<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="https://www.enjoyparkcity.com/blog/2014-05/rss/" rel="self" type="application/rss+xml" />
        <title>Park City Utah Real Estate News</title>
        <link>https://www.enjoyparkcity.com/blog/2014-05/</link>
        <description>Looking for up-to-the-minute information about the Park City and Deer Valley in Utah? Check out our Real Estate News Blog with many informative articles about living and buying in Park City, Utah!</description>
<item>
    <guid>https://www.enjoyparkcity.com/blog/historic-rio-grande-building-gets-moved-down-park-avenue/</guid>
    <link>https://www.enjoyparkcity.com/blog/historic-rio-grande-building-gets-moved-down-park-avenue/</link>
        <author>sean@enjoyparkcity.com (Sean Matyja)</author>
        <title>Historic Rio Grande Building Moves to New Home on Park Avenue</title>
    <description> <![CDATA[ 



On Sunday, May 4th, the historic and highly recognized Rio Grande building was moved to its new, temporary location a few blocks down Park Avenue. The historic building is part of the upcoming 820 Park Avenue real estate development that will consist of 10 luxury residences and 4 commercial spaces.


The building was lifted, and secured to a large flat bed prior to Sunday's move. The building was then pulled down Park Avenue to its temporary location, a vacant lot at the 14th block on Park Avenue. Sunday was chosen because of the ability to easily close down the street for the move, which only took about a half hour. With the building now off-site, the developers will be able to begin excavation and removing soil to start the process of building the underground parking and the foundation for the new building.


The Rio Grande building has been on the corner of 8th and Park Avenue for over a century. In the past it has serviced many functions, including a depot bulding for the old railways, a luggage storage building, a restaurant, and most recently was a bank.





The new and temporary home for the Rio Grande building.





The empty lot where the building had been for around a century. Soon the building will be placed back on the lot, and updated as a commercial property.
 ]]> </description>
    <pubDate>Mon, 05 May 2014 13:09:00 -0600</pubDate>
</item>
<item>
    <guid>https://www.enjoyparkcity.com/blog/canyons-golf-course-planned-to-be-complete-by-september-30/</guid>
    <link>https://www.enjoyparkcity.com/blog/canyons-golf-course-planned-to-be-complete-by-september-30/</link>
        <author>sean@enjoyparkcity.com (Sean Matyja)</author>
        <title>Canyons Golf Course Planned to be Complete by September 30</title>
    <description> <![CDATA[ 
According to a Summit County enforcement hearing on Thursday at the Sheldon Richins Building with TCFC Finance Co., LLC, completion of the golf course is expected by September 30. This has been a very long awaited event, with much doubt of its actual completion for the past decade. Summit County Deputy Attorney Jami Brackin reviewed the benchmarks TCFC has had to meet since May 2013, looking forward to those goals which are to be completed by September of this year.





Many of the required construction benchmarks up to the present have been completed, with the exception of progress on a new ski maintenance building. A recent dis-approval of the buildings new location may stall that portion of the development and construction, yet the goal is to still meet the September 30th deadline. This location where the building lies will temporarily be made a Par 4 hole instead of a Par 5 until the building is moved.


Scott Kirby, construction manager of the Canyons Golf Course, said the project has had approval, design and financial hurdles, but said great progress has been made on the course and it will remain on schedule. TCFC has spent $21.62 million on the golf course to date and expects to spend over $8.8 million more to finish it, for a total cost of nearly $30.5 million.


