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

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...

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...

Gains in Park City Ut Real Estate nowhere near 'Bubble' level

Gains in Park City Utah Home Prices

Nowhere Near ‘Bubble’ Territory

 

For the past two years national home prices have risen sharply, which might lead to the conclusion that they are overpriced. In fact, if we’re to believe the most recent report by real estate website Trulia, they are still 5% undervalued when measured against long-term fundamentals. So will this summer’s home prices in Park City  be broaching unsustainable levels—or will they be reasonable?

The Problem of Measuring Only Home Price Increases

Real estate price increases by themselves are poor indicators of over- or undervalued real estate. Because of the headlong drop in real estate prices in 2007, throughout most of the country, prices have increased significantly without approaching the previous highs. A well-publicized example is in Las Vegas, where prices have increased by almost 60% over the last couple of years, yet by many yardsticks remain affordable. Park City neighborhoods are hovering in the pre-bubble prices with a few exceptions. 

How Home Affordability Is Measured

There are a number of different ways of measuring whether home prices in Park City Ut could be considered to be over- or undervalued. They include looking at how current prices compare with long-term trends; how prices measure up against average incomes; the comparable cost of renting, etc. The Trulia report used a wide range of these indicators to emerge with a complete picture of the affordability of real estate across the country. Not all research confirms Trulia’s assertion. According to the Fitch Sustainable Home Price Model, national prices are overvalued by something like 15%. Critics note, however, that the Fitch model is distorted by prices in some of the markets selected – particularly California....

Buying a Home with no Disclosures - caution

Energetic Due Diligence for a Bank Owned Property  Vacant in Park City Utah 

 

Suppose that in the course of buying a home in Park City, your eye is drawn to a bank-owned home,a home held in a trust, or a second home. There are many reasons why you could find yourself buying a Park City or Deer Valley home that’s currently vacant—which can also mean that the usual owner disclosures are not to be had. There are perfectly innocent reasons why this situation develops. Suppose the sellers of the property have just inherited it. How would they know that water tends to pool under the house during a strong rainstorm? Or that unpermitted repairs were made to the electric wiring in the kitchen? 

If thoughts like these cause beads of sweat to pop out all over your forehead, don’t fret. This summer we can find you plenty of alternatives in Park City’s traditional housing market. But before you automatically pass on a vacant home because of unknowns in its history, you should know that, with due diligence, you can still end up with a home that is worth your money and a safe place to live!

When you consider a vacant home, the most reliable information will come after you’ve arranged an inspection.

The inspector’s report will let you learn what you’re getting into before you buy—and whether it’s in safe and livable condition. Most homes that fall vacant due to circumstances like divorce or a move are well cared-for and in decent shape; others, long abandoned, are more likely to have fallen into disrepair. Without any owner disclosures, you’ll be on your own to discover potentially major issues like leaking pool equipment or pest problems.

Even after you’ve had a thorough inspection, there is still a good chance you will encounter at least some surprises. There are some elements of a home that can’t really be properly inspected—like...

Park City Rental Property Investments - Rentals in High Demand

Park City Ut. Rental Property Investments

They’re Out There and They're in High Demand!

 

 When any investor first begins to mull over the idea of acquiring a rental property in Park City Utah  it’s usually in competition with an array of other investment types—each with its inherent plusses and minuses. Some of them are new ideas (new technology company stocks; new forms of commercial exchange)—but real estate is definitely not one of those. It may not be innovative, but being a landlord has always been one of the leading sources of passive income.  

Right now long term rentals are in high demand in Park City. 

What is exciting about rental property is why it has always been recognized as a sound investment. When the income from a Park City  rental property is able to pay for its own underlying mortgage, it self-propels its growing equity. The rental property’s investment value grows as the loan is paid down month by month, year after year. Added to that is any appreciation in its market value.

And with the best Park City rental property scenario, when rental income exceeds mortgage and other expenses, it will even throw off an extra income stream.

Needless to say, choosing the right rental property in Park City is worth the effort! Much of that effort involves making a serious effort to map out and project values, income and expense:

  • Neighborhood: Consider how the overall desirability of the neighborhood is likely to affect its appeal to tenants. Are there attractive amenities like parks, shopping and entertainment venues? What do the local classified ads reveal -- is the area’s vacancy rate high or low? How do rental prices compare with adjacent neighborhoods?
  • Project Ancillary Expenses:  Determine the historical property tax rates, and what future rate changes...

SUMMER EVENTS IN PARK CITY UT

Summer fun in Park City Ut

Looking for lots of great things to do this summer? Check out the links and video below and go have fun!

Spend the 4th of July in Park City!

FRIDAY, JULY 4, 2014

7:00 am • Pancake Breakfast in City Park
$7 adults, $5 kids 12 and under.

