, made up about 23% of sold properties in the first quarter of 2012, compared to over 36% in first quarter 2011. Specifically, 16% of all sales were bank owned and short-sales were just over 7%. However, distressed sales will continue to make up a good share of the market as notices of default have once again had an uptick in the last quarter of 2011 and the first quarter of 2012. Currently, only 7% of listings in Summit County are distressed.Inventory


Another positive outlook for 2012 is that inventory levels have continued to decrease at a steady pace, with about 2100 units on the market now compared to about 2400 units in 2011, about 2775 in 2010 and about 3500 units on the market in 2009. At the end of 2011, prices for condos and vacant land continued to fall, while home prices saw a very slight rise. It was predicted at the beginning of 2011 that prices would stabilize more than they did. “It was mentioned many times that we were in a strong buyer’s market and that at some point prices would stop falling and start to rebound. It now looks like that has happened, and even though prices are still excellent, the chances of prices going down overall look very slim,” says the board's statistician.In Summary


In the first quarter of 2012, the number of sales was somewhat lower than a year ago, but prices rebounded nicely. The increase in the median sale prices in all areas is due to both condo prices and vacant lot prices going up in value. It appears that the bottom of the market has now passed in all property types. Although singular great deals will still occur, it will be more and more difficult to find those great deals and buyers should be content with finding a property that meets their needs and wants, at a good price, as opposed to that “steal”. Prices have flattened, inventory levels are down, and with the great interest rates and still a good selection, 2012 looks like it will be an excellent time to invest in Park City real estate. The Park City Board of REALTORS® (PCBR) is a trade association of over 800 members comprised of REALTORS® 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>Tue, 01 May 2012 08:54:21 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/national-report-says-slc-is-among-top-10-places-to-buy.html</guid>
            <link>http://www.enjoyparkcity.com/blog/national-report-says-slc-is-among-top-10-places-to-buy.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>National Report Says SLC is Among Top 10 Places to Buy</title>
            <description> <![CDATA[ 
Realtor.com recently ranked Salt Lake City No. 6 in the nation for “The Best Cities to Buy a Home Right Now.” Forbes reported on the study and stated there were a number of factors that played a part in determining how each city was evaluated and ranked.Salt Lake received high marks for improved inventory levels, list prices and employment. Inventory is down 31 percent compared to last year, and the median list price is up 5.5 percent from last year at $195,000. The unemployment rate for Salt Lake is currently 5.9 percent. Unemployment rates, from the Bureau of Labor Statistics, were factored into the rankings since jobs are a leading indicator of housing demand.Park City, Utah, just 35 minutes up Parleys canyon is a nearby alternative to living in Salt Lake City. For those who are looking for cleaner air, and an outdoor enthusiast lifestyle, Park City &amp; Deer Valley offer a resort living situation, nearby a metropolitan city with an international airport. In addition to their rating factors, Realtor.com utilized the peak-to-trough home price index, which tracks how much home prices have fallen in the past five years and serves as an indicator of whether they have bottomed. Numbers in Salt lake City and Park City have followed a similar pattern, but there are some subtle differences for sure. While a realtor in Salt Lake City can access some of the data points for the Park City market, it is very important to use a LOCAL Park City Realtor if interested in real estate in Park City. Salt Lake City operates its Wasatch Front MLS (WFR) that does include some data from the Park City area. Park City has its own MLS (PCMLS). This is the foremost tool for gathering and deciphering the market data for the Park City real estate market, and only an experienced, local Park City realtors can share with you what really is going on in the markets many niche markets and neighborhoods.Along with the good news for Salt Lake, Provo and Ogden received positive recognition of their own. Forbes recently ranked the cities No. 3 and No. 8 respectively in a national study, “The Best Cities to Raise a Family.”Compared with 100 of the largest metros in the United States, Provo has the lowest crime rate and is among the top 10 for lowest cost of living. Provo also has one of the highest education rankings. Ogden made the top 10 for its high housing affordability, reasonable cost of living and low crime rate, which is also among the lowest in the nation. The spread between high median income and low cost of living is the nation’s widest.Park City is too small of a city for this list, but you can be sure, there is no better place in Utah to raise a family. With so many options of activities for the entire family to take part in, why live anywhere else?
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            <pubDate>Tue, 24 Apr 2012 08:59:11 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/round-valley-mountain-bike-ride.html</guid>
            <link>http://www.enjoyparkcity.com/blog/round-valley-mountain-bike-ride.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Round Valley Mountain Bike Ride</title>
            <description> <![CDATA[ 
Looking for a good early season ride, try out the trails at Round Valley, just on the edge of Park City.This is one of our many recommended rides for mountain biking in Park City, Utah. We will keep doing updates on the trail conditions as the snow continues to melt. If you are ever wondering where to go, just check back on our real estate website which has much more than real estate information for Park City. As Park City realtors, we continually try to educate our visitors on all the amazing trails and recreation opportunities we enjoy every day!


