Excerpts from the Park Record article:
Proponents of the proposed SkiLink went to Washington, D.C., this week to begin laying the groundwork for a gondola that would link Canyons ski resort with Solitude.
Meanwhile, on the Utah home front, opponents of the project have been mustering their own forces and are characterizing the project as a potential environmental catastrophe.
Representatives of the ski industry have long argued that connecting the area's resorts would be a boon to tourism and the state's economy. In this case, they also suggest the link could reduce traffic in Big Cottonwood Canyon and over Parley's Summit. Environmentalists, though, say it would open up the remaining backcountry to development and destroy a vital watershed.
But what if the two sides were able to negotiate a compromise, one that could actually reduce traffic and offer skiers
I believe this tram would only help Park City's economy by making our resorts even more desirable by linking with the other side of the Wasatch Mountains.
SEARCH THE PARK CITY MLS
HEATHER FELDMAN, EQUITY REAL ESTATE LUXURY GROUP PARK CITY 435-731-0803
Wednesday, December 7, 2011
Sunday, December 4, 2011
Wasatch 360 exciting new TV show on Fox 13 in Utah!
If you weren't up at the crack of dawn on Saturday, December 3, 2011 you probably missed the debut of the brand new TV show on Fox 13 here in Utah. Wasatch 360 is a news magazine/lifestyle show showcasing the best and most exciting things in the Wasatch front and Wasatch back regions of Northern Utah.
This new, exciting show will feature guests like Stein Erickson, Olympians Ted Ligety and Shannon Bahrke. You will also watch an interviews with acclaimed director Morgan Spurlock and other Sundance Film Festival Celebrities. The show will also feature some of the most luxurious estates in Salt Lake City and Park City. You will get tips on the hottest ski gear and clothing along with watching some really cool adventures while riding the Olympic Bobsled, hot air ballooning and pretty much anything you can think of that is fun to do in the Wasatch Mountain Region. There will also be a segment called Utah Spotlight that will be 3 minute segments featuring some of Utah's most compelling and interesting companies in Utah. If you own a company that would like to be featured, go to the website below and contact Larry Feldman (yes, he is my husband) or John Goulet to become part if this exciting show.
Visit www.wasatch360tv.com to view details and watch a demo of what the show will be. The first show will be available to view soon.
Visit www.wasatch360tv.com to view details and watch a demo of what the show will be. The first show will be available to view soon.
Saturday, November 26, 2011
Selling your Home? A few things NOT to do!
So, you're thinking about putting your home on the market. Good Idea!
A few things you don't want to do:
Don’t allow Deferred Maintenance ruin your chances of selling.
Ever hear the term “Deferred Maintenance”? What exactly does that mean anyway?
Deferred Maintenance is a nice way of referring to household maintenance that has not been kept up on or done. As a buyer walks through your home, they are falling in love with the floorplan, with how their family will live in this home and starting to imagine their furniture in there, right? Maybe. They also are walking through noticing all the repairs needed to your home and getting a sour taste in their mouth wondering what needs attention that they can’t see.
What to do? Have a friend walk your home and look for cosmetic items with a buyer’s eye for items that look dirty or worn- paint, carpet, dirty vents, crumbling grout etc. They will see things you have walked past for years. If you really want to make sure deferred maintenance does not become an issue once your home is for sale, get an inspection and fix whatever comes up on the inspection. You won’t catch every single item, but you have a good chance of the sale not falling out because of the condition of your home.
The next big one:
Disclose everything!!! Even if you think it is inconsequential.
Your agent should impress upon you the importance of disclosing everything. If they try to tell you that basement flooding or the car sliding down the driveway into the dining room isn't worth disclosing, RUN!
Case in point – had a home under contract recently. It was my buyer’s dream home. The seller filled out the required seller’s disclosure form, which indicated no known problems with the home in a number of categories. During the inspection a sizable water intrusion was discovered. Water stains on the baseboards and eventually mold was found near the source of the intrusion.
My buyer ‘s first reaction was to wonder what else they were hiding. What else was wrong with this home that the seller was not telling us about? The seller suddenly remembered an occasion where water came in through the window during a heavy rain season. Amazing how that works! The water intrusion is discovered and miraculously they remember it. Cynical? Maybe, or maybe just a reasonable reaction to an unfortunate situation. Not an insurmountable situation, just one that leaves the buyer uneasy.
In this case, if the seller had not allowed this water intrusion become Deferred Maintenance ( they did not remedy the situation as they could have) and disclosed the water intrusion and what they did to remedy it, this sale may have been saved. Now, the buyer must start over in their search for a home and the seller starts over looking for a new buyer. Hopefully they will amend their seller’s disclosure to lawfully show the issues at hand and maybe even fix them prior to the next buyer discovering them.
As a seasoned Realtor, we see deferred maintenance all the time. It doesn’t necessarily kill every sale, but it can put a seed of doubt in a buyer’s mind. How refreshing it is to list a home where it is evident the owner has taken care of it and in a timely manner. Sure makes our job easier, and the sale of the home a stronger possibility. In Park City we find buyers from out of the area will respond better to a home that needs less attention. It is usually too difficult to have repairs and remodeling done from a long distance.
Looking for a ski property or investment property?
Call me for more information about Park City, Utah.
Heather Feldman 435-731-0803
A few things you don't want to do:
Don’t allow Deferred Maintenance ruin your chances of selling.
Ever hear the term “Deferred Maintenance”? What exactly does that mean anyway?
Deferred Maintenance is a nice way of referring to household maintenance that has not been kept up on or done. As a buyer walks through your home, they are falling in love with the floorplan, with how their family will live in this home and starting to imagine their furniture in there, right? Maybe. They also are walking through noticing all the repairs needed to your home and getting a sour taste in their mouth wondering what needs attention that they can’t see.
What to do? Have a friend walk your home and look for cosmetic items with a buyer’s eye for items that look dirty or worn- paint, carpet, dirty vents, crumbling grout etc. They will see things you have walked past for years. If you really want to make sure deferred maintenance does not become an issue once your home is for sale, get an inspection and fix whatever comes up on the inspection. You won’t catch every single item, but you have a good chance of the sale not falling out because of the condition of your home.
The next big one:
Disclose everything!!! Even if you think it is inconsequential.
Your agent should impress upon you the importance of disclosing everything. If they try to tell you that basement flooding or the car sliding down the driveway into the dining room isn't worth disclosing, RUN!
Case in point – had a home under contract recently. It was my buyer’s dream home. The seller filled out the required seller’s disclosure form, which indicated no known problems with the home in a number of categories. During the inspection a sizable water intrusion was discovered. Water stains on the baseboards and eventually mold was found near the source of the intrusion.
My buyer ‘s first reaction was to wonder what else they were hiding. What else was wrong with this home that the seller was not telling us about? The seller suddenly remembered an occasion where water came in through the window during a heavy rain season. Amazing how that works! The water intrusion is discovered and miraculously they remember it. Cynical? Maybe, or maybe just a reasonable reaction to an unfortunate situation. Not an insurmountable situation, just one that leaves the buyer uneasy.
