Second Quarter Park City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2016

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Sales Volume

Sales are up 12% in Park City and 35% in Heber

The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

Quick Takeaway: Sales volume is up. 

Closings

There have been roughly 400 closings this year in Park City, roughly the same as last year. . There were close to 300 closings in Heber Valley, a 35% increase from last year. 

The number of closed properties in Park City showed a recovery from a slight downtick in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Heber Valley, on the other hand, has experienced tremendous activity.

Quick Takeaway: Number of Sales are steady and have been for the last four years in Park City. Heber Valley and surrounding areas have seen increased interest. 

Listings

Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Quick Takeaway: Listing inventory has remained steady at around 1,000 active listings for the past 2 years.

Absorption Rate

The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

Quick Takeaway: The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point. 

Pricing

Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market.

Quick Takeaway: Prices are increasing, but a gradual rate.

Berkshire HathawayHS.com Goes Global

By Berkshire Hathaway HomeServices Utah Properties
May 18, 2016

Berkshire Hathaway HomeServices is expanding globally and our website is making the change, too.

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The new website features language, currency and measurement options for prospective buyers both in the U.S. and abroad whose native language may not be English. Global consumers accessing BerkshireHathawayHS.com may search for homes in any city or state serviced by our franchisees. What they’ll find they can’t get anywhere else: full MLS data containing all listings in their search area, including our own Berkshire Hathaway HomeServices listings in their language of choice. Berkshire Hathaway HomeServices . . . Good to Know. ®

To complement our international platform, Berkshire Hathaway HomeServices now sends your listings to over 35 countries throughout the world!

Utah-One of the lowest property tax rates in the country

By Berkshire Hathaway HomeServices Utah Properties
May 06, 2016

According to the National Association of Realtors:

The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team.

Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent.'

“While higher median tax rates are seen primarily among states in the northeast, a notable exception is Texas, which has a median property tax rate of 2.17 percent,” CoreLogic reports. “Typically, the states with the highest property tax rates, with the exception of Illinois, have multiple levels of tax collection. Conversely, the majority of states with low median tax rates have a single level of collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region and southeastern states.”

Owning a home is one of the best ways to increase your personal equity and with a property tax rate of .75%, Utah is one of the best places to start that process.

Reach out for more information.

Park City Current Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FIRST QUARTER

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Greater Park City Area

Single Family Homes Sold this Quarter: 180

Average Single Family Sale Price: $1.3 million

Median Single Family Sale Price: $722,000

Condominiums Sold this Quarter: 151

Average Condo Sale Price: $800,000

Median Condo Sale Price: $500,000

Wasatch County

Single Family Homes Sold this Quarter: 58

Average Single Family Sale Price: $584,000

Median Single Family Sale Price: $434,000

Condominiums Sold this Quarter: 35

Average Condo Sale Price: $429,000

Median Condo Sale Price: $355,000

Reach out for a comprehensive overview of Park City's market and your neighborhood's trends.

Utah ranked No. 1 Best State for Business for 2015—the fifth year out of the last six

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

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From the Governor's Office of Economic Development: 

When you think of the nation’s greatest sports dynasties, you might think of the Boston Celtics, New York Yankees or Green Bay Packers. Now think “economic dynasty”—and Utah should come to mind. Forbes magazine once again ranked Utah as the No. 1 Best State for Business for 2015. This marks five out of the last six years in the top spot.

“We’ve enjoyed years of success but have also learned a very important lesson: it’s much harder to stay on top than it is to get there,” said Governor Gary R. Herbert. “It’s always exciting to earn top accolades, but it’s even more meaningful that this is our fifth win from Forbes. It means that all of our work to maintain a winning business environment is working. It means we’re continuously building a champion state.”

Utah has been ranked No. 1 for economic outlook every year since 2008. Everyone from the Washington Post and Fortune magazine to The New Yorker has been talking about Utah, trying to discover the Beehive State’s secret to success. Collaboration is one of the state’s not-so-secret strengths.

“Sports dynasties don’t happen because of one star player or a single miracle play,” said Val Hale, executive director of the Governor’s Office of Economic Development. “They happen because of focused strategy, tireless effort and—perhaps most importantly—teamwork. The same goes for Utah’s economy. This is the result of continued partnership between Utah’s greatest in business, government, education and our communities. Team Utah has built an incredible economic dynasty.”

