Park City UT Luxury Real Estate - Market insights, information from the local's point of view.

Costly Mistakes Greedy Sellers Make

Greedy Sellers make costly mistakes

I see it every day. Our Park City Market is looking good. Really good. Homeowners decide it's time to take their equity out of their property and move up ..or down. Awesome idea, Right? 

Here is where the problem comes in - they see the home down the street sold for $xxxx. Wow. That's a great price. Mine must be worth $xxxx plus another $100,000. Maybe, but probably not. 

I am all for pushing the limits so sellers leave NO money on the table...

I am all for pushing the limits so sellers leave no money on the table, but there are limits to what the buyers will swallow. Say a home on your street of similar size, similar lot size was recently upgraded  and sold for $500 per sq ft. about a month ago. The market continues to increase, and your seller thinks that even though their home is not quite as nice and maybe their location is not quite as good, they want to list theirs at $600 per sq ft. Really? 

Most buyers have been watching the market via the internet or in person and know exactly what the house down the street looked like. They will have a hard time paying much more for your home even if it is of the exact same quality let alone if it is lesser quality. 

Don't make this costly mistake. Remember the old "Bird in the hand" adage? In theory this buyer is already excited about your neighborhood or they wouldn't be watching it. Buyers will wait until a better value comes along and grab that one. Don't get greedy and they will realize yours is a great opportunity and not an overpriced mistake. 

Want to know what your home is worth in Park City Utah? Call me today!

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Ski, Ride and GRUV!

If you want to know the true indicator of Spring in Park City...my gosh people! Don't look at the weather. Locals around here know that Spring has sprung when the Spring GRUV arrives in the Canyons Village at Park City Mountain Resort! This is a highly anticipated annual event and locals are crafting their costumes weeks, if not months, ahead of time. I can barely picture myself in a lime green morph suit, let alone be seen by hundreds of spectators skimming across a 100ft pond in one while wearing a beer helmet and donning a cardboard captain america shield, but that's exactly (or a close version of) what you're going to see at the Spring GRUV! Talk about an atmosphere that's sure to spark your spunky side, you can't help but become part of the festivities. I stood pond side for the last pond skimming contest and any funky character that was able to spray the crowd as they slid across the water got extra brownie points and plenty of beligerent cheers from the crowd...and that was the moment I could almost picture myself in a morph suit... but I opted for a beer and a little jammin' Steel Pulse. Mark your calenders for March 12th and make your way to the Canyons Village at Park City Mountain Resort for 2 weeks of Spring GRUV'in' 

See you there!

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It Feels Like Spring in Park City

Spring is in the air! So, I'm wondering if maybe, just maybe that Puxsutawny Phil had it right this time OR is it just Mother Nature playing tricks again and soon we'll be blanketed again by Utah's best snow!

Regardless of the weather, there's no denying the days are getting longer and homes in every price range from $300,000 condos to million dollar slopeside mountain homes are starting to pop up on the market. And, whether you're a homeowner looking to sell or a buyer looking for a home in Park City now is the time to put your feelers out and focus on your future buying and or selling needs and wants. I can help with that! Call me for current market trends, statistics and listings available. 

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2016 Ski & Snowboard Competitions Set to Fly this Weekend in Park City

2016 Ski & Snowboard Competitions Set to Fly in Park City

Rising film stars were so last week...we are moving onto rising athletes (and I'm not talking Superbowl!) as an action packed weekend is queued up for Park City and Deer Valley starting Wednesday February 3rd through the 6th. Two beloved and ever popular ski and snowboard competitions are flying and twisting their way in on the coat tails of the Sundance Film Festival. 

You can choose to visit the FIS Freestyle Ski World Cup hosted at Deer Valley Resort, which is always a crowd pleaser! All aerial and mogul competitions will be held under the lights at Deer Valley Resort, ushered in by a firework show and concert. No doubt this year's competition will include a special commeration and celebration of the late, great Stein Eriksen.

Or, if you'd prefer to head to Park City Mountain Resort you'll be amongst the crowd of ski and snowboard enthusiasts cheering on their favorite athlete at the 2016 US Snowboarding and Freeskiing Grand Prix which highlights the world's best ski and snowboard athletes in Park City's award winning "Eagle Super Pipe." 

