Activity and Prices Up in Almost all Market Segments
We recently had our meeting of the Statistics Committee for the Park City Board of Realtors®. This is the opportunity for us on the committee to review and discuss the current real estate market conditions for the Park City and Deer Valley communities. We meet four times a year, once for each quarter. We print out sheets and sheets of all sorts of statistical numbers and information and try to dissect it down to what's important, what is trending in our market, what stands out, and what is the big picture?
Its tough to try to define an answer to a simple question: "How is the market?"
We try to note the overall trends and shifts in the general Park City real estate market as a whole,
The Luxury Home Tour is a showcase of private luxury residences in the Park City area. Over the years the Tour has showcased some of the finest homes built in Utah. These homes are privately owned homes that never open to the public, and are available for the tour by the generosity of the homeowners and the private communities they reside in. This year’s Tour is being held in Deer Valley’s prestigious Deer Crest neighborhood - a private, gated community of ski-in, ski-out homes and home to the St. Regis Hotel. The Tour will be showcasing seven beautiful private residences designed by some of the country’s top architects and interior designers.
An Amazing National Park only 4 hours from Park City!
Many of the great things about living in Park City are not even in Park City itself. Park City is of course an amazing place to live and visit, but what makes it even more amazing are all the nearby fun things to do and see. Utah is possibly one of the most beautiful states in the U.S. and is for sure one of the most diverse in landscape, scenery and ecosystems. From staggering tall and green mountains in the north end of the state, to exquisite deserts of sand and world-famous red rock in the south, there is no end to the "must see" list in Utah. Be sure to check out our photos of "Angels Landing" below:
Hiking on the Watchman Trail in Zion National Park
Silver Springs is a popular neighborhood for homes in Park City. Why is this neighborhood so popular? Its location, homes, and environment fit the Park City lifestyle very well.
Silver Springs is located near the base of the Canyons Ski Resort (now run by Vail Resorts) and is only a couple minute drive to skiing in the winter, and biking in the summer. As with all neighborhoods in Park City, this community also benefits from being so close to Park City Mountain Resort and Deer Valley ski resort as well. Silver Springs is in the MLS area of Park City commonly referred to as "Park City Extended". Park City or "Park City Proper" would include all the areas located inside the White Barn (south of the
Recommendations on a few top choices of trails in Park City Utah.
Its summertime in Park City and for those lucky enough to know, summer can be just as much fun (or more so) as our popular winter season. As we get through June, we typically see the mountain trails open up as the higher elevation snow finally melts away. For the past few weeks we have been mostly confined to the lower elevation trails for hiking and biking such as the very popular and easy Round Valley. Round Valley is a great choice for early and late season riding. It is at a lower elevation, and gets a lot of sun so the area dries out quickly and is one of the first locations to be ridable in spring.
Vail Resorts president and CEO Rob Katz announced Wednesday that the company had signed a long-term lease deal to operate the Canyons Ski Resort. Toronto-based Talisker Corp currently owns the ski resort and has leased the resort to Vail Resorts for 50 years, with an option for six 50-year extensions.
Vail Resorts’ Epic Pass will now include the Canyons Ski Resort in Park City, Utah.
The very popular Epic Pass offered by Vail Resorts affords it's passholders unlimited skiing and riding with no blackout dates at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar, Kirkwood, Afton Alps, Mt. Brighton, Arapahoe Basin, Eldora, and now includes Canyons Resort in Utah. The Epic Pass will replace the Canyons
Here is a quick snapshot of the current real estate market conditions for the Old Town neighborhood of Park City, Utah.
Old Town is one of the most popular areas in Park City as it is the area's "downtown" community. Most homes and condos in Old Town are within easy walking distance to popular Main Street. On Main Street you'll find many great options for shopping, dining and nightlife (yes, we do have nightlife in Utah!). This is such a fun location to live and vacation, and is great year round. Although we have always been primarily a ski resort town, we also enjoy some of the most amazing summers. Each summer the weather is ideal, generally between 75-85 with low humidity. With many festivals and events,
Park City, Utah - April 29, 2013 – Park City Board of REALTORS® just released statistics for the first quarter of 2013 showing the number of sales are up 17% from the first quarter of 2012. The sales dollar volume is up 28% over the same time-period last year, climbing from $239 million in Q1 of 2012 to over $306 million for Q1 of 2013. With 395 closed sales already this year, the Statistician for the Park City Board of REALTORS® said, “This is the best first quarter we have seen since 2007.”
Inventory
The current inventory of active listings in the greater Park City area is lower than it has been since 2006. As of April 1st, there has been a 21% decrease in listings since April 1st of 2012. The
How Much Earnest Money is Required when Buying Property?
Earnest Money is the initial deposit that a buyer will submit when writing an offer on a property that is listed for sale. While there is no real "standard" amount of earnest money required, the amount submitted with an offer can have a strong affect on the offer's strength. In Park City Utah, it is typical to see the earnest money at about 1-2% of the purchase price for the property. We do however see buyers offer less, and we also see some buyers offer more. Typically a cash buyer will offer a higher amount of earnest money to show their strength and ability to purchase, while buyers planning to obtain a mortgage will offer a little less. There is no real right or wrong, or standard amount,
With the real estate market heating up we are starting to see a strong return of multiple offers on properties. The combination of less available inventory, and increased demand by a larger pool of active buyers is resulting in a re-emergence of multiple buyers bidding for a single property, which means multiple offer situations. As a buyer shopping for a home, what does this mean for you, and how can you best navigate through this process? You are hopefully working with a local Realtor® to assist and guide you, but even so, the more you know, the better you can make the important decisions when the time comes.
So after researching homes online and viewing possible properties you have finally found just the right
