Archive for February, 2010

What is a Real Estate Best Buy?

Sunday, February 21st, 2010

             As a real estate professional in Park City, Utah the most common question I hear after “How is the market?” is probably “What’s the best deal in town?”

            There are so many factors that go into what a deal is that the question is nearly impossible to answer without asking at least 20 more questions. I generally respond by trying to find out how the prospective Buyer will use the home. With nearly 1500 Single Family Homes and Condominiums available in the Greater Park City area, there are many deals.

            Often times as we look at a deal, we are looking back and making a comparison to what things were a few years ago. With this as the criteria, there are a ton of great real estate deals in Park City. Unfortunately, they may also have been a deal back then when someone bought the property. We just don’t have a crystal ball, and don’t know what the future will be in terms of value.

            The recent influx of bank owned and distressed sales bring many questions about the “deals” in our market. When we make comparisons between the asking price of the bank owned properties and a nearby home or condominium, a very close look needs to be taken in terms of deferred maintenance and what it will take to make this property a true equivalent of the other nearby properties.  The risk factor in what may have been covered up (water damage is very common) and what you won’t learn about a home due to banks’ “as is” and ‘non-occupant” addendums. Distressed sales throw another variable into the picture: Can the home truly be purchased for the advertised price, and if so, how long will it take?

            Best Buys can take on many different forms in Park City and will be very different for every buyer. A best buy may be the $4 million ski-in/ski-out home that needs $1 million in renovations or it may be the new studio condominium at the base of The Canyons that is auctioned off with an asking price of under $150,000. Sometimes the Best Buy is the home that hasn’t been for sale that you’ve been watching for years that can finally be yours. In the end, it should be the place that is best for you the Buyer, the perfect home or weekend get-away that you will use to its fullest making memories and enjoying the Park City lifestyle.

            Financing can also play a part of a Park City real estate Best Buy, not only what you can get from a conventional source, but Seller financing options and lease options can make a property a deal.

            Let us help you in your search for your Park City Best Buy. Contact a real estate professional with YouInParkCity.com .

Park City Real Estate Auction

Monday, February 15th, 2010

The Lodge at Westgate Park City - Auction property

            The successful auction of property at the Empire Pass area in Park City has spurred another Park City area real estate auction. The Lodge at the Westgate announced last week that it will hold an auction to sell 44 of its whole ownership condominiums on the 28th of March.

            Like the auction held last month, the developer has set minimum bids for the units at slightly below half of the current asking prices. Units are being offered with a minimum price starting as low as $149,000 for a 360 square foot studio. Models range up to a four bedroom four bath penthouse with a minimum bid of $995,000.  

            If the auction at Silver Strike in Deer Valley is any indication, prices will be bid up only modestly and other real estate sales near The Canyons Resort will likely be on hold as Buyers and Sellers wait to see the final results.  Prices in the Empire Canyon area of Deer Valley are still adjusting after the auction held there last month.

            The auction at The Lodge at the Westgate Park City should pique the interest of many with national advertising in Sunday’s Edition of the New York Times and other metropolitan areas. The initial bid pricing for the units places them near the asking prices of property resales at Silverado and lower than offerings at the nearby Sundial Lodge and Escala Lodges. Determining the value of The Lodges at Westgate isn’t easily done due to the number of available condominiums near The Canyons Resort. While the Westgate is not a true ski-in, ski-out property, the amenity package that the Westgate offers is impressive.  The prices of all condominium property near the base of The Canyons as well as the fate of the still to open Sunrise at Escala will likely be impacted by the auction.

            For more information about real estate near The Canyons Resort and to discuss the likely impact of the upcoming auction at The Lodges at The Westgate Park City may have, contact a professional with YouInParkCity.com.