Park City Real Estate Market Fundamental Facts for Continued Growth
FACT SHEET
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.
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Convenient Access
Not only is it a snap to get around in Park City with our free, kid-friendly bus system, but getting here in the first place is also incredibly easy. The Salt Lake City International Airport is only 30 miles away by major freeway, and boasts over 450 scheduled departures per day to over 100 non-stop destinations in the United States, Canada, Mexico and Europe. What's more, in 2008 the Salt Lake International Airport ranked first in the nation for on-time departures and arrivals and had the fewest number of flight cancellations. Compare this convenient access to that of most other major resorts in the country, which require lengthy drives or costly commuter flights to remote regional airports.
It's so easy to access Park City that you could catch a morning flight from almost anywhere in the country and be skiing on our slopes by the afternoon. In fact, the Park City Quick Start program allows visitors to convert airline boarding passes for free same-day lift tickets at Deer Valley Resort, Park City Mountain Resort or The Canyons Resort. Check out this site for details: http://www.parkcityinfo.com/quickstart/
Strong & Competitive Market Values
While Park City's real estate market does follow the same general trends as most Rocky Mountain resort destinations, this area offers some unique factors that keep our market stronger and steadier than most of our neighbors. The Park City area is earlier in its development cycle, thus offering a better value than many other top tier resorts. In most resort communities, developable land is all but built out, driving prices to nearly impossible heights. While our developable land is becoming scarce, Park City still offers new construction projects.
What's more, the Park City area offers incredible variety—both in terms of price and product type. The diversity of real estate offerings ranges from multi-million dollar luxury estates to more affordable options. So much variety only serves to keep our real estate values competitive.
A Proven Commitment to Quality of Life
Park City residents are deeply committed to preserving the open space that provides scenic vistas, wildlife habitat, an extensive trail network and rural charm. In fact, we're so committed, that locals have bonded themselves twice in the city limits and once in the county to the total tune of $40 million, for the sole purpose of purchasing and forever preserving land as open space. Buying into Park City means you're buying into an area with an increasing supply of protected open space and a decreasing supply of developable land.
Park City's commitment to quality of life is further echoed in its significant strides in sustainable living practices. Park City Municipal Corporation is leading the charge with bio-diesel public transit, a community carbon footprint counter, wind and solar power exploration and a progressive green building program. Major community businesses are also looking ahead with long-term sustainability measures. All three area ski resorts implement eco-friendly practices and Park City Mountain Resort was recently honored for offsetting 100% of its power consumption with the prestigious Silver Eagle Award for Energy Conservation.
More Options for Skiing
When you choose Park City for a vacation destination or your new home base, you have a lot of choices. Choices for dining, choices for shopping, choices for real estate and…choices for skiing. Right within the Park City community are three of the continent's top-ranked mountain resorts. In 2008, the readers of SKI magazine ranked Deer Valley Resort #1, Park City Mountain Resort #5 and The Canyons Resort #13 out of over 750 resorts in North America
Add to these choices Park City's own White Pine Nordic Ski Center, which offers over 20 kilometers of groomed cross-country ski trails. And, within an easy hour's drive of Park City are seven other major alpine ski and snowboard resorts and four cross-country ski centers
A Year-Round Recreation Haven
Playtime doesn't stop when the snow melts. All year long, Park City residents can be found hiking, running, horseback riding and biking on our literally hundreds of miles of trails. In fact, our trail network is one of the most comprehensive, non-motorized trail systems in the country, and one of the best examples of collaboration between government, citizens, businesses and non-profits. Learn more at http://www.mountaintrails.org.
The Park City area is home to six golf courses, with more proposed; tennis courts and swimming pools; a complete city park and an indoor field house. Only a few minutes outside of town, the Jordanelle Reservoir beckons for sailing, canoeing and motor boating, and the mountain rivers feeding it offer blue ribbon fly-fishing
A Multi-Faceted Market
The Park City community actually comprises two markets in one. Of course, the area's myriad resort and recreation offerings make Park City an ideal second home market. From historic district condominiums to slopeside estates, much of Park City's real estate is owned by second home residents.
