Park City Utah Real Estate News - Park City Real Estate News

ATTENTION BUYERS: Did you miss the Market Bottom?

Trying to time the Bottom of the Market? Real Estate is a moving target. Its constantly changing annually, monthly, weekly, daily. Pricing goes up, and pricing goes down. With such a volatile market, such as what we have been in for a few years now, it is extremely difficult to determine when we hit the absolute bottom of the market. For Buyers, this is your goal. When is it time to score the best deal?

Well, for a few months now, as you'll recall if you have been reading our monthly newsletters, is that we have been saying we thought we were pretty much at the bottom of the market. Now we could not truly say with 100% certainty when we were at the bottom, (while we were in it) but we were quite certain on it, and we did try to let our clientele know of…

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Two homes for sale priced at 5+ Million went under contract today!

Things are certainly heating up in the Deer Valley and Park City real estate market. With the inventory of homes for sale getting thinner, the best homes, priced well are starting to move much quicker these days. I'm not sure I would quite call it a "hot market" just yet, but the activity is pretty good.

It was very interesting to see today (Monday, August 6, 2012) that two luxury homes priced over $5,000,000 just went under contract.

The first home is in the American Flag neighborhood of Deer Valley, and is a re-construction of an older home. This new home has amazing views of the lower Deer Valley resort area, and looks to the St. Regis Hotel at Deer Crest. Of all homes for sale in Deer Valley, this was unique in that it has ski access, and views, yet…

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Park City Real Estate Market Report - 2012 2nd Quarter Statistics

Highest number of sales and pended sales in the Greater Park City Area since 2007. The inventory of active listings is the lowest it has been since 2007.

PRESS RELEASE - PARK CITY, UTAH - Monday, July 16th, 2012

Park City, Utah –The Park City Board of REALTORS® 2012 Second Quarter statistics, show the highest number of sales and pended sales in the Greater Park City Area since 2007. The total number of sales for Q2 was 486 with a total sales volume of $347,392,785 and median price of $427,450 - topping last year’s Q2 numbers with 451 units sold, $320,740,133 in total dollar volume and a median price of $412,500.

Park City Area Sales Numbers and Inventory

Sales numbers have bumped along since the end of 2008 and the first half of 2009. The highlight of…

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The HGTV 2012 DREAM HOME now listed for sale with Summit Sothebys!

Ever hear about the HGTV Dream home? You probably have. Well, the most recent HGTV 2012 Dream Home built was recently given away to a woman from the East Coast. She decided to take the cash, rather than relocate her family to Utah to live in the home. So this amazing home is now up for sale. This HGTV Dream Home is absolutely stunning, and is in a beautiful setting, along the river in the small, rural town of Midway, just 15 minutes from Park City and Deer Valley.

The 2012 HGTV Dream Home is a mountain ranch inspired home nestled in the Heber Valley of Utah. The home is designed to appeal to outdoors enthusiasts, with stunning mountain views, exceptional outdoor living areas with a grill and hot tub, riverfront access, and the amazing skiing and…

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Park City Newsletter for May 2012

Real Estate Market Updates, Upcoming Events, Mortgage Market Report, Featured Top Pick and Best Buy.

You'll hear this phrase often; "We came for the winters, but stayed for the Summers!" That is true for just about every resident of Park City. Summer here is truly amazing. If you have not spent much time here in Summer yet, you have got to give it a try, especially if you live somewhere hot, this is a great escape from the heat.

We are so excited to be back into Summer. Most of the snow has melted away, aside from a few random patches still remaining. The mountains are getting very green, the trails are in great condition, and the temperature is in its ideal range of upper 60's and 70's. The above photo of our dog, Brinkley, was taken only a couple…

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Park City Real Estate Market Report - 2012 1ST QUARTER STATISTICS

2012 1ST QUARTER STATISTICS

By Park City Board of Realtors

PRESS RELEASE - FOR IMMEDIATE RELEASE:

Park City, Utah –The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS®, is that the median sales price for vacant land and condos, in all areas, has gone up. The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for quarter one in 2012. Vacant land also saw a rise in median sold price from $134,500 in 2011 up to $200,000 in 2012. The overall sales dollar volume for quarter one, however, came in at $235 million, down from the first quarter of 2011 when overall sales topped $254 million. The total number of sales is also lower for the first quarter of 2012, with 338 sold properties,…

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National Report Says SLC is Among Top 10 Places to Buy

Realtor.com recently ranked Salt Lake City No. 6 in the nation for “The Best Cities to Buy a Home Right Now.” Forbes reported on the study and stated there were a number of factors that played a part in determining how each city was evaluated and ranked.

Salt Lake received high marks for improved inventory levels, list prices and employment. Inventory is down 31 percent compared to last year, and the median list price is up 5.5 percent from last year at $195,000. The unemployment rate for Salt Lake is currently 5.9 percent. Unemployment rates, from the Bureau of Labor Statistics, were factored into the rankings since jobs are a leading indicator of housing demand.

Park City, Utah, just 35 minutes up Parleys canyon is a nearby alternative to living in Salt…

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A CHANGING MARKET for PARK CITY REAL ESTATE

After 5 years of decreasing prices, and seeing some great buys come and go, we are noticing some significant changes in our market. The major changes are Declining Inventory and Multiple Offers. For a while now we have been talking a lot about trying to recognize if we are at the bottom of the market. We have known, or had a strong feeling that we were there, but pin-pointing it is tough. Often you cannot truly identify the bottom until you have passed it. We are now starting to see the Pendulum beginning to swing to the other direction.

Declining Inventory
There simply is less to choose from now in our market. Many of the distressed properties have been bought up, and many of the low priced "deals" also have been sold. Don't worry, there are still great…

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Sotheby’s International Realty Brand Strengthens Presence in Aspen, Colorado

If you are considering buying is Aspen, or selling in Aspen, we can help find the best suited Sotheby's Realtor for you. Let us help connect you through our Sotheby's network.

Sotheby’s International Realty Affiliates LLC today announced that Morris & Fyrwald Sotheby’s International Realty in Aspen and Carbondale, Colo., has combined with Chaffin Light Real Estate in Aspen, Snowmass Village and Basalt, and now will operate as Aspen Snowmass Sotheby’s International Realty.

Aspen Snowmass Sotheby’s International Realty will serve the entire Roaring Fork Valley from Aspen/Snowmass to Glenwood Springs. Mark Overstreet serves as president of the new company and will report to a management board of Ernie Fyrwald, Andrew Light, Craig Morris and Garrett Reuss.

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Recognizing The Buyer's Market "Sweet Spot"

Real Estate Market Fundamentals - Recognizing The Buyer's Market "Sweet Spot"

Nobody Buys in A Buyers Market!
Why is it that when we are in a Seller's Market, buyers line up and compete with each other to buy with multiple offers trying to out bid each other, but once we are finally in a Buyer's Market, the buyers won't buy? In the Buyer's Market everyone is frozen with fear. They are watching and waiting, and watching and waiting for some signal that we are in the absolute bottom point of the bottom of the market. But guess what, no one rings a bell once we hit the bottom. There is no memo sent out to potential buyers, there is no breaking news forecast, there is no alarm sounding off. So how do buyers know when we are truly at the bottom of the…

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