The Forbes ranking comes just days after the U.S. Chamber of Commerce’s latest research titled “Enterprising States: States Innovate.” Utah took top marks in all six measured categories, including business climate and high-tech performance. The state won the No. 1 spot for innovation and entrepreneurship, garnering the label of “most fundamentally sound state” from the Chamber.

One point in the Chamber’s study is reminiscent of 2013—the one year in the past six—that Utah ranked a still noteworthy No. 3 rather than No. 1 with Forbes. One area for improvement in the “States Innovate” report is talent pipeline. Utah barely missed the top ten for the category taking the No. 11 spot.

Like any hall of fame team, Utah’s overall success lies in a proactive focus on the fundamentals: reduced regulation, spending within means and, when necessary, implementing “cross-training” and “conditioning” to perfect our economic play.

Just last month, an unprecedented collaboration between government, industry and education leaders produced the Utah Aerospace Pathways (UAP) program. The program is designed to place high school students on the fast-track for aerospace careers, landing them in high-paying jobs right after high school graduation. UAP serves as a pilot for similar education programs for other industries—such as the IT and software sector—along with incumbent worker training programs. Coupled with other endeavors such as the STEM Action Center’s grant programs and teacher trainings, all hands are on deck for tackling workforce development. The idea is to create sustainable economic development.

“Our job as part of Team Utah is to work with companies that are considering Utah for expansion, so we see the business site selection process regularly,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Receiving the Forbes Best State for Business ranking again in 2015, and for the fifth time in six years, confirms what we hear from companies every day: no one else does economic development like Utah. The model we have in this state, with industry support, local community participation and leadership from the Governor’s Office—it is uncommon and remarkable.”

Salt Lake City Spring Market Update

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

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March 2016 active listings (inventory) was down 32% from March 2015; yet, pending sales are up 8% in Salt Lake City County. This trend of low inventory by high pendings has occurred consistently for the last year. Bottom line: demand for housing remains strong, and inventory remains constrained.

Utah county has slowed slightly as far as pendings and Davis County has the lowest number of listings. The county is down 45% in inventory when compared to the same time last year. Once again, Davis county has more pending deals than they do active inventory.

Weber County is showing the same signs of frantic buyer interest with inventory down 37% from March of last yet, but pending sales are up 9%.

Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015, with a 10% increase in median sales price this year.

Median price closed out at $255,000 in SLC county, which is up from January by almost 7%!  Pricing is skyrocketing in the affordable price range; for Wasatch front, anything under $500K is seeing rapid appreciation. Median price in SLC may reach over $260K for all unit types and could surpass $300K for single family homes. That's a ceiling we've never even gotten close to in Salt Lake City.

Remember it's a seasonal market and this is common.  If we remove the seasonality and just compare March 2015 to Feb 2016 median price is up 7%. This conveys that the market ceiling is really being challenged.  On one hand, there is nothing to buy because inventory is low; but, at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015.

Our take: The market will remain hot with more inventory coming to market over the next 90 days and likely will still see strong appreciation until inventory gets back to normal market levels.

 

 

Press Release-BHHS Utah Properties Welcomes Will Cooper

By Berkshire Hathaway HomeServices Utah Properties
Apr 13, 2016

Berkshire Hathaway HomeServices Utah Properties

Press Release

Salt Lake City, Utah (April 13, 2016)—Berkshire Hathaway HomeServices Utah Properties announced today that effective now, Will Cooper has joined the firm as President, Business Development.

In this new role, Mr. Cooper will focus on growth strategies including recruiting, coaching, and training throughout BHHS Utah Properties’ market areas of Salt Lake, Summit, Wasatch, Davis and Weber Counties. “We are thrilled to have Will aboard,” commented Steve Roney, CEO and Owner of Berkshire Hathaway HomeServices Utah Properties. “His extensive background in real estate agent development along with his dynamic personality make him an incredible asset to our professionals and company.” Mr. Cooper will be reporting to Mr. Roney in this new capacity.

In real estate’s constantly evolving and competitive landscape, Mr. Cooper will ensure BHHS Utah Properties agents are given the resource support to distinguish their service and offer enhanced quality service to clients. “I look forward to providing guidance to the outstanding family of BHHS Utah Properties agents and employees while strengthening businesses development as a whole under the legendary Berkshire Hathaway brand,” commented Will Cooper.