In this case, if the seller had not allowed this water intrusion become Deferred Maintenance ( they did not remedy the situation as they could have) and disclosed the water intrusion and what they did to remedy it, this sale may have been saved. Now, the buyer must start over in their search for a home and the seller starts over looking for a new buyer. Hopefully they will amend their seller’s disclosure to lawfully show the issues at hand and maybe even fix them prior to the next buyer discovering them.
As a seasoned Realtor, we see deferred maintenance all the time. It doesn’t necessarily kill every sale, but it can put a seed of doubt in a buyer’s mind. How refreshing it is to list a home where it is evident the owner has taken care of it and in a timely manner. Sure makes our job easier, and the sale of the home a stronger possibility. In Park City we find buyers from out of the area will respond better to a home that needs less attention. It is usually too difficult to have repairs and remodeling done from a long distance.
The Moral of this story:
Maintain your home, get all items fixed prior to listing and DISCLOSE!
Looking for a ski property or investment property?
Call me for more information about Park City, Utah.
Heather Feldman 435-731-0803
Saturday, November 19, 2011
Park City Mountain Opening Day
It was awesome! We got about 6-12 inches last night, so we knew it would be ok. We didn't expect to have so much fun. Yes, I should have been holding an open house or 2, but I couldn't resist. Only 2 runs open, but plenty of fun.
If you had a residence here in Park City, you could have been here today too! Contact me for some excellent property deals!
Heather Feldman
Equity Real Estate Luxury Group
435-731-0803
heather@parkcityhousehunters.com
If you had a residence here in Park City, you could have been here today too! Contact me for some excellent property deals!
Heather Feldman
Equity Real Estate Luxury Group
435-731-0803
heather@parkcityhousehunters.com
Wednesday, November 16, 2011
Park City Mountain $25 Benefit Lift tickets
Park City Mountain Resort’s Legacy Fund is offering $25 Benefit Day(s) lift tickets again this year.
The tickets are valid from November 19 – December 16 and all ticket proceeds go to the Park City Mountain Resort Legacy Fund and the Summit Land Conservancy. There are a limited number of tickets left. You can purchase in-person in the Resort Services Office at Park City Mountain Resort. Tickets must be purchased by 5 p.m. on Friday, November 18. These are a great gift for clients, friends, family, etc. Don’t miss out!
The goal of the Park City Mountain Resort Legacy Fund is to support Summit County through grants to nonprofit organizations that provide our community with effective programs in the areas of Environmental Stewardship, Children and Athletics, Education, and/or provide social services and humanitarian aid to help people in need. Contact Park City Mountain Resort www.pcmr.com
Saturday, November 5, 2011
Park City condo under $100,000!
Did you ever think it was possible? This featured property is small but stunning. The owners have done such a great job with the space and have made it gorgeous to boot!
You are looking at the brand new sleeper sofa with seating cubes that convert into ottomans or eating trays. Notice the beautiful colors on the walls along with the coordinated wall coverings and artwork. They have really made this a Zen-like retreat.
This condo is only a studio, but boasts beautiful wood floors, a flat screen Tv, convertible eating/working table and tons of smart storage.
Take a look out your window to see
Park City Mountain and check out how much snow
they have!
This fabulous condo is in Prospector Square which is a 10acre development with 9 condo buildings, a pool, convention center and Theatre. Prospector Square is an official Sundance Film Festival venue too!
Offered at $87,500. Buy it for yourself or buy it for an investment. Great rental numbers at Prospector.
Call me today for a private showing!
Heather Feldman 435-731-0803
Park City Mountain and check out how much snow
they have!
This fabulous condo is in Prospector Square which is a 10acre development with 9 condo buildings, a pool, convention center and Theatre. Prospector Square is an official Sundance Film Festival venue too!
Offered at $87,500. Buy it for yourself or buy it for an investment. Great rental numbers at Prospector.
Call me today for a private showing!
Heather Feldman 435-731-0803
Tuesday, October 11, 2011
Is your Realtor doing a good job with your listing?
Touchy subject, I know.
How do you know if your Realtor is doing a good job with your property?
If it sells have they done a good job? If it doesn't sell are they doing a poor job?
Here are some guidelines to follow when evaluating whether your agent is worth holding on to, or when choosing an agent:
1. Do they answer their phone and email? Not just when you call, but for potential buyers and other agents. I cannot tell you how many times I call on a property to show it or ask questions for a potential buyer and never get any communication back. Test your agent. Have your friends and associates call just to see what happens. If your agent is not calling/emailing back within a reasonable time frame, this is a red flag. Many times buyers and agents will move on to the next property and not even bother to show it.
2. Is your property listed in the appropriate MLS? How unfortunate for the seller that wants to help out a friend with their real estate career and lists their property in the wrong area. In Park City, we have our own MLS that covers the Wasatch back - Park City, Midway, Heber ,Oakley and surrounding areas. Many times a home will be listed with a Salt Lake agent who is not a member of our MLS, so when the agents that work and sell up here pull properties to show, that one won't show up, and most likely won’t be shown.
3. Is your property being marketed in the most effective way for your area? Each area has a proven method for marketing that works. Some areas it is the newspaper, other areas it is a local magazine or radio program. For many resort areas the internet is the most effective tool available. Find out not just the circulation of the marketing tool, but the results of the marketing tool. When looking for a buyer in a resort market like Park City, they aren't usually reading our local paper or listening to KPCW, our local radio station. They begin their search on the internet, they ask their friends for a referral to a local Realtor. Then they start their search.
4. Has your agent helped you prepare your home for sale? Prior to listing, your agent should conduct a walkthrough with you and help with suggestions for decluttering, staging and a list of items to fix. Your agent should tell you how important these things are in the sales process. If a home appears dirty or unkempt, buyers will subconsciously look for deferred maintenance and wonder how the seller could possibly keep up with maintenance when they can’t even keep up with the daily clutter. I offer my sellers a no charge 1 hour consultation with a home staging expert to really give them the edge on the competition.
5. Pricing. Even if you and your agent do everything possible to stage and prepare your home for showing, price will determine whether you get activity and offers. In today’s market price is everything. Every agent should know the maximum activity will come in the first few weeks of listing the property. Having said that, is your agent sharing the feedback with you? Are you acting on it?
6. The key to helping the seller make the right choices is feedback. Feedback comes in two forms - agent feedback from showings, and market feedback in terms of how the homes with which you are competing are responding. Are other similar properties selling and yours is not? Examine why - most of the time it will come down to price.
We know that the majority of the time the buyer that purchases your home will be represented by a Realtor other than the listing agent. So if there are no showings by agents, then they are not all on vacation. They are showing other homes that their buyers think offer the most value. Overpriced properties will only be shown to demonstrate to buyers why another home is a good deal, and they will sit unsold.
