Make The Comparison ...
The Salt Lake vs. Denver Video
Get The Facts Straight!
There are many fundamental facts that support continued real estate growth in Park City.
The global economy may dip and soar, but life in Park City remains pretty stable. While we can't claim total immunity from external economic pressures, this localized real estate market is a safe harbor to weather the storm. Why? The fundamental attractions of Park City – world-class recreation, a comfortable, year-round climate, convenient access and a strong sense of community – are unwavering. Together, these fundamentals will continue to create growth and stability in our market, long into the future.
Fact: It’s Easy to get Here. Park City’s close proximity to Salt Lake International Airport has always been an advantage over other western mountain resorts. Fly in and ski, golf or play the same day!
Fact: Great Recreation Choices. Everyone knows about our 3 great ski resorts in town plus 8 more within an hour’s drive. For summer enjoy boating, fishing, outdoor concerts, award winning golf courses & mountain trails for hiking & biking that are second to none!
Fact: Lower Prices, Great Choices & Increase in Activity. Park City has experienced its real estate slowdown along with the rest of the nation, but evidence shows we may be heading out of “the Bottom” soon. The best properties are going fast, and there is little new construction planned.
Fact: Interest Rates are still Low. Rates are great, but are bound to move upward soon.
Fact: The FACT is, all markets are different – nationally, regionally, & locally. Markets go up, and markets go down, but one Park City FACT remains the same: If you wait another year to buy, you & your family will be one year older when you do!
Fact: Park City homes can be a savvy investment property and, at the same time, an ideal place to reconnect with loved ones.
Fact: Park City's close proximity to Salt Lake International Airport has always been an advantage over other western mountain resorts. Check out this site for details …
Fact: Park City continues to represent a great value when compared to other world-class ski resort towns. Read the Article …
Fact: Park City residents are committed to preserving open space – that provides scenic vistas, wildlife habitat, an extensive trail system, and rural charm.
Fact: The Park City area has 10 world-class ski resorts within an hour drive. Check them all out …
Fact: Park City is a year-round recreation haven – hiking, biking, fishing, boating, golf, outdoor concerts, Park City Arts Festival and much more make the summer season just as fun as winter. View the Park City Events Calendar …
Fact: Park City is a multifaceted market – of course the area's myriad resort and recreational offerings make Park City an ideal second home market, but Park City also has a strong and steady primary home market.
Fact: Park City benefits from close proximity to a dynamic metro market.
Fact: Park City benefits from the incredibly large increase in state tourism advertising.
Fact: Park City continues to enjoy increased awareness and tourism traffic as a result of the 2002 Winter Olympics.
Fact: Winter and summer alike, Park City enjoys an ideal climate for recreation and relaxation.
Fact: Park City is "in".
Recent News...
Park City Real Estate Sales Continue To Thaw
Park City Board of Realtors, 2010 Q2 Statistics
Park City, UT -– July 22, 2010 – Sales dollar volume for the first half of 2010 continues to trend up compared to the same time period of 2009. For the period ending June 30, 2010, Sales dollar volume was up 67% from 2009 at $543 million versus $324 million. The number of sales is ahead 60% in 2010 over 2009 with 669 units closed compared to 415. These figures represent four consecutive quarters of improved sales.
Park City’s real estate market is recovering far above the pace of the National real estate economy. Several outstanding factors contribute toward Park City’s more rapid comeback. One reason is price. Prices today are, on average, about 20-30% lower than they were at their peak in late 2007 to early 2008. For people considering a second or primary home in the western mountain resort communities, this summer is the time to start their Park City search.
Among the other dynamics which make Park City a superior resort purchase are: Increasing numbers of direct domestic and international flights in and out of Salt Lake International Airport and the airports 30 minute proximity to Park City. Park City is also realizing a growth in year-round residency and primary residential sales not only due to the airport proximity; but also as our resort town becomes more dedicated to year-round recreation for residents and visitors. Resort communities that are more remote and difficult to access are still experiencing difficulty and are perceived as a riskier long-term investment. Read More.
Lower Home Prices Are Spurring Sales
2nd Quarter Report Shows Major Improvement Over 2009
Andrew Kirk, The Park Record, 7/2010
About one quarter of all real estate transactions in Park City involve distressed properties.
That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.
Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.
"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.
Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.
"Comparatively, Summit County isn't doing too bad," she said via email.
Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors. Read More.
Buyers No Longer Waiting ... Home Sales Continue at Increased Rates
Park City Board of Realtors, First Quarter Statistics, 4/2010
Park City, Utah – April 26, 2010 – Overall real estate sales dollar volume for first quarter 2010 was $303 million, up 107% from first quarter 2009 figures of $147 million, according to the Park City Board of REALTORS�. The number of sales for the first quarter was 325, an increase of 95% from 167 sales in the first quarter of 2009. Sales increased across the board for almost all property types.
“It is good news for area homeowners and homebuyers that the bleak market conditions that we experienced a year ago have now ended” said Mark Seltenrich, President of the Board of REALTORS�. “The primary reason that sales have increased is because many sellers have reduced their prices to the new market conditions, although better general economic conditions and increased consumer confidence have also helped” Seltenrich said. Prices today are on average about 20-30% lower than they were at their peak, which was in late 2007 and early 2008.