About William Cooper

Will has enjoyed a distinguished 25-year career in real estate. Most recently, he was a President and an Owner of Stringham Schools, the largest real estate school in Utah. Prior to his time at Stringham, Will was the Principal Broker and Owner of ERA Legacy from 1998 to 2008 and was the CEO of Virtual Agent, now known as Dotsignal, a mobile marketing technology company for Realtors, from 2008 to 2014. He has been a licensed agent in Utah since 1991 and a Pre-License and CE Instructor since 2008.

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah is an independently owned full-service brokerage with offices in Salt Lake City, Park City, Ogden, Bountiful and Heber with a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our firm provides a new level of real estate assistance and maintains a #1 position in Utah’s marketplace and historic commitment to community-driven service. Visit bhhsutah.com.

About Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, has grown to 42,200 agents and 1,211 offices in 47 states since its September 2013 launch. Visit www.berkshirehathawayhs.com.

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway was the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 3 in Fortune magazine’s 50 Most Admired Companies survey. Good to know.™

 

FIRST TIME HOME BUYER CHALLENGES AND TIPS

By Berkshire Hathaway HomeServices Utah Properties
Apr 06, 2016

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Along the Wasatch front, rent is astronomically high while interest rates are still historically low; buying a home seems like a no-brainer. Yet Millennials have been slow to take on home ownership. Why the hesitation?

There are several factors: A recession which brought with it high unemployment resulted in a massive number of foreclosures that attracted real estate investors... in droves. With more rentals available and fewer homes for sale, demand for rental properties increased and with it, skyrocketing rents. In addition, New college graduates looking for higher-paying, career-oriented jobs were sidelined by high unemployment and unprecedented student loan debt limited access to credit and reduced borrowing limits.

Add it all up and Millennials are at a serious disadvantage. However, there are some fundamental tactics to help navigate the current real estate market and succeed in finding a home.

DO YOUR HOMEWORK

There is vital information you should know, but probably don’t, about buying a home. Just because you don’t know, doesn’t mean you can’t know.

Check your credit–This is important! Ideally, you should have ample credit available and only a third of it used. Repairing damaged credit should begin at least 6 months before starting your home search.

Evaluate Assets and Liabilities–Track your income and spending for a couple of months. Compare your earningpower and cost of living. Are you due a raise or can you live more economically?

Qualify yourself–A lender can tell you how much borrowing power you have, but only you know how much you can comfortably spend. Which brings us to...

Unexpected fees–Don’t forget to prepare for these fees: closing costs, property tax, HOA fees, life insurance, mortgage insurance, home insurance, utilities, maintenance, etc.

Figure out your down payment–Once you know how much you can borrow, unexpected costs, and your spending limit, you can figure out a down payment that will keep your monthly payment “comfortable”.

Organize documents–Your lender will need 2 most recent pay stubs, the previous 2 years’ W-2s, tax returns and the past 2 months of bank statements. Knowing what you need and where to find it will save you time and effort.

CONSIDER YOUR OPTIONS

There is dramatically low inventory of starter homes and prices are rising. Many homes are receiving multiple offers which creates challenges for first-time buyers. Increase your chances of finding a suitable property by considering some alternatives.

Go smaller–A smaller home, a smaller lot size or a lower cost neighborhood can reduce your costs.

Take on a project–Homes in need of updating, cosmetic improvement or a manageable degree of repairs are typically cheaper and in less demand.

Share the cost–A duplex or a home with an apartment will allow you to cover your mortgage by renting out one of the living spaces while living in the other. Save money while building equity and when you are ready to move up you can either rent or sell the property and apply the profit to your new home.

MORE TO CONSIDER

Interest rates are at historic lows, and first-time buyer programs, (featuring low or no down payments) are currently plentiful in the industry. With home values rising faster than salaries and comps, a lower home appraisal can be a bargaining chip to reduce the cost of your new home, even in this competitive market.

In Spite of Low Inventory, Wasatch Front Home Sales are Up

By Berkshire Hathaway HomeServices Utah Properties - Wasatch Front
Mar 04, 2016

While inventory along the Wasatch Front is down... way down, sales are up across all Wasatch Front counties.

Taking a look at Salt Lake County in January of this year, inventory is at 2430 homes across the county. That is down 30.20% from January 2015, yet sales are up 12.89% in the same comparison. In Weber County inventory is down 31.82% in January but sales are up 10.19% and pending sales are up 16.35%. Utah County had similar results in the same period comparison; 12.63% increased sales with 26.44% less inventory. What is amazing is Davis County has a 12.50% increase in sales over January 2015 in the face of a 41.38% drop in inventory!

