Real Estate sales in the Park City area for the 2012-2013 ski season increased dramatically from the previous ski season.

Resort skiing at Park City’s three Resorts has ended for the season although the snow continues to fall. It is typical spring weather as we move from 50 degrees to a blizzard and back again in a 2 day period.

The Park City Chamber of Commerce Convention and Visitors Bureau statistics show that lodging nights were up for the season and city hall has reported higher tax revenues. Park City area real estate sales were right in step. While inventory levels are at their lowest in years, sales for the ski season increased and so did prices.

Total sales for this past season (homes, condominiums and building lots) were up by over 25% from the previous year.

The largest jump in sales was in building lots with 99 sales, nearly twice the 54 from the previous season. Low inventory and lower building costs have something to do with this as buyers gave up and have decided to build after home searches did not satisfy their desires. Distressed sales in the Hideout Canyon area made up 15% of the lot sales in the Park City area for the season. The median value of the building lots that sold remained steady with the previous year at $325,000.

Park City Condominium sales jumped nearly 20% while the median sales price rose by over 10%. The Old Town area lead the way with 50 condominiums sold during the ski season with a median sales price of $500,000. The overall Park City condominium market had a median sales price of $402,500. New construction sales near the Jordanelle Reservoir were also very strong.

Sales of single family homes for the ski season were also up from the previous year with a 12% rise in sales volume and a 10% rise in the median sales price. The Park Meadows area of Park City lead the way in sales with 22 and an average sales price approaching $2M and a median price near $1.5M. Single Family home sales in the other parts of Park City were also strong with the median sales price rising to $864,000 from $790,000 last year.

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23) for the periods of December 1st to April 15th of the past 2 ski seasons. Data is considered accurate, but not guaranteed.

Park City has so much to offer in all seasons! Located all within minutes of each other you have three world-class resorts – Canyons, Park City Mountain Resort, and Deer Valley Resort. This town is also filled with other activities and events that the whole family can participate in. Take a look for yourself….enjoy!

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Park City was recently named as one of the top 5 Ski Resorts in the US in terms of “Awesomeness”.

Contributing author for Forbes.com Christopher Steiner notes how “ubiquitous rankings have become” and decided to rank ski resorts in his own terms as a measure of Awesomeness “do you need to know anything else?”

Park City was grouped as one resort due to the proximity of its three ski mountains (Canyons, Deer Valley and Park City Mountain Resort)all being within ten minutes of one-another. Similarly Alta and Snowbird were grouped together as were Vail and Beaver Creek (they were ranked #2 and #4 on the Ski Resort Awesomeness rankings). Jackson Hole led the way and Telluride came in at #3.

Of interest in this Ski Resort Awesomeness ranking is the ratings of the skiing; the author rates Canyons as the best of the three resorts in Park City with Deer Valley second and Park City Mountain Resort third. Mr. Steiner definitely knows the resorts as he makes mention of the good and bad at all three. Canyons 9990 lift takes his top spot to ski while there (we’d throw in peak 5 as a great spot to make laps until 9990 opens) and he cautions against spending the day getting to something as the mountain is quite spread out. Deer Valley gets a strong recommendation not only as a fancy resort, but also for its great skiing terrain including trees and chutes. He calls Empire Lodge the greatest ski lodge in the world and calls the Deer Valley Turkey Chili the greatest single dish served mountainside anywhere. Forbes.com calls Jupiter Peak the best of the skiing at Park City Mountain Resort but laments the run-outs and the occasional crowds (for Utah). A thumbs-up was given for the ability to ski into Main St and ride the Town Lift back.

All-in-all it was a great positive article based almost solely on the ski aspects of Park City. When you throw in the other things that make the area great (restaurants, shopping, galleries, Sundance, nightlife, spas and all the non-ski-related amenities) Park City continues to shine as one of the most well-rounded destination vacations or place to call home.

For everyone east of the Rockies it was noted that no resort there made the list due to the snow and terrain not ranking in terms of Awesomeness versus the west.

For a complete version of the story see: Top 10 Ski Resorts in the United States for 2013.

For information about Park City Real Estate contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

Why do people buy country club memberships and why isn’t there a ski oriented membership Park City real estate option?

