New census estimates shows that Utah has the youngest population in the country.  This bodes well for the real estate industry because of the demand for housing this growing population will require.

          Census figures show that nearly one third of Utah’s population is under the age of 18, and one tenth is under age 5.  The facts that Utah has a large population of women in childbearing years, and that they have more children than average, result in a younger total population.

          University of Utah research economist Pam Perlich also adds that the State of Utah’s economy has been strong in recent years, usually ranking in the top ten percent nationally.  This means that more jobs are available keeping the young people in State and even attracting younger families to Utah for jobs that are available.

          A young population and strong economy also supports the State’s largest industry……tourism and recreation.  This brings us to the long-term benefits that a growing population, strong economy, and growing dependence on tourism and recreation have on the strength of the real estate market in the Utah resort areas, and specifically Park City.

          For now, Park City’s future growth may be dependent on the continued success of the Deer Valley, Park City Mountain Resort, and The Canyons ski areas, but Park City has other reasons to attract home buyers.  Among these are: a hospital set to open in 2009 that will attract new professionals, the new home of the U. S. Ski and Snowboard Association, more than 1500 registered business, 250 retail stores, a new high school building, and the proximity to Salt Lake City and an international airport.

          For current market information on vacation homes or investment properties in the Park City area, use the “Contact Us” button on the top of the web page.  You can expect a response within hours from one of the http://www.youinparkcity.com/  real estate experts.    

Submitted by Ken Drummet, 8/29/2008

           A recent video on the web shows an interview by Hilarie Barsky of Good Morning America Now speaking with Donald Trump about the real estate market. Mr. Trump is quoted as saying that the time to buy is now through next year and that those who don’t may be wishing they had in the future. Trump feels that we are currently at “about the bottom of the market”.

          We see and hear reports pointing in all directions about which way the market is going. Mr. Trump may have some good insights, but can he call the bottom of the market? Only time will tell. He also states in the interview that “the country is obviously in big trouble” and that the banks have failed the people. Buying while home prices are down is good if you can find a way to finance it, and time will probably show that Trump seeing buying signals now was a good call.

            How does all of this relate to the Park City market? The President of the Park City Board of Realtors recently said that prices in the Park City area are holding steady while inventories are on the rise. Economics 101 tells us that this can’t last and the likely solution to drive up demand is to lower prices. Recent sales in the Park City, UT area indicate that prices are falling. The YouInParkCity.com group feels that most of the homes that have sold recently represent aggressively priced houses and condominiums that were a true value. We have recently added a Park City Best Buys page to our website. In its first week, 2 of the 12 properties we identified were put under contract. We will continue to update the site with Park City homes we think are a strong value and monitor the results. The Park City market may not have reached its true bottom, but we are seeing some great values.

          A couple of other things from the Donald Trump interview do ring true in the Park City market. Mr. Trump states that real estate is a local business and that you need to know what you are doing. This idea has been a common theme in the www.YouInParkCity.com/blog. We know what we are doing and we are here to help you with your Park City real estate needs.

            To see the Donald Trump interview go to: http://abcnews.go.com/video/playerIndex?id=5576708 or search ABC News Donald Trump 8/13/2008.

Posted by Todd Anderson

          Let the bargain hunting begin.  Home prices may still be falling, but they are getting low enough for some investors to be buying and selling to pocket a tidy profit, or buying investment property that actually returns a positive cash flow.

          Rock-bottom prices have finally begun to lure real estate investors into the fray with the effect that prices may be stabilizing in some markets. For example, in south Florida where home prices have dropped nearly 27% a broker bought a three-family home for $195,000 that had been listed at $350,000.

          Quick flips are in. Even in the Seattle area, where prices are down just 5% (similar to Park City) from a year ago, an investor purchased a 2700 square foot home for $330,000 and quickly sold it within 3 months for $415,000 (a 25% profit).

          Many of these transactions involve a “short sale” (see blog dated 5/13/2008 entitled Short Sales in Park City, Utah), where the seller owes more than realistic market value, and the lender is willing to accept a low offer. But, in the Park City market, some transactions just reflect the lower market value. In other words, there are some real bargains on the market right now!

          This week, I talked to representatives of the three ski resorts in Park City: The Canyons, Park City Mountain Resort, and Deer Valley. They are all reporting that advanced sales of lift tickets and skier services are substantially ahead of last year already. It looks like another great ski season in Park City, UT is just months away.

          And more good news was reported in the Salt Lake Tribune this morning.  A new survey by Ball State University’s Bureau of Business Research ranked Utah the second best state in the country for manufacturing success. Previously, Forbes.com and CNBC placed Utah in the top five states for its business climate. Today, the Nation’s Unemployment Rate was announced at 5.7 percent for July with a loss of 51,000 jobs while Utah gained 1.3 percent jobs and listed unemployment at just 3.2 percent.

          For current market information on vacation homes or investment properties in the Park City area, use the “Contact Us” button at the top of this page. You can expect a response within 24 hours from one of the http://www.youinparkcity.com/  real estate experts.

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Submitted by Ken Drummet, 8/2/2008