Berkshire Hathaway HomeServices Utah Properties is doing well along the Wasatch Front. In 2016 to date, Salt Lake Countty has 12.03% Market Share. Century 21 Everest Realty Group is in distant 2nd place with 9.99% Market Share. BHHS agents are listing homes at a higher average price than anyone in our market and closing sales at 98.01% of asking price.

So far, 2016 is shaping up to be a great year for real estate. Median home prices are up across the Wasatch Front and are likely to continue up into the spring. The shortage of home listings is a concern and needs to be addressed as we move into the warmer sales months. For those considering selling, now is the perfect time to capitalize on your investment. There are plenty of buyers and interest rates have dropped in 2016 instead of rising as predicted at the end of 2015.

Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

Summit and Wasatch County Show Steady Growth

By Berkshire Hathaway HomeServices Utah Properties
Jan 29, 2016

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Park City, Utah – January 26th, 2016

Summit and Wasatch County property prices rise at a steady market pace in 2015

At the end of the fourth quarter of 2015, the year-end statistics reported by the Park City Board of REALTORS® indicated a slow but consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties. The total dollar volume for 2015 was up 10% over 2014, reaching $1.85 billion, with single family homes sales accounting for the highest dollar volume by property type.

Single Family Home Sales

Within the City Limits (84060), the median sales price of a single family home was 17% higher than the year before, reaching almost $1.52 million, but the number of closed sales decreased by 12%. By neighborhood, Old Town had the highest number of closed sales with a total of 52 with a 6% increase in median sales price to $1.31 million. Thaynes Canyon had the highest jump in median sales price – up 46% from 2014 to $1.82 million with a total of 11 closed sales for the year. Park Meadows had seven fewer sales than last year but the median sales price was up 11% to $1.44 million. In Prospector, the median sales price increased 6% to $740,000, but there were only 11 closed sales for the year (down 39%), which demonstrates how low inventory of active listings can affect the number of sales in certain neighborhoods. “Higher median prices of homes within City Limits and lower number of unit sales is reflective of demand outpacing inventory. In this case a decrease of home sales from the previous year is not a sign of a weakening market. In our current cycle, single family homes listed for less than the median sales price are in very short supply,” says Rick Shand, President Park City Board of REALTORS®.

Within the Snyderville Basin (84098), there were seven more home sales at year-end than 2014’s number, with an 18% jump in median sales price reaching $912,500. The median sales price shot up 23% in Jeremy Ranch to $874,000 and was up 25 % in Silver Springs to $960,000, though both neighborhoods were slightly down in the number of sales. The highest increases in the number of sales occurred in Glenwild / Silver Creek (up 77% with 39 sales), Pinebrook (up 30% with 48 sales), and Jordanelle (up 85% with 37 sales). With new construction in Promontory, there continued to be an upward trend in the number of sales, ending the year at 60, with a median sales price of $1.67 million, as well as, in the Jordanelle area, with 37 total sales – up 85% from last year, and a median price of $900,000.

According to Carol Agle, Statistics Chair for the Park City Board of REALTORS®, “In and around the Jordanelle Reservoir we are seeing increased interest from both primary and secondary home buyers. There were 135 condo sales in Jordanelle at an affordable median price of $375,000, and 37 home sales at a median price of $900,000. Contrast that with the rest of Wasatch County ending the year with only 25 condo sales, but 241 single family home sales with an 8% increase in the median sales price to $369,000. We are definitely seeing a dual market then in Wasatch County, with the focus on the Jordanelle area for the newer condos.” In the Kamas Valley, there was a 10% increase in the number of sales with a 4% increase in median sales price to $310,500.

Condominium Sales

Within Park City Limits, the number of condominium sales was down 13% from 2014 but up 11% in median sales price reaching $605,000. Neighborhoods with increased closed sales include Lower Deer Valley Resort (up 25%), Upper Deer Valley Resort (up 23%), and Prospector (up 38%). The median sales price for a condo was up 9% in Lower Deer Valley to $780,000, down 35% in Upper Deer Valley to $995,000, down 24% in Park Meadows to $585,000, up 15% in Old Town to $450,000, and up 27% in Prospector to $155,000. “Once again we see the relative affordability in surprise sectors within Park City. The 55 condo sales in Prospector saw a remarkable $155,000 median sales price. Old Town and the base of Park City Mountain saw 108 condo sales at a median price of $449,000,” Agle adds.

