The Stars Have Aligned! Now, more than ever, is a compelling time to buy real estate in Park City. We are in the midst of a very favorable real estate market for buyers, so why wait further? We currently enjoy extremely low mortgage rates, the distressed properties are going away, sales activity is up, property inventory is declining, and pricing has remained low, although has started to bump up in some areas of Park City.
We are entering a turning point... The market is about to change.
Mortgage Interest Rates Remain Crazy Low Today's rates for borrowers are simply put, "crazy low!". Not just low, but yes, crazy low. When can you ever remember mortgage loan rates under 4%. Never, except this last year. And how much longer do you think that will last?
Deer Crest in Deer Valley Utah is one of the premier locations for luxury ski-in, ski-out homes in Deer Vally and Park City, Utah. Aside from their architectural beauty and direct ski access these homes boast some of the absolute best views in all of Deer Valley. The Deer Crest neigborhood is a private gated community, near the lower resort area of Deer Valley Resort. Wthin the gates of Deer Crest is home to some stunning ski homes serviced by the Deer Valley Jordanelle Gondola. You can access Deer Crest from either the town of Park City, or if you are coming up from the airport, you can enter Deer Crest just off of highway 40 near the Jordanelle Reservoir. Homes in Deer Crest have views of the Jordanelle Reservoir, and the distant Uinta Mountains to the
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
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.Ā 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
Recently, I had a client ask about our amounts of listed inventory for sale in the Park City real estate market. He stated that "I was reading there are well over 3 years of unsold inventory for 2 million plus homes in Park City?" I was not exactly sure on that statistic as actual fact, nor could I quickly or confidently dispute it. Nor should I without having the data to verify the information. So, I took some time to pull up the real data (a.k.a. FACTS) and compiled the information below. This study produced interesting facts, but more so it showed just how misinformed many of our educated real estate buyers are.
I found it quite interesting that he was thinking we had over 3 years of inventory for homes over $2 million, when in reality it was less than
In a continuing effort to meet the desires of both buyers and guests, the developers of St. Regis have created an elegant and inviting Executive Condominium Suite. The original 1920 square foot floor plan included three bedroom suites, powder room and standard parlor, kitchen and semi-formal dining. The newly completed condominium has been re-configured into an oversized gracious living room, expanded dining area, kitchen and foyer, reminiscent of the St. Regis Deer Valley's spacious and exclusive Residences on the top four floors. The living room features include chestnut hardwood flooring, oversized stone fireplace, built-in cabinetry and double sets of sliding glass doors opening onto exterior patios or balconies. In addition, there are two large