Round Valley's "Somewhere Elks" Trail, looking South at Park City ski resortRound Valley Mountain Bike RideSaturday, April 21, 2012Weather: Sunny, High 60's - Absolute PerfectionI started at my home in Prospector (great area to buy homes or real estate) but you might want to drive out to the Quinn's Junction sports complex area and start there.Here is a link for the Round Valley Trail Map, on the Mountain Trails website: http://mountaintrails.org/wp-content/uploads/2011/02/Quicklook-Roundvalley.jpgHeres the ride you might want to try. Start on the trail that is right behind the Indoor Ice Arena, its an easy green rated trail. Then once heading up, take RAMBLER. rambler is a nice, easy, winding trail across the hillside, and heads up the hill. Stay on Rambler. Take rambler to the top of the hill. Then take Rambler down, which is a fun twisting and turning signletrack. Rambler will cross over Round Valley Express at the north end of the valley, then head back uphill, and take the trail heading South, called La Dea Duh, or Rademan Ridge (not sure at that point), but when you do dee the sign, take Rademan Ridge, and then look for Cammy's Trail. Once on Cammy's trail, go right on Round Valley Express, then after heading downhill a little, take a left at Matts Flat, then a right on Backslide. Backslie will be a little tough on the uphill, but is good. Backslide heads up to the top, then right back down the other side, which then at the bottom, it turns into Nowhere Elks. Nowhere Elks is a good uphill route, and then back down the other side which leads back over to the top point rambler again. Head back down Rambler, then down High Side, then down Kari's and your back where you started.This ride might take about an hour, give or take a few minutes based on how many rides you have done this season. Its a good ride, fun enough, but not too tough.As always, feel free to call us with questions, and we'll give you some ideas on where to go.
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            <pubDate>Sun, 22 Apr 2012 10:01:31 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/goodbye-winter-hello-summer.html</guid>
            <link>http://www.enjoyparkcity.com/blog/goodbye-winter-hello-summer.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Goodbye Winter, Hello Summer</title>
            <description> <![CDATA[ 
Park City's winter season is now over, with all three Park City ski resorts now closed. Even though we had much less snow this year, especially compared to the ultra amazing year we had last year, it was still a lot of fun.  Instead of snow, we did get a lot of sunny days on the mountain. And although we had less snow, we still had a couple really great days, so we cannot complain too much!


If you still have the desire to get out on snow, Brighton, Alta, and Snowbird are still open. Brighton and Alta will be closing soon, while Snowbird will stay open for at least a few more weeks. Snowbird usually remains open for a couple weeks after most resorts close, and then they switch to a weekends only schedule for the remaining few weeks. They will stay open and active as long as there is snow. Its actually a lot of fun to go up for a couple runs after enjoying a few weeks of warm sunny weather of biking, golfing, boating, etc. I have seen some years when they stay open through May, and even get into June.  Probably wont be quite that long this year, but still should be a few more weeks left, and who knows, they might even have a few more pow days up there. This time of year we often get rain in Park City, then find out it dumped snow up at Snowbird's higher elevation.Snowbird is offering Spring Season ski passes that you can use for the remainder of the year: Unlimited Spring Tram Pass on sale now! – $329. They also will be hosting numerous Plaza Deck Parties! March 30 – April 29: Every weekend, live bands will play 2 – 5 p.m., weather permitting. You can visit the Snowbird Website for more information: www.snowbird.com

With our winter ending, we are now starting to enjoy our summer activities. Many trails are now clean and dried out, and more will soon become rideable as the mountain snow melts away over the next couple weeks. We will be doing many trail updates so be sure to keep checking back on our Blog. We will post the rides we go on, and you can use them as great recommendations of where you might want to go. As always, think of us as your personal Park City concierge. We can always make recommendations of where to bike or hike, or help you with info on any other recreational opportunities. ]]> </description>
            <pubDate>Fri, 20 Apr 2012 13:23:59 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/mountain-biking-conditions-are-already-good.html</guid>
            <link>http://www.enjoyparkcity.com/blog/mountain-biking-conditions-are-already-good.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Mountain Biking conditions are already good!</title>
            <description> <![CDATA[ 
Where can you ski or snowboard in the morning, and then go on a great mountain bike ride in the afternoon?  Park City of course!


