Construction has begun on a brand new real estate development in the Silver Lake area of Upper Deer Valley. The project has long been referred to as North Silver Lake, but will now be named the Stein Eriksen Residences. The developer, Regent Properties, has recently restarted construction of the infrastructure and a model home. The new development will include a mix of homes and condos for sale, situated at the intersection of Deer Valley Resort's "Last Chance" and "Silver Dollar" ski runs. Most residences will have spectacular views and all will have ski-in / ski-out access. The site has been entitled for 38 luxury condominiums in five buildings and 16 townhomes and single family residences, for a total of 54 units. All residences will have access to

PRESS RELEASE

 - August 2, 2013

Park City Enjoys Largest Quarter of Real Estate Sales in Five Years.


Both the number of sales and the median sales price are up over last year's numbers in the Greater Park City Area according to the 2013 second quarter statistics released by the Park City Board of REALTORS®. With a total of 991 sales to date — a 19% increase over the same time period in 2012 - the first half of 2013 had the highest number of sales since the first half of 2007. In fact, the number of sales is 21% higher, by quarter, than any quarter in the last five years. The total sales dollar volume is also up 19% over the same time-period last year, reaching over $698 million to date, which is also the highest total dollar volume since 2007. The

Buying real estate after passing the bottom of the market can be one of the best times to buy property. Yes, if you missed the bottom of the market, you may have missed out on some of the best deals seen in a long, long time. But, when the market was at the bottom, nobody really knew that for sure. It was a time of major uncertainty. Let's take a quick look at the ups and downs we typically see in real estate market trends and we'll see why buying right after the market bottom can be such a good time to do so.

Across the country, we seem to have just recently passed the bottom of the market.

Below we have an illustrated chart showing the natural cycle and trending of a real estate market. The chart shows the increase of a market to it's

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,

A Favorite for Year-Round Residents and Families

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

BIG NEWS in Park City this week!

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

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,

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

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,

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