“We hit the bottom of our market in terms of the number of sales in February of 2009”, Seltenrich said, “and have now had three consecutive quarters of increased sales”. “It now appears that we may also be bottoming out in terms of the price declines that we have seen over the past two years” Seltenrich said. „Prices have not yet started to rise, but appear to have stopped falling. Buyer activity is steady, and properties that are priced correctly have a good chance of selling. In addition, low interest rates along with the lower prices are making real estate more affordable than ever” he added. Read More.
Most Americans Say Now Is Time To Buy A House – Poll
Reuters, 4/2010
Nearly two-thirds of Americans think the time is right to buy a house, with a majority believing prices will be the same or higher over the next year, according to a Fannie Mae survey released on Tuesday.
The 64 percent that said it is a good time to buy is just shy of the 66 percent that said the same thing in 2003 as the U.S. housing market was racing higher, said the survey. Read More.
NAR: Vacation-Home Sales Rise
All-cash buyers play bigger role in investment-home market
Andrea V. Brambila, Inman News, 3/2010
Reprinted with permission of Inman News.
Sales of new and previously owned vacation homes rose last year, while investment-home sales dropped, according to a survey report [2] by the National Association of Realtors.
NAR's 2010 Investment and Vacation Home Buyers Survey includes responses from residents in 1,930 randomly selected households who bought residential real estate in 2009. The association conducted the survey in March 2010 and controlled for age and income.
Vacation-home sales increased 7.9 percent to 553,000 in 2009 from 513,000 in 2008 [3], the report said. The market share for vacation homes rose to 10 percent, from 9 percent in 2008.
At the same time, investment-home sales declined 15.9 percent, to 940,000 last year from 1.12 million in 2008, the report said. The market share for such homes fell to 17 percent, from 21 percent in 2008.
"The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income," said Lawrence Yun, the association's chief economist, in a statement [4]. Read more.
Copyright Inman News, 2010.
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Utah's Other Mountain Biking Gem
Park City is a rider's oasis far above Utah's blistering deserts.
Mountain Bike Action Destination Special, 3/2010
Play word association with "Utah" and riders will respond "Moab." In fact, Mountain Bike Action receives more images for our monthly feature "Trail Mix" from riders perched above the mesas of Moab than any other location. Riders familiar with our destination suggestions will also recognize the name Gooseberry Mesa, just outside of Hurricane, Utah. For years, we have touted these ultra-fun, snaky trails established by the Harris brothers. Both locations are "must-ride" Utah destinations for riders who want to sample the state's desert experience.
But Utah is a big place that offers more than slick-rock, Native American rock art, sandstone arches and the skeletal remains of unprepared mammals. The polar opposite of the dry, desolate Utah desert destinations are the luscious, high-altitude, green mountains of Park City. This is a place that takes summer recreation seriously and aggressively caters to mountain bikers. Download the full article.
MSNBC Today Features Spring Break Skiing in Park City
msnbc.com, 3/2010
Visit msnbc.com for breaking news, world news, and news about the economy
Transactions Same As In '09, But Sale Prices Declined
Park Record Article, Andrew Kirk
29 January, 2010 (Park City) – The Park City Board of Realtors' 2009 year-end report reveals total sales volume for the greater area were down 17 percent from the previous year.
Still, some areas saw improvement, but not all Realtors believe that's evidence of recovery quiet yet.
The Board of Realtors' press release puts the 17 percent decline in context: Vail, Colo. was down 60 percent. Park City fared better because it's a residential or bedroom community as much as a destination resort town, explained board president Mark Seltenrich.
Park City-area Realtors are finding willing buyers, as evidenced by the fact that 2009 actually saw nine more single-family home sales than the year before probably more if not for the frozen credit market.
The reason total sales volume was down is two-fold: the total number of transactions of all types of property was down 18 percent, and second, because those buyers with financing are still looking for the best deals, Seltenrich said.
The median price in Park City dropped from $1.8 million to $1.385 because more homes sold in the lower price range than in the upper. Read More.
Park City Real Estate
Single Family Homes Sales On The Rise
FOR IMMEDIATE RELEASE
25 January, 2010 (Park City) – More than $858 million in real estate transactions changed hands in 2009 in the greater Park City area (Summit and Wasatch counties), according to a report today by the Park City Board of REALTORS�.
The total volume included the sale of homes, condominiums and land. In 2008, total sales exceeded $1.03 billion, which is a 16.9 percent decrease in the volume sold in 2009.
“In spite of two difficult economic years, Park City’s economy remains resilient,” said Mark Seltenrich, president of the Park City Board of REALTORS�. Compared to all other Rocky Mountain ski destinations, Park City has fared better than our neighbors in Colorado, Wyoming and other resort towns. “For example, in Vail, Colo., REALTORS� reported that 2009 real estate sales were down nearly 60 percent compared to 2008, while Park City was down only about 17 percent.”
Sales of single-family homes were the strongest part of the market in 2009, with sales of homes in the greater Park City area in 2009 surpassing the levels of 2008. “This is due in large part to homes becoming more affordable and the desirability of Park City as a place to live and raise a family,” Seltenrich added. Read More.