However, to a much larger degree than many other resort communities, Park City also has a strong and steady primary home market. This year-round community is populated with a devoted and diverse group of local residents who give the town its colorful and unique character. These local residents comprise an entirely separate real estate market of primary, single-family homes. Because our market has two strong foundations, it is less susceptible to the influences that can weaken less balanced markets
A Dynamic Metro Market
The greater Salt Lake Valley is one of the fastest growing metropolitan areas in the country. This healthy population growth combined with one of the lowest rates of unemployment in the nation combine to create an agile and evolving economy. It is not only possible, but also easy to reside in the dream community of Park City and still be only a half-hour from the dynamic career opportunities of the Salt Lake Valley. You can have it all: a thriving career in a bustling metropolis and an inclusive small town community with numerous recreation options
Increased Visibility Through Advertising
Tourism is big business in Utah and the state government is now leading the charge on this important source of revenue. After decades of extremely limited advertising compared with neighboring states, in the past few years, Utah's State Government has significantly upped its annual marketing budget from less than $1 million to a whopping $11 million for promoting tourism. This increased spending translates to more visitor traffic and more bookings for nightly rentals. As one of the state's most important year-round tourist destinations, Park City reaps the benefits of this ongoing and comprehensive advertising campaign.
What's more, Park City's three ski areas, the local Chamber of Commerce, Ski Utah and multiple large scale development projects produce their own advertising, creating a huge visibility for this area and keeping Park City on the map
The Olympic Bounce
Of course, Park City was a renowned winter adventure destination well before the 2002 Olympic Winter Games. But, being beamed onto televisions all over the world made Park City a household name. And, it cemented our reputation as the premier, authentic American ski destination. Today, Park City continues to enjoy increased awareness and tourism traffic into our marketplace because of ongoing recognition from the Winter Olympics
An Ideal Climate
While our mountains receive hundreds of inches of dry, powdery snow during the winter months, temperatures in Park City are surprisingly mild. Compared with many other western resort destinations, the winter months here are downright pleasant, especially considering this area is blessed with over 300 days of sunshine every year.
For many Park City locals and visitors, the summertime climate is even more enticing than the winter one. With average summer temperatures in the high 70's or low 80's, and low humidity, Park City's summer months are green and idyllic. In fact, the climate in Park City is enviable year-round, from bright, crisp fall mornings, to warm, lazy spring afternoons. In Park City, the old adage holds true: most locals say they came for the winters, but stayed for the summers.
Compelling Demographics
Half of all second homes in America are owned by Baby Boomers. As the 75 million ‘Boomers reach retirement age, they are looking for more than a savvy investment property. Primarily, this generation is looking to create a place for gathering with family and friends. The men and women of this generation have worked hard their entire lives, have become successful and are now looking to reward themselves with the opportunity to reconnect with their loved ones. Park City, with its convenient access, multiple choices for skiing and recreation, and enjoyable climate is becoming an increasingly popular choice for Baby Boomers to purchase real estate.
Park City is "In"
There's more to do in Park City than ski, and the world is taking notice. From a new spate of high-end boutiques, diverse art galleries and elegant spas, to a vibrant array of world-class restaurants and a dynamic nightlife scene, Park City is a hipster boomtown. From the globally-renowned Sundance Film Festival in January, to big name musical acts performing in the open air during the summer, Park City is the new place to see and be seen.
A Fundamental Stability
Park City's real estate market will continue to enjoy growth and stability long into the future, because of the fundamental reasoning behind the above-listed factors. The essential draws of the Park City community will continue to override the emotional, ephemeral factors that are influencing so many aspects of our current economy.
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Year-End Statistics Confirm It's A Buyer's Market
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.
The bad news is that across the board property values have dropped 30 percent from the peak in 2007, Seltenrich said. But the good news is that Park City has never been more affordable. That's not tongue-in-cheek, he emphasized, because looking over the span of a decade, Park City real estate has proven to be an incredibly rewarding investment. Like any stock market, there are swings and we're currently in a down period. When looking at the big picture, however, a down market is a great time to buy.
Unfortunately, many people bought in 2005 or 2006 and now owe more on their loans than the property is currently worth. Some of these are distressed mortgages and foreclosed homes or lots that sell for less. Consequently, that drives the entire market down.
For example, some speculation builders have had to abandon projects in Promontory. Buyers who normally would buy in Park Meadows now take advantage of a great deal outside of town. That hurts Park Meadows because demand has dropped; it also lowers appraisals for Promontory because the property was sold at a distressed price, Seltenrich explained.
