Park City Real Estate

50th Anniversary - "A Ski Town is Born" Park City

2013-11-25T15:09:00.001-07:00

Buyers paying cash for vacation homes - financing :

2013-11-24T08:56:00.000-07:00

The Wall Street Journal is talking about a new twist in vacation home financing. Lenders are cracking down on the buyers obtaining financing for their vacation homes requiring them not only to sign an affidavit that they will not rent it out, but they are now occasionally checking sources to make sure it is not being offered on the short term rental market. Interesting fact - according to the National Association of Realtors, 46% of vacation homes were cash purchases last year.

Read the Wall Street Journal article
Vacation Home lending

Vail/Park City Mountain Resort legal battle - Vail prepares for battle

2013-10-04T10:41:00.003-06:00

See below for an article in the continued drama between Vail Resorts / Canyons and Park City Mountain Resort. It appears as if Vail is ready for battle and not backing down any time soon.

http://www.aspenbusinessjournal.com/article.php?id=9704

Vail Resorts prepares to go to war over Park City ski runs
BROOMFIELD, Colo. — Doing business in Utah will come at a price for Vail Resorts.

In its latest earnings report, the company (NYE: MTN) noted it is setting aside $5 million this year for a legal battle over a few thousand acres beneath Park City Mountain Resort.

Toronto-based Talisker Corp., which owns the land, is embroiled in a lease dispute with Park City Mountain Resort. After Talisker brought Vail Resorts in last spring to operate nearby Canyons ski resort, the Broomfield, Colo.-based juggernaut is now squarely in the fray.

Talisker is attempting to evict Park City Mountain Resort, contending that the lease expired, but Park City Mountain Resort executives counter that there were assurances the lease would be extended and, acting on good faith, Park City Mountain Resort poured money into infrastructure and other improvements.

Now it's Vail Resorts' problem as the company makes a push across the Colorado and California borders.

Over the next fiscal year, Vail Resorts expects $7.2 million in combined litigation and integration expenses.

But adding a Utah ski area to its expanding portfolio is strengthening the allure of its Epic Pass, which allows skiers and boarders access to 26 different resorts in five different states and four different countries.

"Since announcing the Canyons transaction in late May, we have seen a material acceleration in pass sales in the Tahoe and Utah markets as well as in our destination markets," Vail Resorts CEO Rob Katz said.

According to its latest earnings report, Vail Resorts' fourth-quarter revenue rang in at $112.3 million, down from $113.5 million in the same period the year prior, and its attributable net loss deepened to $59.9 million ($1.67 per diluted share) from last year's fourth-quarter shortfall of $53.8 million (or $1.50 per diluted share). But its net income for all of 2013 more than doubled to $37.7 million over what it saw in 2012.

Sales of passes through Sept. 22 — when almost 60 percent of total sales are made — for the upcoming ski season are up about 23 percent in sales dollars versus the same period last year, the report showed.

On the real estate front, Vail Resorts reported that it closed on 10 Ritz-Carlton Residence units, 12 One Ski Hill Place units and a $11.1 million land sale at the base of Breckenridge's Peak 8 in the last fiscal year. Vail Resorts' net cash flow from real estate transactions for 2013 was reported at $27.5 million.

"We reported record resort revenue and resort EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) that reflects higher overall visitation, improved pricing, increased average guest spend and strong pass sales," Katz said. "We generated significant real estate net cash flow driven by the increasing strength in resort real estate markets. We were successful in our acquisition strategy, completing our transaction for Canyons Resort in Park City, Utah, and acquiring Afton Alps in Minnesota and Mount Brighton in Michigan. We also launched the initial activities for Epic Discovery on Vail Mountain and made continued progress in the approval process for our broader summer plans across our resorts."

On Monday, Bank of America analyst Shaun C. Kelley reiterated a "buy" rating for Vail Resorts, and raised its price target from $72 to $76. Credit Suisse analysts, meanwhile, reiterated a “hold” rating and adjusted its price target to $71. Vail Resorts stock closed at $69.56 a share on Wednesday afternoon.

