park city utah real estate: It’s Shoulder Season, Park City! - 05/07/14 03:52 PM
65° and sunny. 40° and rainy. Six inches of snow. What do they have in common? They are all weather possibilities during spring in Park City, Utah.
It’s that time of year again. In what is generally referred to as the “shoulder season”, the town is letting out a collective sigh after another successful ski season under its belt. On the tails of being named Outside Magazine’s Best Active Town last fall and some fantastic powder days this past ski season, the first quarter of 2014 real estate sales showed an increase in sales volume of 16.6% over the first quarter of 2013. We holidayed. We … (0 comments)

park city utah real estate: Are Real Estate Agents a Commodity? - 02/26/14 03:07 PM

 

 
With Zillow, Trulia, Realtor.com and other home search sites easily available, what value does a real estate professional bring?  
 
Clients don’t need me to find properties for them.  The truth is, most of my buyer clients send me lists of the homes they want to see.  However, a list of properties for sale is essentially useless without a deeper understanding.  My clients know that the neighborhood knowledge, understanding, insider information, analysis, and negotiation skills that I bring to the table are how I provide value.
 
 

 
A great real estate agent will … (0 comments)

park city utah real estate: 11 Reasons to List During the Holidays - 12/10/13 03:43 PM
 
People who look for a home during the Holidays are more serious buyers! Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you! Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you! Houses show better when decorated for the Holidays! Buyers are more emotional during the Holidays, so they are more likely to pay your price! Buyers have more time to look for a home during the Holidays than they do during a working … (0 comments)

park city utah real estate: Buy That Fixer-Upper-Uncle Sam Will Finance the Improvements - 10/16/13 01:32 PM

FHA 203(k) loans are a great tool for buyers who are looking to buy distressed, old or run down properties that require improvements.  They can also be used to finish a basement, add a room or remodel a kitchen.  These loans are perfect for buyers with more vision than cash and who want to live in the home for at least one year after taking ownership.
The financing is based on the purchase price negotiated for the home plus the cost of improvements.  FHA will finance up to 110% of the after-improved value of the home.  The buyer must come … (1 comments)

park city utah real estate: Why Hiring a Realtor Saves you Money - 10/10/13 04:18 PM

1.     Looking for a new home or trying to sell yours?  Realtors network with one another and in today’s fast real estate market can often match buyers and sellers before a home even hits the market.  Realtors are familiar with the local inventory and know about homes that recently left the market.  This saves time and money for both buyer and seller.  Example:  A local real estate agent just showed and sold a home I recently took off the market.  This was a win-win for both the buyer and seller.
2.     Realtors know the sales process.  They understand the terms … (0 comments)

park city utah real estate: 5 Things to Consider When Purchasing a Vacation Home in Park City, UT - 10/02/13 04:08 PM

*photo by Rachel Sharwell
With property values on the rise and interest rates still bottoming out, I’ve received many inquiries from people looking to purchase a vacation home or rental property in Park City.  While the process of purchasing a vacation home is similar to purchasing a primary residence, there are a few insider tips to finding the best property.
1.     How are you going to pay for the home?  
If you have the cash to spend, you can usually negotiate a more aggressive price.  If you are financing, you need to understand the financing considerations for the property … (0 comments)

park city utah real estate: Should You Trust Online Home Valuations? - 09/03/13 02:50 PM

I chose 5 Park City properties that closed last week.  I compared the closed price to the “estimated value” using a popular website.
1226 Lowell Avenue-closed for $866,000; estimated $919,000.  Accuracy:  94% 9041 Daybreaker Drive-closed for $731,000; estimated $787,000.  Accuracy 93% 605 Mountain Holly Lane-closed for $2.5 million; estimated $2.3 million.  Accuracy 92% 1717 Teal Drive-closed for $419,000; estimated $503,000.  Accuracy 83.3% 3320 Tatanka Trail-closed for $2,089,694; estimated $2,150,000.  Accuracy 97% In contrast to other states, where the sale price is public record, Utah is a non-disclosure state.  That means the sale price is not public record.  The sale price … (2 comments)

park city utah real estate: 3 Commitments to Steal a Property - 07/23/13 02:49 PM
“The housing market has bottomed. It’s not too late to get involved. I still think buying a home is the best investment any individual can make. Affordability is still at an all-time high.”—John Paulson (Billionaire who made his fortune by predicting the real estate meltdown in 2007.)
If you are looking to pick up an investment property or looking to get a great deal on a new home, these are proven tips to win.  The most important concept to remember is that there is a lot of competition for good deals and proper preparation is essential. Skipping any of these steps … (0 comments)

park city utah real estate: We Love Park City Photo Contest - 06/26/13 07:19 PM
Do you love Park City? Do you love photography? We are looking for beautiful pictures depicting life here in our unique mountain town. You do not need to be a professional photographer to enter. Whether you like the architecture, the mountain scenery, or the many art, cultural or outdoor activities our area has to offer, enter your best photos of life in Park City, UT now.