All in all, 2009 was a tough year. But 2010 is off to a good start and Seltenrich said he believes it will be an improvement.
Thomas Wright, head of Summit Sotheby's International in the Park City area, said a lot of different kinds of buyers have been taking advantage of the area's lower prices. Outlying communities have enjoyed activity from first-time buyers, and sophisticated shoppers are trying to get the most for their money.
Unfortunately for Realtors, that creates a lot of competition. The recession has been hard on the profession, he said. Still, many are optimistic that the buyer's market will bring the community back to a healthy balance. Seltenrich said he knows of people who have recently joined the profession because of the recession. Just because times are tough doesn't mean anyone has given up, he said.
But Wright does believe foreclosures and short sales are having a bigger impact on the market than many will admit. The numbers he's seen suggest Park City is on par with the rest of the nation.
Broker Jess Reid said he was surprised that the year-end statistics show improvement in some areas such as increased sales within Park City limits.
Although he, too, is hopeful for the future, his own experience suggests there's nothing positive to report about 2009.
His company still turned a profit, and there were successes, but he doesn't want anyone to get the wrong idea that it's time to raise prices again.
"Most businesses will say it doesn't feel like a recovery," he said. "Looking at the graphs and statistics from the (Board of Realtors), I don't think they're representative of the year we've had."
Reid said he's triple-checked the numbers, and they're right, but he thinks a few good sales in a few select developments are skewing the numbers to be more positive than they really are. Also, some deals made two or three years ago were completed in 2009, helping the numbers for the wrong year.
He's aware of how bad that sounds, but he said he wants his clients to have the best information possible when making decisions. And like Wright and Seltenrich, Reid said the information is telling Realtors that there has never been as much inventory, and as much high-quality inventory, as right now.
Reid also said he keeps mentally comparing the current economic conditions with the recession in the 1980s, which lasted a long time, but wasn't as "mean" as the current one. He said sellers haven't been as flexible as they are now since that recession.
"It's a good time for people to come off the fence and buy," he emphasized.
As much as it sounds like a positive spin for Realtors, it's bad news for homebuilders.
Jason Moore, president of Park City Area Homebuilders Association, confirmed that the more and the better available inventory, the fewer new homes get ordered.
Firms like his that do custom homes still have work, but speculation developments are non-existent, he said.
"There's a lot of product out there," he explained.
Many homebuilders are paying the bills by doing renovations helping people improve what they already have since it's not a good time to sell and find something fresh. Unfortunately, subcontractors need work as well, and are competing with the general contractors for these types of jobs.
"There are a lot of hungry people out there... and really competitive labor rates," Moore said.
As is common in this environment, he's seen subcontractors low ball the competition, then be unable to finish the job.
"It's definitely tough out there, no doubt about it," he added.
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More Than $858 Million In 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.
Sales of Single-Family Homes
The number of single-family homes sold in the greater Park City area totaled 507 transactions in 2009, a 1.8 percent increase compared to 498 sales in 2008. Sales in Park City limits were up 7.4 percent in 2009 compared to the previous year. The Snyderville Basin saw its sales decline 13.9 percent. Sales in the Heber Valley climbed 18.1 percent and sales of single-family homes in the Kamas Valley increased 29.0 percent compared to 2008.
Median Price of Single-Family Homes
The median price of single-family homes sold within Park City limits during 2009 fell to $1.4 million, a 23 percent decrease compared to $1.8 million in 2008. The Snyderville Basin saw home prices fall to $670,000, down 4.3 percent compared to $700,000 a year earlier. The Heber Valley saw home prices fall 12 percent to $307,500 down from $350,000 in 2008. In the Kamas Valley, the median price of a single-family home in 2009 was down 25 percent at $270,000 compared to $360,000 a year ago.
Sales of Condominiums
The number of condominium sales in the greater Park City area fell to 390 transactions in 2009, down 19.8 percent compared to 486 sales in 2008. Within Park City limits sales fell 28.2 percent. In the Snyderville Basin sales were off 16.3 percent. In the Heber Valley sales were up 40 percent.
Median Price of Condominiums
Prices of condos in Park City limits fell 10 percent to $745,000, down from $825,000 a year earlier. In the Snyderville Basin, the median price of condos sold in 2009 was down 24 percent at $327,000 compared to $430,000 a year ago.