Heather Feldman

435-731-0803

heather@parkcityhousehunters.com

Park City Restaurant Fall Dine About

2013-10-01T15:20:00.004-06:00

Check out the new Park City Dine About October 3-13

Eat More, Pay less!

Several restaurants are participating and will be offering 3 course dinners for either $15 or $30
What a great way to experience a restaurant for the first time, or go back to a favorite.

Click the link below for a list of participating restaurants

Park City Area Restaurant Association

Simple Seller "Do Not" list

2013-09-09T11:57:00.000-06:00

I ran across this blog on Active Rain, a Realtor based website where we share information with each other that is helpful.

This agent from Houston Texas said it well. As Realtors we have all run into the seller that does one or more of these things not thinking how it hurts the sale of their home.

I think I'll add this to my listing packet....

SELLER DO NOT LIST

Heather Feldman
Equity Real Estate Luxury Group
435-731-0803

Park City Pending and Sold Statistics for the 2nd quarter of 2013

2013-08-30T09:17:00.000-06:00

Park City Real Estate is looking good for 2013. Check out a few of the stats I am posting regarding pending sales and closed sales in our 2nd quarter.

Please call me with your Park City Real Estate needs.
Heather Feldman 435-731-0803

Have you purchased your Canyons Epic pass yet?

2013-08-19T08:33:00.001-06:00

I still can't believe what a great price the Canyons Epic pass is!

The question is, which one to buy?
$589 for the epic pass with Holiday blackouts or the $689 for total unlimited access??
Both allow Canyons, Heavenly, Northstar, Breckenridge, Keystone and Arapahoe Basin and Vail. The dilemma is with or without restrictions.
Hmmm
Click the link below to see your options.
http://www.snow.com/epic-pass.aspx?CMPID=PARCR00001

Summit County Rockport fire

2013-08-13T21:35:00.000-06:00

Lightning started this fire near Rockport Reservoir today and has consumed 15oo acres as of this evening.

As of 9pm MST 3 homes and 15 structures have been burned. Some areas of Promontory have been evacuated. I am in contact with a good friend, Nancy that lives in Promontory and she is still in her home and has not been evacuated. From what I could see on the news the fire retardant has been dropped on the ridge which should prevent the fire from crossing into Promontory.

Park City Mountain Resort, Deer Valley and Canyons are not in danger and the fire has not crossed the I-40 or the I-80

Click below for KSL channel 5 and ABC4 for more updated information.

http://www.ksl.com/

ABC 4

Park City Pinebrook Great Value!

2013-08-11T11:53:00.002-06:00

Watch this You Tube video of this value priced home in Lower Pinebrook. Beautiful 4 bedroom, 2.5 bath home with private yard backing to open space and Alf Engen Trail. Motivated Seller!

Call me for details
435-731-0803

Outside Magazine Names Park City, Utah "Best Town Ever 2013"

2013-08-10T19:41:00.001-06:00

Best Town ever? Yeah, I'm in.

Each Year Outside Magazine runs an online contest for the Best Town Ever, and finally they got it right! Like we locals didn't already know, right?
Click below to see the Park Record's article.

Park City named BEST TOWN EVER

For all your Real Estate Needs in "The Best Town Ever" contact me at 435-731-0803 or email me at
heather@parkcityhousehunters.com

5921 Trailside Loop Park City UT 84098 - Heather Feldman

2013-08-05T09:37:00.001-06:00

Park City 3rd Quarter Statistics - Real Estate is on FIRE!

2013-08-03T21:02:00.000-06:00

PRESS RELEASE
August 2, 2013
For further information, contact Park City Board of REALTORS®

