HEATHER FELDMAN, EQUITY REAL ESTATE LUXURY GROUP PARK CITY 435-731-0803
Showing posts with label deer valley. Show all posts
Showing posts with label deer valley. Show all posts
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, November 29, 2012
Home Prices increase finally!
Great News!
Home prices are increasing - finally!
Even though many areas have seen increased sales volume, most have not experienced price increases. Park City Utah has super low inventory - less than 400 single family homes and less than 400 condos on the market right now. However, the typical reaction to low inventory of price increases have been slower than what we saw in the boom time.
The article below discusses the beginning of price increases in major cities.
Click to see article
Call me for all of your Park City, Utah Real Estate needs.
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com
Saturday, May 26, 2012
Promontory Ranch Club Open House today!
Come by and see this beautiful Promontory home. Open house today from 11-5
CLICK HERE TO SEE MORE INFORMATION ABOUT THIS HOME
CONTACT ME FOR DIRECTIONS 435-731-0803
HEATHER FELDMAN
EQUITY REAL ESTATE LUXURY GROUP
CLICK HERE TO SEE MORE INFORMATION ABOUT THIS HOME
HEATHER FELDMAN
EQUITY REAL ESTATE LUXURY GROUP
Saturday, April 28, 2012
Park City Utah median sales price up
Park City, Utah –The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS®, is that the median sales price for vacant land and condos, in all areas, has gone up. The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for quarter one in 2012.
This is great news for any Park City homeowner.
A year ago, we continued to see downward pressure on prices which seems to have flattened. “Prices throughout our market seem to have stabilized, and in certain segments prices have started to increase. We saw this trend start in 2011 with single family homes, and we are now seeing it in condo and vacant land sales,” says Mark Seltenrich, statistician for the Park City Board of REALTORS®. He adds, “In certain parts of the market, and in certain areas, some pent up demand is being demonstrated and even among buyers there is little talk of prices continuing to fall.”
Click here to read the entire article
For information on any Park City, Utah home, condo or investment property, contact me at
heather@parkcityhousehunters.com
This is great news for any Park City homeowner.
A year ago, we continued to see downward pressure on prices which seems to have flattened. “Prices throughout our market seem to have stabilized, and in certain segments prices have started to increase. We saw this trend start in 2011 with single family homes, and we are now seeing it in condo and vacant land sales,” says Mark Seltenrich, statistician for the Park City Board of REALTORS®. He adds, “In certain parts of the market, and in certain areas, some pent up demand is being demonstrated and even among buyers there is little talk of prices continuing to fall.”
Click here to read the entire article
For information on any Park City, Utah home, condo or investment property, contact me at
heather@parkcityhousehunters.com
Tuesday, April 17, 2012
The Best Place to live in Park City Utah, Part 3, Old Town
Old Town is the perfect place to live for many residents. They like the bustling energy, the closeness to all things Park City. Read on to see if Old Town sounds right for you:
Park City’s Old Town has a colorful history and is full of character. Old Town reflects the rich mining history of Park City, which was incorporated as a city in 1884, eighteen years after silver was discovered in its mountains. Many of the original commercial and residential buildings still remain, reflecting the Victorian architecture of that era. Main Street in Old Town is known for its great shops, world class restaurants, art galleries and unique character.
You will see multi-million dollar mansions next to small miner’s cottages, homes that are maintained beautifully next to rental properties in need of some love. That’s the beauty of Park City’s Old Town. It’s not cookie cutter subdivision bland. The beauty is in the diversity, the diversity of homes and of residents. Approximately 50% of the homeowners are full-time, the other 50% are either second home owners or investment/rental properties.
From Old Town you can walk to Historic Main Street for dining or shopping. The City has installed stairs at intervals to get you up to Lowell and down to Park Ave. You are in the middle of all the action. Many of the Old Town homes are within walking distance to Park City Mountain Resort for skiing or hiking and biking in the summer.
Prices range from the $200’s for a condo up to $8 Million dollars for a large home on a large lot. The average home right now is 3-4 bedrooms, 1 car garage, 2000 sq ft and runs between $799,000 and about $900,000.
Click below to see some Old Town properties available for purchase.
Park City’s Old Town has a colorful history and is full of character. Old Town reflects the rich mining history of Park City, which was incorporated as a city in 1884, eighteen years after silver was discovered in its mountains. Many of the original commercial and residential buildings still remain, reflecting the Victorian architecture of that era. Main Street in Old Town is known for its great shops, world class restaurants, art galleries and unique character.
You will see multi-million dollar mansions next to small miner’s cottages, homes that are maintained beautifully next to rental properties in need of some love. That’s the beauty of Park City’s Old Town. It’s not cookie cutter subdivision bland. The beauty is in the diversity, the diversity of homes and of residents. Approximately 50% of the homeowners are full-time, the other 50% are either second home owners or investment/rental properties.
From Old Town you can walk to Historic Main Street for dining or shopping. The City has installed stairs at intervals to get you up to Lowell and down to Park Ave. You are in the middle of all the action. Many of the Old Town homes are within walking distance to Park City Mountain Resort for skiing or hiking and biking in the summer.
Prices range from the $200’s for a condo up to $8 Million dollars for a large home on a large lot. The average home right now is 3-4 bedrooms, 1 car garage, 2000 sq ft and runs between $799,000 and about $900,000.
Click below to see some Old Town properties available for purchase.
To see any Park City Real estate, contact me at heather@parkcityhousehunters.com
SEARCH THE PARK CITY MLS
SEARCH THE PARK CITY MLS
Wednesday, March 28, 2012
The Best Place to live in Park City Utah
Visitors come to Park City, fall in love and want to start a great life here. Just like I and many others did!
The tough part is how to choose which area is best for you and your family.
