Park City short sale update

By Todd Anderson

Jun 04, 2009

On June 2, 2009 KSL.com News reported that ‘short sales' are on the rise in Salt Lake City, UT. The report gives very few details and goes on to quote a few Realtors in Salt Lake City about the effects of short sales and whether or not they are good for a potential buyer. The overall report had very little information in terms of data, but it does note that 1 in 7 listings in Sandy, Utah (a suburb of Salt Lake City) is listed as a short sale. Information like this that goes out nationally (most of the news about Utah is delivered via Salt Lake City) gives people the idea that the news is applicable throughout the state including Park City and Deer Valley, Utah. Real estate is a very local commodity and it is impossible to make assumptions based on one neighborhood and imply that it is true across all neighborhoods. The number of short sales per active listing in the Park City area is less than one in 25. While there is a glut of homes on the market here in Park City, most homes are not a distressed sale. This is not to say that there are not any deals to be found in the Park City area. Many neighborhoods in the Park City real estate area are seeing prices of homes and condominiums fall by 20% off of their highs. There are also short sales in the Park City & Deer Valley real estate market, and they cover just about every price range including a short sale in the Colony at The Canyons Resort listed at $3.99M down to condominiums in the Kimball Junction area listed at $119K. Of the 50 or so short/distressed sale inventory in the Park City area, nine are listed at over $1M, and 20 are over $500K. Short sales are not the only way to purchase a property in Park City and Deer Valley at a bargain price, and the relatively few short sales in the area (1 in 25 versus 1 in 5 in Draper, UT) make them a longer and tougher process. Due to the fact that many owners in Park City have a lot of equity in their homes, the deal is often not a short sale, but just an owner taking a large loss. So when you are looking for a real estate deal in Park City, keep a focus on the end you are hoping for, whether it is a home to retire to, a weekend get-away, an investment or rental property. The deals are there, contact your YouInParkcity.com Keller Williams REALTOR® to find the one that is right for you.

Tags: bank owned, Buyer, deals, Deer Valley, distressed, downturn, foreclosure, housing, Keller Williams, KSL, market, Park City, property, Real Estate, Salt Lake City, seller, short sales, Utah
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Park City Ranks Best in Ski Magazine

By Todd Anderson

Sep 24, 2008

Park City scores again with 3 resorts in SKI Magazines top 15 ski resorts in North America! SKI Magazine released its annual reader's survey and Deer Valley has retained its top spot as the # 1 ski resort in North America. Park City Mountain Resort moved up from sixth to fifth place and The Canyons jumped from 18^th to 13^th place. In short another great year for the Park City ski resorts! Skiers and resort home buyers today are looking for more than just the skiing; they are looking for a total vacation experience. A Park City vacation starts with the ease of getting to the slopes from Salt Lake City Airport (only 30 minutes away), extends to the night life of Main Street, shopping and other entertainment for the non-skiers, cross country skiing and snow shoeing represent just some of the experience that goes far beyond Park City's 3 Ski (and snowboard) Resorts. Deer Valley has been ranked #1 four out of the past eight years. They continue to be ranked #1 in service, food and grooming year after year. Deer Valley limits itself to 6,500 skiers per day skiing on its two thousand plus acres. The limitation is set not by how many people the mountain can handle, but by how many skiers the resort can handle in terms of food service. Un-crowded slopes lead to a great experience. For accessibility Park City is by far the best ski location in North America, offering free skiing on your day of arrival. None of others can this offer this convenience. These great reader poll results should make Park City real estate the beneficiary of more people putting Park City into their ski plans. Park City is more and more being recognized as one of the premier ski and resort destinations in the world. It remains on a cost /value comparison a better value than Vail or Aspen. The fact that interest rates are currently very favorable (although tougher in terms of qualifying) bodes well for real estate sales. Great ratings from skiers and snowboarders will keep Park City real estate desirable to own and help to keep property values here high. All three Park City Ski Resorts and the city itself are very pleased with the ratings again this year. SKI Magazine Top Ten North American Ski Areas:

1. Deer Valley, UT
2. Vail, CO
3. Whistler / Blackcomb, BC
4. Snowmass, CO
5. Park City Mountain Resort, UT
6. Beaver Creek, CO
7. Aspen, CO
8. Steamboat, Co
9. Breckenridge, Co
10. Telluride, CO
13. The Canyons, UT

Posted by Michael Jacobson

Tags: Deer Valley, Park City, poll, resort home, resorts, Salt Lake City, Ski, Ski Magazine, Skiing, snowboarding, The Canyons, top ten, vacation
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Salt Lake City Named #1 Bargain

By Todd Anderson

Feb 11, 2008

Oversupply of housing coupled with a strong economic outlook for Utah catches the eye of people looking for a deal or strong investment. The Daily Real Estate News posted this today:

February 11, 2008

10 Best Places for House Bargains

The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.

These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.

Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly. Here are what the magazine considers the 10 best cities for bargain house hunters.

1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.
Source: Forbes, Matt Woolsey (02/07/08)

What does this mean for Park City, Utah? While Salt Lake and Park Cities are less than 30 miles from each other, their market-places are surprisingly different, as are their climate, traffic and residents' lifestyles. Park City being what it is, a resort town with many non-resident owners, has for many years been a market very different from Salt Lake City. Park City is very limited in its possible expansion areas due to its geography. There are only so many places that have easy ski and recreation access. The ability to not have to drive to go somewhere in town is a great feature of Park City and a feature that is limited to its city boundaries. Residents living in Park City enjoy not being park of a big city and enjoy the feel of mountain resort living. Scarcity is something that has and continues to drive prices and demand in Park City. The proximity of the two towns is very close, but pricing, demand, scarcity and the reasons to live in the cities are different between Salt Lake City and Park City. While there are some bargains currently in the Park City area and Salt Lake has been named one of the best markets in the country for bargains, it is more due to coincidence than the two cities being tied to each other. Search http://www.youinparkcity.com/ to find Park City property.

Tags: bargain, homes, Park City, Salt Lake City, Utah
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