So ask your Realtor for a market update. Use this information wisely. Your agent can send you a detailed report where you can look at each and every property that has sold. Were they really better than yours or just marketed better and priced right?
For all of your Park City, Utah Real Estate needs call me today.
Heather Feldman
435-731-0803
Wednesday, October 5, 2011
Park City/Solutude Tramway audio update from KPCW
Just a quick update audio clip from KPCW, our local radio station.
Tramway interview with Bill Malone
Tramway interview with Bill Malone
Tuesday, October 4, 2011
Rental demand on the rise
I love being right!
I have been preaching this for years. I watched it happen in the last down cycle and here it comes again. In light of the recent recession and unprecedented number of foreclosures, rentals are in high demand. I think we all know what happens to prices once something is in demand...prices rise. It only makes sense...people have to live somewhere. If they can't buy, they rent.
Here in Park City, rentals are tough to find and not cheap. Especially if you are looking mid-ski season. Good Luck!
Check out this article from Inman News about just that - rental demand on the rise.
Inman News Rentals on the Rise
Are you ready to be a landord in Park City? Make some money on your investment and wait for the equity? Contact me at 435-731-0803 or heather@parkcityhousehunters.com
I have been preaching this for years. I watched it happen in the last down cycle and here it comes again. In light of the recent recession and unprecedented number of foreclosures, rentals are in high demand. I think we all know what happens to prices once something is in demand...prices rise. It only makes sense...people have to live somewhere. If they can't buy, they rent.
Here in Park City, rentals are tough to find and not cheap. Especially if you are looking mid-ski season. Good Luck!
Check out this article from Inman News about just that - rental demand on the rise.
Inman News Rentals on the Rise
Are you ready to be a landord in Park City? Make some money on your investment and wait for the equity? Contact me at 435-731-0803 or heather@parkcityhousehunters.com
Sunday, October 2, 2011
Octoberfest and beautiful fall color at Snowbird
Today was a fall color capturing day and some great fun at Snowbird's Octoberfest. Great fun - We toured the market place, ate some great bratwurst and enjoyed the gorgeous fall color.
See the short video below for the Alpenhorn concert at the top of the Tram. Very cool.
Pic looking toward the Salt Lake valley from top of Snowbird.
See the short video below for the Alpenhorn concert at the top of the Tram. Very cool.
Octoberfest was busy today! The picture below was taken from the Chicadee lift.
Pic looking toward the Salt Lake valley from top of Snowbird.The most exciting part of the day was not caught on film...when I went head over bull on the mechanical bull ride! I have heard a rumor that there is a video out there somewhere...
Beautiful valley on the way to Midway via Brighton.
Tuesday, September 27, 2011
The Canyons and Solitude to connect via Tram
Breaking news! The Canyons and Solitude will connect via tram in the future. The two resorts will be the first to cross the divide between the Wasatch front and the Wasatch back. More details to follow in the coming weeks.
The 2 resorts would have a reciprocal lift ticket agreement. One big benefit is the reduced traffic congestion for Big Cottonwood Canyon.
The 2 resorts would have a reciprocal lift ticket agreement. One big benefit is the reduced traffic congestion for Big Cottonwood Canyon.
Monday, September 19, 2011
Sundance Film Festival 2012 tickets
Sundance Film Festival is scheduled for January 19-29 2012 here in fabulous Park City, Utah.
Sundance Film Festival passes are a great way to go - you don't have to buy individual tickets for movies. You simply show up to your theatre of choice 30 minutes prior to a viewing and you are in!
Registration for Sundance Film Festival passes is from Sept 20, 2011 until October 12, 2011. You must register for a time slot to purchase tickets. Re-visit the ticket purchasing site in your time slot and buy your passes. It's that easy!
The good lodging spots sell out early. Don't be forced to book a room out of town. Get your lodging now! Check our sister website vacation rentals page for availability. Rooms starting as low as $450 per night, sleeps 7!
The Canyons Golf Course progress
The Canyons... Park City's sleeper in my opinion. This resort is poised to take the others down!
And, they have deep pockets to make it happen.
Take a look at the pictures of the Canyons golf course underway:
I know, you can't see much. The guards were shooing me away as I tried to capture a few pics. The good news is things are starting to move forward.
Ok, let's go over it again: Fabulous skiing in Park City, Utah, 30 minutes from SLC airport, golf course, new restaurants, new lifts what else could you want?
Click on any of the links to search Park City's MLS and look for Canyons area. Or, call me and I will search for you! Heather Feldman 435-731-0803
And, they have deep pockets to make it happen.
Take a look at the pictures of the Canyons golf course underway:
Ok, let's go over it again: Fabulous skiing in Park City, Utah, 30 minutes from SLC airport, golf course, new restaurants, new lifts what else could you want?
Click on any of the links to search Park City's MLS and look for Canyons area. Or, call me and I will search for you! Heather Feldman 435-731-0803
Friday, August 5, 2011
Stock Market Alternatives for your IRA's and 401K's
Stock Market give you a beating in the last few days or over the last few years? There is an alternative for your IRA or 401k money. Buy some income producing property and take control of your future!
By moving your IRA or 401k money to a self-directed IRA, you can hold real estate, tax deeds and many other items. I am only concerned with holding of Real Estate. There are many guidelines to go along with the many benefits.
Here is how it works;
First you choose a self directed IRA administrator like Mountain West IRA to move your money to. No penalties - you are not withdrawing, just rolling over. Next, you identify an income producing or investment property to purchase here in Park City, with me as your Buyer's agent. Vacant land can also be held by a self-directed IRA with the intent that this property will increase in value and someday make you some money. This property can be purchased in full by your self-directed IRA, or there are loans available for certain properties. The loans are non-recourse and are loaned to your IRA based on the income producing history of the property, not your personal credit or income.
Now, you can't buy that ski home for your personal use, the IRS does not allow that type of usage. However, you can buy that ski home or condo for your future financial security. In theory, this income producing property will hold its own and cover most expenses, and hopefully gain in equity as our market recovers. Of course, there is risk involved. If you had your IRA in the stock market and it falters, you are affected. If you have your IRA money in Real Estate and the market falters, you are affected. In both scenarios you are only affected if you need to sell while the market is experiencing a downturn.
There are so many scenarios to explore along with the rules and guidelines, I recommend calling a professional. This is a very simplified summary.
Are you in Park City on August 11th? John Galane of Mountain West IRA will be giving an 8 hour in-depth class about how to hold real estate in a self-directed IRA. See flyer below. I have represented a buyer using Mountain West IRA as their administrator of their sself-directed IRA, and the process was easy. Quite painless. I am happy to answer questions about how that transaction went and how we could find a property for you. Call me at 435-731-0803
By moving your IRA or 401k money to a self-directed IRA, you can hold real estate, tax deeds and many other items. I am only concerned with holding of Real Estate. There are many guidelines to go along with the many benefits.