Oh yea, and if it couldn't get any better...admission is free!

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Park City Utah Prices are Rising and Market Statistics

PARK CITY UTAH 2015 YEAR END  

REAL ESTATE STATISTICS

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 Park City Limits and lower number of unit sales is reflective of demand outpacing inventory."

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Park City Utah - Sundance Film Festival 2016

SUNDANCE FILM FESTIVAL 

PARK CITY UTAH, JANUARY 21-31

Yes, it's that time again. The star studded Sundance Film Festival is a fabulous opportunity to step out into Park City, looking and feeling expensive and luxurious to part in first run movies, movies by new directors and writers and storytelling like available nowhere else. Is there an Oscar Winner out there? Maybe. But you'll never know if you don't watch. Don't forget to attend the parties too!

I'm not a movie afficianado,  I had chose one movie in each category I would like to see. Not necessarily for the artistic value but just because. 

See below for links to the different Sundance Film Festival 2016 categories AND movies that look interesting...

US DRAMATIC MOVIE GUIDE

Goat - Just on the name you have to wonder if it's worth a watch, plus Nick Jonas is in it!

US DOCUMENTARY MOVIE GUIDE

Bad Kids - One person making a huge difference in kids lives

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Park City Ut Old Town New Construction - take a sneak peek!

Park City Old Town's New Construction is on fire!

New construction homes are few and far between. Take a sneak peek of 908 Woodside. This soon to be listed ski home is only 120 yards to the Town Lift run that takes you to the largest ski resort in the USA, plus an easy walk to Park City's Historic Main Street. It has everything you could ever want! 

View from the Rooftop Deck

This Old Town New Construction home will feature:

5 bedrooms, 4 baths

Sleeps 12

Modern clean lines with a warm feel

FABULOUS ROOFTOP DECK!

Stainless Steel Viking Appliances

Fully Furnished with design by CCG Howells Interior Design

1 Car Garage

Air conditioning

Audio system

Entertainment room

French Oak floors, Reconstituted Walnut cabinets ( very cool)

Granite and Quartz counters throughout

Owner/Agent

Front of home showcasing the heated driveway

Stainless steel tile accent in Bunk Room Bath.

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Park City Utah and the 'Vail Effect'

Park City, Utah, Real Estate and the "Vail Effect" Has it changed our town?

This morning I saw a story KUTV posted  about the concern of Real Estate prices rising because of  "Vailienation" - meaning Vail's coming to town has caused Real Estate prices to rise and has priced out many of our locals. The story brought out quite a few negative comments about the growth. 

Yes, Vail coming to our ski town has changed things. Park City Utah is different from when I moved here 9 years ago, but it was also different in 2006 than it was when I first skied here in 1978 too. Growth happens. Anytime you have a super desirable place to live, people find out about it and it changes. 

Anytime you have a super desirable place to live like Park City, people find out about it and it changes and grows. 

Talk to your parents and grandparents about how things were at the beaches in California  20 or 30 years ago. My husband's parents tell stories of how they could have purchased land at Jamboree and Pacific Coast Highway - prime land in Newport Beach-  for $49,000 in the 70's when it was an orange grove. Things change. I grew up in Las Vegas back in the day where the Mob ruled, traffic was light and the town was relatively small. Not the same place it was when I lived there either. Things change. 

Has it really changed our real estate values? Sure. Areas that are close to the resort like Old Town in Park City proper or The Colony at Canyons - now known as Canyons Village at Park City, Park Meadows and a few more have really jumped in the last year or so and you will find homes in those areas valued at $100,000,000 to upwards of $500,000,000. But, did you know that homes under $500,000 are still available? Condos are available under $300,000? You may not be able to walk to the lift, your drive to the resorts may be 6-10 minutes. 

Do you realize what that...

There is only one Park City Mountain

Published on Jul 29, 2015

Park City Mountain Resort and Canyons Resort have combined to create the largest single ski and snowboard resort in the United States.