8:00 am  • Cole Sport 5k Mountain Fun Run
Pre-registration until 5 p.m. on July 3
MORE INFO & REGISTRATION

11:00 am • 4th of July Parade • Main Street, Park City
Famous 4th of July Parade with over 70 floats celebrating Park City's Historiy


10:00 am - 9:00 pm  • Celebration in City Park 
Rugby games, live music, Rotary BBQ, beer garden, and children's activities at the north end of City Park. ...

Inexpensive Upgrades to improve your Park City Utah home

Inexpensive Upgrades Boost Park City Utah Home Values Painlessly  

 

Especially when it comes to major decisions like buying or selling your home, human nature seems to tilt toward delaying action until it’s the end result is absolutely certain. After all, nobody wants to make a life-changing move that turns out to be anything short of fantastic!

So even when you’ve outgrown your current home…or found yourself in a daily long-distance commute because work has moved…or any number of other reasons why you know you should be looking for a new house…it can be difficult to commit to such a looming decision. Adding to that is one of the most common assumptions many Park City homeowners believe: that they have to spend a boatload of money to increase their home value.

The truth is: it ain’t so!

You can strategically update your Park City house before you put it on the market without cratering your bank account.

· Make it Spacious

Adding space to a room increases any Park City  home value. Tearing out walls isn’t necessary when there are so many other ways to achieve the same thing. Simple options include removing built-in shelves, enlarging windows, or (the simplest) just removing “stuff” that’s hogging perceived space.

· Go Green

More and more, you can improve your Park City home value by installing modest “green” upgrades. Today’s buyers may not necessarily be eco-focused—they may simply have a good sense of the increasing cost of water and power. “Going green” as a way to add  home value to your area property can be no more costly than switching to low-flow toilets, adding a wifi thermostat with “smart” technology, or putting in a low cost drip watering system.

· Window Update...

Moving to Park City, Utah this Summer? 5 Tips to Avoid Moving Scams

Moving to Park City Utah? 5 Tips for Avoiding Moving Scams

 Moving to Park City (or moving to anywhere) is adventure enough without including one of the moving company scams that are all too common.

It seems hard to believe that unscrupulous carriers can continue to operate, but the fact is, there are a lot of them out there. If you will be moving to Park City anytime soon, you don’t have to worry about any of the rip-off artists if you follow some straightforward guidelines:

  1. 1.     Check the FMCSA  

The Federal Motor Carrier Safety Administration runs a household goods program designed to aid consumers. Their website includes a search feature that records past complaints for known companies…but be aware that only interstate movers are listed. Along with complaint information, it lists company contact details so you will know you’re dealing with the people they say they are.

  1. Check Online Reviews

A search engine search of the company can be helpful: just enter the company name plus ‘reviews’ or ‘ratings.’ You’ll often find Yelp entries, and with luck, recent experiences by customers moving to Park City.  

  1. Get A Written Estimate

You should be skeptical of any moving company that is willing to provide a quote over the phone or internet. This may not be evidence of a scam, but often means that you are dealing with a broker rather than the company itself. In fact, the U.S. Department of Transportation red flags any over who doesn’t offer or agree to an on-site inspection of our household goods “or gives an estimate over the phone or internet”…the too-good-to-be-true estimates, demands for large upfront deposits, or failure to hand you the “Rights and Responsibilities When You Move” pamphlet (Federal regulations require Interstate movers do...

Tricks for Successfully listing your Park City Ut home a Second Time

How Listing Your House in Park City Utah

Can Work…the 2nd Time!

 

Listing your house in Park City Ut anew after it’s lingered on the market for a while can bring surprisingly quick success…with the right tactics.

The truth is, if a home hasn’t sold in today’s market, there is usually an identifiable reason. Here are some tips that can reverse what happened when listing your house the first time failed to strike pay dirt:

  • Compare prices of comparable homes that have sold in your neighborhood, and use those as the benchmarks. If your area listing was priced to allow 10-20% for negotiating room, that’s the likely culprit. Consider listing your Park City Utah house at 1% to 5% below your competitors—it’s a proven way to get more feet through your entryway.
  • A well thought-out marketing strategy with multiple advertising channels can be a necessity in a competitive area. Discuss taking advantage of social media platforms like Facebook and YouTube with your Park City real estate agent. Is there a way you as a homeowner can help? Consider holding mid-week open houses in the evening hours so visitors can drop by on their way home from work. Being extra flexible and accommodating can make the difference in getting qualified buyers through the door.
  • If you are listing your house in Park City Ut for a second time, you will want to make any deferred repair and cosmetic décor change you may have put off the first time ‘round.

The vast majority of today’s Park City Utah buyers are looking for a home that’s 100% “move-in ready.”

