November 2011

Found 9 blog entries for November 2011.

For the 2nd year in a row, Utah Tops Forbes list for "Best State for Business and Careers". This was their sixth annual look at the business climate of the 50 US States. Utah was the only state to rank among the top 15 states in each of the six main categories they rate states on. No one can match Utah's consistent performance.

They talked about Utah's highlights of energy costs at 31% below the national average, and employment growth that has averaged 0.6% the last five years, vs the national average of negative 0.6%.

Businesses are taking notice. Proctor & Gamble, ITT, Home Depot, and Boeing all announced expansions in Utah. The Goldman Sachs office in Salt lake City is the second largest in America, with more expansion planned over the next 4 years. Tech

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Last Thursday and Friday was the 10th Annual Park City Turkey Drive. As of Friday night when the truck pulled away, the Park City Realtor volunteers had collected 1,778 turkeys. Over the weekend, they received additional donations and were able to purchase additional turkeys thereby pushing their overall collection in excess of 1,800 turkeys and hundreds of pounds of non-perishable food items. On a local level the Turkey Drive provided 400 birds to the Park City Food Pantry located on Munchkin Road, several turkeys to the Community Center in Kamas and the remaining birds along with hundred pounds of non-perishable food items were delivered to the Utah Food Bank for distribution statewide. The Park City Turkey Drive has earned the distinct recognition of

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The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 Percent, up to a  maximum $729,750, from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.

“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.

President

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If you are thinking of coming out to Park City, we have a great deal for you!

Promontory is offering a Stay and Play vacation package at an incredible deal. This deal is offered through Summit Sotheby's Intl Realty agents and is a great opportunity to come to Park City and experience all that Promontory has to offer.

We are now heading into our winter season here in Park City, Utah. The nearby Cottonwood Canyons ski resorts Brighton and Solitude have already opened, and have even been lucky enough another foot of fresh snow to create some pretty good conditions for everyone who made it up there. If you ever visit Park City, you should also take the drive (only about 50 minutes) over to Brighton, Solitude, Alta, or Snowbird. Living in Park City, and

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Currently in Old Town there are:


138 Condos listed for sale.
They are priced from $119,900 to $2,695,000
The average price is $578,323
There is 1 short sale

59 Single Family Homes listed for sale.
They are priced from $475,000 to $4,595,000
The average price is $1,242,831
There is no short sale

You can view them all at:
http://enjoyparkcity.com/old-town.php

Also, currently in Old Town there are:


11 Condos under contract for sale.
They are priced from $299,000 to $2,950,000
The average price is $962,255
There is 1 short sale under review

9 Single Family Homes under contract for sale.
They are priced from $373,000 to $1,875,000
The average price is $1,089,778
There is 1 short sale under review

So far this year in Old Town there are:


82 Condos that have sold.

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We all have been in this very tough real estate market for many years now, too many years if you ask me! Here in Park City, Utah, we are in a unique market, in that most of our buyers are cash buyers, and most are purchasing a second, third, or even a fourth home - primarily for vacation use, and maybe some nightly rental use. So obviously we are dealing with a very high-end, very sophisticated, intelligent clientele. But I am continually amazed, at how blinded these potential buyers are when they see what they think is a great opportunity in a Short Sale, Foreclosure, Bank Owned and REO Property.

The reality is that these distressed properties are not always the best deals out there. At least, not from what we see in our little ski town real estate

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INFO THAT HITS US WHERE WE LIVE...Last week, more signs appeared that things are coming our way in housing. Wednesday the Census Bureau reported that the nation's home ownership rate moved up in the third quarter to 66.1%, slightly ahead of the prior quarter. Some commentators feel the three-year decline in home ownership might be starting to bottom out. Home ownership may have been encouraged by rising rents, with the vacancy rate now up to 9.8%.

The National Association of Realtors (NAR) chimed in with a forecast that existing home sales should be up 1% this year, then up another 4.3% next year. Although the median price will fall slightly this year, it's predicted to rise 2.6% in 2012. New home sales, after dropping 4.7% this year, are projected to

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SALES ACTIVITY REMAINS STRONG
Inventory Levels Decreasing

PRESS RELEASE
FOR IMMEDIATE RELEASE: 
October 24, 2011 

Park City, Utah – Through the first three quarters of 2011 Park City continues to have one of the more active real estate markets in the state. Sales activity remains strong, which can be attributed to the positive economic conditions that exist in the State of Utah and reduced home, condo and vacant land prices. The strength of the tourism and resort industries, along with the quality of the public school system continues to draw real estate investment from primary and secondary residents. “We are seeing demand increase over the first three quarters of 2011 and inventory levels are down 9% with 2500 units currently on market compared to 2750

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brinkleyhalloween2011_4_400

In Park City, Utah Halloween is a big deal, for kids, for big kids (adults) and even for pets! Each year there is a big parade and trick-or-treat event right on historic Main Street. The street is closed off for the afternoon, and it gives a great opportunity for the kids to get out and enjoy the Halloween fun before dark, and before it gets too cold (often can be quite cold or snowing on Halloween). For the parents it is a chance to see all the other parents and have fun together as one large group in a safe and fun setting. The stores are all involved, handing out candy and treats. Even the pets are in on it!  Some of the best costumes are on the dogs. Below is a picture of Heather with our dog Brinkley (a Bernese Mountain Dog) dressed up as a Lady

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