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.

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

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

Heather Feldman 435-731-0803

Park City Real Estate 3rd Quarter

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

Park City market before we see another boom!

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


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

Contact me for more information:

Heather Feldman

Equity Real Estate Luxury Group

435-731-0803

heather@parkcityhousehunters.com

  

Best State to Retire? Utah in top 3

Utah 3rd best State to Retire!

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

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

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

When is a Short Sale a good deal ?

When is a short sale a good deal?

Short sales can snag a great property for a buyer at a screaming deal…sometimes.

Short sales can take months and months before the bank accepts an offer, it can be one of the most frustrating purchases you can make, and it isn’t always your best deal. If you would like more detailed information about Short Sales, read on…

Buyers make the mistake of assuming because it is a short sale it is automatically their best deal.  Sometimes they’re right.  Many times the seller owes such large amounts to the bank and the bank(s) price the home based on what they are willing to take, not what the current market dictates.   

So, in a nutshell here is how the typical short sale works:

• Seller decides/needs to sell, they owe more on the home than they can sell it for. Maybe they bought at the top, maybe they borrowed against the home – either way their loan is too high. 
•  The seller goes through an arduous process to get the bank to agree to allow a short sale
• Bank agrees to a short sale, home is placed on the market.
•   Some sellers continue to maintain the home, others do not
• Short sale homes are sometimes not available to show very easily, or are not listed with the local brokerage ( have to wonder about their motives – to sell it or squat until they are booted out?)

Pricing:

• Most banks won’t tell the Seller or the Agent what they feel an acceptable price is, and it is left up to the agent to list and price the property to sell.  
•  Some agents price the property to reflect market value, some go just below and some properties are priced like a K-Mart blue light special.
•  Banks will conduct a BPO – Broker Price Opinion of what the property pricing should be. This is based on closed sales within a given area. This number can depend on which properties the broker uses for comparison.  Did they use a good range of sold properties or just the distressed ones?

The process:

The short sale process can take months and months to complete. There is no standard processing time or procedure the banks follow.  Many times the bank will not even look at any offers for weeks and weeks. The Buyer’s agent has no ability to communicate with the bank – the listing agent often has spotty communications with the bank.  You place the offer and wait, and wait and wait. 

Many Buyers get anxious and become tired of waiting. They walk away and find another property. In Utah, earnest money is not required of the Buyer until acceptance by the bank, so it is easy to walk away.  The banks don’t always use logic when choosing the offer they like.  You could give them a full priced cash offer closing in 3 weeks and they might choose a lower financed offer closing in 5 weeks because it serves their purposes better – or maybe they are just too busy and approve the first one they grab off the pile on their desk! Plan on longer than you think it will take. Don’t give up your rental until you have bank acceptance and loan approval.  

Things to ask:

When you are working with an experienced buyer’s agent, they will do the research to find out if this property is viable. Here are some of the questions your agent should get answered for you prior to getting emotionally invested in a home:

•  Where is the bank in the short sale process
• Do they have any offers currently?
• Are they planning on submitting multiple offers
• Have they had past offers and how has the bank responded?
•  Is this home priced in a reasonable range to make it a good deal and worth the wait?

If the short sale process has just started, the bank is less likely to take a low ball offer and will be more likely to try and get the highest price possible.  If there are offers in currently that can make the possibility of your offer getting accepted lower. Sometimes the bank will work with the first offer until it dies or closes, then move on to the next.  If the seller is planning on submitting multiple offers you know you will have some competition to face and should offer accordingly. How the bank has responded to past offers can be an indicator of how long the process could take.  If the home is in a $700,000 neighborhood and is priced at $850,000, chances of getting a screaming deal price are slim and none – at least not right away.

Things to avoid:

·         Click the links below to see some of the Short Sale pitfalls to avoid:

Nolo Legal - short sale fraud scams 

 AOL - Short Sale flopping

5 common buyer short sale mistakes 

SEARCH THE PARK CITY MLS

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

Canyons Spring Gruv is here!

Looking for something kooky to do this weekend while skiing in Park City? Head on over to Canyons for a bit of sillyness!  The world famous Park City Pond skimming - while dressed in crazy costumes along with 10 days of free concertss in the Resort Village.

While you are there, check out Hyatt Escala.  A true Ski-in, Ski-out property where you will be pampered like you have never been pampered before.

Waldorf Astoria is another one of Canyons specialty properties. Gorgeously decorated with a Golden Door Spa on site. You know I am there as often as I can!

For anything Real Estate Park City, contact me at 435-731-0803
Heather Feldman heather@parkcityhousehunters.com


Check out this link for more Spring Gruv information:

Spring Gruv at Canyons Information





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.

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

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

Park City condo under $100,000!

Did you ever think it was possible? This featured property is small but stunning. The owners have done such a great job with the space and have made it gorgeous to boot!

You are looking at the brand new sleeper sofa with seating cubes that convert into ottomans or eating trays. Notice the beautiful colors on the walls along with the coordinated wall coverings and artwork. They have really made this a Zen-like retreat.

This condo is only a studio, but boasts beautiful wood floors, a flat screen Tv, convertible eating/working table and tons of smart storage.

Take a look out your window to see
Park City Mountain and check out how much snow
they have!

This fabulous condo is in Prospector Square which is a 10acre development with 9 condo buildings, a pool, convention center and Theatre. Prospector Square is an official Sundance Film Festival venue too!
Offered at $87,500.  Buy it for yourself or buy it for an investment. Great rental numbers at Prospector.