  • Patience is never more critical than when negotiating a price for your home. Refuse to be put off by offers that are lower then what you were expecting. You don’t need to accept such offers—but rather than just rejecting them, consider offering...

Short & Sweet—Park City and Deer Valley Ut Open House Checklist

 

Park City Ut Open House Checklist

 

Estimates so far indicate that summer 2014 is likely to be a better than usual season for Park City Ut home sales. The past winter threw a wet blanket over all kinds of business activity, creating a perfect scenario for a sales bounce back—and that’s exactly what is beginning to show up in the stats. As Bloomberg News reported last week, sales of homes “climbed in April for the first time in three months…the biggest in six months…”

The Park City Ut local market cycle varies a bit from the national numbers, but Summer is one of our strongest seasons. 

If you will be taking advantage of the uptick by listing your property for this summer’s market, having an open house in Park City is a prime way to attract prospective buyers. With a little focus and energy, getting your home in shape can be easier than you might imagine.

 

The checklist is short:

Landscaping

The place to begin is with the landscaping—it frames the picture that’s the first thing buyers see when they pull up during the warm months. If you don’t have summer flowers planted, that’s okay—improvise! Purchase a few hanging baskets and potted plants. Place them along pathways, the entrance, and other places that could use a little bit of color. Hose the exterior, but if the years have been too tough, you may need a refresher coat of paint or trim. Perk up the lawn with an easy-to-apply lawn food spray; edge where needed; then mow and admire!

Get a Fresh Outlook

Give your windows a good cleaning (outside first)—it’s surprising the amount of sparkle that simple job can add to your Park City or Deer Valley open house. Air the house thoroughly as you do a deep clean where it’s needed: usually a shampoo of carpets and rugs will accomplish the lion’s share of the work. Add some summer color to your rooms...

Park City Ut Home sellers may benefit from Mortgage Turnaround!

Park City Ut Homesellers may benefit from

Mortgage Turnaround 

 

U.S. Backs Off Tight Mortgage Rules” screamed the top headline on the front page of The Wall Street Journal last week. For Park City Utah mortgage shoppers, it could scarcely have been better news. Probably.

‘Probably’ because any change is not yet a done deal, but it’s hard to see what will derail the likely full reverse of the federal establishment’s years-long tight home loan policy. Why is this suddenly in the cards? The full answer is complicated, but here is a quick (admittedly over-simplified) summary of what’s been happening to Park City Utah mortgage applicants—and what probably lies ahead.

The ongoing real estate recovery has been less of a boon to banks (including Park City's` mortgage originators) than to other participants because of tightened lending guidelines. Since the economic meltdown had been triggered by the crash of too many ‘easy money’ mortgages that had been repackaged and sold to Wall Street investors, regulators created mortgage guidelines that were much stricter.

Although borrowers found it harder to qualify for mortgages, at the same time, the Federal Reserve held interest rates at such bargain-basement levels real estate sales hummed. But first-time borrowers found it hard to qualify.

But lately, observers of the national scene have been worrying. Over the past months, the gradual cooling of real estate activity may have been welcome in the sense that the torrid rate of activity had slowed from an unsustainable pace—but some economists began to fret. Even though there was still some growth, now there wasn’t enough—and that could stall the recovery for the whole economy.

Washington has decided to listen to the worrywarts: hence last week’s WSJ headline story. It reported on the first speech delivered...

Staging your home for Summer

 

Listing Your Park City Utah Home In Summer Means

Staging tOutdoors  

 

As the days grow longer and the thermometer rises, everyone wants to start spending more time outdoors—to make full use of our yards and patios. But what if your Park City  home is going to be on the market this summer? Does it mean you have to stop enjoying yourself, stop entertaining guests, just because you want to keep the place in showable condition?

The answer is, of course, of course not. Using the outdoor spaces of your home means striking a balance between living your life and ensuring everything is in top condition when buyers come calling. It’s actually a staging opportunity, because most of your prospective buyers will be favorably impressed if your outdoor staging areas make it easy to picture themselves enjoying our beautiful Park City summer weather. You know the old but very true saying..." We came for the Winter but stayed for the Summer". 

Staging your home’s landscaping thus takes added importance during summertime, beginning with overall curb appeal. Any time of year, potential buyers are often swayed by that first impression: as they approach the house, the impact will be one they’d like their own future visitors to have. Staging an inviting front yard appearance does wonders for your selling prospects.

Make sure your lawn is trimmed and the yard edged. During springtime and fall, a 2”-3” grass length is recommended, but as the hotter summer months approach, longer grass will help shade the soil and keep roots comfy. Minimize brown spots and thin patches by giving the blades an extra half inch.