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Summit County Called One Of America's Wealthiest Counties
According to Forbes.com, it's an anomaly
Andrew Kirk, The Park Record, 3/2010
Last week, Forbes.com assembled a list of America's top 25 richest counties. With a median household income of $85,258 in the 2008 calendar year, Summit County made No. 22 on the list.
That's probably no surprise to people familiar with the community and the price of housing here, but what may be surprising is the fact that it's one of very few vacation communities and the only one not adjacent to a major metropolitan area.
The latter point is the explanation Forbes-writer Francesca Levy gives for why these 25 counties are so wealthy. Almost all of the counties are within driving distance of the Washington, D.C. and New York City metropolitan areas. Two are in the Bay Area: Marin across the Golden Gate Bridge from San Francisco and Santa Clara to the south in Silicon Valley. All the rest are bedroom communities for Denver, Colo.; Atlanta, Ga.; Nashville, Tenn.; and Baltimore, Md.
People with high-paying jobs often want to live in beautiful suburban areas with good schools. All 25 counties match that description, but Salt Lake City is not comparable in size to those other seven cities.
What accounts for Summit County's wealth? Read More.
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10 Best Places For Second Homes – Park City Ranks #4
Steven M. Sears, Barrons, 3/2010
Prices of luxury real estate are finally starting to rise, as bargain hunters swoop in. Some of the best deals are in second homes with prices off as much as 40%.
At long last, the market for luxury real estate is coming back to life.
Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some on the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.
In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700 square foot home on six acres. There's nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn't hurt, either.
With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, on e of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: now could be an excellent time to buy.
Prices are way down - 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters - and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: "We've seen an uptick in buying in just the last couple of months. Read more.
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The Top 10 Places To Buy A Second Home
Liz Pulliam Weston, MSN Money, 3/2010
Looking for vacation property that's a good investment as well? These communities offer weather, scenery and active real estate markets. Plus: 10 more up-and-comers.
Popularity is a mixed bag when you're looking for vacation property.
A hot destination means more crowds, more traffic, longer lines. But if you're keeping an eye on investment potential -- and more than one out of three second-home buyers say they are -- then you want to buy where others want to be.
What you really want, though, is to buy today in an area that's going to be hot tomorrow, so what are the ingredients that will turn a sleepy village into the next Aspen or Hilton Head?
A beautiful setting is a must, but here are some other important factors:
Proximity to growing urban centers. Vacation towns typically need to be within a two- to three-hour drive of a major city, or at least reasonably close to a big airport.
Plenty of recreational opportunities. There has to be lots of stuff to do beyond shopping, which is why most thriving resort towns are near ski lifts, beaches or mountains. Some cultural cachet -- a theater or film festival, galleries or museums -- is also nice.
Decent weather. You have to be able to get outside to enjoy all that recreation.
Significant commercial investment. The old-timers may grouse about the new hotels or malls, but these are good indicators that others think the community is on the way up.
The "it" factor. The community gets discovered by movers, shakers and celebrities -- or at least enough other folks like you -- for prices to get bid up.
Consider the following two lists of hot (and potentially hot) vacation home markets compiled by EscapeHomes.com, an online listing service for second homes, timeshares and other vacation property. You'll see some interesting similarities, as well as a few towns that break the rules. Read More.
Real Estate Deals Total More Than $575 Million In The First Nine Months of 2009
FOR IMMEDIATE RELEASE
23 October, 2009 (Park City) – The dollar volume of real estate transactions in the greater Park City area (which includes Summit and Wasatch counties) totaled $575.5 million in the first nine months of 2009, down 33.7 percent compared to $868.1 million in total sales in the same January through September period in 2008, according to the Park City Board of REALTORS�.
“There continues to be tremendous opportunities in the current market for buyers,” said Lincoln Calder, president of the Park City Board of REALTORS�. “When you look at the entire market for the Park City MLS, median sales prices have come off about 30 percent from their highs in 2008."
The 758 sales transactions in the first nine months of 2009 were down 30.4 percent compared to 1,090 transactions in the first nine months of 2008. The sales trend seems to have changed course in recent months, however. “Since February 2009, we have seen a steady increase in the number of pending sales,” Calder said. “Buyers have come back to the market and have been motivated by lower pricing.” He added that there continues to be pressure on pricing and finding value is of primary concern to buyers.
Single-family properties continue to account for the majority of sales transactions occurring in the market. Condominium sales make up nearly one-third of the total transaction volume.
Pricing (Single-Family Homes)
The median sales price for single-family homes sold in the Park City limits during the first nine months of 2009 was $1.4 million, down 13.3 percent compared to $1.6 million a year ago. The number of single-family homes sold in the first nine months of 2009 was nearly the same as the same period a year earlier (65 sales vs. 67 in 2008), suggesting that price declines have again motivated buyers.
In the Snyderville Basin (which includes Kimball Junction and Jeremy Ranch) the median sales price for single-family homes fell to $650,000 in the first nine months of 2009, down 9.7 percent compared to $720,000 in the same nine-month period last year.
Heber Valley saw its median single-family home price fall to $307,500, down 12.1 percent compared to $350,000 a year ago. The Kamas Valley also saw a decrease in its median price of homes, falling to $285,000, down 18.3 percent compared to $349,000.
