David Johnson Joins Summit Sotheby's Realty

Summit Sotheby’s International Realty is pleased to announce that David W. Johnson has recently joined Sotheby’s as their Managing Broker. David received his undergraduate and law degrees from the University of Utah. He has a very broad background in the real estate industry. David has managed his own title insurance and escrow company and is a past Director of the Utah Division of Real Estate. He is former legal counsel to the Utah Association of Realtors and to the Park City Board of Realtors. David has been primarily responsible for the development of most of the standardized real estate forms currently used by real estate agents and brokers in the State of Utah. David discontinued his law practice several years ago to accept an appointment as the…

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The fall in prices has created a buyers’ market in some of the most popular mountain resorts

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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House is Gone but Debt Lives On

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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SALES IN SECOND QUARTER 2011 HIGHEST SINCE 2007

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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Buyer Interest Remains High for Park City Real Estate

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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LOCAL HOUSING SALES ACTIVITY CONTINUES UPWARD TREND

Sales Volume Exceeds Billion Dollar Mark in 2010

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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National & Park City Local Real Estate Update

First of all, mortgage interest rates are still great, at the very low 4.25% for conforming 30 year loan. A 15 year loan is only at 3.25%. With low prices, and these low rates, and with decent amount of inventory to choose from, its a great time to be a buyer.

National Real Estate
According to the National Association of Realtors, in July Pended Home Sales Index slipped 1.3% to 89.7% in July from 90.9 in June, but is 14% above the index of July 2010. In Park City we did comparatively better in unit sales. Pended sales for Park City, looking at year January thru August of 2011, we are up by 21% (for unit sales pending) compared to the same time period in 2010. Compared to the same time period for 2009 we are up by 73%, and co pared to 2008 we are up by 53%.…

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Announcing THE SHED at Promontory

Summer in Park City is known for enjoying music outdoors with the mountains a natural backdrop. Promontory has hosted wonderful musical acts in for years, with the ever-popular Bluebird Café series and our summer Promontory Foundation benefit that has featured acts including The Temptations, Brian Wilson of The Beach Boys and BeatleMajesty.

The Amphitheater will be one of the Shed's most prominent features. The stage will look out on tiered, lawn seating that can accommodate tables for semi-formal events or picnic baskets and blankets for more casual performances. The Amphitheater will also include a dance floor in the mosh pit, so the whole family can get into the act!

The Kid's Club will organize Promontory's younger Thespians to show off their…

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