A new 8 passenger gondola connection, along with the new King Con Express six-pack and Motherlode Express Quad make up just some of the improvements totaling over $50 million for the 2015-16 season. With over 7,300 acres, 300+ trails, 38 lifts, seven terrain parks, six natural half pipes, one super pipe and one mini pipe, plus many diverse ski-in/ski-out and village adjacent lodging properties, Park City is an easily accessible, world-class mountain destination located in an authentic and historic western town.

There is only one largest resort in the United States

There is only one mountain uniting 17 peaks of unmatched possibility.

There is only one legendary ski town.

There is only one place you are meant to be.

There is only one. Park City.

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Sellers- Do you want to sell your home or not?

Sellers - Do you want to sell your home or not?

I haven't written in a while but this subject has been driving me crazy for quite a while. OK - here we go!

Sellers, do you know what it takes for the Buyer's agent to set up a weekend of showings for a client ?

We agents search through sometimes hundreds of listings to dial down the best choices for our client based on their desires, compile that list  set up a showing schedule geographically and  design it to not overwhelm the client, and  try to figure out how much time the client will want to spend in each home to make sure the day flows properly. 

Not so tough right? Wrong. One of the  most challenging aspects of setting up our clients to see YOUR home is the fact that the agent must be present for showings. Ugh! Really? 

One of the most challenging aspects of setting up showings is when the seller's agent must be present for showings

Let's look at some of the possible reasons...

Is it because you don't think the buyer's agent knows enough about your house/neighborhood/area?

Is it because you feel that your possesions will be at risk if your agent is not there?

Is it because you want your agent to "sell" the house while the client is in your home?

Is it because your agent has convinced you it is best if they are there during showings?

Let's talk about how this decision to require that the agent be present can effect your ability to sell your home.

1.  When setting up first time showings for a client, buyer's agents show not only homes that fit the buyer's wish list, but homes that are easy to show. Don't tell me I have to totally rearrange the schedule I have spent hours creating because your agent can't be there when I am in your area. Often times your home gets...

Park City Mountain 2015/2016 Preview video

Exciting to watch history unfold here in Park City. 

Big changes at Park City Mountain Resort for 2015/2016

season. 

Call me to view properties in Old Town Park City - Get your piece of history now. 

Heather Feldman

435-731-0803

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Park City 4th Quarter Real Estate Stats


January 23, 2015
For further information, contact Park City Board of REALTORS®

Park City, Utah – January 23, 2015 – Highest 4th Quarter sales since Q4 of 2005 with inventory at a new low

Though the total number of closed sales, including single family homes, condominiums and vacant land, within the Greater Park City Area at year-end was slightly lower than 2013, total dollar volume was 8.7% higher and the median sales price was 5.5% higher, according to the Park City Board of REALTORS®. Led by a spike in condominiums sales, the number of closed transactions across the Park City MLS in the fourth quarter of 2014, marked the highest number of fourth quarter sales since 2005.

Condominium SalesThe big news of Q4 was the huge jump in number of pended sales in October creating a rush of closed sales in the last quarter of 2014, culminating in a 49% increase over 2013. The number of condominium sales for the entire market area at quarter end was 808, which is 10% higher than last year’s number. Condominium sales in Park City Proper bounded ahead of last year’s number, as well in Q2 and Q3 of this year, to end 2014 with 376 sales – up 6%. The median price of $542,450 was 5% higher than last year’s number.

By area, Old Town had the highest number of condominium sales at 166 – a 6% increase – with a median sales price reaching $390,000. Board President, Nancy Tallman shares, “There was a definite uptick of 4th quarter condominium sales near the base of PCMR. We can't be sure whether this is the so-called ‘Vail Effect’ or just the settlement of the lawsuit and the certainty that the resort would be open this season. Whatever the reason, the sales speak for themselves.” Two other areas of interest include Empire Pass with 37 condominium sales, up 68% from last year, with a median price of $2.8 million, and Park Meadows which dipped 13% in the number of sales but...