The Canyons Specially Planned Area (SPA) has been working on the base area of the resort village for many years and woth the competion of the new golf course we are seeing a total transformation of the entore Canyons Resort. What used to be such an eyesore for many years, has been beautified dramatically. There are many great options for vacation home ownership at the Canyons from fractional to whole ownership, at many various price ranges. Never before has the Canyons been such an appealing location to choose when searching for property in the greater Park City area.
 ]]> </description>
    <pubDate>Mon, 05 May 2014 12:39:00 -0600</pubDate>
</item>
<item>
    <guid>https://www.enjoyparkcity.com/blog/summit-sothebys-wins-best-of-state-award/</guid>
    <link>https://www.enjoyparkcity.com/blog/summit-sothebys-wins-best-of-state-award/</link>
        <author>sean@enjoyparkcity.com (Sean Matyja)</author>
        <title>Summit Sotheby's Wins Best of State Award</title>
    <description> <![CDATA[ 
Summit Sotheby's International Realty was awarded Best of State, Utah's premier recognition and awards program, in the Business Services category for Real Estate/Appraisal. The Best of State Utah awards recognize Utah businesses, organizations and individuals who have made significant and innovative contributions to the quality of life in the state. A panel of expert judges from across the state selects winners by scoring nominees based on the overall quality of a company's program, innovation, and contribution to the quality of life in Utah.





&quot;Summit Sotheby's International Realty sales associates have shown a long-standing commitment to real estate professionalism here in Utah, and across the globe,&quot; said Thomas Wright, President and Principal Broker at Summit Sotheby's International Realty. &quot;Every day I am astounded at the level of confidence and dedication each of our agents has to customer satisfaction. I am immensely pleased and proud to receive this recognition in honor of our company and its sales associates.&quot;


Summit Sotheby’s International Realty was organized in 2008 and became the exclusive Sotheby’s International Realty company for the state of Utah by producing over $1 billion in annual sales volume. Today the firm has 7 offices and over 100 brokers and support staff associates serving some of Utah’s best-known luxury markets in Park City, Deer Valley, Heber, Midway, St. George and metropolitan Salt Lake City. Summit Sotheby’s International Realty distinguishes itself as Utah’s leading luxury real estate brokerage company because it supports its professional team of sales associates by utilizing the industry’s leading technologies, business systems and vendors for property and client marketing and from transaction management, business development, and sales and technical skills training.
 ]]> </description>
    <pubDate>Mon, 05 May 2014 11:56:00 -0600</pubDate>
</item>
<item>
    <guid>https://www.enjoyparkcity.com/blog/park-city-real-estate-statistics-for-q1-2014/</guid>
    <link>https://www.enjoyparkcity.com/blog/park-city-real-estate-statistics-for-q1-2014/</link>
        <author>sean@enjoyparkcity.com (Sean Matyja)</author>
        <title>Park City Real Estate Statistics for Q1 2014</title>
    <description> <![CDATA[ 
The real estate market in Park City, Utah continues its recovery with an increase in sales, upward movement in median price, and historic low levels of inventory. More good news is that distressed properties are back to pre-recession levels.


PRESS RELEASE - FOR IMMEDIATE RELEASE:Provided by the Park City Board of REALTORS®


Park City, Utah – Highest number of first quarter sales since 2007 —Statistics compiled by the Park City Board of REALTORS® Multiple Listing Service show the number of closed sales for the first quarter of 2014 (including single family homes, condominiums and vacant land) is higher than it has been for a first quarter since 2007. Surprisingly, with Park City real estate in strong demand, with total dollar volume just shy of $327 million (an 11 increase over Q1 of 2013) and with inventory still at record lows, median prices for the Greater Park City Area have increased by only 2 in the past year and are still well below the market high in 2007.


Number of Sales IncreaseSingle Family Homes: There were a total of 159 single family homes sold in the first quarter of 2014. This number is down slightly from the first quarter of 2013 (169 sold) due to a slow start in January and February, but March sales jumped 25 over February and was the highest March since 2007. The Snyderville Basin area had the highest number of single family home sales by market area, specifically in the Jeremy Ranch and Pinebrook neighborhoods (9 each). Within the Park City Limits, the number of sales for the first quarter was slightly lower than Q1 of 2013, with the exception of Park Meadows (13 sales). The Jordanelle area sales for the first quarter jumped 75 over Q1 of 2013.


