Old Town Park City Real Estate Market Update

BIG Sales and Good Activity in Old Town.

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,…

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Park City Real Estate Statistics Report for Q1 of 2013

Inventory Down + Sales Up = Prices Now Moving Up

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…

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Standard Amount for Earnest Money when Buying Property in Park City?

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,…

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Multiple Offers for Buyers of Real Estate in Park City Utah

Navigating Multiple Offers as a Buyer

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…

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Updates on Real Estate News, Snowfall, Trail Conditions and Fun Events

"Like" Our NEW Facebook Page to Keep Updated on All Things Park City.

We regularly update our Enjoy Park City facebook page with new snowfall amounts, mountain biking trail conditions, fun events and real estate news. This is an easy and fun way to know what is going on in Park City, and if you are from out of town, you'll be in the know, and you'll be educated of the best times to come visit Park City. This online resource will include some real estate news, but mostly this is intended to be a sort of Park City concierge for you. We want you to know what is happening and when, and how you can make the most out of your visits to Park City.

Click here to visit and "like" our Enjoy Park City Facebook Page

In the winter much of our facebook page…

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Our Featured Searches for Real Estate in Park City.

Are you new to the Park City and Deer Valley area?

Still trying to figure out the "lay of the land"?

To help you out and give you a great starting point, here are a couple recommended property searches you can try. We have done our best to provide you with an easy to use and easy to navigate Park City real estate website. But, when you are new to the area, you may nt know where to begin. Park City offers a wide variety of great communities and neighborhoods where you just might find your dream vacation home. To help get you started in the right direction for exploring homes, we have listed a few of our "Feature Searches" below. These really are just some of the more popular searches on our website, as well as a couple that we consider to be our…

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WSJ.com reports: National Association of Realtors says its becoming a Seller's Market.

In a recent article on WSJ.com, the news is that the National Association of Realtors has recently said it is now becoming a Seller's Market for national real estate sales. The article goes on to say: "The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time."

It was also added that: "The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for…

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Park City Real Estate Update - Old Town's Biggest Home Sale

PRESS RELEASE - February 18, 2013 - Park City, Utah

Old Town, one of the most popular neighborhoods in the western ski resort community of Park City Utah, just had it's biggest sale for any residential single family home to date. Heather Peterson and Sean Matyja recently sold the famed "Tunnel Home" located at 503 Woodside Drive. The home was listed for sale with colleagues in their brokerage at Summit Sotheby's International Realty. The home was listed at $8,640,000 for approximately 8,300 finished square feet in size and includes 6 bedrooms and 8 bathrooms. Peterson and Matyja brought the buyer to the transaction and negotiated a selling price of $7,973,920.

Simply put, this was one of the most exceptional homes in Old Town, and in all of Park…

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Park City Real Estate Market | Pricing Trends from the Bottom of the Market back to the Top

The BIG Question is: "Have we passed the Bottom of the Real Estate Market?"

As Realtors in Park City, we get that question quite often. There is a lot of evidence that suggests that yes, it looks as though we have passed the bottom of the market. The next question to ask is: "Are we heading out of the bottom, and are we finally on our way back up?" So far, it does appear to be that way, but only time will truly tell. Just as when we were headed down to the bottom of the Park City real estate market, it was difficult to truly identify the bottom of the market until we were past it, and only then could we really measure and identify a true bottom of the real estate market in Park City, Utah.

If you follow our Park City Real Estate Blog then you will…

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The Five Most Expensive and Most Amazing Homes for Sale in Park City and Deer Valley

Want to see more information on the five most amazing homes for sale in Deer Valley and Park City, Utah? Below is a list of the five most expensive listings in Park City, Utah. Not surprising, that they are all ski-in, ski-out locations which truly does sell at the highest price for this area. There simply is nothing better than owning a beautiful mountain luxury home, located adjacent to the ski run. If you are looking for the ultimate ski home for sale, one of these five homes may be the right fit for you!

$44,000,000 in Upper Deer Valley
12 Bedrooms - 16 Baths - 22,000 Square Feet
Currently the most expensive property for sale in Park City and Deer Valley. This Deer Valley home is truly unique. The home is tucked away among tall pines providing…

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