Pricing (Condominiums)
The median sales price for a condo inside Park City limits during the first nine months of 2009 was $625,500, down 22.7 percent compared to $809,550 a year ago. Lower Deer Valley had an increase of five sales (20 vs. 15 in 2008) with a total volume of $18.8 million vs. $15.0 million in 2008. In the Snyderville Basin, condo prices fell to $350,000, down 18.7 percent compared to $430,450 last year. Read More.
Park City's Best Real Estate Values: The Experts Weigh In
Annette Velarde, Mountain Express Magazine, 12/2009
Let’s be honest – none of us know what we can be certain of when it comes to the global or local economic recovery. In a single day, one expert will emphatically declare we’re well on our way to prosperity, then another says it’s going to be at least two years before we can even begin to determine where the world’s financial systems stand. About the only point everyone agrees on is that all the rules are changing and things will never be as they were again … which might be for the best.
In light of this, we began to search for some answers to questions we all have about the Park City real estate market. When is it going to be the best time to buy? Have the prices bottomed out yet? What neighborhoods have the best deals? Park City’s home values have not fallen as much as many other ski resort communities - why is that? We sought out the expert’s – local RE Brokers and top agents – to tell us what their thoughts are on this subject. What we learned is extremely valuable information for anyone who is thinking about buying a primary or secondary home in Park City in the next 12 months.
President of the Park City Board of Realtors and Agent for Keller Williams Real Estate, Lincoln Calder, thinks this is the best buyer’s market he seen in years. “Even though consumer confidence relating to the economy as whole has been slow to come around, we’ve seen a 300% increase in pending sales since February of 2009. The ease of access and quality of life here has not been changed by the economic downturn, and as a result many families have taken advantage of the drop in prices and made Park City their primary home. There’s an incredibly wide range of properties available at prices significantly lower than in 2008. Most notably, some very unique homes that offer ski-in/ski-out, one-of-a-kind floor plans, or panoramic views have started to become available. I think in the long-run, these homes will prove to be most profitable investments.”
Chris Robinson, President Elect of the Park City Board of Realtors and Park City Regional Manager for Prudential Utah Real Estate, stated, “The data collected during this past selling season indicates it is the Buyer who is driving the market and values. I believe there will continue to be adjustments downward throughout the end of 2009 while we ‘sell through’ the short sales and the foreclosures currently available. The Buyer must keep in mind, however, that these ‘deals’ are fewer and further between. Also, in many cases, those ‘deal’ properties will not meet the criteria or desires of a Buyer who wants to live or invest in our community. There are isolated ‘best’ deals throughout our diverse geographical areas, but it’s a moving target. It is extremely important for a Buyer to connect with a Park City Realtor� to be better informed and get the most timely information on properties that are available. Read More.
Games brought acclaim, newer and faster lifts, more acres of skiable terrain
Associated Press, 12/2009
SALT LAKE CITY - In addition to great powder snow and a long winter, Utah's ski industry is blessed by the lingering buzz of the 2002 Winter Olympics, plus a major nearby airport that makes getting to Salt Lake City easy from other parts of the country.
The Olympics brought international acclaim, dozens of new and faster lifts and thousands of more acres of skiable terrain. Traffic on the slopes was up by 37 percent in the six years after the Olympics, before the economy soured, making Utah skiing a $1 billion industry.
"That was our coming-out party," said Nathan Rafferty, president of the trade group Ski Utah. "We were always in the shadows of other resorts, like Colorado's. But hosting the Olympics put us on the map." Read More.
Grander Canyons
As Utah's biggest resort comes of age, it's still hard to characterize. But who cares? Because when it comes to ski terrain, multiple personality disorder isn't a bad thing.
Carrie Sheinberg, SKI Magazine, 11/2009
March 24, 7:45 a.m., Park City, Utah.
The phone rings."
Hey, it's Jaimie. I'm in the care headed over to the Cottonwoods. You guys want to join me?"
Still in bed, I peer our the window. The snow is coming down in dense sheets, piling up on a hot tub that's looking more and more like a fresh-baked meringue.
"Nope," I say without hesitation. "Today's a Canyons day."
Park City locals know what that means–the kind of day where you wake up and you know you don't need a brand name, and you don't need to be seen. You just want to get your fresh tracks without being bothered. And for that, The Canyons is perfect. It's a richman's cruising haven, a local's powder stash, a child's playground. It's an anything-you-want, any-time-you-want-it center for instant gratification–a place that has everything a skier could want.
This is both good and bad. Unlike most resorts that have long since been sterilized and commodified, The Canyons–Utah's largest resort–is all over the map, figuratively as well as literally. the resort's 3,700 acres are divided by eight canyons and six peaks, each with a different character. It's as if the hill grew eight personalities but never signed up for therapy. Read More.
Deer Valley Resort Keeps Top Ranking
Andrew Kirk, The Park Record
9/2009
For the third time in a row, and the fifth time in a decade, Deer Valley Resort was voted the No. 1 ski resort in North America by readers of SKI Magazine.