What should you do? Drive around? Ask some locals? Sure, both of those are great starting points, but really your Park City Realtor should be a main source for information.
If your Realtor is good, they make it their business to know the ins and outs, the plusses and minuses of each area. Jeremy Ranch is not the same as Silver Springs or Prospector etc. I don't just look at comps and stats, in most cases we have friends in each area, I have worked with the HOA's, I may even live in the area you are interested in.
My job is to figure out what is important to you. How important is it to have easy access to the I-80 fwy? What do you and your family like to do in your free time? Are your kids young enough to play at a park, and if so, how close do you want to be to it? Do you want to walk to shops and restaurants? Do you like a neighborhood feel or solitude? View or mountain feel?
I don't sit you down with a questionairre, although that might be a good option! We sit down and talk, we spend time together to really figure out what works for you. The area that is best for one buyer may not work at all for another - even if the answers are the same.
In the next few blogs I will go over some of the local neighborhoods and why they may work for you.
For all Real Estate in Park City, call me at 435-731-0803
Heather Feldman
SEARCH THE PARK CITY MLS
The tough part is how to choose which area is best for you and your family.
What should you do? Drive around? Ask some locals? Sure, both of those are great starting points, but really your Park City Realtor should be a main source for information.
If your Realtor is good, they make it their business to know the ins and outs, the plusses and minuses of each area. Jeremy Ranch is not the same as Silver Springs or Prospector etc. I don't just look at comps and stats, in most cases we have friends in each area, I have worked with the HOA's, I may even live in the area you are interested in.
My job is to figure out what is important to you. How important is it to have easy access to the I-80 fwy? What do you and your family like to do in your free time? Are your kids young enough to play at a park, and if so, how close do you want to be to it? Do you want to walk to shops and restaurants? Do you like a neighborhood feel or solitude? View or mountain feel?
I don't sit you down with a questionairre, although that might be a good option! We sit down and talk, we spend time together to really figure out what works for you. The area that is best for one buyer may not work at all for another - even if the answers are the same.
In the next few blogs I will go over some of the local neighborhoods and why they may work for you.
For all Real Estate in Park City, call me at 435-731-0803
Heather Feldman
SEARCH THE PARK CITY MLS
Wednesday, February 29, 2012
It's Snowing in Park City!
Winter is here...Powder day tomorrow.
Wish you were here? Own a piece of Park City.
www.parkcityhousehunters.com
heather@parkcityhousehunters.com
Wish you were here? Own a piece of Park City.
www.parkcityhousehunters.com
heather@parkcityhousehunters.com
Friday, January 20, 2012
Movie Studio Likely in Park City!
Wow, this has been a long time coming, but it appears Park City and Summit County have come to an agreement regarding Raleigh Studios coming to Park City. Quinn's Junction is at the corner of the US 40 fwy and the SR 248 ( Kearns Blvd). See article below:
TO BRING RALEIGH STUDIOS TO QUINNS JUNCTION
Developer to petition Park City to annex land into corporate limits.
Park City, Utah; January 18, 2012
Summit County and Park City officials have reached an agreement with developer Greg Ericksen to bring Raleigh Studios to Quinns Junction area. This announcement comes after more than a year of discussions with Mr. Ericksen on the development of a movie studio, entertainment center, hotel and digital medial complex by Raleigh Studios. General terms of the settlement agreement include project size, adherence to local design guidelines and safeguard the Sundance Film Festival.
One key term of the settlement agreement is an application by Mr. Ericksen to annex the property into Park City. The property is located just outside the Park City corporate limits, southeast of the intersection of State Route 248 and U.S. 40. “The City fought against this project for many years,” said City Manager Tom Bakaly. “Over that past year it became increasingly apparent that the high level of interest in this project by the Utah Legislature, coupled with the pending lawsuit between Mr. Ericksen and Summit County, made it highly likely that a movie studio would be built in the Quinns Junction area.” Given these circumstances it is in our best interest to work with Mr. Ericksen and Raleigh Studios in order to accomplish community goals that “support the lodging industry, protect the Sundance Film Festival from unfair competition, and make this project fit as best as possible with area design guidelines and the Park City brand.”
County Manager Bob Jasper further explained that “while the project will have greater density than our zoning allows on that site, we are pleased to have this lawsuit dismissed and to begin a new chapter with Mr. Ericksen and Raleigh Studios.”
If the annexation into Park City is approved, the settlement agreement would allow a movie studio, entertainment center, hotel and digital medial complex of up to 374,000 gross square feet of density subject to the following limitations:
The hotel would be limited to 100 rooms and 100 total keys;
The entire project would be built to LEED standards;
Mr. Ericksen and Raleigh Studios cannot cause any harm to Sundance, and
Raleigh Studios will have to comply with design guidelines included in the agreement. The guidelines are such that the movie studio’s look and feel would be similar to the surrounding buildings, such as the hospital. Additionally, the City’s Planning Department would be heavily involved in the review of the design.
If the annexation is turned down by the Park City Council after a review by the Park City Planning Commission, the project would revert to Summit County for a movie studio, entertainment center, hotel and digital media complex of up to 355,000 gross square feet of density.
The Summit County Manager has approved the Settlement Agreement. The Park City Council will review and possibly approve the Park City Annexation Addendum to the Settlement Agreement and accept the annexation petition on January 26, 2012. Bakaly added that “staff will recommend that the Park City Council and Planning Commission consider the agreement and public annexation process as a way to accomplish our greater community goals.”
Quinns Junction is located at the intersection of State Route 248 and US 40. It is home to Intermountain Healthcare Hospital, the National Ability Center, the United States Ski and Snowboard Association, Physicians Healthcare, the Park City Ice Arena & Sports Complex, Summit County Health Department and People’s Health Clinic.
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
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
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, 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
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