HEATHER FELDMAN, EQUITY REAL ESTATE LUXURY GROUP PARK CITY 435-731-0803
Monday, November 25, 2013
Sunday, November 24, 2013
Buyers paying cash for vacation homes - financing :
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
Read the Wall Street Journal article
Vacation Home lending
Friday, October 4, 2013
Vail/Park City Mountain Resort legal battle - Vail prepares for battle
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.
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
Tuesday, October 1, 2013
Park City Restaurant Fall Dine About
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
Monday, September 9, 2013
Simple Seller "Do Not" list
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
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
Friday, August 30, 2013
Park City Pending and Sold Statistics for the 2nd quarter of 2013
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
Heather Feldman 435-731-0803
Monday, August 19, 2013
Have you purchased your Canyons Epic pass yet?
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
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
Tuesday, August 13, 2013
Summit County Rockport fire
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
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
Sunday, August 11, 2013
Park City Pinebrook Great Value!
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
435-731-0803
Saturday, August 10, 2013
Outside Magazine Names Park City, Utah "Best Town Ever 2013"
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
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
Monday, August 5, 2013
Saturday, August 3, 2013
Park City 3rd Quarter Statistics - Real Estate is on FIRE!
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.
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."
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
Monday, July 1, 2013
Designer's Home in Trailside, Park City Utah
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
MLS 1171201Virtual Tour
Thursday, June 6, 2013
Vail Resorts to operate Canyons and features the EPIC pass!
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
Monday, March 18, 2013
Surging Stocks Give Ski Home Market a Lift
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
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
Thursday, January 3, 2013
Housing prices could jump 9.7% in 2013
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
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