Rising from fifth place, Park City Mountain Resort (PCMR) was voted No. 4 overall. All three resorts were in the top 20, and The Canyons ranked highly in accessibility, on-mountain dining and lodging.
Deer Valley president and general manager Bob Wheaton said taking care of the needs of his staff this past winter was key in helping them perform their best on the job.
In a press release, Wheaton said, "In an effort to support and retain the heart and soul of our organization during this tough economic time, last season we made the decision to invest in the Resort's greatest asset: our staff."
In an interview Wednesday, Wheaton said there was no single thing or "silver bullet" he could point to that would explain his resort's success, but that he wants Deer Valley to be a fun place to work."We make a consistent commitment to treat everyone on staff as you would your finest guest," he said. "That's not easily done."
SKI Magazine editor, Greg Ditrinco, said the largest resort companies in North America did massive lay offs last winter, and he thinks it's commendable Wheaton chose a different strategy.
"It was a pretty smart tactical move by them," Ditrinco said.
Wheaton said people who enjoy their job treat guests better."We get comments from guests: 'Everyone here is so happy,'" he said.
In addition to his staff, Wheaton also attributed the resort's success to support from the community.
"We really appreciate the support of all our guests and especially the people in town. There's no way we could be where we are without that support we see in season-pass sales and coupon books," he said.
Krista Parry, director of marketing and communications for PCMR, said the resort has placed fifth for three of the past four years. Going up to fourth makes them very pleased. Read More.
Utah Ski Resorts Bundle-up with Improvements for the 2009-10 Winter Season
skiutah.com
FOR IMMEDIATE RELEASE
August 27, 2009 (Salt Lake City) – In a time when consumers demand value and convenience, Utah’s 13 ski resorts consistently offer unparalleled access, quality and bountiful amounts of The Greatest Snow on Earth. Salt Lake City International Airport was recently ranked number one in the nation for having the most on-time flights according to data from the Bureau of Transportation Statistics. Salt Lake International is located within an hour drive of 11 of the state’s ski and snowboard resorts enabling many visitors to maximize their time by skiing the same day they arrive.
In an effort to boost tourism and better serve visitors, Utah legislators made the most significant change to the state’s liquor laws in 40 years. Utah bars are now open to the general public and the state's previous private club system, which required customers to fill out an application and pay a fee for the right to enter a bar, has been eliminated. The state’s resorts have celebrated the change by sprucing up their amenities, products and services for the 2009-10 winter season. Snow is just around the corner and Utah’s resorts have bundled-up with a variety of improvements sure to please their guests.
Alta Ski Area
Alta’s popular Albion Basin Day Lodge has been remodeled to better accommodate guests.
Beaver Mountain
Beaver Mountain has added a new conveyor lift to better access the Resort’s beginner terrain.
Brian Head
Customers who purchase 10 gallons of gas or more at select gas stations in Southern Utah will receive a coupon offering 50 percent off mid-week skiing at Utah's only southern resort.
The Canyons
The new Dakota Mountain Lodge & Golden Door Spa, Waldorf Astoria Collection’s first ski-in, ski-out property, will accommodate guests at The Canyons Resort starting this season. The lodge features 175 guest rooms and suites, elegant amenities, custom furnishings and gourmet kitchens. Guests will also be able to dine at its sumptuous Spruce Restaurant.
Deer Valley Resort
Deer Valley Resort has expanded its services to include a new property management division that will assure the Deer Valley difference from the moment guests check-in. In addition, the St. Regis Deer Crest Resort will provide a new lodging option for Deer Valley guests. The St. Regis features 181 guest rooms, including 67 suites, luxury amenities, a ski beach and infinity pool. The Rem�de Spa will enable guests to refresh with signature treatments after a day on the slopes.
Park City Mountain Resort
Park City Mountain Resort makes family winter vacation planning easy by offering several interactive planning tools on Parkcitymountain.com including the recently launched Snowmamas; a blog written by moms providing insider tips for planning a winter ski vacation, and the new itinerary planner; designed to allow individual users to create the perfect trip to Park City.
On the mountain, Park City has enhanced its downhill experience with two new Kids Adventure Trails designed specifically for the Kids Signature 5 program, as well as additional terrain enhancements off Crescent Ridge to allow greater usability for all levels of skiers and riders. Read more.
Park City Real Estate Sales Total $317 Million in First Half of 2009
FOR IMMEDIATE RELEASE
August 7, 2009 (Park City) – The Park City Board of REALTORS� reported today that total real estate transactions in the greater Park City area (which includes Summit and Wasatch counties) were $317.0 million in the first six months of 2009, down 49.7 percent from $629.8 million in total sales compared to the same period in 2008.
Total sales in the first half of 2009 fell to 403, down 44.9 percent compared to 731 transactions in the first six months of 2008.
“While home sales have fallen in the greater Park City area, other resort areas are experiencing even steeper sales declines,” said Lincoln Calder, president of the Park City Board of REALTORS�. “One of the unique features of Park City is its proximity to the Wasatch Front and the fact that many of our residents live here year-round.”
As a percentage of total volume sold, sales of single-family homes have almost always been the strongest part of the Park City market. During the first six months of this year this segment has even become stronger, with single-family home sales making up 64 percent of all sales compared to 42 percent of sales in the same period in 2008. Read More.