Here is how it works;
First you choose a self directed IRA administrator like Mountain West IRA to move your money to. No penalties - you are not withdrawing, just rolling over. Next, you identify an income producing or investment property to purchase here in Park City, with me as your Buyer's agent. Vacant land can also be held by a self-directed IRA with the intent that this property will increase in value and someday make you some money. This property can be purchased in full by your self-directed IRA, or there are loans available for certain properties. The loans are non-recourse and are loaned to your IRA based on the income producing history of the property, not your personal credit or income.
Now, you can't buy that ski home for your personal use, the IRS does not allow that type of usage. However, you can buy that ski home or condo for your future financial security. In theory, this income producing property will hold its own and cover most expenses, and hopefully gain in equity as our market recovers. Of course, there is risk involved. If you had your IRA in the stock market and it falters, you are affected. If you have your IRA money in Real Estate and the market falters, you are affected. In both scenarios you are only affected if you need to sell while the market is experiencing a downturn.
There are so many scenarios to explore along with the rules and guidelines, I recommend calling a professional. This is a very simplified summary.
Are you in Park City on August 11th? John Galane of Mountain West IRA will be giving an 8 hour in-depth class about how to hold real estate in a self-directed IRA. See flyer below. I have represented a buyer using Mountain West IRA as their administrator of their sself-directed IRA, and the process was easy. Quite painless. I am happy to answer questions about how that transaction went and how we could find a property for you. Call me at 435-731-0803
Monday, July 25, 2011
HGTV's Dream Home near Park City, Utah
I guess I am a bit late on this news, but I have been busy...
So, I was driving by the Rossignol building on the left and Skullcandy headquarters on the right, as I do every day when I saw this big red truck with HGTV on the side. It kept coming back each night for more than a week.
At first I thought it might be one of the shows visiting like Yard Crashers - I was ready to head over to Home Depot and hang out waiting for Ahmed Hassan to find me and Crash my yard! I figured it was not to be. I remembered all the shows are produced independently. I went to my office and scanned the internet and found the press release announcing the DREAM HOME location at River's Meadows Ranch - only 15 minutes from my home in Park City. How totally cool is that?
This community is right at the entrance to Midway, Utah which is a very European looking town nestled on the back side of Park City. These homes sit near the banks of the world famous Provo River. The Provo is a popular location for fly fishing. I hear it is already framed. I will go check it out and take some pics - see if I can get some scoop. Check back with me for more info.
So, I was driving by the Rossignol building on the left and Skullcandy headquarters on the right, as I do every day when I saw this big red truck with HGTV on the side. It kept coming back each night for more than a week.
At first I thought it might be one of the shows visiting like Yard Crashers - I was ready to head over to Home Depot and hang out waiting for Ahmed Hassan to find me and Crash my yard! I figured it was not to be. I remembered all the shows are produced independently. I went to my office and scanned the internet and found the press release announcing the DREAM HOME location at River's Meadows Ranch - only 15 minutes from my home in Park City. How totally cool is that?
This community is right at the entrance to Midway, Utah which is a very European looking town nestled on the back side of Park City. These homes sit near the banks of the world famous Provo River. The Provo is a popular location for fly fishing. I hear it is already framed. I will go check it out and take some pics - see if I can get some scoop. Check back with me for more info.
Sunday, July 24, 2011
Park City's many free concerts
Ok, so you spent your day mountain biking, or maybe riding the zip line at Park City Mountain - lots of fun, right? What about at night? How about one of Park City's many outdoor free concerts? Here is the scoop on the concerts and some links to check out:
WEDNESDAY - Start your evening concert tour with Deer Valley's free concert on Wendesday night on the ski slope behind the Snowpark Lodge. Bring your low chairs, a picnic basket filled with wine, cheeses and snacks for the kids and sit back and relax. Concert starts at 6:00, but get there a bit early to get a great spot. Click the link below to check out Deer Valley's calendar to see who is playing.
http://www.deervalley.com/events-calendar.html
THURSDAY - Not enough music on Wednesday night for you? How about another fun concert on Thursday night? Head over to Newpark Ampitheatre at Kimball Junction. Bring those same low chairs, but you better restock that picnic basket! Even better - get there early and grab a table at Maxwell's outdoor patio. Maxwells also serves pizza by the slice if you don't feel like packing a basket. Check out the Newpark link below for concert details -Starts at 6pm.
http://www.newparktowncenter.com/events.html
THURSDAY - Silver Star Cafe presents Plazapalooza every Thursday night starting at 6pm. No need to pack a picnic basket. The cafe has indoor and outdoor tables. No need to bring chairs, the plaza has plenty of comfortable seating. Just bring yourself.
SATURDAY - The Canyons Concert series is happening and free every Saturday night. You know the routine by now - chairs or blanket, picnic basket with your faves and bring your friends! Park in the lower parking lot and take the Cabriolet up for a night of good music and fun. They have a few food vendors if you don't want to pack your food.
http://thecanyons.com/events.html
___________________________________________________________________
WEDNESDAY - Start your evening concert tour with Deer Valley's free concert on Wendesday night on the ski slope behind the Snowpark Lodge. Bring your low chairs, a picnic basket filled with wine, cheeses and snacks for the kids and sit back and relax. Concert starts at 6:00, but get there a bit early to get a great spot. Click the link below to check out Deer Valley's calendar to see who is playing.
http://www.deervalley.com/events-calendar.html
THURSDAY - Not enough music on Wednesday night for you? How about another fun concert on Thursday night? Head over to Newpark Ampitheatre at Kimball Junction. Bring those same low chairs, but you better restock that picnic basket! Even better - get there early and grab a table at Maxwell's outdoor patio. Maxwells also serves pizza by the slice if you don't feel like packing a basket. Check out the Newpark link below for concert details -Starts at 6pm.
http://www.newparktowncenter.com/events.html
THURSDAY - Silver Star Cafe presents Plazapalooza every Thursday night starting at 6pm. No need to pack a picnic basket. The cafe has indoor and outdoor tables. No need to bring chairs, the plaza has plenty of comfortable seating. Just bring yourself.
SATURDAY - The Canyons Concert series is happening and free every Saturday night. You know the routine by now - chairs or blanket, picnic basket with your faves and bring your friends! Park in the lower parking lot and take the Cabriolet up for a night of good music and fun. They have a few food vendors if you don't want to pack your food.
http://thecanyons.com/events.html
Saturday, July 23, 2011
Red Ledges Golf in Heber City, Utah 1 day only Lot Sale only $175,000 - get 3% back !
On July 30th, Red Ledges is having a 1 day sale of a select group of their custom home sites at a screaming deal of $175,000, including a Golf Membership!
Red Ledges is a gorgeous golf community set in the foothills of Heber City, Utah about 20 minutes from Park City. Red Ledges was voted Golfweek's #1 Residential Course for 2010 and 2011. It is the home of the Cliff Drysdale Tennis Academy, has a Jack Nicklaus Signature Golf course and they are just putting the finishing touches on their swim and fitness clubhouse.