6030 Mountain Ranch Dr, Park City Utah

6030 Mountain Ranch Dr, Park City Utah 84098

Upper Mountain Ranch with breathtaking, unobstructed views of Canyons ski resort.  Beautiful architecture with a family friendly  floorplan while offering rustic but luxurious finishes.  Wonderful entertaining home with large great room, front deck and rear patio. Theatre room in the expansive lower level with billiard room, wine cellar and wet bar.  5 bedroom, 4.5 baths , with two office/flex spaces.  Designer features include Wolf appliances, hardwood floors, massive great room stone fireplace. Granite and a generous use of stone throughout with bronze and glass tile accents.  Trails right outside your door. Minutes from all 3 ski resorts.  Buyer to verify all information to their satisfaction.Call me for more information

Heather Feldman

Equity Real Estate Luxury Group

435-731-0803

Heather@ParkCityHouseHunters.com

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Buying a Home to Renovate Can be a True Bargain…or Not!

Buying a Home to Renovate Can be a True Bargain…or Not!

 

For many decades, Hollywood has made box office gold creating comic films about the hilarious possibilities that nightmarish house remodels present: from Mr. Blandings Builds his Dream House to The Money Pit (and even Under the Tuscan Sun), audiences delight in the shifty tradesmen and rotting timbers that define the genre.

If you’re an energetic Do-it-Yourselfer without much remodeling experience, Job One is to gather professional opinions to minimize the likelihood of costly discoveries. But before you even get that far, there are some general concepts that veteran turnaround investors know. These are disqualifiers that make it much more likely that buying a home in Park City Utah will be a shrewd investment instead of dollar demolisher.

 Bad house, bad neighborhood

Is it worth buying a fixer-upper in a rundown or otherwise somewhat undesirable neighborhood? It can be tempting—especially when the asking price makes buying such a home a seemingly unbelievable value. But ignoring the ‘location, location, location’ truism is risky business. In many cases, such an investment may yield a diamond in the mud—a renewed structure that will never rise in value until the whole neighborhood rises in value (which could be never). Safer choices will be found in neighborhoods that don’t need remodeling themselves.

Bad house, good intentions

Buying a home in Park City Ut—especially when the neighborhood is fine and the price is more than right—can give rise to overly emotional decision-making. It can be tempting, when a property is almost okay, to make an instantaneous decision…but if you find yourself making excuses for this or that drawback, or finding yourself indulging in a bit of wishful thinking here and there, take a breath! Hopeful eyes may easily transform to fixer-uppers...

Busy Park City Households and Home Showings Can Mix!

Busy Park City Households and Home Showings Can Mix!

 

Selling your home quickly and for the highest price possible demands that the Park City  showings be proactively appealing: that is, more than just a passive display of the residential “merchandise.” To make the most of the advantageous situation that any showing or open house should be, both you and your Realtor® must adopt the approach of any successful salesperson—namely, being certain every potential customer is shown the best aspects of the product. When it comes to Park City Ut home showings, that means staging and making your home available to view. 

Most of the advice you’ll read about staging follows the same general formula: organizing rooms; maintaining exterior landscaping; updating aged features; eliminating clutter. What’s sometimes missing from those guides is a practical problem: a prescription for showings when the home in question is currently housing a family busy with schoolwork, after-school extracurriculars and full time professional obligations—in other words, modern life!

Say Yes to your Park City Ut Realtor's showing requests! You can't sell your home if buyers can't see it. 

No matter how unlikely it might seem, for families whose schedules are already overloaded (and then some), proactive showings are indeed possible! Here are some of the proven ways busy families keep their Park City Ut homes in peak shape:

 Neutralize Décor: To maintain a home livable for a busy family at the same time it’s ready to display requires muting some of the practical as well as decorative elements. It’s a delicate balance that means first removing idiosyncratic design elements, then also keeping as many personal items as possible out of sight but readily accessible when needed. It’s...

What is the first impression buyers get of your Park City for sale home?

What impression is your Park City Ut House for Sale Sending? 

 

You never get a second chance to make a first impression.

It’s a saying that job applicants (at least the successful ones) take to heart. It’s why a lot of serious primping goes on before a blind date. It’s why movie directors spend as much time as it takes to light and prepare the first shot that will introduce their lead actress. And if you’re going to have a house for sale in Park City this summer, it’s why it’s worth it to take pains to make its first impression as strong as possible.