Park City Real Estate Sales Total $146.4 Million in First Quarter
2009 First Quarter Numbers
FOR IMMEDIATE RELEASE
May 4, 2009 (Park City) – The Park City Board of REALTORS� reported today that the total real estate sales volume in the greater Park City area (which includes Summit and Wasatch counties) fell to $146.4 million in the first quarter, down from $321.3 million in total sales in the first quarter of 2008
The number of sales transactions in the first quarter fell to 166, down 55.7 percent from 375 transactions in the first quarter of 2008.
“The national recession was felt here in Park City as consumer confidence weakened,” said Lincoln Calder, President of the Park City Board of REALTORS�. “In addition to the weak economy our market was hampered by a difficult lending environment, particularly in jumbo mortgages which make up a large part of our market.” Read More...
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Quality Time Remaining
Annette Velarde, Mountain Express Magazine
5/2009
If you’re reading this article, you’re most likely in Park City during the incredibly beautiful summer months. We invite you to take a moment while on a hike or ATV ride, chair-lift ride, golfing, boating or fishing to reflect on your QTR: the ‘Quality Time Remaining’ in your life. The silver lining of these economic times is that it’s given us all pause to consider what is valuable in our lives and really focus on what memorable times are ahead to enjoy with your dearest friends and family... We’ve once again remembered that what gives our lives meaning is our family and friends. Investing in these things has, and always will, bring us returns far more valuable than gold. Read More...
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Utah May See Relatively Fast Economic Recovery
Brice Wallace, Deseret News
5/18/2009
While tied to outside influences more than ever and facing slipping economic statistics, Utah nonetheless will fare better than many states when emerging from the economic downturn, the chief economist in the Governor's Office said Tuesday.
Speaking Wednesday at the Utah Foundation's annual meeting, Juliette Tennert said Utah's economy is "more broadly integrated" with the national and global economy than ever before and thus Utah's performance will depend on what happens at those levels. But several factors — unique demographics and industry diversity among them — work in Utah's favor for recovery, she said.
"We have one of the most diverse economies in the nation," Tennert said. "That means that while we're certainly impacted by the national contraction, we'll recover quicker than many other states." Read More...
Study: Utah Poised to Rebound From Recession Quickly
Richard Platt, KSL.com
5/17/2009
SALT LAKE CITY -- A new study shows Utah may be poised to recover from the recession more quickly than most states. The reason, according to the conservative authors, is Utah's business-friendly environment.
This is a conservative study with a lot of praise for Utah's conservative Legislature and its policies, but the forecast is a pragmatic look at what businesses want and what Utah has.
Poised to attract more high-tech companies, more in research and medicine, in recreation, tourism and energy; Utah may have what it takes to climb out of the recession first. Read More ...
Second Homes: Skiing, Hiking and Biking in Salt Lake City
Larry Olmsted, USA Today
5/2009
In February, Salt Lake made the news when it was named the nation's fittest city by Men's Health magazine. But second-home owners have known this for years.
Skiing is the highest-profile active pursuit, especially since the 2002 Winter Olympic Games. Utah receives "Champagne powder," and 11 major ski resorts are within an hour, with some as close as 10 minutes.
Fans are quick to point out that there is much more to the city. "What makes us unique is the convenience," says real estate agent Jeff Justice of the Bringhurst Group. "Trailheads lead right into the wilderness from in town. In the spring, as late as May, I can go skiing in the morning, play golf in the afternoon and finish the day with a bike ride. You can't do that in many urban areas." Read More ...
America's Best States To Live
Residents of these areas have a higher quality of life than others in the U.S.
Rebecca Ruiz, Forbes
3/2009
It seems that the recession has touched every corner of American life. From factory workers to those in finance, Americans have been shaken by a contracting economy that has shed 4.4 million jobs since December 2007.
But a report released this week by Gallup and disease management company Healthways suggests that reality is less grim in certain states. In these places, residents enjoy their jobs, express deep optimism about future prospects and even manage to stay healthy.
Utah earned the highest marks. Here residents reported a high level of satisfaction in several areas, including work environment, emotional health and their local communities. One major factor for Utah's strong performance might be its unemployment rate: When last reported in January, it was 4.6% compared with a national rate of 7.6%. Read More ...
KSL Ranks Park City High School #1 in Utah
Nadine Wimmer, KSL
4/2009
Utah High Schools are ranked in football and basketball, but parents have had no comparable way to view schools' performance in academics until now. KSL has launched a research project called KSL Schools that shows how schools stand up against each other.
To rank overall high schools, our analyst equally weighted proficiency, how schools prepare students to meet basic state requirements, advanced placement (considered college prep) and progress scores. The state says progress helps equalize the playing field by judging students at a school against their own progress, rather than comparing them to students from different socio-economic categories.
Utah's Top 5 High Schools:
1. Park City High School
2. Davis High School
3. Skyline High School
4. Viewmont High School
5. Lone Peak High School
Read More ...
If You Wait For The Robins, Spring Will Be Over
Warren Buffett
10/2008
"Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher ... well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over."
