Local Area And Real Estate News

Deal Reached to Acquire Acreage Near the Rail Trail

By Todd Anderson
Sep 25, 2015

wood-landscape-nature-forestRecently, City Hall entered into an agreement that will acquire land just off the Rail Trail in the Prospector area. This is part of a conservation deal that keeps the possibility of using a small area of the acreage for a housing project open.

The transaction, which was unanimously authorized by the City Council, involves just a bit more than 14 acres of land on the south side of the Rail Trail. The land also climbs a hillside on the south side. The deal cost $500,000 and was entered into with Ted Sommer, the landowner. City Hall indicates that the transfer will be funded using two sources. One source is City Hal’s housing fund, while the other is generated from a portion of sales taxes that are set aside for uses such as conservation acquisitions.

Staffers at City Hall indicate that there is a possibility that a small portion of the land may be used for a municipal housing project. However, the decision has not been finalized and it is not known the type of project or how many units it would involve. One report that was submitted to officials also indicated a park might also be built on part of the land.

The Citizens Open Space Advisory Committee recommended the acquisition, saying, “The parcel holds significant open space value, as it is one of the remaining large parcels within city limits.” The recommendation continued, “…has significant hillside acreage visibility through much of town.”

The conservation efforts by City Hall date back more than two decades and are considered one of the government’s most highly praised programs. Officials have set aside large tracts of land from development. These areas include areas such as the S.R. 225 entryway and Round Valley. As you can see, it is not uncommon for large parcels of land inside the city limits to be acquired by City Hall.

At YouInParkCity.com and KW Park City Keller Williams Real Estate, we understand the intricacies and ins and outs of land acquisitions. If you are interested in purchase or selling any type of real estate in our area, please contact us. Our knowledgeable, experienced, and friendly staff can help you maneuver through a successful real estate transaction, no matter the size, as we specialize in all types of Park City real estate.

How could the new RESPA rule affect our Clients?

By Todd Anderson
Aug 28, 2015

Home sales in Park City, UT

By Rob Harris and Todd Anderson

I originally wrote this back in May anticipating implementation August 1, 2015. When the start date was delayed I shelved this thinking this would be addressed by the state or our forms committees. I haven’t seen any resolution to what I think puts our buyers at risk.

As we know the new RESPA rule will require, for contracts written starting October 3, 2015, that the “closing disclosure” be in the hands of the consumer no less than 3 days prior to closing.  As is often the case with new regulations, the implementation of them can have unforeseen and possibly negative results.

In May I attended a class on the new regulation and asked the presenter how an agent should deal with it when the contractual settlement and closing deadlines are delayed as a result of this regulation. The response was that the agent should just ask for extensions. As we all know extensions are not always granted. If the extension is not granted and the settlement and or closing do not occur according by the contract deadline could the seller view this as a breach of contract? Could the seller decide decide to keep the earnest money and accept an offer (better) from another buyer?

I am not an attorney and I don’t know but I am certainly concerned. I have been trained that if something is not part of the contract it doesn’t have standing in court.

Should there be an addendum to the REPC that defines how delays in settlement and or closing as a result of complying with Dodd Frank TRID regulations will be dealt with?. I am sure our brokers and the State will come up with a form that addresses this but until they do should our clients have attorneys draft an addendum to cover this?

An example might be:

  1. The buyer and the seller agree that any delays in the Settlement and Closing Deadlines that are a result of complying with the RESPA regulations implemented as of October 3, 2015 will be accepted by both parties. The settlement and closing deadlines will be extended to allow for compliance with the regulation.
Some agents are of the opinion that the chances of there being a delay and the seller opting to cancel the contract are small. I agree but I am unwilling to roll the dice with my client’s money. I have no interest in asking a seller for an extension with earnest money at risk. On the flip side I wouldn’t want this to be something my seller has to think about at the last minute. We should address this when we are writing and negotiating contracts. October 3rd will be here soon. Please talk to your Brokers if you are an agent and your agent if you are buying or selling a home.

 

Park City Named Friendliest City!

By Todd Anderson
Aug 28, 2015

Park City, UTWas it a surprise when we found out that Park City was recently named in a Conde Nast readers’ poll as the Friendliest City in America? Actually no, it wasn’t! All of us at KW Park City Keller Williams Real Estate and YouInParkCity.com know the myriad reasons we were awarded such a standing.

Park City was actually highlighted in a slide show on CNTTraveler.com — a site that reaches nearly 2.6 million travel enthusiasts — titled “The 2015 Friendliest and UnFriendliest Cities in the U.S”.

There are so many reasons for Conde Nast to say Park City is a “great place that brings city life to outdoor enthusiasts, film geeks and families”. We also like to point out that Park City is a well-known travel destination renown for hip culture, a rich history and of course, its exciting party atmosphere.

Readers participating in the survey were asked to rate different cities as to whether or not the felt welcome. Other cities that joined Park City in the friendliest category included:

  • Burlington, Vermont
  • New Orleans, Louisiana
  • Jackson, Wyoming
  • Asheville, North Carolina
  • Santa Fe, New Mexico
  • Austin, Texas
  • Nashville, Tennessee
  • Charleston, South Carolina
  • Savannah, Georgia
Visitors and locals alike love the warmth and atmosphere of the city, whether they are enjoy the great banter from bartenders at establishments such as The Spur, The No Name, or O’Shucks. They can also enjoy high-end service at places such as St. Regis and the Montage — there’s something for everyone.

We can’t forget to point out that our area ski resorts have also ranked high on the ratings for their customer service and satisfaction from both visitors and residents. There really is no better place to ski that Park City.

Not to mention the great summers we have with all sorts of great activities such as hiking, biking, and fishing. And of course, you’ll be finding yourself among some of the friendliest people around during the many outdoor concerts happening all summer long.

KW Park City Keller Williams Real Estate and YouInParkCity.com are proud to be a part of what is now known as the “Friendliest City in the U.S.”. We invite you to stop by and check out some great real estate that can put you in the heart of this area so you can experience all the wonderful aspects of our great city.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.

While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:

Median Sale Price for Park City Homes

  • Condominium sales were up 12.6% versus Q1, 2014
  • The Median sales price for Greater Park City area condominiums was $460,450 (up 5%)
  • Single Family Home sales were up 8.2% versus Q1, 2014
  • The Median Sales Price for a Single Family Home in Greater Park City was $1,200,000 for Q1, 2014 (up nearly 34% year over year)
  • The Median Sales price for single Family Homes in Greater Park City jumped 14% from Q4, 2014
  • 25% of the Park City area Homes and Condos sold in Q1 were on the market 14 days or less
  • Average Days on Market for sold listings Q1 was 130 days
  • The Lower Deer Valley Area experienced a large increase in sales
  • The Upper Deer Valley and Canyons areas are selling far slower than the rest of the marketplace (ask us why)
  • Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.

    Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).

    The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.

    For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.

    Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.

    Park City Real Estate Sales 2014 Q2

    By Todd Anderson
    Jul 08, 2014

    Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

    The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

    The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

    Park City Real Estate Trends

    Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

    Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

    Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

    The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

    The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

    All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

    Park City Real Estate Sales 2014: Q1

    By Todd Anderson
    Apr 09, 2014