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park city utah real estate: New Restaurant for Summer Excursions - 06/21/13 05:39 AM

I was sad to see the Yolk restaurant in Kamas boarded up.  We used to go there for breakfast when we were in the Kamas area, which locals know as the “Gateway to the Uintas”.   “Mirror Lake Diner” opened in that same location last month and it is a great addition to the Kamas Valley.  I was out that way to meet our Sotheby’s photographer, Kyle, and arrived early and hungry, so I decided to give this restaurant a try.  It’s really attractive on the outside and the inside is just as warm and inviting.  The menu tells the story … (0 comments)

park city utah real estate: How to Look Like a Wine Genius - 06/18/13 07:14 PM
 

I like to drink wine, but I am certainly no expert.  Like most people, I tend to stick to the brands and grapes I am familiar with.
When I visited Los Angeles earlier this month for the Sotheby’s Global Networking Event, I was introduced to a fantastic new resource-Sotheby’s Wine!
Sotheby’s Wine is both a retail wine merchant and auctioneer, with a store in the lobby of Sotheby’s headquarters building in New York, at 72nd and York and on the world wide web at www.sothebyswine.com.  The retail business applies the same exacting standards used in the traditional auction business, … (0 comments)

park city utah real estate: A Real Estate Conversation - 05/28/13 06:16 PM

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park city utah real estate: Latest Real Estate Trend: Sold but Not for Long….. - 05/14/13 03:09 PM

 
Anyone who pays attention to real estate trends knows that inventory is at record lows which is driving an increase in prices and creating somewhat of a panic among buyers.  (See my post from last week for the actual Park City Statistics).  People who are seriously looking to make a purchase are frustrated by the number of multiple offers and homes that are sold before they even hit the multiple listing service.  There is an impulse to make an offer and “tie up” the first house that meets most of the buyer’s needs, even if that house doesn’t have … (4 comments)

park city utah real estate: Park City Market Update - 05/07/13 03:55 PM

Here is a quick snapshot of what is happening in the Park City real estate market:
Compared to the first quarter of 2012-
Number of sales are up 17%. Sales dollar volume is up 28%. Best first quarter since 2007. Lowest inventory since 2006. 21% decrease in listings. Distressed properties (foreclosures and short sales) make up only 3% of active listings and accounted for 13% of sales compared to 13% of sales in the first quarter of 2012. Single family homes sales increased 18%. Median sale price of single family homes rose 30% to $619,500.  Median home price within Park … (0 comments)

park city utah real estate: A Sign of the Times-Mega Mansions are Selling - 04/30/13 03:50 PM
   

I read a really fun article in Forbes called “The Era of the $100 Million House” by Morgan Brennan Click here for the article
The article discusses the rise of $100 million homes for sale around the United States.  Here are some qualities shared by these mega estates:
Location.  The home must be in an expensive zip code.  Beverly Hills, Hillsborough, New York City, Miami, and Dallas all have listings in excess of $100 million. Size.  The homes are typically larger than 10,000 square feet. Amenities.  If you can conceive it, you can achieve it, given a … (3 comments)

park city utah real estate: Secrets for Successful Home Buying this Spring - 04/16/13 04:17 PM

In my last blog post, I mentioned that demand for homes in Park City was up 21% and inventory was down 26% during the first quarter of 2013.  I have been involved in several multiple offer situations this year, representing two different sellers and four different buyers.
How did my sellers choose among potential buyers?  Why did my buyers win?
Before you start looking for homes, get pre-approved for financing.  If you are paying cash, have proof of funds available.  If possible, work with a local lender who is trusted among Park City agents.  A seller is not going to … (4 comments)

park city utah real estate: Thinking of Selling Your Park City Home? Why You Should List Now - 04/09/13 04:45 PM

There is an adage in Park City that when the snow melts the “For Sale” signs sprout.  This is generally true, but this year seems to be different than most, due to a lack of inventory and an increase in buyer demand.
The first quarter of 2013 we closed 94 single family homes in Park City and the Snyderville Basin, compared to 78 during the same period in 2012.  What makes this statistic especially interesting is that while demand was up 21%, inventory was down 26%.
Rising demand means sellers are able to command more favorable prices and terms for … (0 comments)

park city utah real estate: The Best of Park City - 03/26/13 05:05 PM

What are the best things to do in Park City?  Everyone has different tastes.  My favorite thing to do in Park City may not be yours.  Wouldn’t it be great if you had the input of lots of different people?  Statistically speaking, the result would be more robust (accurate).
That’s why I love Tripadvisor.  When I travel, I pull it up, look at the hotel or restaurant reviews, and spend my time and money according to other people’s rankings.
I decided to see what people are saying about Park City.  Here, in order, is the best of Park City based … (0 comments)

park city utah real estate: Could Park City Become Home to the World’s Wealthiest? - 03/22/13 03:33 PM

One Hyde Park is a condominium in London where apartments sell for nearly $12,000/square foot.  Clearly this development is the ultimate in luxury that only the uber-wealthy of the world can afford.  Many of the residences are owned by off shore trusts making it difficult or impossible to track the actual residents.  The press has speculated owners hail from Kazakh, Russia, Ukraine, Britain, Nigeria, China, Saudi Arabia, and Qatar, but the developer will not confirm or deny this.
One Hyde Park boasts beautiful architecture and floor to ceiling windows to maximize views and light.  What other amenities attract billionaires?
The … (0 comments)

park city utah real estate: Why Moving Up NOW Makes Perfect Sense - 03/12/13 03:17 PM

Two years ago my clients, Dr. and Mrs. Smith (not their real names, but the rest of the story is factual) purchased a condominium at Bear Hollow Village.  They paid $485,000.  They used the condominium for the past two summers and for family ski trips.  They donated a week at their condominium to various auctions.  When they weren’t using the condominium, they rented it.
Just before last Christmas, Mrs. Smith told me that she really wanted a single family home when her family visits Park City during the summer of 2013.  Her kids are active in sports and want a … (0 comments)