Land
Vacant land sales were down 44 percent in the greater Park City area. In Park City limits, the median price of land in 2009 was $725,000, down 21 percent compared to a median price of $917,500 in 2008. In the Heber Valley, the median price of vacant land was $275,000, down 27 percent compared to $375,000 in 2008. In the Kamas Valley, median land prices were down 7.5 percent at $236,000 compared to $255,000 a year ago.
Looking Ahead
"As prices have come down and properties have become more affordable, more properties in the lower part of the price range have sold, thus lowering the median prices," Seltenrich said. "Sales of higher priced properties have taken place, but at levels below what we have seen in recent years."
Seltenrich said that inventory levels have remained fairly stable since the beginning of the year, but have recently started to decline. This is due to some sellers having taken their properties off the market because they are unwilling to sell at today's lower prices. As inventory levels decline, eventually prices will start to rise, and these sellers may reenter the market.
Buyers continue to be very price sensitive, and are looking for the best deal. Looking forward, distressed sales (mostly short sales and foreclosures) will continue to hold prices down for the first part of the year.
"Park City remains one of North America's premier ski destinations and continues to have the best public education system in the state," Seltenrich said. "The factors that make Park City a great place to live and recreate remain. There will always be demand to own here." With prices lower than they have been in many years, buyers will see the value and continue to invest in the community.
Seltenrich stressed that all real estate is unique, so to find out what the value of any particular property is, one should talk with their local Park City REALTOR®.
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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.
Top 10
1. Maui
2. Kiawah Island
3. The Hamptons
4. Park City, Utah
Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America's top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O'Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub, has direct flights to the East and West Coasts.
Median Price: $1 million
Drop From Peak: 45%
Neighbor: Robert Redford
5. Aspen
6. Pebble Beach
7. Palm Beach
8. Captive/Sanibel Island
9. Asheville
10.Gasparilla Island
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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.
The top 10 towns for second-home investments
EscapeHomes.com identified popular second-home destinations that appreciated at least 10% a year in value between 1998 and 2002 and which may have further to go.
The results are based on their own listings for real estate in these communities. Listings aren't sales, though, and EscapeHomes.com doesn't reflect the whole market. In fact, real estate professionals in some of these towns (Asheville, N.C., for example) say sales were never that hot, while those in others (Park City, Utah, and Sunriver, Ore.) say appreciation has slowed in recent years.
Where possible, Ive included price appreciation figures compiled by the federal Office of Federal Housing Enterprise Oversight, which oversees housing finance companies Fannie Mae and Freddie Mac and which compiles housing sales data for larger metropolitan areas.
With all those caveats aside, here are the Top 10 second-home investment markets:
Asheville, N.C. This mountain town boasts the Biltmore Estate and a thriving arts and crafts community. Home prices are up 35% in the past five years, compared with the national median growth of 27.8%.
Park City, Utah. The Olympics-related frenzy has cooled, but Park City is still a preferred destination for skiers and other winter sports fanatics. Prices this year are up between 5% and 7%, according to real estate broker Mike Sloan, statistician for the areas Board of Realtors.
Ashland, Ore. Lovely weather, lovelier scenery and cultural cachet combine in Ashland. Located about halfway between Portland and San Francisco, the town is also home to Southern Oregon University and the highly regarded Oregon Shakespeare Festival. Ashland's home values have exploded in recent years. Home prices in the region that includes Ashland and nearby Medford have risen at least 40% since 1998, according to federal figures, while a local appraiser puts Ashland's average home price growth closer to 70% in that period.
Port Townsend, Wash. This picture-perfect Victorian seaport lay nearly untouched for most of its long history until being discovered by Seattle yuppies in the 1990s. Its still quaint, but relatively mild weather and proximity to Olympic Peninsula attractions have increased its appeal for retirees and urban refugees.
Beaufort, S.C. You know Beaufort, even if youve never been there. You've seen it in movies like The Big Chill and Forrest Gump, and you've read about it in the pages of The Prince of Tides and The Great Santini by one-time Beaufort resident Pat Conroy. Fishing, shrimping and a National Historic Landmark District are features of The Queen of the Carolina Sea Islands.