Purchase one of these lots (or any Red Ledges lot) with me as your buyer's agent and get back 3% of your purchase price*! I must register you with Red Ledges and you must close to receive your 3% back.
Buying long distance? No problem. I can scout out the great lots for you and send pictures to you. Call me today! 435-731-0803 Heather Feldman, Equity Real Estate.
Want to grab one before the July 30th date? No problem. Same great $175,000 price, same deal stands.
Not all lots at Red Ledges are priced at $175,000.
* 3% back to buyer applies to any lot at Red Ledges, and doesnot apply toward completed homes, Mountain Villas or Cottage homes.
SEARCH THE PARK CITY MLS
Red Ledges is a gorgeous golf community set in the foothills of Heber City, Utah about 20 minutes from Park City. Red Ledges was voted Golfweek's #1 Residential Course for 2010 and 2011. It is the home of the Cliff Drysdale Tennis Academy, has a Jack Nicklaus Signature Golf course and they are just putting the finishing touches on their swim and fitness clubhouse.
Purchase one of these lots (or any Red Ledges lot) with me as your buyer's agent and get back 3% of your purchase price*! I must register you with Red Ledges and you must close to receive your 3% back.
Buying long distance? No problem. I can scout out the great lots for you and send pictures to you. Call me today! 435-731-0803 Heather Feldman, Equity Real Estate.
Want to grab one before the July 30th date? No problem. Same great $175,000 price, same deal stands.
Not all lots at Red Ledges are priced at $175,000.
* 3% back to buyer applies to any lot at Red Ledges, and doesnot apply toward completed homes, Mountain Villas or Cottage homes.
SEARCH THE PARK CITY MLS
Tuesday, July 12, 2011
Las Vegas Review Journal Travel writer loves Park City!
Las Vegas Review Journal Travel writer Deborah Wall visited Park City recently and figured out something we locals already know... Park City is the best place to be any time of year!
Click on the link below to see her article titled "Mountains of Fun" detailing all of the fun things she did - biking? hiking? eating? drinking? Have to read her article to find out what she had the most fun doing.
http://www.lvrj.com/living/cerca-skiers-haven-park-city-also-offers-summer-thrills-124558994.html
Click on the link below to see her article titled "Mountains of Fun" detailing all of the fun things she did - biking? hiking? eating? drinking? Have to read her article to find out what she had the most fun doing.
http://www.lvrj.com/living/cerca-skiers-haven-park-city-also-offers-summer-thrills-124558994.html
Sunday, June 12, 2011
What happened to Last Samurai in Park City? Deals for Park City Locals!
For all of the locals and visitors that used to love dinner at Last Samurai here in Park City, there is a light at the end of the tunnel for us. Last Samurai closed their doors at their Park City Location a little less than a month ago. We all thought they would be the one restaurant to last in that cursed location behind the Chevron at Kimball Junction.
The business was tough according to Steve, owner/manager of Last Samurai in Salt Lake City. They did not have enough tables to seat all the patrons in the Winter, and business was not brisk enough in the Summer to hold them over.
Last night I went to Last Samurai's Salt Lake Location off of 600 S. for dinner with some Park City friends. Familiar faces and great food greeted us. The filet is my favorite with fried rice. I have to use every bit of will power I have (or not) to not eat every bit of rice before my filet is done. Yeah, it's that good.
They were so glad to see all of the Park City locals last night that they extended an offer to all Park City locals - 15% off the check and a free appetizer. Just ask for Steve. Tell him you heard about it on my blog -www.pcrealestate.blogspot.com
Enjoy your dinner!
Heather
The business was tough according to Steve, owner/manager of Last Samurai in Salt Lake City. They did not have enough tables to seat all the patrons in the Winter, and business was not brisk enough in the Summer to hold them over.
Last night I went to Last Samurai's Salt Lake Location off of 600 S. for dinner with some Park City friends. Familiar faces and great food greeted us. The filet is my favorite with fried rice. I have to use every bit of will power I have (or not) to not eat every bit of rice before my filet is done. Yeah, it's that good.
They were so glad to see all of the Park City locals last night that they extended an offer to all Park City locals - 15% off the check and a free appetizer. Just ask for Steve. Tell him you heard about it on my blog -www.pcrealestate.blogspot.com
Enjoy your dinner!
Heather
Sunday, May 29, 2011
Should you buy a rental property in Park City right now?
Rental properties can be a great source of income and can give you a family getaway
all in one – if you are educated and prepared.
The question to ask yourself is, do you want to buy a residential long term lease type of property or a vacation rental?
Residential long term rental:
Great way to go in the Park City Market. Typically, there are a few factors that create the rental market to skyrocket. Demand grows when buyers are priced out of the market. Rental demand also grows in times like we have now where the ability to get a loan is very challenging. You have many families out there that have experienced a short sale, a foreclosure or simply are self-employed and cannot get a loan. These people have to live somewhere! Right now we have rental requests coming across our Realtor e-blasts like crazy.
Vacation property rentals:
Ideal if you wish to use the property and enjoy all Park City has to offer and get some cash to boot! While the market can wax and wane, there are many properties here in Park City that can produce a nice income. The prices are nice and low right now, so there is the upside of possible appreciation as the market grows and changes.
A few things to think about when purchasing a rental property:
Price is key!
A bargain now will help you to better withstand fluctuations in rental income and property value over time so you can profit if and when you eventually sell. You need to develop a deep understanding of the area in which you are buying. You can keep making low-ball offers and wait for the deal you want, but great bargains generally get snapped up and often times have multiple offers, so you need to be able to act quickly once your target’s in sight. Be ready. Get pre-qualified and do your homework. Prices are low here in Park City right now.
Choose the right area
Rental properties don’t always make good neighbors, but there are a few tricks to making it work. Overall, it’s important to find a community where your rental property will have a good chance of being accepted, and the ritziest corner of town may not be it. In Park City, it all depends on what your rental goal is. Nightly rental? Long term? The answer to that question will determine which area in which you should purchase.
Many Park City neighborhoods don't allow nightly rentals, and they are too far from the slopes to be in demand. Old Town, and Deer Valley's areas are in demand for nightly rentals. Long term rental areas are numerous here, and each so different. Pinebrook and Jeremy Ranch are ideal for families and for those that commute to Salt Lake City. Trailside rents almost immediately because of the proximity to the elementary school. Park Meadows is a good alternative for those that love to be close to Main Street.
Regardless of what neighborhood you choose, you never want your property to be the worst-looking one on the street, or complaints and possibly citations may follow. If you choose a property which visibly needs maintenance, you should budget to correct these issues within the first year, and ideally prior to renting it at all. This helps to show the township or city officials that you’re one of the good landlords, committed to keeping your property up, and can make a huge difference in your experiences over the life of the property.
Look for a Property that is easy to Maintain
That historic Old Town Miner's Cottage home you’ve been ogling may feature charm and character, but you’ll have difficulty making changes to this home and repairs can be never ending. And if the property is a single family home, you must consider snow removal. Does it have heat tape? Areas where snow could build up and create ice dams? In the Mountains you have more to consider. A house which has simple, solid construction, where everything’s easy to access and uses relatively standard materials, is generally the easiest and most inexpensive to maintain.
