Park City, Utah - October 24, 2013 – Park City real estate is building momentum in 2013. To date every month of 2013 has had a higher number of closed sales than in the same month last year, according to data released by the Park City Board of REALTORS®. The number of sales for the entire Park City market area, reached 1,668 in quarter three—that is 26% over last year’s number. With a total sales dollar volume reaching $1.19 billion, the third quarter of 2013 is up 34% compared to last year as well. The President of the Park City Board of REALTORS® said, “Our Realtors sold more in the first three quarters of 2013 than we did during all of 2012.” 

Inventory

The current number of active listings on the Park City Multiple Listing Service is…

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After such a long Buyer's Market through the recession, it's hard for many buyers to believe that we are in a Seller's Market. It's a tough adjustment for many as the Buyer's Market was so long that it had become the norm. Today's buyers still expect to get what they want, and for many, they are being shocked as the sellers are rejecting their offers, something buyers are not used to. The level of expectations of buyers today is high. Buyers who are living in the past are often asking for too much, and pushing too hard. They are stunned when sellers do not give in to their demands, and the outcome is many deals are falling apart, or simply never come together to begin with. The other problem for Buyers is waiting too long to make a move. Many find good…

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Summary of Condo-Hotel Financing Options

After the real estate meltdown, we had been experiencing a lot of difficulty with financing for our ski town condo properties. We were often unable to find financing for our clients looking to purchase condo-hotel properties. The problem with that was that so many condominium developments here in Park City and Deer Valley fell into the condo-hotel classification. This has been a problem found in many resort markets. Additionally, when clients insisted on using a lender outside of our Park City resort market, they were ill-equipped to handle the condo-hotel difficulties, and often totally unaware of the pitfalls associated with them. It was common to get all the way to the end of underwriting to finally be told…

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