Current news and market updates for Park City real estate and Deer Valley real estate. Updated often, a great resource to keep up to date on all happenings in real estate in the Park City and Deer Valley communities.
Found 161 blog entries about Park City Real Estate News.
The next Deer Valley project by East West Partners will soon be announced. Founder's Place is located within the private gated community of Deer Crest, at the base of the Mountaineer chairlift at Deer Valley® Resort. Other East West Projects in Deer Valley include; Argent, One Empire Pass, Flagstaff, Arrowleaf, Shooting Star, Larkspur, and Paintbrush – all located in Empire Pass.
Founder Place offers direct ski-in and ski-out in the Deer Crest community at Deer Valley Resort. This private and secluded location is just below the St Regis Deer Valley hotel, with almost no sense of neighboring properties or homes.
Sparano & Mooney of Salt Lake City created the modern mountain contemporary architectural design, featuring big window walls, clean
We are proud to announce our 25th Edition of Collections Magazine, Art at Elevation. In our Winter 2022 Issue, we explore the duality of art and home and their history, both within our lives and the Sotheby's International Realty brand. Join us and the principle dancers of Ballet West as we explore the homes, estates and lifestyles of Utah throughout Collections Magazine, the signature, award-winning publication from the in-house creative team at Summit Sotheby's International Realty. With national distribution, editorial content including market data, current properties on the market and a glimpse of new construction communities throughout the state, Collections Magazine is just one piece of the most comprehensive marketing strategy offered by Summit
The Federal Housing Finance Agency (FHFA) has recently announced increased conforming loan limits for 2022. For most Utah counties, the 2022 CLL for one-unit properties will be $647,200, increasing $98,950 from $548,250 in 2021. Both Summit and Wasatch County classify as High-Cost Areas in Utah. The high balance conforming loan limit for these counties is $970,800, compared to 2021 of $817,650. The updated loan limits offer more opportunities for buyers to obtain higher loan amounts, easier guidelines, and better rates without moving to a jumbo loan.
The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Housing and Economic
We often get questions from out-of-state buyers that have heard about Summit County's Primary Residence Tax Exemption. Many potential buyers ask questions regarding how the exemption works with investment property. The below information can be used as a general guide, but be sure to verify any important information (or rule changes) with the Summit County Assessor's office.
The Primary Residence Exemption is an exemption for property owners living in their property full time, or that have rented their property to a single tenant year round. A property that is granted a primary residence exemption is only taxed at 55% of the market value of the home and up to one acre of land. Vacation rentals and second homes do not qualify for the primary
Residential real estate inventory in Utah is now half of what it was in 2019. The buyer profile has also dramatically changed. The work-from-home and distance learning lifestyle has allowed families more flexibility to live where they choose. For many, the lure of vacation destination towns has always been attractive, but now finally achievable. Out-of-state buyers from larger city markets have been influencing Park City market prices by what they are willing to pay, rather than more traditional methods of pricing being determined by analysis of recently sold comparable properties. The average and median home prices have been rising at a rapid pace.
The Kimball Arts Festival is back for 2021, after being canceled due to the pandemic in 2020. The "Arts Fest" has been a long-time favorite event for Park City's summer tourism season. Parkites especially love this event, with free access on Friday evening for locals. The Festival runs from Friday evening through Sunday. Adult tickets are $10 per day, kids at $5, and five and under are free. VIP passes are also available.
In addition to Park City's numerous bars and restaurants up and down Main Street, Kimball Arts Festival partners with local restaurants and food trucks to host featured culinary artisans. Mountain Town Music will provide local and regional music guests on two outdoor stages.
For 2021, Park City is changing up the schedule for one of our most popular holidays. Independence Day in Park City is widely regarded as one of the best times to visit. Over the years, this holiday has seen packed crowds, throughout the day, with many family-friendly activities. Park City has decided to space the holiday celebration over three days to space out the crowd levels as we emerge from the COVID pandemic. This year, the 4th of July falls on a Sunday. The famous Park City Parade will be on Friday the 2nd. For Saturday the 3rd, we'll have the Air Force Flyover and outdoor concerts at Park City's Canyons Village. Sunday will feature the Park Silly Sunday Market and a car-free Main Street.
We also want to remind the community that under the
Summer is back, and we are starting to see visitors return and the town filling up again. So many people are back out at the Silly Market, Deer Valley concerts, hiking, biking, boating, fishing and golfing; life seems to be reasonably well back to normal. As people continue to make dramatic lifestyle-focused changes, real estate remains very active throughout the country, with mountain towns such as Park City seeing robust sales. The COVID pandemic is winding down, and the rebounding economy and opening of travel continue to fuel buyers' decisions to purchase a second home in their favorite vacation destinations.
If we compare the last 12 months to the previous 12 months for the Park City MLS (all product types), the trend continues with low
For many reasons, 2020 has been a crazy year that we will surely never forget. As we reflect on this past year, progressing through another busy holiday season, we feel very fortunate to live in a place as wonderful as Park City, Utah. When the pandemic started and the ski resorts closed earlier this year in March, we anticipated the real estate market would essentially shut down. In contrast, real estate in Park City has thrived.
As of December 22, comparing year-to-date of 2020 to 2019, we see some significant numbers. Interestingly, we see almost the exact amount of total listings of 7,001 in 2019 to 7,021 in 2020. However, the number of listings under contract grew dramatically from 3,005 to 4,577 - a massive 52% increase. In closed sales, we
When people ask, "What is the real estate market like right now?" our answer is, "Remember back in March when you were trying to buy toilet paper... Well, it's kinda like that."
What a crazy summer it has been here in Park City. With Coronavirus concerns throughout the country and the world, we have so many people relocating to our normally quiet little mountain town. Everyone who has a second home or vacation condo in Park City has been staying here all summer. Many of these residents have been buying larger properties to upgrade to living in Park City full-time. We also have many new visitors in town, buying property, making Park City their new home. Never has our market seen so many luxury home purchases, with so many record sales and new
