We all have been in this very tough real estate market for many years now, too many years if you ask me! Here in Park City, Utah, we are in a unique market, in that most of our buyers are cash buyers, and most are purchasing a second, third, or even a fourth home - primarily for vacation use, and maybe some nightly rental use. So obviously we are dealing with a very high-end, very sophisticated, intelligent clientele. But I am continually amazed, at how blinded these potential buyers are when they see what they think is a great opportunity in a Short Sale, Foreclosure, Bank Owned and REO Property.

The reality is that these distressed properties are not always the best deals out there. At least, not from what we see in our little ski town real estate

SALES ACTIVITY REMAINS STRONG
Inventory Levels Decreasing

PRESS RELEASE
FOR IMMEDIATE RELEASE: 
October 24, 2011 

Park City, Utah – Through the first three quarters of 2011 Park City continues to have one of the more active real estate markets in the state. Sales activity remains strong, which can be attributed to the positive economic conditions that exist in the State of Utah and reduced home, condo and vacant land prices. The strength of the tourism and resort industries, along with the quality of the public school system continues to draw real estate investment from primary and secondary residents. “We are seeing demand increase over the first three quarters of 2011 and inventory levels are down 9% with 2500 units currently on market compared to 2750

Interested in Park City Real Estate? View our real estate market update for January - September of 2011. Below are informative statistics and illustrated charts for our Park City and Deer Valley real estate markets. We have seen our units sales continue to be strong, but pricing has seemed to be bouncing along the bottom. Some areas are still moving down in pricing, but some are actually moving up a little. There are many factors to these numbers, so if you are interested in a particular area, or community, you need to contact us and we can get you the detailed information. The good news is we are seeing good sales activity, and have been quite busy this fall, which is normally the slowest time of the year! Park City is a great place, and we still have

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

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

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

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

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,

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

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%.