Its that time of year again where we get a little sad to see the winter season dwindling down, but also quite excited to see some of our great singletrack trails drying out and becoming ready to ride. A couple days ago I had a fun time taking a few cruisers on the groomers at PCMR, and a few laps in the Superpipe - still love riding that scary thing. Then went home and got a little work done (as a Realtor sometimes I can shuffle my schedule around as needed).  Then in the same day, in the afternoon, I took my bike back out, infkated the tires back up, and had a great first ride of the year out in Round Valley. Snowboarded in the morning, mountain biked the late afternoon. I love Park City Utah!


Where to go ride now - Round Valley


People have been riding for a couple weeks now, as the lower elevation areas around town that get lots of sun have been melting off and the trails have been drying up. Round Valley is a great location for early season riding. An easy place to start is Quinns Junction which is the intersection of I-40 and SR 248, where the indoor ink rink, sports fields, national ability center, and hospital are all located just outside of Park City. Round Valley is a large open area that sits behind Park Meadows neighborhood. Also is adjacent to Old ranch Road community, and Trailside neighborhoods on the other end, and runs along Interstae 40. The area has a couple old jeep trails, and many nice single track trails throughout. The area is great for beginners, and great for the first few rides of the season when youre getting your lungs and legs back in shape.  Also a great year-round destination for many of our visitors who come from sea level. The trails are smooth, and winding, and fun, and not too rocky.  There are some challenging sections so even more advanced riders will enjoy the trails, but overall its a fairly easy place to ride.  And depending on how long you want to be out there, you can link up different loops and sections of trail to meet your time allowment.


In the middle of summer, Round Valley can get a little hot, as there is not a lot of trees for shade, more sagebrush and scrub oak. The views back into town are great. You can see Deer Valley, Park City and the Canyons, and can see many local neighborhoods. Round Vally was once slated to become prime luxury Park City real estate and was going to be named Valderonde and a new real estate development community.  The city bought al the land, and has dedicated it as open space fopr all of us residents and visitors to enjoy. Another great reason to buy property in Park City, we have many open land parcels like this where instead on traditional real estate development, we have these areas preserved for beauty and recreation, for all to enjoy.
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            <pubDate>Thu, 12 Apr 2012 13:24:03 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/best-pow-day-of-the-year.html</guid>
            <link>http://www.enjoyparkcity.com/blog/best-pow-day-of-the-year.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>BEST POW DAY of the Year!</title>
            <description> <![CDATA[ 
We just received nearly 3 feet of snow in the last 2 days! It started out as rain which was quite upsetting for mid-March! I was at Silver Star at Park City the other day watching two families checking in for the week, and such long faces of sadness they had! I did tell them not to worry, that the rain would soon turn to snow and it would get really good, I was hoping I was correct.





I was. The rain we saw on saturday quickly turned to snow, and did not stop. Yesterday might have been good as well, but we waited until today to go up. It was amazing, probably the best day of the year. We have had a few other really great pow days, but this was quite good. Heather and I got up there right away at 9am, and did runs until about noon. We took a few on King Con which is the photo of Heather shown above, cruising the powder fields. I also took a few runs up in Jupiter, which was amazing.


If you missed out, dont worry, I would guess we'll see another storm or two before the season ends in a few weeks. Funny that when we get near the end of the year, and we get many days of sunny warm weather, and just when we think it is done, we get hit again.  
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            <pubDate>Mon, 19 Mar 2012 17:58:23 -0600</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/a-changing-market-for-park-city-real-estate.html</guid>
            <link>http://www.enjoyparkcity.com/blog/a-changing-market-for-park-city-real-estate.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>A CHANGING MARKET for PARK CITY REAL ESTATE</title>
            <description> <![CDATA[ 
After 5 years of decreasing prices, and seeing some great buys come and go, we are noticing some significant changes in our market. The major changes are Declining Inventory and Multiple Offers. For a while now we have been talking a lot about trying to recognize if we are at the bottom of the market. We have known, or had a strong feeling that we were there, but pin-pointing it is tough. Often you cannot truly identify the bottom until you have passed it. We are now starting to see the Pendulum beginning to swing to the other direction.