Park City, Utah - August 2, 2013 - Park City market sees the largest quarter of real estate sales in five years.
Both the number of sales and the median sales price are up over last year's numbers in the Greater Park City Area according to the 2013 second quarter statistics released by the Park City Board of REALTORS®. With a total of 991 sales to date — a 19% increase over the same time period in 2012 - the first half of 2013 had the highest number of sales since the first half of 2007. In fact, the number of sales is 21% higher, by quarter, than any quarter in the last five years. The total sales dollar volume is also up 19% over the same time-period last year, reaching over $698 million to date, which is also the highest total dollar volume since 2007. Jeff Spencer, President of the Park City Board of REALTORS® shares, "It's an exciting time in real estate. Buyers are finding great opportunities and prices have come back to allow new sellers the opportunity to sell again."
Inventory The inventory level of all property types has come up slightly from Q1 of 2013, but it is still 9% less than it was in 2012. The current inventory of active listings in the greater Park City area is 2,173, compared to 2,400 units a year ago. Though the current number is almost a 10% increase from the low point in April, it is still a whopping 41% below the high mark of 3,600+ in July of 2008.
The absorption rate (the average time a listing remains on the market) for single family homes, condominiums, and vacant land is down to only 5.7 months. That is a drastic reduction from the high point of just under 50 months set in April of 2009.
Distressed Sales Foreclosures continue to become a less significant part of our market as the number of foreclosed properties continues its five quarter downward trend. Distressed properties (foreclosures and short sales) made up only 5% of all sold properties in quarter two of 2013, compared to 17% of all sales in 2012 and about 33% in 2011.
Single Family Homes At mid-year, for the Greater Park City market area, the median sales price of homes is up 10% over last year. We experienced a 16% year to date increase in the number of sales of single family homes in the Park City Limits. Within the Park City Limits, 2nd quarter median price for a single family home is $1,245,000, reflecting a 12% rise in sales price.

In the Snyderville Basin, the number of sales is flat compared to last year, but the median sale price is up 10% over last year's number reaching $699,000. This quarter's numbers illustrate that neighborhoods vary drastically in activity. The Silver Springs area saw a striking 178% increase in the quantity of homes sold over the same time period last year, while the median sale price increased 6%. The Old Ranch Road area jumped in median sales price by 62%, climbing to $3,221,875 but experienced a 20% dip in number of sales.
Condominiums At mid-year, for the Greater Park City market area, the median sales price of condominiums is up 6%, and the number of sales is up 12% over last year. For the second quarter, the number of sales in the Snyderville Basin Area is up 6% compared to 2012 and saw a jump in median sales price of 21%, reaching a median price of $320,000. The Jordanelle Area has seen a solid 52% increase in the number of units sold, as well as, an 8% increase in median sales price, to $334,128.
The number of condominium sales in the Park City Limits rose to 160 units compared to 149 units in 2012, which is approximately a 7% increase. The median sales price of condominiums, in the Park City Limits, for the second quarter, is down slightly to $572,000 compared to $605,000 in 2012.
By area, Old Town is way up with a 47% leap in the number of sales and a 34% increase in median sales price reaching $440,000, compared to $328,500 in 2012. Lower Deer Valley is down 10% in number of units sold and down 5% in median sales price compared to this time last year. Age and high condominium HOA fees could be contributing factors for why buyers are more frequently considering single family homes as an alternative to condos.
Vacant Land At mid-year, for the Greater Park City area, the median sales price of vacant land is down 20% from last year. Both the Snyderville Basin and Jordanelle Areas saw increases in sales but decreases in price compared to last year. The median price for vacant land in the Snyderville Basin Area fell 23% to $267,000, and the Jordanelle Area fell 15% to $118,750. However, vacant land sales climbed 39% in the Snyderville Basin and spiked upward 138% in the Jordanelle Area compared to 2012!
In the Park City Limits, vacant land sales followed the same trend as single family homes with an increase in the number of sales of 26% compared to the same time period last year and a moderate increase in median price of 12%, reaching $525,000.
Looking Ahead Park City Board Statistician Mark Seltenrich comments, "The market continues to be active, with the number of sales in the second quarter being the most we've seen since 2007. The median sales price for the greater Park City area in single family homes, condominiums, and vacant land is still down from the peak months of 2007, but the current trend of slow but steady rise of property value is an indication of a balanced and healthy market."
Spencer adds, "The recent 1.5% jump in interest rates—which was the highest short-term spike in over 50 years—reminds us that rates are still attractive, especially compared to those a few years ago. We have a very diverse market, and I encourage buyers and sellers to contact their local REALTOR® for the most reliable and up to date information for their neighborhood."

For Park City or Deer Valley Real Estate needs, call me!