South Lake Tahoe, Calif. Though it shared Americas largest alpine lake with the more glamorous Lake Tahoe, Nev., this community was long the dowdy little sister. No more. Two new Marriotts have replaced a strip of decaying old motels along the main drag, and theres talk of a convention center. Median home prices are up 21% from last year, said Madeleine Gutierrez, vice president of the South Lake Tahoe Association of Realtors.
Daytona Beach, Fla. Nineteenth-century industrial barons popularized Daytona, which is probably best known for the international raceway built in 1959 and the Daytona 500 auto race. Eight million visitors pour through annually. Home prices are up 44% in the past five years and nearly 9% in the last year alone.
Sunriver, Ore. This central Oregon resort area is near Bend and the Mt. Bachelor ski resort, about four hours from Portland and two hours east of Eugene. Whitewater rafting, hiking and skiing are favorite pastimes. Prices on some properties are about double what they were eight years ago, realtors say, but appreciation has slowed down in recent years along with the economy.
Myrtle Beach, S.C. The beaches along The Grand Strand -- and the areas 120 golf courses -- draw 14 million visitors annually. Despite the crush, Myrtle Beach consistently winds up in various listings of the nations best beaches and best retirement towns, with home prices rising at an 8% annual clip.
Charlevoix, Mich. This little town lies between the shores of Lake Michigan and Lake Charlevoix in northern Michigan. The population of the town and surrounding area is 8,500 full-time residents -- which climbs to 30,000 in the summer. Golf courses and water fun are the main attractions.
10 emerging second-home markets
Here's another intriguing list EscapeHomes.com has concocted: vacation-home areas that are just beginning to get popular with its users. Theres no guarantee any of these will become the next Myrtle Beach. In fact, given the more remote and generally northern location of many of these sites, you can pretty much count that out. But there could be some second-home price appreciation ahead.
Burnside, Ky. Community boasts a Catfish Festival and bills itself as The Only Town On Lake Cumberland! Its near Lexington, Frankfort, Louisville, Nashville and Knoxville and not far from the Big South Fork National Recreation Area.
Caribou, Maine. Snowmobilers and cross country skiers venture down from Quebec and New Brunswick to enjoy the scenery in this northeast Maine town.
Ely, Minn. The Gateway to the Boundary Waters Canoe Area Wilderness is a second home mecca for residents of Duluth and Minneapolis-St. Paul.
Island Park, Idaho. This area near Yellowstone and the Grand Teton national parks, is becoming an alternative to Bozeman, Mont. and Jackson, Wyo.
Ketchikan, Alaska. This is a paradise for hunters, hikers and anglers, but you have to want to get there. Its more than 37 hours by road and ferry from Seattle, the nearest big city. Closer is Juneau, the states capital, but you still cant get from here to there by road.
Lake Martin, Ala. Bass fishing is big in this town nestled in the southernmost foothills of the Appalachian mountains. Nearby: Birmingham, Montgomery and Atlanta.
St. George, Utah. Speaking of gateways, this little town is near much of Southern Utah's most spectacular country, including Zion Canyon, Bryce Canyon, Cedar Breaks National Monument and the North Rim of the Grand Canyon. Closest cities: Las Vegas and Salt Lake City.
Sisters, Ore. Another Central Oregon contender, Sisters is northwest of Bend. Its a former lumber town turned fishing and tourist mecca on the edge the Deschutes National Forest. Closest cities are Portland and Eugene.
Waterville Valley, N.H. Tucked inside the White Mountain National Forest, Waterville Valley offers all the outdoor experiences you could want, and then some. Concord and Manchester, N.H. are nearby. Boston is about 2 hours south on Interstate 93.
White Mountains, Ariz. A cooler alternative to Phoenix, about four hours away, the White Mountains region offers snow sports in winter, golf and hiking in the summer and picturesque Indian villages all year round.
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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.
Land
Vacant land sales continue to be slow. In the first nine months of 2009, there were 86 land transactions in Summit and Wasatch counties, down from 183 transactions during the same period last year. The median sales price of land fell to $371,000, down 10.6 percent compared to $414,880 a year earlier.