Call me today for a private showing!
Heather Feldman 435-731-0803

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

Stock Market Alternatives for your IRA's and 401K's

Stock Market give you a beating in the last few days or over the last few years? There is an alternative for your IRA or 401k money. Buy some income producing property and take control of your future!

By moving your IRA or 401k money to a self-directed IRA, you can hold real estate, tax deeds and many other items. I am only concerned with holding of Real Estate. There are many guidelines to go along with the many benefits.

Here is how it works;
First you choose a self directed IRA administrator like Mountain West IRA to move your money to. No penalties  - you are not withdrawing, just rolling over. Next, you identify an income producing or investment property to purchase here in Park City, with me as your Buyer's agent. Vacant land can also be held by a self-directed IRA with the intent that this property will increase in value and someday make you some money. This property can be purchased in full by your self-directed IRA, or there are loans available for certain properties. The loans are non-recourse and are loaned to your IRA based on the income producing history of the property, not your personal credit or income.

Now, you can't buy that ski home for your personal use, the IRS does not allow that type of usage. However, you can buy that ski home or condo for your future financial security. In theory, this income producing property will hold its own and cover most expenses, and hopefully gain in equity as our market recovers. Of course, there is risk involved. If you had your IRA in the stock market and it falters, you are affected. If you have your IRA money in Real Estate and the market falters, you are affected. In both scenarios you are only affected if you need to sell while the market is experiencing a downturn.

There are so many scenarios to explore along with the rules and guidelines, I recommend calling a professional. This is a very simplified summary.

Are you in Park City on August 11th? John Galane of Mountain West IRA will be giving an 8 hour in-depth class about how to hold real estate in a self-directed IRA. See flyer below. I have represented a buyer using Mountain West IRA as their administrator of their sself-directed IRA, and the process was easy. Quite painless. I am happy to answer questions about how that transaction went and how we could find a property for you. Call me at 435-731-0803

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

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!

heather@parkcityhousehunters.com

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

Park City after ski season Jupiter Bowl Deals!

Calling all locals!
Did you know Jupiter Bowl has some great specials?

You can find me and my family there just about every Tuesday for $3 day
$3 burgers (yummy)
$3 beer
$3 billiards
$3 bowling
http://www.jupiterbowl.com/promotions/
Check out their link for more specials!

Mortgage Mess - Who owns your mortgage?

60 Minutes is reporting on the latest mess in the Mortgage industry.
Click on the link below to see the reports regarding the paperwork mess the banks have created by losing documents to show who actually owns your mortgage. Many mortgages were sold in bundles on Wall street back in the day and  - imagine this - the paperwork transferring these mortgages has disappeared. Some banks chose to forge the documents.

How does this effect you? When you go to sell your home, you may have a difficult time if your loan was sold and there is no paper trail. Watch and learn.
http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml

Tax Tips for Homeowners

As posted in Trulia.com today:

Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.




That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.


At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.



1. You Have to Itemize Your Return to Claim Your Deductions

During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.


2. Plan Ahead and Be Strategic When Taking a Home Office Deduction

According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.



3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012

While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.


Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.



4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal

Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.



5. Don't Forget Those Closing Costs

If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.



Please consult your tax professional for details about your tax situation.

Park City to host 2011 FIS Freestyle ski event!

This is the type of fun we all live for here in Park City. We get to watch greatness and history in the making.

The world’s most prestigious freeski athletic competition outside of the Olympics will be held at Deer Valley Resort and Park City Mountain Resort February 2 – 5, 2011, when the FIS Freestyle World Ski Championships comes to town.







•Park City Mountain Resort will host competitions in slopestyle and halfpipe.


•Deer Valley Resort will host competitions in moguls, dual moguls, aerials and ski cross.






The slopestyle competition was recently added to the event line up following an announcement giving support for 2014 Winter Games inclusion by the International Olympic Committee in September (Slopestyle skiing, halfpipe skiing and slopestyle snowboarding are all being considered for the 2014 Winter Games).

In November, the FIS voted to add slopestyle skiing and slopestyle snowboarding to the respective World Championship events. The final approval by the International Olympic Committee for skiing events to be added to the 2014 Winter Games will come following a review of the World Championship events held this February at Park City Mountain Resort.

Park City Mountain Resort offering discounted lift tickets to Deer Valley and Canyons passholders

Now that is smart! All of these poor people that spent the big buck on season passes for Deer Valley and The Canyons are in luck! Park City Mountain is offering them a way to ski today and for cheaper than normal so they don't feel so left out. (Maybe next year they will buy a PCMR pass!)

Check out the article below:
http://www.parkrecord.com/ci_16730039?source=most_viewed

Lots of Snow in Park City Utah today

WOW and double Wow! Park City Snow today. As of about 4pm yesterday, not much snow was sticking to the ground. Well, let me tell you this - it started snowing and it has hardly stopped. Last night was a white out, we could only see where we were going by looking a the reflective freeway markers on the side of the road. Same thing off and on today. Check out the furniture on the deck of my 950 Lowell listing. Had to dig my way in. The front steps had been shoveled much earlier in the day and the rear deck was about 2 feet deep in snow. The Park City Mountain parking lot was pretty full too.

Almost looks like a big fluffy cake

More snow to come. At least 2 more storms and another 36"!!!!