Heather Feldman 435-731-0803

Designer's Home in Trailside, Park City Utah

2013-07-01T22:17:00.002-06:00

Every corner, every surface was chosen with the utmost flair. Beautiful use of natural stone and granite is evident throughout. 6 bedrooms, 5 baths, luxurious hardwood floors and great outdoor entertaining space...all just steps away from Trailside Elementary School.

For more information call me at 435-731-0803
MLS 1171201Virtual Tour

Vail Resorts to operate Canyons and features the EPIC pass!

2013-06-06T22:11:00.000-06:00

Vail Resorts signs a 50 year lease to operate Canyons Ski Resort

"With 4,000 skiable acres, easy access to the town of Park City and $75 million in recent resort improvements, Canyons is a perfect complement to our collection of world-class mountain resorts," Rob Katz, the chairman and CEO of Vail Resorts, said in the prepared statement, commending Talisker Corporation's efforts at Canyons Resort.

Canyons will now feature the Epic pass which allows passholders to ski Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar, Arapahoe Basin and Eldora.
This pass also includes 5 days at Verbier Switzerland and 5 days at Arlberg Austria.
What a deal! We love it!

CLICK TO READ MORE ABOUT VAIL AND THE CANYONS

Surging Stocks Give Ski Home Market a Lift

2013-03-18T18:55:00.000-06:00

I have not blogged in a while - and with good reason! The market has been crazy busy here in Park City!
Check out the article below about what has been driving the upswing in Ski Resort Real Estate:

http://www.cnbc.com/id/100550563

Call me for all of your Park City Real Estate needs!
435-731-0803
Heather Feldman

Housing prices could jump 9.7% in 2013

2013-01-03T10:22:00.000-07:00

According to JP Morgan, housing prices could jump up to 9.7% in 2013. That would be the highest increase since the boom in 2006. Here is the message: BUY NOW BEFORE PRICES GO UP!
Click the link below to see the whole article:

http://blogs.wsj.com/economics/2012/12/14/home-prices-could-jump-9-7-in-2013-j-p-morgan-says/?goback=.gde_662007_member_198719613

Call me for any Park City Utah housing needs
Heather Feldman
435-731-0803

SEARCH THE PARK CITY MLS

Park City Horse Property bargain

2012-12-29T10:12:00.000-07:00

Horse lover? You can live in Silver Creek on almost an acre in this 4 bedroom 3 bath remodeled home. Offered at $519,000.

Click on the link below to see the virtual tour. Call me to view this home.

www.obeo.com/752202
Heather Feldman
Equity Real Estate Luxury Group
435-731-0803
Heather@ParkCityHouseHunters.com
SEARCH THE PARK CITY MLS

Loan rates to remain low

2012-12-18T15:14:00.000-07:00

Click the link below to see the Huffington Post's article on the Fed keeping rates low until unemployment reaches 6.5%.

Good news for home buyers. You still have time to take advantage of the low mortgage rates offered today.

http://www.huffingtonpost.com/2012/12/12/fed-rates-unemployment_n_2286328.html?icid=maing-grid10|htmlws-main-bb|dl2|sec1_lnk3%26pLid%3D244642

Thinking of Buying or Selling in Park City Utah? Call me today
Heather Feldman
435-731-0803

SEARCH THE PARK CITY MLS

Forbes Magazine says Utah best for business

2012-12-15T08:31:00.000-07:00

Check out the article touting Utah as best for business
http://www.forbes.com/sites/kurtbadenhausen/2012/12/12/utah-tops-list-of-the-best-states-for-business/

The article sites such benefits as a young workforce, Utah is less likely to award for frivolous lawsuits and energy costs are low. Read more by clicking the link above.

Canyons Resort picture of the day

2012-12-09T09:19:00.003-07:00

Click below to see the Canyons Resort shot of the day 10" of powder!!!

Grab your skis ( or your board) and get to Park City!
http://www.canyonsresort.com/cam_shoot.html

Promontory Ranch Club Park City Utah

2012-12-04T22:41:00.000-07:00

Promontory is one of Park City's outstanding communities here in Park City. It is actually the reason why I ended up living here -but that is another story.