Sales Slow, But Over $1 Billion in Park City Real Estate Sold in 2008
2008 Year-End Numbers
FOR IMMEDIATE RELEASE
February 2, 2009 (Park City) – Utah’s premier destination ski area in 2008 continued to see more than $1 billion in real estate change hands, according to a report today by the Park City Board of REALTORS�.
The total volume of all homes, condominiums and land sold in the greater Park City area (Summit and Wasatch counties) last year totaled $1.03 billion, down 49 percent compared to $2.03 billion in total volume sold in 2007. However, the total sales volume in 2008 was roughly the same volume that was sold in 2004, the first time the sales volume surpassed the $1 billion mark.
Lincoln Calder, president of the Park City Board of REALTORS�, said in spite of the slower sales, Park City remains one of North America’s premier ski destinations with a number of new major hotels and resorts under construction or completed, including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa.
“Park City’s real estate foundation is different than most of the country,” Calder said. “The fundamentals that make Park City such a great place to live or visit make real estate purchases in the area a sound investment. Park City remains a lifestyle purchase and now is a good time to buy." Read More.
Expect A Market Rebound
Today's pessimism dismisses history's lessons
By Ric Eldeman
USA Today
12/31/2008
From a stock market perspective, the best news about 2008 is that it's over. Sure, the economy is still weak, but don't assume that the stock market will remain so.
Indeed, stock prices are likely to recover well before the economy. That's because prices reflect investor expectations of future corporate profits. Because we can envision profits before they are earned, stock prices can rise ahead of any economic rebound.
We are already seeing positive signs. The drop in gas prices since July is the equivalent of a $300 billion stimulus package. Furthermore, panicked investors have been selling so many shares for so many months that, according to Bloomberg, 2,267 companies now hold more cash than the total value of their stock and debt. So you could buy all the shares of any of these companies, shutter them, pay off their debt -- and still have a tidy profit. Read More...
Five Reasons Houses Beat Stocks
By Blanche Evans
Realty Times
1/2/2008
Despite what Wall Street wants you to believe, owning a home isn't the same kind of investment as stocks or bonds. What you get is a USE asset that depreciates over time, while it grows in market value. All you have to do is keep the home in good repair to max out your take. Read More...
Second Homes: Park City Is Just A Hop, Skip And A Ski Slope Away
By Larry Olmsted
Special for USA Today
Article Launched: 10/10/2008 7:45:00 AM
With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.
But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.
"We moved here 28 years ago from Laguna Beach," says Ann MacQuoid of Chin MacQuoid Fleming Harris, Utah's top Prudential real estate agent for many years. "We came then for the same reasons people come here now: We were skiers who went to Colorado or Tahoe but found we could get on a plane in Orange County and be here 2� hours later. This is what has made Park City so popular. That, combined with the really successful Winter Olympic Games in 2002, started a huge upward curve in second-home sales." Read More …
Park City Ranked #3 By Orbitz.com Insider Index
FOR IMMEDIATE RELEASE
Park City was ranked #3 in an October 27,2008 Orbitz.com Insider Index Report on the average hotel rate at North America's most popular winter resorts this 2008-2009 season, ahead of many well-known Colorado and Canada destinations.Read More …
Park City Board Of Realtors� Reports Slight Decline In Single-Family Home Prices
FOR IMMEDIATE RELEASE
24 October 2008 (Park City) - The Park City Board of REALTORS� reported today that the median sales price of a single-family home in the greater Park City area - which includes Summit and Wasatch counties - in the first nine months of 2008 showed a slight 3 percent decline to $653,750, down from $674,500 in the same nine-month period in 2007.Read More …
Park City Homes Holding Their Value
But buyers seem to be waiting for prices to fall
By Christopher Smart
The Salt Lake Tribune
Article Launched: 10/23/2008 12:00:00 AM MDT
The good news is Park City real estate hasn't lost a lot of its value.
The bad news is that sales volume is down 42 to 45 percent, according to Park City's Board of Realtors.
The market, observers say, has yet to bottom out. Eventually, that could lead to more significant dips in housing values.
But according to the Park City board's latest statistics - covering Summit and Wasatch counties - the median sales price compared with one year ago is down just 3 percent for single-family dwellings, to $653,750.
Read More …
Park City Home Prices Continue To Hold Their Value
During First Half Of 2008
FOR IMMEDIATE RELEASE
31 July 2008 (Park City) - The Park City Board of REALTORS� reported today that the median sales price of a single-family home in the greater Park City area at mid-year continued to hold its value at $650,000, down just 1 percent compared to a median sales price of $655,000 a year ago. Read More …
Today's Interest Rates Mean Opportunity
Rick J. Klein
Wells Fargo Home Mortgage
Headlines continue to bombard us with negative stories regarding the housing and mortgage markets. Yet, there is a window of opportunity with low interest rates. Read More...
Utah housing market faring well; tax credit may help even more
June 6th, 2008 @ 5:04pm
KSL TV5, Keith McCord reporting
Another proposal that President Bush will consider soon is a plan designed to stimulate the real estate industry. Congress is working on a "home buyer tax credit" plan to jump-start housing sales.
It's not finalized yet, but if the president signs off on it, it would give first-time home buyers a tax credit of $7,500. The idea is to reduce the huge inventory of houses that are currently for sale across the nation -- around 4 million at the moment. Read More...