The overall Snyderville Basin condo market was up 35% in the number of sales with a total of 361 sales, or one a day, at a median price of $400,000. The strongest condo market was at Kimball Junction and Jordanelle which each averaged a sale every two and a half days with 135 units sold at the median sales price of $375,000. The quantity of units sold in the Sun Peak/ Bear Hollow neighborhood was 71% higher in 2015 than 2014 with a median sales price of $394,000. Jeremy Ranch was up 36% in the number of sales and 15% in median price to $574,000. At the Canyons, the median sales price of $401,000 and 84 closed sales were both flat compared to last year’s number.

Vacant Land Sales

Vacant Land sales account for the smallest volume of the market by property type, though for the total market area, the quantity of lots sold was 9% higher than last year; median sales price was 13% up, and total dollar volume was 8% up. Within the City Limits, there were 13 fewer land sales than last year, a 33% decrease, but the median sales price was up a solid 18% reaching $677, 000. The median price for a lot in Park Meadows was up 19% to $970,000, and in Old Town it was up 35% to $575,000.

In the Snyderville Basin, there were 170 lots sold, which is the exact same number as 2014. The Glenwild / Silver Creek area saw increased activity with 42 units sold and a 19% median sales price increase to $443,000. The two neighborhoods with the highest number of vacant land sales were Promontory up 31% to last year with a total of 72 units sold and a median sales price of $305,000, and Jordanelle up 92% with a total of 69 lots sales and a median price of $250,000. Though the number of sold lots dipped slightly in both the Heber and Kamas Valleys, the median sales price increased 15% in both areas reaching $205,000 in Heber and $101,000 in Kamas.

Looking Ahead

The gradual increase in dollar volume, median sales price, and number of closed sales in Summit and Wasatch Counties indicated strong and steady growth in 2015, though the market is not back to the highs of 2007. The median sales price continued to rise slowly at a pace of 4.7% this year, which fits the upward trend we have been seeing annually since 2011. There is still affordable property to be found within Park City Limits and the Snyderville Basin. While new construction continues to be in high demand, buyers must pay the premium costs for it.

“Over the past five years, our market has continued to post solid gains. Changes in the overall market have been steady and for the most part, headed in the right direction. Demand appears to be increasing and as more buyers focus on our area for family, work, retirement and lifestyle, inventory will be an issue, particularly in popular areas. Our community will continue to grow and with that, we hope there will be a variety of housing opportunities for a wide range of buyers,” says Shand. Our market continues to be highly segmented with micro-markets dividing product by price, property type, and demand, so it is best to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

- See more at: http://www.parkcityrealtors.com/newsroom#sthash.BTOzTRmB.dpuf

Q4 Park City Real Estate Report

By Berkshire Hathaway HomeServices Utah Properties
Jan 25, 2016

Welcome to our Q4 Market Report.

This report gives a statistical overview of Park City's real estate broken down by neighborhood. We give our clients the information needed to make smart choices with regards to Utah's real estate.

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Explained: The Tax Benefits of Owning a House

By Berkshire Hathaway HomeServices Utah Properties
Dec 30, 2015

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If you have recently bought or sold a home, there are a few tax advantages that may be available to you. Generally speaking, real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs and inspection fees are considered selling costs and may reduce taxable capital gain by the amount of the selling costs.

However, every year the tax code can change and your situation may be unique. So the following is provided only as a guide. It is highly recommended that you seek a professional tax consultant to be sure.

There are several other key areas where you might benefit:

Mortgage Interest: Within limits, it may be tax-deductible. For example, a married couple filing jointly can deduct interest payments on a maximum of $1 million in mortgage debt secured by a first or second home. Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.

Points: Points or origination fees on a home loan paid during purchase are generally tax-deductible in full, for the year in which they were paid.

Refinanced mortgage points: These may also be deductible, but only over the life of the loan. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.

Improvements: Improvements made to property prior to the sale (or once one moves in) might qualify for an interest deduction on your home-improvement loan. Qualifying capital improvements are those that increase your home’s value, prolong its life, or adapt it to new uses, such as adding a porch or installing energy-efficient windows.

Real Estate Taxes: During a sale, the seller will send the local tax collector’s office a check for real estate taxes prior to the closing. In many circumstances, however, the buyer will pay a pro-rated portion of the taxes for the year at closing. This tax deduction also gets overlooked.

