More than just the skiing, biking, golf, snowboarding, hiking or …it is the local Park City community, people (residents and vacationers alike), and local amenities that make Park City Real Estate Valuable.

            Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.

            Today’s topic: Park City Gallery Stroll

            You spent the last year searching Park City Real Estate for your dream vacation home and you finally found one in Deer Valley. Now you need the perfect piece of Art to make this Deer Valley condominium yours. Where do you look?  Park City’s Friday Gallery Stoll is a great place to start. On the last Friday of every month (year around) from 6:00 to 9:00 the gallery doors are open and light refreshments are served just so you can meander through, get familiar with the Park City art scene. 

            There are 19 galleries within walking distance of each other in and around Historic Main St. Park City that take part in the monthly Gallery Stroll. The galleries feature a variety of local and nationally known artists. Even if you don’t find the piece of art you want it is a great way to spend an evening in Park City.

            I’ll be the first to admit that we often use the gallery stroll as a nice walk before dinner on Main St; snacking along the way. The great variety of galleries and artwork give a great insight to your friends as you observe what each of you finds interesting or moving.

For more information go to: http://parkcitygalleryassociation.com/

            Click here for a map to the Galleries: http://parkcitygalleryassociation.com/map.pdf

            If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

 As the summer heats up, Park City Utah Real Estate Prices have continued to fall.

            Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007.

            Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the Park City real estate market. Also, purchasing homes and condominiums at these fire-sale prices requires patience, quick response to new listings and most times cash (no financing contingencies allowed). So the great deals are out of reach for many would be buyers.

            There is evidence that these aggressive sales prices by banks and distressed sellers is having an impact on the neighborhoods around them. Prices continue to fall in an effort to compete with nearby distressed property. This is especially true within the condominium market where there is less variation between units than in the single family home market (some local areas have shown a surprising strength and stability with very little downward pricing pressure).

            Stringent lending criteria and appraisals based on a falling marketplace is making the pool of qualified buyers smaller which adds to the downward pricing pressure.

            Strong value can be found in almost all areas of Park City and Deer Valley real estate and we are approaching pricing in outlying areas that may make investment with positive cash flow possible.

            As always, real estate is local and each segment of Park City and Deer Valley can be different. For assistance in finding the perfect home or condominium for you or to sell your current Park City, UT home; contact a professional with YouInparkCity.com at (888) 968-4672.

Golf Course Development Projects Add New Lower Price Point Options            Recent economic changes have led to some rethinking and new options at local private club golf course communities.            Announcements have been made by Red Ledges and Victory Ranch that they will be offering new smaller clustered homes for prices less than that of some original lot sales. Victory Ranch Club will offer complete homes in the 1500-2100 square foot range with starting prices under $750,000. These homes will utilize local timber and stone with designs meant to blend in with the surrounding natural landscape and fit well within the Victory Ranch Club community. The current offering is for 11 semi-private homes on ¼ to ½ acre lots, three models are available.            Similarly, Red Ledges has announced a partnership with Ivory Homes for the construction of smaller and more economical homes within Red Ledges. The Mountain Villas at Red Ledges by Ivory homes will offer 5 models (two single family and 3 attached) ranging from 1300 square feet to over 2600 square feet. Options will be available for finished basements and plenty of upgrades. The homes will be located along the 6^th fairway of the Jack Nicklaus Signature golf course which was recently named the best new private course by Golf Magazine.            These new home offerings could be an indication that the developers are seeing a need for something other than 4000+ square foot second homes or they could be a sign of the new economic reality worldwide. Likely they are a combination of the two. Lot sales and construction of new homes at Victory Ranch and Red Ledges has been slower than the developers would like despite discounts of 30% or more and other sales incentives. With this addition, both of these golf and social club communities are now offering new product at a price similar to recent bank owned property listings at Promontory and Tuhaye. These new offerings will definitely make sense to more people both in terms of price and size. The impacts on other prices within these communities and other nearby similar communities is worth a discussion. To explore golf and social club home and vacation home opportunities contact a professional with http://youinparkcity.com/ .