How Do You Know When Your Best Interests Are Not Looked After? A Cautionary Tale in This Week’s Blog:

This Made Me So Angry!

Real Estate in the Golden YearsI love helping people. It’s one of the reasons why I enjoy being a real estate agent. And if you are a current or past client of mine, you fall into a special category. I care about you and want the best for you. Even if the best for you means no transaction for me.

Someone who holds an especially dear place in my heart is Delia (not her real name). She was my very first client. She purchased a condominium in lower Deer Valley from me in December, 2003. Continue reading about Delia’s experience here

Park City Housing Market Predictions for 2017

Park City Housing PredictionsNational Predictions

I have been reading a lot of predictions for the United States real estate market. Here are the themes I see repeated:

  • There will continue to be low inventory, creating a “sellers” market.
  • Interest rates will continue to rise.
    • This will impact first time homebuyers more than luxury home buyers, as luxury homebuyers tend to pay cash or put down a larger down payment.
    • Rising interest rates will make it more difficult for current home owners with good mortgages to move up and pay higher interest rates
  • Annual home appreciation will slow to about 3%.
  • If the Trump administration cuts taxes, this could have a positive effect on the luxury home market.
  • Real estate generally follows 7-year “boom and bust” cycles and we are nearing the end of a 7-year boom. Most experts did not see signs of a real estate crash looming in the distance. The days when people bought homes with no money down and could walk away are behind us.

How They’re Playing Out in Park City

I’m currently working with buyers and sellers in all different boats. One of my clients is selling an investment property now because she thinks this is a good time to be a seller. I have a couple of buyers who have benefited from the upturn in the economy. They are investing their money in Park City real estate as opposed to the stock market.

I’m also working with some retirees who want to downsize from a 6,000 sq. ft home and buying a smaller, easier-to-manage condominium. I’m working with others who are looking to buy their “last” home and want single level living.

Right now, inventory is very low in most Park City neighborhoods. But it’s a great time to be a buyer because there are fewer buyers competing for the existing properties. Springtime will give way to more inventory and more buyers. The excellent snow this season and the Vail Epic Pass are bringing many newcomers to Park City. Some of these people will inevitably fall in love with Park City and want to invest in a vacation home.

There will be a lot of new condominium inventory at the Canyons Village in the next 2 years, making the Canyons Village its own “micro market”. Purchasing a unit in an irreplaceable location with good views will be important to ensuring a good long-term investment.

My prediction for 2017 is that prices in Park City will be stable. Some micro-markets will do better than others. Because of our strong resort economy supported by Deer Valley and the Vail Epic Pass, we will continue to see second home buyers choose to make lifestyle purchases in Park City. In addition, we are a bedroom community to the Salt Lake Valley, which has the one of the best economies in the nation. Those high paying technology and biotech jobs will continue to bring qualified buyers into our full-time neighborhoods.

Park City’s Treasure Hill Development: a 30 Year Saga

treasure-hill-development

The Treasure Hill Development has been a controversial thorn in the mountain side of Park City for more than 3 decades. As development plans move forward, plagued by questions and opposition, we try to highlight some of the more important aspects of the project to better view where it stands today. Read more by clicking here.

Our Top 10 Park City Real Estate Blogs of 2016

2016 Park City Blogs

It has been an interesting year on many fronts, hasn’t it? From the world to our nation, and right here to our little (or not so little) town of Park City, a lot has happened in 2016. When we do our annual year in review here at Inside Park City Real Estate, it’s always fun
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How has Tourism Effected Our Favorite Town?

Being “America’s Favorite Town”: The Impact of Tourism on Park City

pc-main-street_winter

It doesn’t take much to realize that tourism means big business for Park City. When you look around at the number of hotels, taxis, restaurants and other tourism services, it is evident that people are visiting and enjoying our town in great numbers. In fact, a Travel and Leisure reader survey from 2015-2016 named Park City “America’s Favorite Town”.
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Let the Ski Season Begin!

What’s New with Park City Skiing in 2016-2017

Last Thursday, the Park City Board of REALTORS hosted a luncheon and invited Bill Rock from Park City Mountain Resort, Steve Issowits from Deer Valley Resort and Nathan Rafferty from Ski Utah (a ski trade organization in Utah) to give us an update for 2017. I took a few notes to share with my blog readers.