Declining InventoryThere simply is less to choose from now in our market. Many of the distressed properties have been bought up, and many of the low priced "deals" also have been sold. Don't worry, there are still great buys, and great choices, but the flood of inventory has been dramatically cleaned up. I can remember when we had well over 90 SF Home listings in Old Town, and now we are running at an inventory supply of about 55. Don't make a mistake by hesitating when you find the home of your dreams. The good properties, priced well, are now going fast, really fast. Sotheby's listed a great home on Creek Road in Silver Springs, and it went in a couple days, with many offers coming in too late. Like the expression: "A day late, and a dollar short".Multiple OffersWe cannot believe it but we are back to seeing multiple offers, and quite often. For the last 3 buyers I have been writing offers for, we ended up in 5 multiple offer situations! Buyer A won on their first multiple offer deal. Buyer B lost on their first one, won on their second. And Buyer C lost on their first and then again lost on their second. That's right, 3 buyers, 5 different properties, 5 multiple offer scenarios. And this is what I am hearing from many other agents as well.


What will you be saying ten years from now, looking backat today's real estate market?"Could've! Would've! Should've!"


Now that pricing is so attractive, and now that everyone is finally in agreement that it really is a good time to buy, there are many people jumping back into the game, all at once.Why is everyone now finally buying again? It's easy, the conditions are finally what everyone has been waiting for. Lets see, the stock market is at a peak again, who would of thought we would see 13,000 so soon? Interest rates are still at extreme lows which means your money is not doing much in savings accounts. Also means you can purchase real estate with very low borrowing costs. Cheap money! Reports of Notice of Defaults declining in numbers is great news that we may be looking to an upcoming end of the massive foreclosures.Lets summarize: Reduced Inventory - Lowest Prices - Amazingly Low Interest Rates - Stock Market back at its Peak again - National Economic Outlook much Better than Previous 7 Years. Can you really afford to wait any longer????
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            <pubDate>Fri, 09 Mar 2012 08:47:14 -0700</pubDate>
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            <guid>http://www.enjoyparkcity.com/blog/sothebys-international-realty-brand-strengthens-presence-in-aspen-colorado.html</guid>
            <link>http://www.enjoyparkcity.com/blog/sothebys-international-realty-brand-strengthens-presence-in-aspen-colorado.html</link>
            <author>sean@enjoyparkcity.com (Sean Matyja)</author>
            <title>Sotheby’s International Realty Brand Strengthens Presence in Aspen, Colorado</title>
            <description> <![CDATA[ 
If you are considering buying is Aspen, or selling in Aspen, we can help find the best suited Sotheby's Realtor for you. Let us help connect you through our Sotheby's network.Sotheby’s International Realty Affiliates LLC today announced that Morris &amp; Fyrwald Sotheby’s International Realty in Aspen and Carbondale, Colo., has combined with Chaffin Light Real Estate in Aspen, Snowmass Village and Basalt, and now will operate as Aspen Snowmass Sotheby’s International Realty. Aspen Snowmass Sotheby’s International Realty will serve the entire Roaring Fork Valley from Aspen/Snowmass to Glenwood Springs. Mark Overstreet serves as president of the new company and will report to a management board of Ernie Fyrwald, Andrew Light, Craig Morris and Garrett Reuss. “Morris &amp; Fyrwald Sotheby’s International Realty has a reputation as a strong leader in the Aspen market while Chaffin Light Real Estate and its predecessor, Snowmass Real Estate Company, have been market leaders in Snowmass Village and the Mid-Valley,” said Philip White, president and chief operating officer, Sotheby’s International Realty Affiliates LLC. “The combined strength of these two companies and the Sotheby’s International Realty brand will provide clients with extraordinary opportunities in one of the world’s most high-end markets.” The firm will operate eight offices and have a team of more than 110 sales associates. “Our goal is to put our sales associates in a position to best serve their clients,” said Overstreet. “We are the only company in the Roaring Fork Valley with offices in all of the key markets. Our combined local market presence, along with the international reach of the Sotheby’s International Realty brand and its world-class technology, will offer an unmatched platform for our team and our clients. Our mission is to serve our clients in the finest manner and contribute back to our communities in meaningful ways.” The Sotheby’s International Realty network currently has nearly 12,000 sales associates located in approximately 580 offices in 42 countries and territories worldwide. Aspen Snowmass Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. About Sotheby’s International Realty Affiliates LLC Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
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            <pubDate>Thu, 23 Feb 2012 16:58:59 -0700</pubDate>
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            <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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