Outlook
Utah's real estate market continues to fare better than many surrounding states and the nation. Utah ranked No. 27 among all states in the percent of its mortgages "underwater," according to a recent report by First American CoreLogic. As of mid-year, 25 percent of all mortgages in Utah were in a negative equity position. In comparison, 66 percent of mortgages in Nevada were upside down. In Colorado, 35 percent of mortgages were in negative equity. Nationally, an estimated 32 percent of all borrowers owed more on their mortgages than their home was worth.
At 6.2 percent in September, Utah's unemployment rate continued to trend well below the national jobless rate of 9.8 percent. According to Economist Mark Knold, Utah's employment losses hit bottom in August. "Utah is still losing jobs, but at a slower rate," Knold said. "This suggests that the Utah economy has just passed through an inflection point within the business cycle—that the low point has been reached and the trend forward will now be back up."
"Going forward the economy continues to show signs of improvement," Calder said. "Nationally, home prices in many areas have stabilized and have even shown small price increases. Park City did not experience the rampant speculation that plagued many areas of the country. Buyers continue to look to Park City for its great lifestyle and world class resorts."
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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."
Co-owner of Summit Sotheby's International Realty, Bruce Shannon, believes the sector of Park City's real estate market with price points below $700k is fairly stable, especially for single-family homes. He thinks this is because lending is readily available for this type of transaction. However, above this price or other types of properties, loans have become very difficult to obtain, particularly second homes or condos. "For cash buyers, there are unbelievable deals all over town." Shannon went on to say that Park City has been hurt less relative to many of the other resort areas in the Rocky Mountains. "I think this is because there has always been great value here in Park City. When you add together Park City's attractive price points, how near we are to Salt Lake's airport, our three world-class ski resorts, and a quality of life second-to-none, you can't help but conclude that Park City represents the best real estate values in the intermountain west."
Marny Schlopy, is with Summit Sotheby's International Realty and a member of The Park City Masterminds: a group of top-rated agents from most of the local Brokerages that meet to discuss their business practices and market trends. In agreement that this is definitely a buyer's market that won't last long, this group also recognizes that what has made Park City a wonderful place to live has never changed. The Masterminds have seen an increase in the number of buyers coming to make Park City their full-time home. The relaxed lifestyle, great schools, never-ending recreation opportunities, and close location to a major airport have not been diminished by economic woes at all. Schlopy stated, "The upside of this recession is that people have taken inventory of their lives again and remembered what really matters most. Any family that has vacationed here and loved it knows that now is the time to make their move. Waiting another year will only mean they're another year older and they will have missed these great prices."
Principal Broker for Talisker Mountain Realty, Jeff Lykes, thinks that when all is said and done, the real estate industry will make changes, some for the better some not so much. "The recession will reduce the number of active agents. The benefit to a buyer or seller is that they will have an agent that had the experience and expertise to weather the storm. Park City is a very unique ski area in that we have a major international airport 45 minutes away and we have three ski areas within six miles of each other. We are still priced significantly lower than some of the other Rocky Mountain ski resort communities. Our gut feeling is that we still have some downward pressure on pricing to come and that will make Park City very attractive to buyers. Many sellers are still in denial and or cannot afford to bring down their prices. We have a feeling that this winter could be a very large dose of reality for them.
Matt Green, CEO of Keller Williams Park City Real Estate, said, "It is nearly impossible to say for sure whether prices in Park City have or have not hit bottom. Appreciating pricing trends have historically trailed increased demand and transactions. Single-family primary residences have remained the most robust compared to other types of property. Additionally, during the past year financing to purchase vacation homes and condos has become more difficult to obtain. As such, there has been a greater dip in values in vacation properties than in primary homes. Overall, I believe Park City's Real Estate values have suffered less than other ski areas. This is largely due to the fact that Park City has a larger base of permanent residents compared to many other resort communities.
Broker for RE/MAX Mountain Properties, Ron Wilstein, says right now is an optimum buyer's market. "While a high percentage of our inventory is overpriced, some motivated sellers have reduced their prices 20% or more from 2008 prices to attract buyers. Primary residences represent the majority of our sales. The recent rise in closed transactions (a 50% increase in August and September compared to January through July 2009) is based on increased confidence in the economy along with a growing fear that interest rates will rise soon. We all know that the Feds will have to at some time raise interest rates to avoid inflation so right now represents the best combination of low prices and interest rates."