Complicated landscaping may be expensive to maintain as well; I recommend properties with a simple, small lawn, nice manageable planting bed, and ideally a large rock garden or patio. Pay special attention to the driveway. A steep, long driveway will be expensive to plow and add to your cost of maintenance.
Special considerations in Park City to think about
Basements are the norm here in Park City, but some are built in areas that can flood in high snow years. What will you do if your sump pump malfunctions? Are you able to deal with a flooded basement?
Make sure the home you buy does not have plumbing pipes on exterior walls .Frozen pipes are a headache you don't need with nightly or long term renters.
Snow removal can be costly and is absolutely necessary. Make sure you figure this in your budget.
Look out for safety issues
An excellent value for the money, a licensed home inspector can help to identify potential safety and maintenance issues and even provide ballpark estimates for correcting these. I always recommend to my buyers to have a property inspected, especially an investment property.
Radon, lead paint, asbestos and mold are four primary concerns, as they pose significant health risks and can be expensive problems, requiring specialists to remediate. Pay close attention to walkways - negligence can be costly. Heat or remove snow and ice daily to prevent accidents.
As a landlord, there are certain things you need to pay special attention to in order to prevent potential lawsuits. Some of these include:
Exterior stairways without handrails or where ice/snow/rain may cause a slip hazard
Steep steps
CO and smoke detectors (fire hazard)
Obstructed doorways or exits (fire hazard)
Broken windows/glass
Cracks or unevenness in sidewalks, driveways, or walkways (trip hazard)
Open electrical circuits, outlets or wires (electrocution hazard)
Unsecured hot tubs (drowning hazard)
Lack of GFI outlets near kitchen/bathroom water facilities (electrocution hazard)
As a rental property owner, you have an increased risk of lawsuits overall, so safety is a primary concern, but accidents still happen. Owners often choose to limit their personal liability risk by establishing each property as its own LLC. It is advisable to consult a lawyer to ensure that your other assets will be protected in the event of a lawsuit.
Who will manage this property?
Unless you are an expert at marketing, pricing and maintaining your rental property, you need a good property manager.
What would you do if your nightly renter calls late one night because he lost his key? How about the heat or water not working in a snowstorm? You need a property manager that has a staff of professionals they can call on that they trust to get the problem fixed.
One unfortunate landlord I know attempted to hold down a busy job in another part of the country while trying to manage his nightly rental property here in Park City's Old Town. He invested a chunk of money to fix up his properties, and everything seemed fine until pipe froze and burst, flooding his lower floor. It could have been prevented if he was here and was aware of the below freezing night we had. His renters were out of luck – he had to scramble to find them other accommodations and then try to fix problem. He didn’t have much luck with the local contractors he reached out to, and the rest of his winter skiers were out on their ears until he could get this problem fixed.
There are a million more things to consider, especially if you have never had a rental property before in a resort town. Call me to discuss your options and which properties
would fit your needs and make some cash!
Friday, May 6, 2011
Fabulous Bank-Owned Promontory Ranch home successfully closed!
Bank owned properties are a challenge. Yes, the prices can be a screaming deal, but there are lots of hoops to jump through. If you have the stomach for it, I say go for it! Get your ducks in a row first, then jump in.
Right now, Promontory Ranch Club, a high end golf community in Park City, Utah has some great deals. The development went through a bankruptcy a while back and the community is still on the rebound. Homes that previously went in the $2 million plus range can now be picked up for just under 1Million. Gorgeous homes, great community, great amenities. The theory is once the economy changes and the market has recovered, these homes will be worth a heck of alot more than the buyers have paid. In the mean time, these buyers of the bank owned bargains will live in a gorgeous, high end home for half the price. Promontory is about 10 minutes from Park City Mountain, Deer Valley and The Canyons. These homes have some of the most fabulous views of all 3 resorts.
So, you write an offer and think long and hard about the price, the closing date and the rest of the terms that work for you and your situation. Usually the seller will respond and the negotiations begin. Bank owned properties are different. The bank required my seller to sign an addendum they create as a blanket document to cover all possibilities in all areas of the country. Seriously, why don't they just write their own contract? They completely blow out of the water all of your dates on the original offer - due diligence deadline, financing deadline etc. In this particular addendum they gave the buyer 10 days to get an inspection and 15 to get loan approved. Inspection, not a problem, but even with a well qualified buyer, full loan approval in 15 days is difficult.
Back are the days where the banks require your first born child to approve a loan. Lending institutions give a borrower a "conditional approval" along with a list of additional documents they need to give full approval. No big deal, right? Wrong. In this particular case the list never ended. As soon as one required document was submitted, a request for something else would come. Luckily, this buyer was super organized and had all of the needed documents available. It almost felt like the underwriter was trying to justify their job!
Bank owned properties can be a great way to go if you know what to expect. Don't expect the offer and negotiation process to be like a regular home purchase. Meet with a loan officer and get everything ready to go on that front before you go shopping, then be ready to pre-qualify with their required lending institution. Next, go into the process with reasonable expectations about the price. Have your agent pull all the closed sales in that area. Banks aren't going to negotiate as much in an area with brisk sales. Figure they may not credit any money for repairs. Make sure you understand the bank addendum and the ramifications.
Call me at 435-731-0803 or email me at heather@parkcityhousehunters.com for more information about Promontory Ranch Club bank owned properties. Click on the link below to view some Promontory deals.
CLICK HERE TO VIEW PROMONTORY RANCH CLUB BARGAINS
Right now, Promontory Ranch Club, a high end golf community in Park City, Utah has some great deals. The development went through a bankruptcy a while back and the community is still on the rebound. Homes that previously went in the $2 million plus range can now be picked up for just under 1Million. Gorgeous homes, great community, great amenities. The theory is once the economy changes and the market has recovered, these homes will be worth a heck of alot more than the buyers have paid. In the mean time, these buyers of the bank owned bargains will live in a gorgeous, high end home for half the price. Promontory is about 10 minutes from Park City Mountain, Deer Valley and The Canyons. These homes have some of the most fabulous views of all 3 resorts.
So, you write an offer and think long and hard about the price, the closing date and the rest of the terms that work for you and your situation. Usually the seller will respond and the negotiations begin. Bank owned properties are different. The bank required my seller to sign an addendum they create as a blanket document to cover all possibilities in all areas of the country. Seriously, why don't they just write their own contract? They completely blow out of the water all of your dates on the original offer - due diligence deadline, financing deadline etc. In this particular addendum they gave the buyer 10 days to get an inspection and 15 to get loan approved. Inspection, not a problem, but even with a well qualified buyer, full loan approval in 15 days is difficult.
