Real Estate Market Fundamentals - Recognizing The Buyer's Market "Sweet Spot"
Nobody Buys in A Buyers Market! Why is it that when we are in a Seller's Market, buyers line up and compete with each other to buy with multiple offers trying to out bid each other, but once we are finally in a Buyer's Market, the buyers won't buy? In the Buyer's Market everyone is frozen with fear. They are watching and waiting, and watching and waiting for some signal that we are in the absolute bottom point of the bottom of the market. But guess what, no one rings a bell once we hit the bottom. There is no memo sent out to potential buyers, there is no breaking news forecast, there is no alarm sounding off. So how do buyers know when we are truly at the bottom of the
It's still a Buyer's Market but the inventory is going fast.
Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board ofREALTORS® show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continue to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.
Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the
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
Real Estate Update for the Waldorf Astoria Park City and Canyons Ski Resort
Pricing at the Waldorf Astoria has seen downwardly adjusted List Pricing by about 20% from Average of $970 price per square foot to $775 price per square foot. (Low of $716psf and High of $823psf) Along with developer product there are currently 3 Re-Sales Available - A 1 bedroom and Two 2 Bedrooms) A BONUS of Two Ski Passes to Canyons for first Three Years of Ownership.
Waldorf Astoria Hotel Improvements for 2011 (fully funded by Talisker – Estimated Cost at $2million): NEW Restaurant ‘CRAVE’ Espresso Bar and Deli. NEW Gift Shop ‘Palette’ offers Luxury Clothing, Ski Gear, Gifts and Sundries. NEW Après Ski Bar ‘Scoop’ serves Hot Drinks (alcoholic and non-alcoholic), House made
INFO THAT HITS US WHERE WE LIVE...The housing recovery may be proceeding slowly, but things are definitely not at a standstill. Earlier this year, an industry rent vs. buy index found it is more affordable to buy than rent a two-bedroom home in 72% of America's 50 biggest cities. In fact, renting was less expensive than buying only in New York, Kansas City, San Francisco and Seattle. And in 10 of the cities where renting was relatively affordable versus ownership, people felt buying may still be a financially sound long-term decision.
A recent consumer study showed people are getting the message. With home prices now at such affordable levels, 62% of those surveyed said buying in today's market is a good investment over the next 10 years. The most popular
INFO THAT HITS US WHERE WE LIVE...Last week, more signs appeared that things are coming our way in housing. Wednesday the Census Bureau reported that the nation's home ownership rate moved up in the third quarter to 66.1%, slightly ahead of the prior quarter. Some commentators feel the three-year decline in home ownership might be starting to bottom out. Home ownership may have been encouraged by rising rents, with the vacancy rate now up to 9.8%.
The National Association of Realtors (NAR) chimed in with a forecast that existing home sales should be up 1% this year, then up another 4.3% next year. Although the median price will fall slightly this year, it's predicted to rise 2.6% in 2012. New home sales, after dropping 4.7% this year, are projected to