Staging walkways and driveways means keeping cemented areas free of volunteer growing things. Having weeds, clover, or anything sprouting between stones or pavement is not only unsightly, it brings...

Judge sides with Talisker and Vail in PCMR lease lawsuit

Judge Rules for Vail and Talisker in today's critical rulings. 

Seems like it's just a matter of time for Vail to take over operation of

Park City Mountain Resort.

Judge Ryan Harris reaffirmed an earlier ruling that PCMR's lease of much of the terrain underlying the resort expired in 2011. He also ruled that PCMR was not denied a right of first refusal when Talisker Land Holdings, LLC reached an agreement with Vail Resorts to operate Canyons Resort. The deal could be expanded to include the disputed terrain at PCMR depending on the outcome of the case.

Park City Mountain CEO John Cumming prepared a statment:

"We respect the Court's decision but at the end of the day it doesn't change the fact that Vail and PCMR can and must resolve this dispute. For that to happen, both parties will need to sit down at the table, negotiate in good faith, and come to a rational agreement. We are committed to doing exactly that, which is why we have made repeated offers to buy or lease the disputed property for an amount far in excess of market value. But let me be clear: we will not walk away and allow a Vail takeover," Cumming said, in part.

Click this link to read the entire Park Record article:

Park Record Article

Investors are starting to see the writing on the wall and starting to grab up properties at both Park City Mountain and Canyons Resort.

Call me for more information about snapping up a property here in Park City while it's still affordable!

Heather Feldman

435-731-0803

...

Vail offers to buy out Park City Mountain Resort!

Vail makes its move to buy out Park City Mountain Resort

Tuesday March 25 Vail Resorts made a formal offer to Park City Mountain Resort to buy them out.

Vail stated their intent would be to keep most of PCMR's employees and still allow Camp Woodward to be built and operated. Tension has been high in our little ski town since this lawsuit has been initiated. We as a community are torn between keeping the quaintness and history of Park City Mountain and creating a destination resort like Whistler/Blackcomb or Vail/Beaver Creek. 

What is best for Park City? What is best for tourism ( pretty much everyone's livelihood)?

View the Park Record article below. Feel free to comment. 

http://www.parkrecord.com/ci_25419000/vail-resorts-makes-buyout-offer-pcmr

For all of your Park City Ut Real Estate needs please contact me at 435-731-0803 or heather@parkcityhousehunters.com

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Home buying negotiating mistake

One big negotiating mistake that can kill a home buying deal. 

You found a home to purchase - Excellent! You and your agent submit your offer and negotiate terms and price. Finally, you are under contract. 

Next, the inspection takes place and you do everything you can during your due diligence to discover if this home is for you.  Here is one BIG mistake many buyer and Rookie agents make as quoted from Amanda Thomas, Broker Plano Tx on Active Rain: 

Attempting to Negotiate  Past The Deal

Sometimes it is the buyer, and sometimes it is the buyer's agent.  Either way, over-requesting concessions, repairs, or other accommodations can quickly erode into hostility between parties and cause agreements to unwind. One school of thought suggests that one doesn't get if one doesn't ask. While true, a professional knows the difference between asking and negotiating.

All a seller EVER has to do once they agree to sell -- is to sell… They do not have to contribute to closing costs or do repairs or agree to any changes to the initial sales contract. A buyer's expectations should be managed up front so that the responsibility for discovery and acceptance lies squarely on the buyer's shoulders.  By all means, if you want to see a reasonable seller blow up, get nit-picky. Send the seller a copy of your buyer's inspection report and demand that they fix everything that isn't perfect.  Get trivial and try to split hairs. Or criticize repairs that the seller has kindly had done.  And then stand back and prepare to see the fur fly.   The art of negotiation dictates that something must be given in return for getting.

In Utah, Homes are Sold AS-IS

She says it perfectly. In Utah, homes are sold AS-IS. The Buyer can make reasonable requests of the seller to fix or address items that appear on the inspection report or that are...

Silverado Lodge new listing!

Silverado Lodge at Canyons Resort Park City Utah

Newly listed Silverado Lodge Studio

Fully furnished newer build in Canyons Resort complete with fabulous ameneties.

Pool with Spa,  Fitness room, Steam Room everything you could want in a resort property!

Great way to break into the Park City market at the growing Canyons Resort.

Call me for a showing! 

Heather Feldman

Equity Real Estate Luxury Group

435-731-0803

 

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Park City Mountain #50 Skiers Subway

Park City Mountain's 50th Anniversary

Imagine riding a rail car up a mining tunnel after waiting up to an hour just to ski!

Watch this video detailing Park City Mountain's lift system of the past. 

Contact me to live the dream in Park City or Deer Valley

Heather Feldman

435-731-0803

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