Back are the days where the banks require your first born child to approve a loan. Lending institutions give a borrower a "conditional approval" along with a list of additional documents they need to give full approval. No big deal, right? Wrong. In this particular case the list never ended. As soon as one required document was submitted, a request for something else would come. Luckily, this buyer was super organized and had all of the needed documents available. It almost felt like the underwriter was trying to justify their job!
Bank owned properties can be a great way to go if you know what to expect. Don't expect the offer and negotiation process to be like a regular home purchase. Meet with a loan officer and get everything ready to go on that front before you go shopping, then be ready to pre-qualify with their required lending institution. Next, go into the process with reasonable expectations about the price. Have your agent pull all the closed sales in that area. Banks aren't going to negotiate as much in an area with brisk sales. Figure they may not credit any money for repairs. Make sure you understand the bank addendum and the ramifications.
Call me at 435-731-0803 or email me at heather@parkcityhousehunters.com for more information about Promontory Ranch Club bank owned properties. Click on the link below to view some Promontory deals.
CLICK HERE TO VIEW PROMONTORY RANCH CLUB BARGAINS
Thursday, April 21, 2011
Park City after ski season Jupiter Bowl Deals!
Calling all locals!
Did you know Jupiter Bowl has some great specials?
You can find me and my family there just about every Tuesday for $3 day
$3 burgers (yummy)
$3 beer
$3 billiards
$3 bowling
http://www.jupiterbowl.com/promotions/
Check out their link for more specials!
Did you know Jupiter Bowl has some great specials?
You can find me and my family there just about every Tuesday for $3 day
$3 burgers (yummy)
$3 beer
$3 billiards
$3 bowling
http://www.jupiterbowl.com/promotions/
Check out their link for more specials!
Thursday, April 14, 2011
Mortgage Mess - Who owns your mortgage?
60 Minutes is reporting on the latest mess in the Mortgage industry.
Click on the link below to see the reports regarding the paperwork mess the banks have created by losing documents to show who actually owns your mortgage. Many mortgages were sold in bundles on Wall street back in the day and - imagine this - the paperwork transferring these mortgages has disappeared. Some banks chose to forge the documents.
How does this effect you? When you go to sell your home, you may have a difficult time if your loan was sold and there is no paper trail. Watch and learn.
http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml
Click on the link below to see the reports regarding the paperwork mess the banks have created by losing documents to show who actually owns your mortgage. Many mortgages were sold in bundles on Wall street back in the day and - imagine this - the paperwork transferring these mortgages has disappeared. Some banks chose to forge the documents.
How does this effect you? When you go to sell your home, you may have a difficult time if your loan was sold and there is no paper trail. Watch and learn.
http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml
Monday, April 4, 2011
Park City to host Snowboard Magazine's "The Launch"
Park City Mountain to host Snowboard Magazine's
"The Launch"
Location: King's Crown Terrain Park, Park City Mountain
Dates: April 5-7 (load in April 4 and weather day April 8)
King's Crown Terrain Park at Park City Mountain has been closed for the last week and a half preparing the park for a special event. Park City Mountain Resort has been chosen to host Snowboarder Magazine's The Launch. The Launch is a literal launching pad for the next generation of snowboarders.
Rather than coming together for a contest, The Launch allows these riders to come together in a positive and progressive atmosphere. It's a huge honor to be chosen to host Snowboarder Magazine's The Launch. 50 of the world's best snowboarders under the age of 18 will invade Park City Mountain Resort and prove why they are the future of the sport. Please see below for a schedule of events, and a link to Snowboard Magazine's Launch page.
http://parkcity.typepad.com/ride_park_city/2011/03/snowboarder-magazines-the-launch-is-coming-to-park-city.html
http://fresh.snowboardermag.com/feature/the-launch-2010-super-post/
Wednesday, March 30, 2011
Park City Mountain to stay open longer
Park City Mountain to stay open until April 17th!
Great news for locals! Get out there and enjoy the great snow and great Spring weather.
Great news for locals! Get out there and enjoy the great snow and great Spring weather.
Monday, March 28, 2011
Use a Buyer's Agent? Why would you NOT use a Buyer's agent?
Why not use a Buyer's Agent? Would you use the other guy's attorney in a court proceeding? I think not!
I know, I harp on this now and again, but I just can't wrap my mind around it. Why are people afraid of enlisting the help of a Buyer's Agent? Let's look at a list of some of the duties we deliver to you, the Buyer:
As Agents for the buyer, the Buyer's agent and the Broker have fiduciary duties to the buyer that include loyalty, confidentiality, full disclosure and reasonable care.
Hmmm, sounds like a win-win for a Buyer, right? Well, then explain why some Buyers, when looking to buy a home will only work with the Seller's agent? They drive around and call off of the signs, and yes, some of those calls have come to me, and they think they are doing what is in their best interest.
That Seller's agent represents the Seller. Their job is to look out for their Seller, not you the unrepresented Buyer. Now, that does not mean they will be dishonest, it just means they are working to benefit their client, not you. That seller will still pay the agreed upon commission, they will just be paying it all to their agent instead of splitting it with your agent. You know, the seller pays both the Buyer's and the Seller's agent.
Oh, I get it - Buyers think they can get a better deal by working with the Seller's agent. Sometimes that is true. If the seller's agent and their broker both agree to take a lesser commission, then in theory the Buyer could get a better price. How much are you really saving? 2%? You might have been able to save that and more by having an agent look out for you and your interests. Do you think that Seller's agent is going to work hard to provide you all of the comps and educate you on the area and what this home should really sell for? Maybe. Maybe not. Remember, they aren't representing you.
What about limited or dual agency? Sure, it happens. But, know that it is limited. The agent has fiduciary duties to both the Seller and Buyer. The agent cannot provide both Buyer and Seller undivided loyalty, full confidentiality and full disclosure . For example - being limited or dual, the agent may not disclose to either party any information likely to weaken the bargaining position of the other - like the highest price the buyer will offer, or the lowest price seller will take. It' s kind of like going to court and having the other attorney represent you too. Can't imagine doing that! Yet, with the largest purchase most people will make, they trust that the other agent will do them right.
In Park City Utah, I am your Buyer's Agent
Heather Feldman
heather@parkcityhousehunters.com
435-731-0803
I know, I harp on this now and again, but I just can't wrap my mind around it. Why are people afraid of enlisting the help of a Buyer's Agent? Let's look at a list of some of the duties we deliver to you, the Buyer:
As Agents for the buyer, the Buyer's agent and the Broker have fiduciary duties to the buyer that include loyalty, confidentiality, full disclosure and reasonable care.
Hmmm, sounds like a win-win for a Buyer, right? Well, then explain why some Buyers, when looking to buy a home will only work with the Seller's agent? They drive around and call off of the signs, and yes, some of those calls have come to me, and they think they are doing what is in their best interest.
That Seller's agent represents the Seller. Their job is to look out for their Seller, not you the unrepresented Buyer. Now, that does not mean they will be dishonest, it just means they are working to benefit their client, not you. That seller will still pay the agreed upon commission, they will just be paying it all to their agent instead of splitting it with your agent. You know, the seller pays both the Buyer's and the Seller's agent.
