More than $858 Million sold in Park City Utah

Single Family Homes Sales On The Rise


FOR IMMEDIATE RELEASE



25 January, 2010 (Park City) – More than $858 million in real estate transactions changed hands in 2009 in the greater Park City area (Summit and Wasatch counties), according to a report today by the Park City Board of REALTORS®.



The total volume included the sale of homes, condominiums and land. In 2008, total sales exceeded $1.03 billion, which is a 16.9 percent decrease in the volume sold in 2009.



"In spite of two difficult economic years, Park City's economy remains resilient," said Mark Seltenrich, president of the Park City Board of REALTORS®. Compared to all other Rocky Mountain ski destinations, Park City has fared better than our neighbors in Colorado, Wyoming and other resort towns. "For example, in Vail, Colo., REALTORS® reported that 2009 real estate sales were down nearly 60 percent compared to 2008, while Park City was down only about 17 percent."



Sales of single-family homes were the strongest part of the market in 2009, with sales of homes in the greater Park City area in 2009 surpassing the levels of 2008. "This is due in large part to homes becoming more affordable and the desirability of Park City as a place to live and raise a family," Seltenrich added.



Sales of Single-Family Homes


The number of single-family homes sold in the greater Park City area totaled 507 transactions in 2009, a 1.8 percent increase compared to 498 sales in 2008. Sales in Park City limits were up 7.4 percent in 2009 compared to the previous year. The Snyderville Basin saw its sales decline 13.9 percent. Sales in the Heber Valley climbed 18.1 percent and sales of single-family homes in the Kamas Valley increased 29.0 percent compared to 2008.



Median Price of Single-Family Homes

The median price of single-family homes sold within Park City limits during 2009 fell to $1.4 million, a 23 percent decrease compared to $1.8 million in 2008. The Snyderville Basin saw home prices fall to $670,000, down 4.3 percent compared to $700,000 a year earlier. The Heber Valley saw home prices fall 12 percent to $307,500 down from $350,000 in 2008. In the Kamas Valley, the median price of a single-family home in 2009 was down 25 percent at $270,000 compared to $360,000 a year ago.



Sales of Condominiums

The number of condominium sales in the greater Park City area fell to 390 transactions in 2009, down 19.8 percent compared to 486 sales in 2008. Within Park City limits sales fell 28.2 percent. In the Snyderville Basin sales were off 16.3 percent. In the Heber Valley sales were up 40 percent.



Median Price of Condominiums

Prices of condos in Park City limits fell 10 percent to $745,000, down from $825,000 a year earlier. In the Snyderville Basin, the median price of condos sold in 2009 was down 24 percent at $327,000 compared to $430,000 a year ago.



Land

Vacant land sales were down 44 percent in the greater Park City area. In Park City limits, the median price of land in 2009 was $725,000, down 21 percent compared to a median price of $917,500 in 2008. In the Heber Valley, the median price of vacant land was $275,000, down 27 percent compared to $375,000 in 2008. In the Kamas Valley, median land prices were down 7.5 percent at $236,000 compared to $255,000 a year ago.



Looking Ahead

"As prices have come down and properties have become more affordable, more properties in the lower part of the price range have sold, thus lowering the median prices," Seltenrich said. "Sales of higher priced properties have taken place, but at levels below what we have seen in recent years."



Seltenrich said that inventory levels have remained fairly stable since the beginning of the year, but have recently started to decline. This is due to some sellers having taken their properties off the market because they are unwilling to sell at today's lower prices. As inventory levels decline, eventually prices will start to rise, and these sellers may reenter the market.



Buyers continue to be very price sensitive, and are looking for the best deal. Looking forward, distressed sales (mostly short sales and foreclosures) will continue to hold prices down for the first part of the year.



"Park City remains one of North America's premier ski destinations and continues to have the best public education system in the state," Seltenrich said. "The factors that make Park City a great place to live and recreate remain. There will always be demand to own here." With prices lower than they have been in many years, buyers will see the value and continue to invest in the community.