Condominiums: By property type, condominiums had the most closed sales for Q1 of 2014, reaching a total of 165, a 25 gain over Q1 of 2013. Within the City Limits sales increased 14 over Q1 of 2013. Old Town was the most active (46 units) followed by Empire Pass (11 units). Snyderville Basin saw a 20 increase over Q1 of 2013. The Sun Peak/Bear Hollow and Kimball neighborhoods were the most active with 11 sales apiece. Compared to last year, the Jordanelle area had the highest increase in the number of condo sales with 26 up 37. “The rising number of condo sales outside the City Limits indicates that there are buyers who don’t mind being out of town and who are looking for newer product, lower HOA fees, and shopping convenience,” says Park City Board of REALTORS® President.


Vacant Land: By area, the Snyderville Basin had the highest number of vacant land sales with 42 to date, a 31 gain over the first quarter of last year. Promontory was very active with 15 sales and the Glenwild/Silver Creek area sales reached 11—both were significant increases over the prior year. With only 6 sales in the first quarter, the Jordanelle area is 54 lower than Q1 of 2013. The Heber Valley had the highest increase in sales with 26 lots, more than three times the sales in 2013. There were only 4 vacant land sales within the Park City Limits, possibly due to a lack of inventory. “In certain neighborhoods, we are seeing restricted sales due to limited product” says the board president.


Median Sales Prices are Slowly Trending UpwardsThe median price for single family homes in Old Town reached $1,100,000 year over year but had only one third as many sales. Park Meadows sales seemed to come from the bottom up with a 16 increase in sales but a 3 dip in median price to $1,255,000. Though the number of sales in Silver Springs has been consistently strong for the last four quarters, the median price is only up 16 to $711,000. Median prices are up slightly in Jeremy Ranch, Pinebrook and Trailside respectively to $725,000, $688,000 and $529,250.




The PCBOR President says, “Real estate statistics are complex because there is no ‘one market.’ The Park City area can be confusing because it is highly segmented. This quarter illustrates just how segmented it can be. Local Park City agents understand these micro-markets.”




In Old Town, even though condo sales increased 34, median prices only increased 4 to $365,000. Outside the City Limits, the strong demand for condos in the Snyderville Basin resulted in an 18 increase in median price to $335,000. By neighborhood, Kimball decreased in median price by 7 to $216,500, while Pinebrook was up 26 reaching $338,000, and Jeremy Ranch was up 25 to $480,000. The median price for a condo in the Heber Valley increased slightly in median price by 3 to $180,000.


The median price for vacant land within the Park City Limits was up 35 to $677,000 year over year. It was also up 6 in the Snyderville Basin to $299,950. The Jordanelle area—up 102 to $217,000, saw the most significant price increase.


Inventory Continues at Historic LowsInventory declined almost 4 over the past year and remains at historic lows. Year over year comparisons by neighborhood show Old Town currently has 26 fewer active listings, Silver Springs is down 25 and Jeremy Ranch is down 28.


Distressed Properties Back to Pre-Recession LevelsAs reported by Rick Klein with Well Fargo Private Mortgage Banking, distressed sales accounted for only 5.8 of the total number of sales in Q1, which is up slightly from 3.4 in Q4 of 2013, but down sharply from the 13 in Q1 of 2013. “As the percentage of distressed properties declines, the difference in sales price narrows. Distressed properties sold for only 2 below market transactions, which is much lower than the national average,” says Klein. The number of distressed properties currently listed is only 1.07. Klein says, “Foreclosures remain persistent in the market, but now are at pre-recession levels.”


Looking AheadThe increasing activity in Park City area real estate in March and April is a good indication that sales will continue to trend upward in 2014. All property types, neighborhoods and price ranges are seeing increased activity. Multiple offers are not uncommon as buyers decide Park City and the surrounding areas are great places to live or own second homes. Because individual neighborhoods and property types vary drastically in price, supply, and demand, buyers and sellers are best advised to consult a local Park City REALTOR® for the most current and accurate information.
 ]]> </description>
    <pubDate>Fri, 02 May 2014 16:30:00 -0600</pubDate>
</item>
    </channel>
</rss>