Oh, I get it - Buyers think they can get a better deal by working with the Seller's agent. Sometimes that is true. If the seller's agent and their broker both agree to take a lesser commission, then in theory the Buyer could get a better price. How much are you really saving? 2%? You might have been able to save that and more by having an agent look out for you and your interests. Do you think that Seller's agent is going to work hard to provide you all of the comps and educate you on the area and what this home should really sell for? Maybe. Maybe not. Remember, they aren't representing you.
What about limited or dual agency? Sure, it happens. But, know that it is limited. The agent has fiduciary duties to both the Seller and Buyer. The agent cannot provide both Buyer and Seller undivided loyalty, full confidentiality and full disclosure . For example - being limited or dual, the agent may not disclose to either party any information likely to weaken the bargaining position of the other - like the highest price the buyer will offer, or the lowest price seller will take. It' s kind of like going to court and having the other attorney represent you too. Can't imagine doing that! Yet, with the largest purchase most people will make, they trust that the other agent will do them right.
In Park City Utah, I am your Buyer's Agent
Heather Feldman
heather@parkcityhousehunters.com
435-731-0803
Tuesday, March 22, 2011
April Screaming Deals on Lodging in Park City
Park City April Screaming Deals!
Click the link below.
http://myemail.constantcontact.com/April-Screaming-Deals-on-Park-City-Lodging-up-to-40--off-.html?soid=1104387713397&aid=tZHVJdQmsQc
Click the link below.
http://myemail.constantcontact.com/April-Screaming-Deals-on-Park-City-Lodging-up-to-40--off-.html?soid=1104387713397&aid=tZHVJdQmsQc
Tuesday, March 8, 2011
Tax Tips for Homeowners
As posted in Trulia.com today:
Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Please consult your tax professional for details about your tax situation.
Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Please consult your tax professional for details about your tax situation.
Monday, March 7, 2011
Local Park City ski video
The Prospector's arts program produced the following video to promote Park City.
http://www.youtube.com/watch?v=oQX2ic_wL-Y
What are your thoughts?
http://www.youtube.com/watch?v=oQX2ic_wL-Y
What are your thoughts?
Friday, January 28, 2011
Park City ski home with Spectacular views!
Does your company need a corporate retreat? A ski propety to send your best employees as a reward?
This could be the home for you. I bet as a corporate retreat there are some write-offs there for you too.
How's that for a view? Pretty spectacular. You are seeing the Canyons directly and Park City Mountain to the left. This picture was taken a few days ago after a fresh dusting of snow. This ski home has 5 traditional bedrooms, 2 of those have loft areas for playing or additional beds, and one huge room that could be a bunk room ( bet you could put 4-5 sets of bunk beds in there) or a home theatre instead of a bedroom. It's that big.
Don't you want to take care of your employees and have a place to take your family also?
Offered at $1,395,000
http://www.postlets.com/repb/1459542
This could be the home for you. I bet as a corporate retreat there are some write-offs there for you too.
Don't you want to take care of your employees and have a place to take your family also?
Offered at $1,395,000
http://www.postlets.com/repb/1459542
Tuesday, January 25, 2011
Park City and Deer Valley President's week lodging still available
Waited to book your Park City or Deer Valley ski condo for President's week?
That's OK. Check out the properties below that still have availability.
Lower Deer Valley "Daystar" condo 3 bedrooms, 3.5 baths, inlcudes "Dinner on Us"
www.VRBO.com/251679
Lower Deer Valley "Pinnacle" condo, 4 bedrooms, 4.5 baths, sleeps 8-10, Includes "Dinner on Us"
www.VRBO.com/254037
Lower Deer Valley "Nordic Village home, 5 bedrooms, 5.5 baths sleeps 8-12, Includes "Dinner on Us"
www.VRBO.com/150131
Ski properties with some President's week availability:
Empire Pass "Shooting Star" condo Ski-in, Ski-out, sleeps 9 Includes "Dinner on Us"
www.VRBO.com/147043
Lower Deer Valley "Fawngrove" condo, 2 bedrooms, 2 baths, sleeps 4-6, Includes "Dinner on Us"
VRBO.com/265217
That's OK. Check out the properties below that still have availability.
Lower Deer Valley "Daystar" condo 3 bedrooms, 3.5 baths, inlcudes "Dinner on Us"
www.VRBO.com/251679
Lower Deer Valley "Pinnacle" condo, 4 bedrooms, 4.5 baths, sleeps 8-10, Includes "Dinner on Us"
www.VRBO.com/254037
Lower Deer Valley "Nordic Village home, 5 bedrooms, 5.5 baths sleeps 8-12, Includes "Dinner on Us"
www.VRBO.com/150131
Ski properties with some President's week availability:
Empire Pass "Shooting Star" condo Ski-in, Ski-out, sleeps 9 Includes "Dinner on Us"
www.VRBO.com/147043
Lower Deer Valley "Fawngrove" condo, 2 bedrooms, 2 baths, sleeps 4-6, Includes "Dinner on Us"
VRBO.com/265217
Friday, January 21, 2011
Park City to host 2011 FIS Freestyle ski event!
This is the type of fun we all live for here in Park City. We get to watch greatness and history in the making.
The world’s most prestigious freeski athletic competition outside of the Olympics will be held at Deer Valley Resort and Park City Mountain Resort February 2 – 5, 2011, when the FIS Freestyle World Ski Championships comes to town.
•Park City Mountain Resort will host competitions in slopestyle and halfpipe.
•Deer Valley Resort will host competitions in moguls, dual moguls, aerials and ski cross.
The slopestyle competition was recently added to the event line up following an announcement giving support for 2014 Winter Games inclusion by the International Olympic Committee in September (Slopestyle skiing, halfpipe skiing and slopestyle snowboarding are all being considered for the 2014 Winter Games).
In November, the FIS voted to add slopestyle skiing and slopestyle snowboarding to the respective World Championship events. The final approval by the International Olympic Committee for skiing events to be added to the 2014 Winter Games will come following a review of the World Championship events held this February at Park City Mountain Resort.
The world’s most prestigious freeski athletic competition outside of the Olympics will be held at Deer Valley Resort and Park City Mountain Resort February 2 – 5, 2011, when the FIS Freestyle World Ski Championships comes to town.
•Park City Mountain Resort will host competitions in slopestyle and halfpipe.
•Deer Valley Resort will host competitions in moguls, dual moguls, aerials and ski cross.
The slopestyle competition was recently added to the event line up following an announcement giving support for 2014 Winter Games inclusion by the International Olympic Committee in September (Slopestyle skiing, halfpipe skiing and slopestyle snowboarding are all being considered for the 2014 Winter Games).
In November, the FIS voted to add slopestyle skiing and slopestyle snowboarding to the respective World Championship events. The final approval by the International Olympic Committee for skiing events to be added to the 2014 Winter Games will come following a review of the World Championship events held this February at Park City Mountain Resort.
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