Rich Sonntag, Managing Director of Promontory Club, has been in the real estate development business for over 30 years and has ridden through tough down cycles in Colorado, Florida, Arizona and now Park City. What he's learned is that the second home market always recovers and has always risen to a new level. "This is a great time to be picking properties up, and it shows in the number of transactions we've closed this year. Savvy investors are taking their cash off the sidelines and buying what they know will give them lucrative returns. Promontory is a great example of a development that has the worst of it behind them and is now garnering renewed consumer confidence."
Owners of Mountain Town Realty Group, Jim and Billie Harsch, point out that although 2009 sales have improved since May, they have not even reached 2008 levels. However, sales of single family homes over $3 million are stronger in 2009 than they were during the same period in 2008. "The weakest segment of the single-family home market is in the $700k-$1 million range, which probably indicates that there will be deals in this range in the coming months. The strongest single-family homes sales have been in the Jeremy Ranch neighborhood. Red Ledges in Heber has had the most closed transactions of all the golf communities. Single-family sales are probably close to the bottom, however, condo and residential lot sales probably have more corrections to come."
Sally Roberts, top agent for RE/MAX Mountain Properties pointed out some of the benefits of considering the areas just beyond the Park City limits. "It takes me less time from Heber/Midway to Park City's Main Street than it does from the Pinebrook or Jeremy Ranch neighborhoods. Kamas is about the same travel time. The amount of house your dollar buys in these nearby towns is far greater than Park City proper. The Heber/Midway area boasts five golf courses, longer falls and earlier springs, and maintains a welcoming small-town culture with a relaxed tempo of living. "
While all of our experts had very differing opinions on many points, they're all in agreement that the winter of 2009/2010 represents the strongest ‘buyer's market' Park City has seen in many years. Single-family home prices appear to be stabilizing, while the condo and building-lot sectors are still seeing a downward trend. And if you've got cash, you're king. Park City real estate will remain stronger than most of the other ski vacation communities because it is the most accessible, has three resorts ranked among the top 20 in the world, offers year-round outdoor activities, and is a very strong permanent resident community.
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Olympics Put Utah Skiing "On The Map"
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."
The most noticeable Olympic legacy has been nonstop development, most recently at Solitude Mountain Resort, which just added its fourth new chair lift since the 2002 Games.
Another legacy, say local skiers: It's getting crowded on the slopes. Forget trying to ski Saturdays at the most popular resorts, they say. The lift lines at Alta ski area, for one, are getting longer with waiting skiers more impatient.
Off the slopes, this season's biggest improvement is a new set of state liquor laws. The reforms broke up a private club system that made getting inside a bar without a membership a hassle. Utah still strictly regulates drinking venues, a quota system limits their numbers, and regular strength draft beer is banned, thanks to the influence of the teetotalling Mormon church.
But lawmakers are starting to ease up, in part to make the state a more attractive destination.
From the outset, no Utah resort built itself up bigger or faster than Snowbasin, the downhill Olympic venue near Ogden that dropped $200 million on a makeover with stately day lodges and high-speed chair lifts, gondolas and a tram. Snowbasin, still without any base lodging, rarely sees a crowded lift line.
The Canyons, a rival in development that was once the smallest Park City resort, now bills itself Utah's largest ski area. That claim might properly go to Vail-sized Powder Mountain, still something of a Utah secret, but skiers there have to climb, shuffle along mountain ridges or get pulled by a snowcat to reach much of the terrain.
Powder Mountain, with 5,500 acres, is hidden in the mountains 19 miles northeast of Ogden.
Utah offers a variety of resorts all within an hour's drive of the airport. Many rub shoulders near Salt Lake at higher elevations of the 11,000-foot Wasatch Range. There's renewed talk of linking them up, making for North America's largest skiing complex.
For now, Utah's resorts are happy to bask in Olympic glow.
"It's fair to say all of the resorts have benefited to varying degrees from the Olympic recognition," said Mike Goar, managing director of The Canyons, which sprawls across eight peaks and 3,500 acres. "It really did shine a bright light on Utah. This is a terrific location because of easy access and consistent snow."
Truth be told, Utah always had the best snow, a secret the Olympics spilled far and wide. Major skiing magazines started to consistently rate Utah's resorts the best.
For a third straight year, Deer Valley Resort has been named the No. 1 North American ski resort by a leading magazine, Skiing.