This blog is about the re-boom ( is that a word?) of Promontory in Park City.

Promontory has had an interesting history. It goes sort of like this:
Launch - Wow! great new community
Success - tourists and locals alike took to this community with lots of amenities
Bankruptcy - Ouch. Many homeowners were hurt by this and lost their homes and fortunes
Rebound - slowly but surely
Hot property - Promontory Ranch Club is one of the fastest selling communities in Park City.

The beginning of the Rebound was spurred on by the fabulous priced bank owned homes and lots. The club was still doing well and they built the Shed. One of the best amenities in my opinion. The bank owned deals are pretty much gone, but the popularity remains.

Click here to see a sampling of Promontory Homes for Sale

Promontory has beautiful views of all 3 resorts and is only minutes from Deer Valley, Park City and Canyons ski resorts. The shuttle is waiting to take you to the resorts. Don't feel like skiing? The tennis courts are converted into a skating rink in the winter - or how about visiting the outfitter's cabin and grabbing some snowshoes?

It's a community that caters to people that love a fulfilling lifestyle. Check out Promontory's video telling a bit about their resort.

Contact me for Promontory Real Estate
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com

Home Prices increase finally!

2012-11-29T09:50:00.000-07:00

Great News!
Home prices are increasing - finally!
Even though many areas have seen increased sales volume, most have not experienced price increases. Park City Utah has super low inventory - less than 400 single family homes and less than 400 condos on the market right now. However, the typical reaction to low inventory of price increases have been slower than what we saw in the boom time.

The article below discusses the beginning of price increases in major cities.

Click to see article

Call me for all of your Park City, Utah Real Estate needs.
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com

Park City Real Estate 3rd Quarter

2012-11-12T19:09:00.003-07:00

Statistics released by the Park City Board of Realtors is showing a steady improvement in the local
Real Estate Market.
Might just be the right time to get in to the

Park City market before we see another boom!

A few highlights:
Active listings are at the lowest since 2007...
Distressed Sales continue to drop...
Sales are up 3% from 2011...
Median price is up 11%....

Click here for more detailed information about Park City's Real Estate Statistics

Contact me for more information:

Heather Feldman

Equity Real Estate Luxury Group

435-731-0803

heather@parkcityhousehunters.com

Best State to Retire? Utah in top 3

2012-11-09T14:35:00.000-07:00

Utah 3rd best State to Retire!

I knew it! It just took everyone else a while to realize it.
Utah is one of the best states to retire according to Daily Finance.com. Utah came in number 3 in the Nation.

Click the link below to see the top 10:
Top 10 States to Retire

Call me for any of your Utah Real Estate needs
Heather Feldman
Equity Real Estate Luxury Group
Park City Utah
435-731-0803
heather@parkcityhousehunters.com
SEARCH THE PARK CITY MLS

Comps and Appraisals only measure the past

2012-10-27T09:00:00.000-06:00

Real Estate comps and appraisals only measure what has happened in the past.

Well, that's the point right? Yes, they are a great tool to help determine the value of a property, but they are not the only source to consider in today's changing market.

Important to know what homes have been selling for recently to measure what a home may be worth, but that does not tell us what is happening right now.

Example: Have a client with an inherited property to sell in an area they do not know well. The agent pulled the comps to show them what has been happening in that market. Good Job. Because this agent really knows and lives this market, they know what has been hanging out not selling, what is in demand and how to price this property. It's possible only 1 property has sold that would be comparable, but what if there is a pent up demand (not measurable by comps or appraisals) for this type of property and nothing similar has been for sale for a long while? Only your agent would know this and be able to price it right.

Consulting with your agent about more than just what the comps say is essential.

Example 2: Buyer has been watching the market for a while and notices there are several bank owned or short sale properties in the area they wish to buy. They watch and watch and watch. When they finally decide to buy the market has changed, yet there are not comps as of yet. The Agent will know what is really happening in that market - how many homes are pending and how fast they are selling. This conversation with your agent can help with what the home(s) may really sell for and in turn, make the offer process more productive instead of offering low, below market prices.

So, use that appraisal and the comps as one of the tools available to help you as a Buyer or Seller make the right choice when pricing or buying your home.