People buy country club memberships for many reasons but probably the primary motivation is the quality of the golf experience and the easy access to the course. People are also drawn to the social element of a country club and the many (non-golf) functions the clubs host which allow members to interact in a relaxing setting with their family, friends and peers.

In Park City there actually are several ski oriented country club experiences which come in the form of interval or fractional real estate offerings. In my mind purchasing one these luxury ski condos offerings is very similar to buying an equity country club membership.

• You purchase your membership or condo and pay annual dues.
• When you want to do something different you sell your membership. Most golf clubs make you sell the membership through the club. They set the price and keep a portion of the proceeds. With a fractional or interval ski condo sale you generally sell it at market price and no proceeds are returned to the club.
• You pay dues to maintain the facilities, pay for staffing and market and communicate with members and the public who are the clubs future members.
• Just like country clubs there is no usually no financing available for a fractional or interval condo purchase. It is a luxury real estate purchase and an investment in lifestyle.
• Golf is included in country club dues. With the purchase of a Park City fractional or interval condo you get access to lodging. The number of weeks available and the reservation policies vary from property to property.
When buying a fractional mountain resort condo what questions should you ask?
• Is the condo ski in ski out and what are the other winter activities will be provided?
• What summer activities are organized for you?
• Is airport transportation and in town shuttle service provided. You are looking for a hassle free experience aren’t you?
• What other amenities are within walking distance to the condo, i.e. restaurants, shopping, ski and bike rentals, etc.?
• What are the other owners like?
• What level of service are you expecting? What is the staff like? Are they knowledgeable about the property and the community? Are they friendly?
• What do you own and how is ownership conveyed?
• Are property taxes paid as part of your dues?
• If you aren’t going to use one of your weeks what can you do with the condo?

What interval or fractional condos offerings are there in Park City?
In Deer Valley:
• Deer Valley Club, a Private Residence Club.
• Red Stag Lodge
• Residences at the Chateaux
In Old Town
• Sky Lodge
At Canyons Resort
• Grand Summit Hotel

For expert information on these fractional or interval ownership condominiums or any Park City Real Estate information contact the realty professionals with the YouInParkCity.com Group at (888)968-4672.

The six inches of snow that fell on Main St. Park City yesterday told us that it is probably time to take the golf clubs out of the car for the season and start thinking about getting in shape for ski season.

Golf is near and dear to the YouInParkCity.com group so with the days getting shorter and the golf season coming to an end we thought it would be good to recap what has happened so far this year in five amazing Park City golf communities which boast some of the top courses in the state. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional.

January 1 through August 31 there were 121 sales and pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time period in 2011 total sales and pending sales were 160 properties. For both years the majority of sales were in Promontory as distressed inventory was sold. Even though the number of sales was less in 2012 than in 2011, there are several very positive indicators for real estate in the Park City golf communities. One, there have been several bulk sales in these communities to builders which are not included in the Park City MLS numbers. Two, in Promontory we are seeing a few developer sales as opposed to distressed re-sales. Three, we are seeing an increase in plans being submitted and homes under construction. Four, Promontory, Red Ledges and Tuhaye have added or will break ground next spring on their already significant amenity infrastructure. We also expect exciting announcements from Victory Ranch as the new owners solidify their plans.

We will present a series of blogs in the next few weeks with an overview of each gated golf course community. For an in-depth analysis of a particular area, part of town, or specific property type that interests you contact a real estate professional with YouInParkCity.com at 1-888-968-4672.

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011).

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.

Inventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.

The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).

Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.

While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.

For more information specific to the Park City, UT area and local Park City real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.

Two appraisals of the same Park City home result with a large dollar discrepancy.

A buying client of the YouInParkCity.com Group was set to purchase a home and was paying cash. Even though it was technically unnecessary, we felt that an appraisal of the home would be good for everyone’s peace of mind ensuring that the second home they were buying was a good value. With the cash purchase, we were on a short timeline and our first choice of local Park City appraisers was on vacation. We asked around and got a few good recommendations for another qualified local appraiser.

The buyers asked that the appraisal be made without the appraiser knowing the contract price of the home. The appraisal came back at approximately 10% below the agreed upon purchase price. Upon getting the appraisal, the Sellers agreed to pay for another appraisal (feeling that this one was incorrect).

For the second appraisal, the Sellers gave the appraiser (another respected local Park City appraiser) a copy of the Purchase Contract. This time the home appraised at the contracted purchase price (10% above the previous appraisal).