Business Use: For new buyers who work at home: If a room is used exclusively for business purposes, they may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs, and depreciation.

Moving Costs: If you have moved because of a new job, moving costs might be deducted. These can include travel or transportation costs, lodging, and fees for storage of your household goods.

In today’s economy, it’s critical that we take advantage of every possible tax break. A home provides a great opportunity to do just that.

Making Color Work: Choosing Paint Colors

By Berkshire Hathaway HomeServices Utah Properties
Dec 30, 2015

Don’t be offended if an agent suggests that you paint before placing your home on the market. They understand “color psychology.” Since people’s reaction to color is immediate, it can have a tremendous influence on their daily choices.

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You can make your home stand out from the competition, sell more quickly and at a higher price if you use color effectively. Blues will feel cool, reds and oranges feel warm. Deeper shades of color imply intimacy and serenity.

Lighter exterior colors are favored because they can make the property seem larger. For older homes, you may want to consider historical accuracy, as this could be a big selling point as well.

For the interior, consider the purpose of each room. Kitchen and dining areas painted in “food colors” such as coffee browns, celery greens and scrambled-egg yellows will make the rooms feel more natural. Hallways are a great place to bring in the exterior colors for overall harmony. Master bedrooms in medium shades of green or blue for warm selling seasons, and rouge red for cooler weather. Other bedrooms can be painted in creamy tones of green, blue, or a pale shell pink. Shades of blue, green or lavender can form a relaxing atmosphere in the bathroom.

When thinking about color, common sense helps. You should match other things in your home and keep a comfortable environment as well.

The Final Walk Through

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

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You found the perfect house, made an offer, negotiated the price, had an inspection and ensured your mortgage. The only thing left is your final walk-through.

Walk-throughs are normally scheduled the day of, or day before the settlement, as the seller should be completely moved out. The object is to ensure that the house stands in the same condition as when you agreed to buy it.

This is not the time to nitpick about nail holes or carpet imperfections. Unless you’ve negotiated allowances for such issues, you’ll have to address them later after you’ve settled.

What could impact the transaction is property or fixtures that the seller agreed to leave behind are missing (e.g., a washing machine, pool table, garage cabinets, etc.) or if the seller leaves things that were supposed to be removed (e.g., paint cans, furniture, etc.).

With your agent at your side, be sure that obligatory repairs flagged during the home inspection are completed to code and satisfaction. If the seller agreed to replace an aging water heater but didn’t do it, this must be accounted for during settlement.

You may be eager to leave the house and get to the settlement, but don’t rush through the walk-through. Run the appliances through a full cycle to make sure they work. Turn on all faucets and showers as well.

Some contracts will specify that the buyer complete a walk-through a week or two prior to settlement followed by a quick meeting prior to settlement to check off any items previously noted. Again, any items or tasks that aren’t complete must be justified at the time of settlement.

Though issues may arise, the majority of walk-throughs go without a hitch as both parties are eager to complete the deal and willing to negotiate any final hurdles.

Everyone Likes Photos of Pretty Homes

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

A Picture Can Be Worth a Thousand Words

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This is even more true when it comes to selling your home. And let’s face it, you want those words to end with a definitive “sold.”

Homes garner more traffic and buyer interest when presented effectively—which means they sell faster. That’s why it is essential that you showcase your home through images in the best way possible.

According to the National Association of REALTORS,®nearly 90% of all homebuyers begin shopping for homes online. They click through photos and send a list of those of interest to their real estate agent. In fact, homes with few or no photos are often skipped simply for that reason, even if the home’s description matches a buyer’s ideal listing.

Many agents believe that apart from staging, no other marketing investment is as important as professional photography in marketing a property. So to generate more buyer interest, there has been a dramatic increase in the use of professional real estate photographers. As much as we like to think we take great photos, a professional has an eye for seeing the best composition and lighting, plus better equipment to make the photos bright, clear and sharp.

Wasatch Front December Market Update

By Berkshire Hathaway HomeServices Utah Properties
Nov 24, 2015

Active listings (inventory) are down 23% from October 2014, but Pendings are actually up by the same margin of 23% in Salt Lake County--this is perhaps the strongest indicator we have of the health of our housing market. Buyer interest has remained strong even in a slightly limited market. The Ogden and Davis County markets are witnessing even more pronounced versions of the same trend.