Utah housing market faring well; tax credit may help even more
June 6th, 2008 @ 5:04pm
KSL TV5, Keith McCord reporting
Another proposal that President Bush will consider soon is a plan designed to stimulate the real estate industry. Congress is working on a "home buyer tax credit" plan to jump-start housing sales.
It's not finalized yet, but if the president signs off on it, it would give first-time home buyers a tax credit of $7,500. The idea is to reduce the huge inventory of houses that are currently for sale across the nation -- around 4 million at the moment. Read More…
Hope for Housing in Utah
Analyst says real estate faring better than in other U.S. states
By Jasen Lee, Deseret News
Published: Saturday, June 7, 2008 12:03 a.m. MDT
Despite the housing-market difficulties around the country and in some areas of Utah, a national real-estate analyst is optimistic about the present and future performance of the Beehive State's market. Read More...
Park City Median Home Prices Remain Stable In The First Quarter
PRESS RELEASE
25 April 2008 (Park City) - The most exclusive real estate in Utah continued to hold its value as the median price of a single-family home sold in the greater Park City area, which includes Summit and Wasatch counties, in the first quarter remained at $649,140, nearly unchanged compared to a median price of $650,000 in the first quarter of 2007, according to a report today by the Park City Board of REALTORS.� Read More...
Why Now Is a Smart Time to Buy
RISMEDIA - http://rismedia.com
Posted By Paige On March 18, 2008 @ 3:32 pm
RISMEDIA, March 19, 2008-Considering all of the negative press the housing market received in late 2007, it's more important than ever for buyers to separate fact from fiction when deciding on a time to buy a home. This report is intended to help home buyers assess the facts of the real estate market objectively.
About Inventory
FACT: The housing market is undergoing a natural cyclical correction.
It's impossible to ignore the ongoing news surrounding the downturn of the housing cycle. The recent "housing boom," which lasted from 2001 to 2005, was caused by low interest rates and a rapid increase in property valuations, resulting in high numbers of renters opting to buy. Three factors caused this decade's housing boom to spiral upward:
1) A run-up in home-price valuations that spurred a high sense of urgency in home buying and selling.
2) Poor lending practices, which caused many home buyers to secure loans that they ultimately couldn't afford over the long term.
3) Speculative purchases of homes also increased, with buyers investing in real estate with the hope of a quick return on investment.
Like the dot-com bust, the housing market has begun to correct itself after a number of years of unwise purchasing, but unlike what the media would have us believe, a correction in the housing market doesn't equate to a crash. Read More...
Utah 9th for 'pro-business, ' 2nd in 'most livable' ranking
Utah has been named in a pair of top 10 rankings this month.
From the Deseret News Saturday April 12, 2008 Deseret News Article
The state was second in the "Most Livable State" rankings compiled by CQ Press, a division of Congressional Quarterly. Last year, Utah was fourth.
The rankings are based on 44 factors that reflect a state's basic quality of life. Each category is averaged to yield a final score to determine a state's "livability rating."
Utah also finished ninth in a list of "pro-business states" in a report published by Chicago-based Pollina Corporate Real Estate. The study examines 29 factors that focus on job creation and retention efforts of the federal government and all 50 state governments.
North Carolina led the Pollina rankings, while California was 50th
Second Home Buyers Accounted for One-Third of Transactions in 2007
REALTOR.org Report
For more information, contact: Walter Molony, 202-383-1177, wmolony@realtors.org
WASHINGTON, March 28, 2008 - The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors�.
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006. NAR's annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.
Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. "Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007," he said. "Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn't find a property as a result of tight supplies in preceding years." Read More...
Foreign buyers fuel second-home sales, while U.S. buyers hold back
Report finds 30.6% drop in overall sales of vacation homes in 2007
By Glenn Roberts Jr., Monday, March 31, 2008.
Sales of vacation properties fell 30.6 percent in 2007 compared to the prior year, with investment-property purchases down 18.1 percent, according to an Investment and Vacation Home Buyers Survey report released by the National Association of Realtors.
Total sales of new and resale homes used as primary residences, by comparison, dropped 10 percent from 2006 to 2007, survey results revealed.
Based on responses from 1,965 second-home buyers, the survey concludes that investment-property purchases accounted for 21 percent of total home sales in 2007, down from 22 percent in 2006; while purchases of vacation properties accounted for 12 percent of all home sales in 2007, down from 14 percent in 2006. The survey was conducted this month and controlled for age and income.
Real estate professionals tell Inman News that foreign buyers are taking advantage of lopsided currency values against the U.S. dollar in some market areas and are propping up second-home sales while many U.S. buyers are taking a wait-and-see approach. Markets with luxury properties can be more immune to the slowdown in second-home sales, real estate professionals also report. Read More...
Deer Valley Resort Ranked #1 Ski Area in North America For The Third Time!
DEER VALLEY, PARK CITY, UTAH (Winter, 2007/2008) - Deer Valley Resort has been honored with being named the #1 ski resort in North America by the readers of SKI magazine for the third time. Remarkably, in the past ten years, Deer Valley's rating hasn't dipped Read More...
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