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: Park City homes can be a savvy investment property and, at the same time, an ideal place to reconnect with loved ones.   

Fact: If you wait another year to buy, you and your family will be one year older when you do. 

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: There are three great ski resort choices in town –SKI Magazine readers ranked Deer Valley #1, Park City #5 and The Canyons Resort #13 of the best resorts in North America for 2008. Read the Article …

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 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...

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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 ...

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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 ...

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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 ...

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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...

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 2½ 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...