The Jack Nicklaus signature course at Red Ledges just seems get better every time we play it. In 2010 and 2011 Golfweek Magazine ranked it as “Best of State” and we think it is certainly in the top 3. There were no major changes made on the course last year. The reworking of several of the greens that was done a few years ago to make those greens more receptive and hold shots has paid off. The bent grass greens have had a couple of growing seasons since the alterations and they are rolling true and holding good shots.

Red Ledges, one of Park City Real Estate’s premier golf communities, sold 48 properties in the in the past 12 months. For the same time period last year there were 36 sales. This shows a very healthy improvement. Part of what we see as very encouraging (for Park City’s golf community market) is that 10 lots were sold to smaller builders who intend to break ground on spec homes. New homes being built and in the planning stages is yet another sign that the Park City Real Estate market is turning the corner. Another positive indicator that Red Ledges is healthy is that a new neighborhood is breaking ground. It is called Mountain View. Mountain View will offer 4 models that will be priced in the $500,000 to $700,000 range. Red Ledges is differentiating itself in Park City’s golf market by offering homes in more price ranges than the other golf communities. With a few lots still available for under $200,000 and single family homes starting in the $500,000 range Red Ledges has with increased their pool of buyers compared to the other Golf communities. Golf or lifestyle memberships are currently included in developer sales but we expect that to come to an end soon.

Red Ledges amenity package now includes the Jack Nicklaus 18 hole championship signature course, a comprehensive practice facility, the Jim McLean Golf School, the Cliff Drysdale Tennis academy, a golf shop, and swimming pool and equestrian programs. The most exciting news is that they will be breaking ground on the Clubhouse next month. The current goal is to have all of the planned amenities in place in the next 5 years.

For more Red Ledges real estate information or for a tour of the community and facilities contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private Park City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving.

In the past 12 months there have been 149 sales plus 35 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 a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.

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.

Are we entering a Seller’s Market in Park City, UT?

The Salt Lake Tribune reported that the median sales price for single family homes in Salt Lake County rose last quarter for the first time in 5 years. Will Park City real estate see similar statistics soon?

National statistics are beginning to show strength and there are many reports indicating prices on the rise (similar to the reports from Salt Lake City). Park City and other resort communities tend to lag the national indicators as people must feel comfortable with their primary home before purchasing secondary homes and condominiums.

Sales statistics so far for the year have been flat with the previous year in terms of volume and again this last period showed a slight decline in the median sales price for single family homes in Park City. The decline was not even across all areas and some areas experienced an increase in median sales prices. Inventory levels are having an impact on sales in most areas and especially in the lower price points in all neighborhoods.

Recent Park City area home sales statistics report that inventory levels are at a five year low. This lack of inventory shows very prominently in the lower price levels in all neighborhoods and also can be seen in the lack of REO product. For example, single family homes in Park City under $500K that aren’t considered cabin properties actively for sale numbers under 50 while over 100 such homes have sold in the past 12 months. A look at the Promontory area shows 14 home sales (non-“cabins”) in the past 12 months under $1.5M and only 9 active non-cabin listings offered at under $1.5M.

Park City Home Sales and Inventory

The lack of inventory is causing multiple offer situations in many situations as well as frustration on buyer’s sides trying to purchase a deal.

Lower inventory levels and lower prices will not last long as the demand will begin to force prices up.

As mentioned above, sales statistics and inventory levels vary between Park City neighborhoods and price ranges. Contact YouInParkCity.com for specifics about the price point and neighborhood matters most to you (888)968-4672.

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.

Real Estate sales in Deer Valley, Utah for the current year.

We here at the YouInParkCity.com group keep a constant eye on what is going on in Park City real estate through a consistent watch of the Park City MLS, regular open house attendance, talking with other agents and monitoring what our clients and local visitors tell us among other things. A recent post indicating that Deer Valley sales were on an uptick caught our eye. Here is a summary of what we found to be true:

Current Park City MLS data shows that there have been 40 sales of homes condominiums and vacant land in Deer Valley since the first of the year. This number is almost identical to the real estate sales for the same period for last year. The average sales price is down a bit at just under $2 million, but the median sales price (half above and half below) is off by nearly $1M. So, thus far in 2012, half of the real estate sales in Deer Valley have been for less than $1M. While we are still seeing movement in the luxury market with sales at the Montage and St Regis Deer Crest hotel residences, real estate sales of above $2M in Deer Valley are currently off by 25% from this time last year. The 16 current pending sales represent a possible upward movement if they make it through to closed sales.

Overall the Deer Valley real estate market is a somewhat mixed bag with pockets of strengths and weaknesses but overall fairly stable in relation to last year. For an in-depth analysis of the portion of the Deer Valley or Park City real estate market that interests you contact a realty professional with YouInParkCity.com at (888)968-4672.