The Canyons and Solitude to connect via Tram

Breaking news! The Canyons and Solitude will connect via tram in the future. The two resorts will be the first to cross the divide between the Wasatch front and the Wasatch back. More details to follow in the coming weeks.

The 2 resorts would have a reciprocal lift ticket agreement. One big benefit is the reduced traffic congestion for Big Cottonwood Canyon.

Related articles

• Canyons, Solitude plan to build tram linking resorts ()

Sundance Film Festival 2012 tickets

Sundance Film Festival is scheduled for January 19-29 2012 here in fabulous Park City, Utah.

Sundance Film Festival passes are a great way to go - you don't have to buy individual tickets for movies. You simply show up to your theatre of choice 30 minutes prior to a viewing and you are in!


Registration for Sundance Film Festival passes is from Sept 20, 2011 until October 12, 2011. You must register for a time slot to purchase tickets. Re-visit the ticket purchasing site in your time slot and buy your passes. It's that easy!


The good lodging spots sell out early. Don't be forced to book a room out of town. Get your lodging now! Check our sister website vacation rentals page for availability. Rooms starting as low as $450 per night, sleeps 7!

www.pcpremierproperty.com/vacation-rentals

The Canyons Golf Course progress

The Canyons... Park City's sleeper in my opinion. This resort is poised to take the others down!
And, they have deep pockets to make it happen.

Take a look at the pictures of the Canyons golf course underway:

I know, you can't see much. The guards were shooing me away as I tried to capture a few pics. The good news is things are starting to move forward.

Ok, let's go over it again: Fabulous skiing in Park City, Utah, 30 minutes from SLC airport, golf course, new restaurants, new lifts what else could you want?

Click on any of the links to search Park City's MLS and look for Canyons area. Or, call me and I will search for you! Heather Feldman 435-731-0803

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

HGTV's Dream Home near Park City, Utah

I guess I am a bit late on this news, but I have been busy...
So, I was driving by the Rossignol building on the left and Skullcandy headquarters on the right, as I do every day when I saw this big red truck with HGTV on the side. It kept coming back each night for more than a week.

At first I thought it might be one of the shows visiting like Yard Crashers  - I was ready to head over to Home Depot and hang out waiting for Ahmed Hassan to find me and Crash my yard! I figured it was not to be. I remembered all the shows are produced independently. I went to my office and scanned the internet and found the press release announcing the DREAM HOME location at River's Meadows Ranch - only 15 minutes from my home in Park City. How totally cool is that?

This community is right at the entrance to Midway, Utah which is a very European looking town nestled on the back side of Park City. These homes sit near the banks of the world famous Provo River. The Provo is a popular location for fly fishing. I hear it is already framed. I will go check it out and take some pics - see if I can get some scoop. Check back with me for more info.

Park City's many free concerts

Ok, so you spent your day mountain biking, or maybe riding the zip line at Park City Mountain - lots of fun, right? What about at night? How about one of Park City's many outdoor free concerts? Here is the scoop on the concerts and some links to check out:

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WEDNESDAY - Start your evening concert tour with Deer Valley's free concert on Wendesday night on the ski slope behind the Snowpark Lodge. Bring your low chairs, a picnic basket filled with wine, cheeses and snacks for the kids and sit back and relax. Concert starts at 6:00, but get there a bit early to get a great spot. Click the link below to check out Deer Valley's calendar to see who is playing.


http://www.deervalley.com/events-calendar.html

THURSDAY - Not enough music on Wednesday night for you? How about another fun concert on Thursday night? Head over to Newpark Ampitheatre at Kimball Junction. Bring those same low chairs, but you better restock that picnic basket! Even better - get there early and grab a table at Maxwell's outdoor patio. Maxwells also serves pizza by the slice if you don't feel like packing a basket. Check out the Newpark link below for concert details -Starts at 6pm.

http://www.newparktowncenter.com/events.html

THURSDAY - Silver Star Cafe presents Plazapalooza every Thursday night starting at 6pm. No need to pack a picnic basket. The cafe has indoor and outdoor tables. No need to bring chairs, the plaza has plenty of comfortable seating. Just bring yourself.


SATURDAY - The Canyons Concert series is happening and free every Saturday night. You know the routine by now - chairs or blanket, picnic basket with your faves and bring your friends! Park in the lower parking lot and take the Cabriolet up for a night of good music and fun. They have a few food vendors if you don't want to pack your food.
http://thecanyons.com/events.html

Red Ledges Golf in Heber City, Utah 1 day only Lot Sale only $175,000 - get 3% back !

On July 30th, Red Ledges is having a 1 day sale of a select group of their custom home sites at a screaming deal of $175,000, including a Golf Membership!

Red Ledges is a gorgeous golf community set in the foothills of Heber City, Utah about 20 minutes from Park City. Red Ledges was voted Golfweek's #1 Residential Course for 2010 and 2011. It is the home of the Cliff Drysdale Tennis Academy, has a Jack Nicklaus Signature Golf course and they are just putting the finishing touches on their swim and fitness clubhouse.

Purchase one of these lots (or any Red Ledges lot) with me as your buyer's agent and get back 3% of your purchase price*! I must register you with Red Ledges and you must close to receive your 3% back.

Buying long distance? No problem. I can scout out the great lots for you and send pictures to you. Call me today! 435-731-0803 Heather Feldman, Equity Real Estate.

Want to grab one before the July 30th date? No problem. Same great $175,000 price, same deal stands.
Not all lots at Red Ledges are priced at $175,000.
* 3% back to buyer applies to any lot at Red Ledges, and doesnot apply toward completed homes, Mountain Villas or Cottage homes.
SEARCH THE PARK CITY MLS

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

What happened to Last Samurai in Park City? Deals for Park City Locals!

For all of the locals and visitors that used to love dinner at Last Samurai here in Park City, there is a light at the end of the tunnel for us.  Last Samurai closed their doors at their Park City Location a little less than a month ago. We all thought they would be the one restaurant to last in that cursed location behind the Chevron at Kimball Junction. 


The business was tough according to Steve, owner/manager of Last Samurai in Salt Lake City. They did not have enough tables to seat all the patrons in the Winter, and business was not brisk enough in the Summer to hold them over.


Last night I went to Last Samurai's Salt Lake Location off of 600 S. for dinner with some Park City friends. Familiar faces and great food greeted us.  The filet is my favorite with fried rice. I have to use every bit of will power I have (or not) to not eat every bit of rice before my filet is done. Yeah, it's that good.

They were so glad to see all of the Park City locals last night that they extended an offer to all Park City locals - 15% off the check and a free appetizer. Just ask for Steve. Tell him you heard about it on my blog -www.pcrealestate.blogspot.com  



Enjoy your dinner!
Heather

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