Seltenrich stressed that all real estate is unique, so to find out what the value of any particular property is, one should talk with their local Park City REALTOR®.

For information about Park City Real Estate call me at 435-731-0803 or visit my website to search for homes at parkcityhousehunters.com

2010 Grand Prix at Park City Mountain - TODAY!

Park City's Olympic Pipe Rides Again, January 22-23, 2010


The historic pipe where U.S. athletes swept the men's podium and won gold in the women's event during the Salt Lake City Olympics in 2002 will entertain the masses with Olympians again. The Grand Prix makes its final stop at Park City Mountain Resort for back to back night competitions, after which the winners will be crowned and the 2010 Winter Games Team Announcement.

A reduced field comprised of the highest scoring athletes from previous tour stops will throw down the best tricks in their bag in an attempt to be one of the few named to the Olympic halfpipe team when the event is over.



Saturday, January 23


9:30 am - 3:30 pm Sponsor Village Open

1:00 - 2:30 pm XBox Junior Jam

(Pick 'N Shovel Terrain Park)

5:30 – 8:30 pm Sponsor Village Open

5:30 - 6:30 pm Superpipe Practice

6:30 – 8:30 pm Men's & Women's Superpipe Finals

Awards immediately following



8:45 - 10:00 pm 30 Seconds to Mars FREE Concert and Winter Games Team Announcement

All events (unless specified) will take place at the Eagle Superpipe at the base of Park City Mountain Resort.

Sunday, January 24

1:00 - 2:00 pm (MST) NBC Broadcast of event

Information and picture courtesy of Park City Mountain
 
 
Who's going? Look for me there!

Do you really need a Buyer's agent when looking for your home?

Believe it or not, you need a Buyer's agent!
Home buyers often set themselves up for a stressful situation: They don’t really know what they want. They might think they know, but until they get out there and look at the homes on the market, their criteria may be too broad or too narrow. There are hundreds of homes on the Park City, Utah real estate market. As a REALTOR® in the Park City and Deer Valley area, I have had a number of buyers approach me with some very loose home selection criteria. One buyer said “I want a screaming deal on a condo with a ski resort view.” Which ski resort? Deer Valley, Park City or the Canyons? At what price level? What level of finishes?



The problem here is that with this type of open-mindedness, homebuyers could have literally dozens of homes available to choose from. While this might sound like a good thing, when faced with a plethora of choices, the amount of homes will be overwhelming to the buyer. A “screaming deal” means something different to every person, and what good is a screaming deal if it really does not meet your family’s needs?


According to the U.S. Department of Housing and Urban Development website, the average buyer sees 15 homes before writing an offer on a home. In my experience this is a fairly accurate estimate. Most buyers begin to tire of the whole process after seeing a dozen homes. All of the homes start to look alike and become a jumble in their mind.


Think of it like this – as a woman, how many pairs of pants do you try on before you get frustrated or tired of it and leave the store, never to buy those pants? As a man, well we already know how many you try on before tiring of the process! Homes are no different.




A few hints:
1. Write down what you must have. A fireplace and hardwood floors? Can't live without a full finished basement? Would die without central air conditioning? Write down those must haves and weed out the homes that don't fit.


2. Select a neighborhood, area or school district. If you must be within walking distance to the lifts, close to the freeway or near the middle school, use this parameter to define your search area.


3. Work with a knowledgeable agent. By working with an experienced agent, my clients are able to get that list of homes down to a manageable level in short order. Although many internet searches have become very detailed, they are still not as detailed as the ones used by licensed agents..

It doesn't cost buyers anything to work with an agent. Our fees are traditionally paid for by the seller. But a REALTOR®'s service can be invaluable by saving the homebuyer time and frustration. Not to mention the fact that we are on your side – working in your best interest.


Working with a buyer is a listening and watching exercise. The first day a good Buyer’s agent should begin to understand the most important criteria to the buyer in buying their Park City or Deer Valley property. By understanding the specific criteria and using my expertise as an experienced agent, the number of homes quickly became a manageable amount. The buyer remains focused and was is able to define their concept of an ideal home, and ultimately find the right home.