Deer Valley gets high marks mostly for service. For snow alone, Alta-Snowbird ranked No. 1, as it almost always does in major surveys.
More than 500 inches of snow blanket Utah's northern mountains from October through May. Thanks to the combined effects of the desert and Great Salt Lake, winter storms dispersing dry, powdery snow can linger for days over Wasatch resorts. From the northwest, the storms funnel into Salt Lake City's Cottonwood Canyons, dropping their loads on four resorts that log the biggest season totals.
For a religious state, the snow here is almost holy.
"You blow it off your hand, it's like smoke," said Bill Tatton, a 47-year-old financial consultant now attending helicopter flight school. "We have the best snow on this rock (planet,) especially when the Great Salt Lake turns it on. I've skied days when you needed a snorkel to breathe, it's so deep and light."
Not one to miss a good day of skiing, Tatton was trudging up Alta in a foot of fresh snow one October day before the lifts started operating. He grew up skiing in Colorado, then spent time at California's Mammoth Mountain Ski Area, but his first time in Utah, he said, was like nothing else.
It's like falling on pillows of dry feathers.
"The snow also smells differently — a salty aroma," said Rick Yost, a 57-year-old locomotive engineer for Union-Pacific Railroad. "It was in my face a lot when I learned to powder ski."
Utah's ski industry rivals Lake Tahoe's, a mountainous region straddling California and Nevada that also receives a bounty of snowfall. In many ways, the two Olympic regions progressed similarly on bragging rights.
The 1960 Winter Games were held at Squaw Valley, a sprawling ski area with 33 ski lifts. One lift is by reputation North America's best for transporting skiers quickly to the resort's best terrain. Together, the lifts move more people uphill faster than anywhere in North America.
"It put Tahoe on the map," said John Wagnon, president of the trade group Ski Lake Tahoe. "It was early in Winter Olympic history, before the grand fanfare it has now."
It was the first televised Winter Games, "so people all over the world saw California skiing," Squaw Valley spokeswoman Savannah Cowley said. "It gave us an international name."
Skiing around Lake Tahoe was at its infancy. Now major resorts around Lake Tahoe log up to 3.5 million skier visits a season. Utah recorded 3.9 million last winter, down from 4.2 million the year before.
Utah has 13 to Lake Tahoe's 14 resorts, but half a dozen of Tahoe's ski areas are much smaller than most of Utah's.
Stewart Katz, for one, moved to Lake Tahoe to beat the Utah crowds and its desert heat in summer. Summers at Lake Tahoe are much cooler.
"It's also a lot cheaper for locals out here," said Stewart, a retired South Carolina pawnshop businessman who snapped up season passes at Heavenly and Kirkwood resorts for $329 and $259.
But Katz admits the bounty of dry Utah snow can't be beat.
At Alta last spring, he recalls, "we had a foot a day for 14 days in April. You couldn't even breathe."
One of those days, "I came off the mountain choking."
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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.
If You Wait For The Robins, Spring Will Be Over
Warren Buffett
"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."
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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.
"Single-family home sales are stronger for a number of reasons," Calder said. "Second home buyers are much less prevalent in today's market. Many of today's real estate transactions are people buying and selling their primary residences."
Calder added that current economic conditions continue to make 2009 a buyer's market. "Despite lending challenges and uncertain consumer confidence, sales of high-end homes are occurring," Calder said. "This speaks to the appeal of the Park City area. We still have people who want to buy in Park City even during these difficult times. There are buyers out there, they are motivated by value."
Pricing (Single-Family Homes)
The median sales price for single-family homes sold in the Park City limits during the first half of 2009 was $2.3 million, up 18 percent compared to $1.9 million a year ago. Calder noted that the rise in median value was skewed by fewer transactions
In the Snyderville Basin (which includes Kimball Junction and Jeremy Ranch) the median sales price for single-family homes increased to $729,000 in the first six months of 2009, up from $700,000 compared to the same six-month period last year.
Heber Valley saw its median single-family home price fall to $307,500, down 11.9 percent compared to $349,000 a year ago. The Kamas Valley also saw a decrease in its median price with homes their falling to $294,500, down 8.8 percent compared to $322,900.
Pricing (Condominiums)
The median sales price for a condo inside Park City limits during the first half of 2009 was $677,500, down 29.1 perce
© Park City Board of REALTORS® 435-200-6900