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
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
‘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:...
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...
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...