Making any Park City house for sale’s debut a success doesn’t have to break your back or your bank account. Here are some simple, affordable projects that can be done in a single weekend:

Update Exterior Lighting

For prospective buyers whose first look at your house for sale comes in an evening drive-by, exterior lighting plays a leading role. If your lighting setup is more than ten years old, you may be able to do a quick transformation by replacing outdated fixtures with stylish new ones. If twilight showings are likely, consider adding a lighted path from driveway to door.

You've got to get them in the door to sell them on the features of your Park City Ut  home.

Warm Up the Front Porch

There’s an emotional component that goes into making a house for sale—one that’s truly “inviting.” Often, the key factor is whether prospective buyers can easily picture themselves and their family enjoying an afternoon or evening in the place. Think about whether investing in a few pieces of attractive, comfortable-looking outdoor furniture you could place on the front porch (or other outdoor space) could help buyers picture themselves enjoying a leisurely after-dinner conversation…and...

Park City Utah 2nd quarter Statistics

P R E S S R E L E A S E
FOR IMMEDIATE RELEASE:
July 23, 2014
For further information, contact Park City Board of REALTORS®

Park City, Utah – July 23, 2014 –

Though real estate prices in the Greater Park City
Area are trending upward, the number of sales is down 9%.

The number of closed sales in the Greater Park City Area dropped 9% in the second
quarter of 2014 compared to the same time period last year, according to the Park City
Board of REALTORS®. Though there were 39 fewer sales this year (single family,
condominiums and vacant land), median prices continue to trend slowly upward in
2014.

Park City Ut Single Family Home Sales

By property type, single family homes had the least activity in Q2. The number of single
family home sales within Park City Proper was down 29% compared to the second
quarter in 2013. Both Snyderville Basin and Heber Valley were down 9%, and Kamas fell
6%. Yet pricing in most areas is climbing at a gradual pace. The median price for a single
family home within Park City Proper is $1,675,000 (up 36% over Q2 of 2013). The
median sales price for a single family home in the Snyderville Basin area is rising at a
slower pace, but is still up 8% over 2013 to a median sales price of $755,500. The
Jordanelle area saw the highest price increase, reaching $885,000 (up 48%). “We are
seeing buyers at different ends of the spectrum. Some have expendable income or cash
and don’t mind paying for a new product they like. Others are more cautious and
resistant to price increases,” says President of the Park City Board of REALTORS®, Marcie
Davis. Single family home prices remain relatively flat in both the Heber Valley with a
median price of $359,150 and the Kamas Valley with a median price of $268,460.

Park City Ut Condominium Sales

In contrast, condominium sales...

Empty Nest in Park City Utah Doesn't Necessarily Mean Downsizing

‘Empty Nest’ Doesn’t Make the Downsizing Choice Inevitable

 

Many people assume that when the kids leave home, their newly empty nest automatically signals that downsizing into a smaller house or condo is the next step. In truth, for such families living in Park City Utah, downsizing is a common option—one that could very well be the best choice.

But, as the old Gershwin tune says, “it ain’t necessarily so...”

For many of us, once we establish a firm direction in life, a lot of decisions are more or less made without much hesitation. Career, family, and even community needs head us in certain directions, so a lot of choices are obvious. But every once in a while the paths open up, and it’s time to take a breath, clear the head, and realize that there may be a lot more freedom to change course than we are used to. When the downsizing idea bobs to the surface, it’s likely to signal such a turning point. That’s when it’s your true interests and passions should govern your next step—especially with respect to your residential options, which will shape much of what happens next. If this summer you find yourself musing about downsizing, it might be fun to also consider-

Upsize:  It sounds backwards: moving into a larger home with your smaller family. Yet if you have special interests or hobbies that have always called for a lot of elbow room, this could be the chance to add a workshop, rehearsal space, or studio that you’ve never quite been able to wangle. A larger home can also provide extra space you may need to accommodate the rest of the family when they come for a visit (especially if that family is going to be growing!).

In Park City Utah, Downsizing can mean "UpSizing"

or moving closer to town.

Follow your heart: Have you...