We asked both appraisers about their findings. Both stood behind their appraisal values for the home but there were some interesting differences.

Most of the homes used as the comparable sales were the same. In looking at the two appraisals and the adjustments made for the same subject property values of the same item were very different. While one gave a $2500 adjustment for A/C, the other valued it at $5000. A fireplace was valued by one appraiser at $4000 while the other valued it at $2500. One placed a dollar value on the hot tub while the other considered it personal property not attached to the home and gave it no value. The largest discrepancy between the two appraisals was the adjustment for size; one gave a $30/sq ft adjustment versus a similar home (same number of beds, baths, kitchen, etc.) while the other valued the added space at $70/sq ft. This difference was magnified by the 100 sq ft difference between the two measurements stated in the appraisals.

Which one of the appraisals was correct? As it is with most things, it depends upon which side of the transaction you are on. I believe that the value lies somewhere in-between.

The Park City, UT housing market is often thought of as being different than the rest of the country due to its luxury resort nature, but many of the indicators housing experts are pointing to in the rest of the country are mirrored closely here in Park City.
A Wall Street Journal article today titled ‘Housing Ends Slide but Faces a Long Bottom’ notes gains being made in the construction of new homes in the US Market. Locally in Park City, construction of new homes has yet to rebound, but the combination of lower building lot prices and construction costs has many Buyers weighing new-builds versus purchasing previously owned homes. This trend is even more prevalent in the outlying areas of Park City such as Midway, Heber and Kamas where new home offerings can be found for less than $100 per square foot.

Shadow inventory, tenuous job growth and the likelihood of mortgage rates rising in the future are cited as possible stumbling blocks to the recovery, but the overall tone of the article is positive and while it doesn’t suggest a rebound in pricing, it does see the market at or near the bottom.

An article also from the Wall Street Journal Friday April 27 entitled ‘Stunned Home Buyers Find the Bidding Wars Are Back’ notes that the current lack of supply in the housing market has people offering prices above list for homes in some parts of the country. The article notes that at the height of the housing crisis in 2008 inventory was at an 11.1 month’s supply and that number currently is 6.3 nationally. That represents a 40+% reduction; Park City real saw a peak of nearly 3600 listed properties and now has just 2100 listed across the MLS also a 40% reduction in inventory. Multiple offers and prices being bid up are common with bank REO properties and it is also seen in any aggressively priced property. The prices are not coming near peak levels, and Park City buyers are well in tune with what is a good deal; buyers are aggressively pursuing these deals.

While the Park City real estate market has seen a drop in inventory, the drop in inventory and changes in price have not been equal across all areas of town or all price points. For a report specific to the Park City neighborhood or home value that interests you most contact a realty professional with YouInPakCity.com at (888)968-4672.

A look at Park City home and condominium sales in the first quarter plus some interesting resort news.

If we had to pick out what stood out most about the first quarter of 2012 in Park City, the weather might be the first thing to talk about. Winter just never seemed to take hold this season; snowfall totals for the year were less than half of last year.

The lack of snowfall seems to have affected the locals much more than the tourists. Most locals will tell you that they hardly skied or snowboarded at all this past year and yet Park City Mountain Resort reported that ticket sales for the season were down by just 4%. Similarly the lodging occupancy totals for the year so far are off by only 3%. This is a tribute to area snowmakers and groomers who did an amazing job at area resorts.

Park City area real estate sales for the first quarter of the year were relatively flat compared with the first quarter home sales of 2011. Single family home sales in the greater Park City area registered 81 (down from 100 in the 2011 period) with the median price falling to $692K. Condominium sales saw a slight boost with 131 sales and a median price of $402K up from 121 and $381K for the same period last year. Building lots saw a sharp decline but prices were way up as the number of distressed sales have fallen. Distressed inventory (bank REO and Short Sales) made up less than 20% of the sales and are currently under 9% of the active real estate inventory in Park City.

As we move into the summer season (which has come about quickly with the low snowpack from the winter and current 70 degree weather), real estate in Park City is experiencing a decline in available inventory and deals are getting tougher to find.

For in depth information on buying or selling in a particular segment of the Park City real estate market contact a realty professional with the YouInParkCity.com group at (888)968-4672 or email info@YouInParkCity.com.