Park City Utah Real Estate Blog

For owners of Rocky Mountain ski homes, the financial crisis was an avalanche. Prices in some Colorado resorts have fallen by up to 50 per cent from their 2007 highs. Even Aspen has not been spared, suffering an estimated 30 per cent fall. Now estate agents say there are signs that the market is bottoming out and buyers in the most desirable locations are enjoying what may prove the best conditions in years.

From the Financial Times - October 7, 2011

>>> Read the full article on the Financial Times website, using this link

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As a special treat and a twist on the monthly Gallery Stroll, the Park City Gallery Association presents the September Fashion Stroll on Friday, September 30 from 6 to 9 P.M. The Gallery Association has teamed up with Farasha Boutique to combine the art of fashion with the fine arts. For one night only, galleries in Park City are celebrating fall fashion by displaying and selling the work of up-and-coming, independent designers in their galleries to supplement their fine art collections.  The galleries will showcase clothing, jewelry, accessories and shoe designers from Utah and beyond. Start your fall fashion shopping at the Fashion Stroll along Main Street by meeting designers, shopping their new collections and enjoying light bites and drinks. This

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INFO THAT HITS US WHERE WE LIVE...One result we care a lot about is a turnaround for new homes. We haven't attained it quite yet, with New Home Sales down 2.3% in August, at a 295,000 annual rate. This keeps them in the territory they've occupied since May 2010, but there were some good signs in the report. The inventory of new homes for sale fell to its lowest level on record. At the same time, the inventory of homes not yet started went up the most it has in nearly five years. Some economists say this may indicate home building is close to turning back up.

The FHFA index of prices for homes bought with conforming mortgages went UP 0.8% in July after a 0.7% hike in June. This key home price index is up 7.4% annually over the last three months, the fastest

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Did you know banks can come after you for Deficiency Judgements after foreclosure?! If you are in the unfortunate position of considering a short sale, or near foreclosure, YOU NEED TO READ THS ARTICLE. We are surprised by how many people still think a short sale, or a foreclosure is the end of the mess and headache. It's not. In fact, it is often just a "time-out", and the lenders could come after you for the deficiency debt years down the road, maybe when you have finally become financially healthy again. This article form the Wall Street Journal is very informative, and eye-opening.  If you are in this position, you really need to contact a lawyer who can analyze your individual situation.  We can help with recommendations of lawyers if you need

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Sam Harris, long time Park City local has filled the Niche! His menu was inspired by his experiences working with some of the greatest chefs in Utah. Sammy offer an incredible menu selection at incredible prices! You must not miss out on the cumin/lime marinated Mahi Mahi, grilled tacos served with fresh mango salsa. Sit back and relax with a wonderful meal, incredible service, a micro brew on tap and your favorite sports game on one of the huge flat screen TV's. (located by El Chubasco). Great food at very reasonable prices!!!! ENJOY!

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Sammy's Bistro
1890 Bonanza Drive
435-214-7570

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Thinking about making Utah your new home? (yes, Park City is actually in Utah!), or possibly making Utah your home for your second or vacation home? Well maybe this might be helpful information for you in helping in your decision process. There are many great ski towns in the American West to consider. How does Utah stack up against the competition. Well, we all already know about how we have the "Best Snow on Earth", but what else can Utah offer for a savvy investment buyer? Take a look at this Utah Top Ten list compiled by the Utah Governors Office of Economic Development. The list pretty much speaks for itself.

1 - Utah #1 Best State for Business & Careers
- Forbes Magazine, October 2010

2 - Utah #1 for Expected Economic Recovery and #1 for Economic

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Park City Mountain Resort has been moved lots of dirt at the site of the Olympic Halfpipe.  The plan is to improve the area around the halfpipe, mainly the ski race route that passes the halfpipe.  Also, by building up the walls of the dirt that will eventually help form the halfpipe walls, the resort can build the pipe sooner in the season by requiring less snow to be created for the pipe.  In addition the pipe will sit at a slightly more steeper angle, to be better in-line with the new industry standards fpr the popular event.

The resort has also removed the old, slow Three Kings double chair and is replacing with a high-speed triple chairlift.  Rumor has it the high-speed chair will have a fixed chair, vs. the normal dettachable system.  To get

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Sales Up, But Prices Still Down

Park City, Utah – July 22, 2011 – As reported by the Park City Board of REALTORS® Multiple Listing Service (MLS), there have been two straight years of relatively good real estate sales since the low at the peak of the Great Recession. Even better news, however, is that the second quarter of 2011 saw the highest number of sales since the fourth quarter of 2007. Overall inventory levels have also decreased since last year, with about 2700 units currently on market compared to 3060 in 2010. However, prices have yet to recover and remain soft.

The number of sales is looking healthy through the first half of 2011 compared to the first half of 2010. Total sales are up 24% with the increase in the number of sales of single

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Luxury Hospitality Brands Broaden Buyer’s Market 

Park City, Utah – April 22, 2011 – As reported by the Park City Board of REALTORS® Multiple Listing Service, real estate sales in the first quarter of 2011 in the Park City area looks much the same as it did in 2010. As predicted at the beginning of the year, real estate activity in the Park City area continues at about the same pace as what was seen in the latter half of 2009 and throughout 2010, with activity remaining steady and prices remaining low. Well-priced properties continue to see significant buyer competition through multiple offers and foreclosures remain a significant part of the market.

“Current activity levels are helping to reduce overall inventory,” declared Patrick Giblin,

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Sales Volume Exceeds Billion Dollar Mark in 2010

Park City Board of Realtors Press Release

 

Park City, Utah – January 28, 2010 – Real estate sales in the Park City area, as reported by the Park City Board of REALTORS Multiple Listing Service, surpassed the billion dollar mark, putting 2010 as one of only six years where real estate sales reached that benchmark.

Overall sales dollar volume for 2010 was $1,009,582,720, up 16% from $867,430,118 for year-end 2009.  The number of sales continues to trend upward across the board for almost all property types, with 1421 closed sales for 2010 compared to 1131 in 2009 and 1341 in 2008.

Current activity levels are as high now as they have been in the last three years.  The most significant increase in

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