If you are buying, selling or relocating to Park City, Utah and need help from a professional REALTOR®, give me a call or visit my website, parkcityhousehunters.com for a FREE Relocation Packet, I specialize in both primary and secondary residences in the greater Park City area.

Sundance Film Festival Movie you must check out.

Unbeaten,” the second film from award-winning documentary filmmaker Steven C. Barber, is an inspirational story that chronicles the exploits of 31 paraplegics for six days, as they make their way in wheelchairs and hand cycles in what is known as the toughest road race in the world, “Sadler’s Alaska Challenge.” The course winds 267 miles though the mountain passes of Denali National Park between Fairbanks and Anchorage.

Unbeaten
The film takes us into the 55 mile-per-day grind of three wheelchair racers, Chris Kohler, Geoffrey Erickson and Edwin Figueroa. The story transitions midway through as the filmmaker follows the elite racers of the U.S. Paralympics squad, Oz Sanchez (current Paralympic gold medalist and fastest man in the world in a hand cycle) and Alejandro Albor (Paralympic silver medalist) in their quest to medal at the 2008 Beijing Paralympics.

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For many of the participants, it is a journey of self-discovery, of strength and a demonstration of will and determination. It is also a message to countless individuals with physical limitations worldwide. “Unbeaten” is a monumental homage to heroism and a message of hope to countless disabled individuals worldwide.

Steven will have 2 disabled athletes here in Park City this Friday for The Sundance Film Festival Jan 22, 2010,  through Sunday, Jan 24, 2010. If anyone is attending and
would like to meet these amazing athletes, contact Steven Barber, Vanilla Fire Productions at stevencbarber@gmail.com. Check out the movie website at unbeatenthemovie.com.

Deer Valley Visa Freestyle International World Cup

Last night, January 15th was the VISA International World Cup competition. If you didn't get to see it, you missed something special. Sorry to say, I have no pictures to show. I tried, but you need to have a pretty heavy duty camera to capture the aerial competitors jumping, twisting and flying through the air.

The kids were all sledding down the hill on their butts and bellies and having a great time.
Tonight is the Freestyle mogul competition. Get there early! If attendance tonight is anything like last night parking will be a challenge. This is a fast paced unbelievable night of competition. They judge on style, time and difficulty. Watching them it is hard to believe anyone's knees can take that punishment. A sport for 20 year olds! The pic you see is the mogul run ready for tonight's competition. See you there!

What message is your FOR SALE sign sending?

Yesterday I was driving through a couple of local neighborhoods and I saw a few “PRICE REDUCED” riders on for sale signs. In Park City the neighborhood does not seem to be dictating whether a home will fly off the market or languish, it is more about what the individual home has to offer. It made me wonder what do buyers think when they pull up in front of a house with the “PRICE REDUCED” rider front and center?

The first questions that popped into my mind were:

Was the house originally overpriced?
Wonder if the seller is desperate?
Is the home in desperate need of a remodel?
What is the listing agent thinking?


If a buyer has been watching a neighborhood for a while they may know the reason why the house is sporting the “PRICE REDUCED” sign. However if they are just arriving in the area, like many Park City buyers, or starting their house hunt the sign screams there might be a problem. There are buyers who would look at a “PRICE REDUCED” sign as a open invitation to make a lowball offer whether one is warranted or not - like it is not a desirable home. It is like the last can of peas on the shelf at the grocery store... nobody wants it. The perception is something must be wrong with that can if nobody took it.

It seems announcing the positive “MUST SEE INSIDE”, “FABULOUS VIEW”, “GREAT VALUE” or many others are better sign riders to encourage a buyer to want to learn more about the property.

Personally my listings aren’t ever going to sport a “PRICE REDUCED” sign rider even if the top of the sign post has to remain empty!

Ski Free in Park City!

Ski Free in Park City the same day you arrive! Can you believe it? It's true. For details log on to:

http://www.parkcityinfo.com/static/index.cfm?contentID=1047

Park City's Quick Start vacation program works at Park City Mountain, Deer Valley and The Canyons.