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In terms of pricing, the median price for single family homes in Salt Lake County is $245,000, which represents a downturn from this summer. In July, Salt Lake City hit the peak of its market at $257,000 -- to see that number come down suggests that the market is adjusting based on buyer demands. The market seems to have found its ceiling. Similarly, we are seeing almost the same number of sales from last year, giving professionals reason to believe that our market is healthy and growing at a marginal rate that is advantageous to clients.

Salt Lake City Market Update | August

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2015

August Market Overview

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Here's your monthly Salt Lake Real Estate market breakdown. August active listings were down 22% from last year; yet pendings were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pendings. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pendings. Ogden is the hottest market going by the stats.

Median price closed out at $250K, which suggests a slight pricing adjustment from June and July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant.1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).

Summary:  Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.

Park City Compared | Western Resorts

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

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Every quarter the Western Mountain Resort Alliance compares several of the leading western resort town real estate markets. Based on these numbers, the resort market in general looks very strong. Across the board, statistical evidence suggests that resort markets are healthy with measured, steady growth.

One of the more surprising figures to arise in the Second Quarter report was the extent to which Park City leads other comparative markets in terms of sold volume. Total volume sold this quarter in Park City amounted to $461 million. For comparison, Tahoe reported the next highest sold volume with $386 million, and Teton (Jackson) reported $190 million. Our market remains segmented, but there's no doubt that inventory is moving.

On the other hand, our single family median and average sales prices are right in the middle of numbers reported by other towns. Our median single family home sales price of $775,000 sits below that of Whistler ($1.4 million), Teton ($1.2 million), and Big Sky ($873,000) but above that of Steamboat ($478,000), Tahoe ($548,000), and Sun Valley ($449,000).  This suggests that our pricing is stable and reasonable when compared to other resort marketplaces.

Announcing | The Enclave at Sun Canyon

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

Art in Architecture | Contemporary, Built for Living, Surrounded by Nature. 

 

We are thrilled to announce our partnership with Enclave at Sun Canyon. We specialize in developments; and, under the guidance of the Enclave agent team, we will continue to position the Enclave at Sun Canyon as one of Park City's most forward-thinking developments in terms of design, quality of life, and community.

 

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Enclave at Sun Canyon is a community of 33 luxury townhomes and four custom homes, designed to blend with their natural surroundings. Located in the heart of Park City, Enclave is just minutes from three world-class ski resorts, Utah Olympic Park, Redstone Village and Historic Main Street with premier dining, shopping, theater and festivals. The Salt Lake International and private Heber Airports are within 35 minutes of home.

Constructed of stacked stone, floor-to-ceiling glass and a combination of grass and metal roofs, these residences have been designed to capture their mountain surroundings and offer residents a contemporary living space esconced in nature. Both the one acre homesites and the 33 town homes have been carefully situated to take advantage of views, sun exposure and access. Careful architectural guidelines ensure utmost quality and respect for surrounding nature and allow for custom homes ranging in size from 5,000 to 6,000 square feet (the town homes range from 3,500 square feet to 6,500 sq ft).

Life at Enclave includes majestic alpine scenery with more than 60 acres of open space and private trails and an additional 1,000 acres of adjacent Mid-Mountain Trails for hiking, biking, snow shoeing and cross-country skiing.

Click for site plans, FAQs, and details on the residences.

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Down to the Details

From natural grass roofs, to stone counter tops, to heated floors (the heated floor are only in the bathrooms, the rest of forced air), and contemporary interiors, the residences meet the highest standards of modern aesthetics and amenities, offering owners an unparalleled living experience.

Outstanding features include:

  • Stone and cedar siding with reclaimed heavy timber accents
  • Combination corrugated metal, rock and natural grass roofs
  • Open metal railings and staircases
  • Heated driveways
  • Heated flooring in bathrooms
  • Stone slab countertops
  • Euro-style frameless shower doors
  • Dual vanities
  • Adjacent walk-in closet with washer/dryer
  • High-efficiency, forced-air heating and air conditioning
  • Unique gas fireplaces in great rooms and masters
  • Wood and natural stone flooring
  • Floor-to-ceiling glass windows and doors
  • Metal-clad wood frames
  • Built-in Thermador kitchen appliances
  • Granite and quartzite countertop options
  • Kohler faucets, toilets and shower heads
  • Hydrotherapy tub option
Click for a complete list of features.

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For secluded mountain modern living, Enclave offers residents seamless natural living with all of the features, down to the truly detailed, that make life in Park City a dream.

 
 
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