Click here to read about what’s new for the 2016-2017 ski season.

 

Free Home Buying Guide Available!

We are offering a Free Printable Home Purchase Guide! Learn how to make your home purchase completely stress free by clicking on our blog link and requesting the guide at the end of the article.

Click here to access article and free guide

 

 

 

 

Interesting Trends in Park City Real Estate Today (Q3, 2016)

The story of the Park City real estate market continues to be the same—newer or remodeled properties that are in move-in condition are in demand.

At the same time, older, dated homes take longer to sell. And they sell for less. We see this in the both the condominium and single family markets. While trends in Park City real estate continue to vary by neighborhood, the trend is directly reflective of the neighborhood’s age. Newer areas like Promontory have strong sales. Neighborhoods with older homes, like Deer Valley, have fewer sales.

Median Park City Sale Price

The above chart shows Park City zip codes of 84060 and 84098. Overall, the median sale price is rising at a healthy rate. At the same time, the number of sales is relatively flat over the past 2 years. If you would like to receive a copy of the Park City Board of REALTORS market statistics press release or the full statistics packet, contact me.

Forget all the Boring Stats, Here are Some Interesting Market Trends

Market Trend 1: Single family homes in the heart of Park City with an 84060 zip code are expensive.

  • Median sale price in Old Town is up 7% to $1.4 million.
  • Median sale price in Prospector is up 17% to $840,000.
  • Median sale price in Park Meadows is flat at $1.5 million.

Market Trend 2: Buyers who want to be in the heart of town but are shut out of Park Meadows due to price are buying in the Prospector neighborhood.

The Snyderville Basin (84098) continues to remain active with large increases in number of sales and median sale price. Buyers shut out of 84060 or who want to be closer to Kimball Junction or Highway 80 are snapping up these homes. Affordable neighborhoods like Summit Park and Trailside showed the highest increase in median sale price. Buyers who don’t have $500,000 to spend on a single family home will be unable to purchase a single family home in Park City.

  • Median sale price in Summit Park increased 22% to $619,000.
  • Median sale price in Trailside rose 13% to $715,000.
  • Median sale price in Kimball Junction rose 5% to $525,000.

Market Trend 3: Condominium sales in 84098 outpaced sales in 84060. My hypothesis that buyers are attracted to newer inventory is supported by this sales trend.

  • The Canyons neighborhood saw a median sale price increase of 50% to $590,000.
  • Pinebrook saw a 19% increase in median sale price to $455,000.
  • The Jordanelle area, which is located in Wasatch County and outside of Park City mailbox, saw a median sale price increase of 13% to $475,000. Most of the inventory at the Jordanelle is new. Buyers are attracted to the higher end finishes and proximity to Park City and Highway 40 even if it means they have a Kamas zip code.

How Should Buyers & Sellers Look at the Park City Real Estate Market Today?

So what do the third quarter statistics mean to buyers and sellers in Park City? Homes that have been updated sell faster and for more money. Before undertaking any improvements prior to selling your home, it is imperative that you consult with a REALTOR to ensure you are making the right and most cost-effective improvements. If you are unable or unwilling to update your home, you will need to price your home realistically based on the supply and demand for such homes.

There are great purchase opportunities available for those buyers willing to undertake renovations. As Park City becomes less affordable, buyers are moving to neighboring Wasatch County and Kamas Valley neighborhoods, or purchasing condominiums instead of single family homes. Currently, there is about a 10-month inventory of homes in Park City, creating a buyers’ market (6 months of inventory is considered “balanced”). However, the inventory varies greatly by neighborhood, creating an assortment of micro-markets. For example, Summit Park is a sellers’ market, with less than 3 months of inventory, while Upper Deer Valley is a buyers’ market with over 2 years of inventory.

Please contact me if you have questions about your own neighborhood or an area where you are considering making a purchase.

Looking for Office Space in Park City? Here are some Options…

Quick Guide to Park City Office Space

Park City Office SpaceOur little town isn’t just a wonderful place to live and play, it is also a great place to do business. Entities such as Skullcandy, Rossignol, Armada Skis, Backcountry.com and Nutraceuticals call Park City home. Park City office space options are as varied as the landscape, so there are office spaces for all types of businesses. Those looking for a short-term, long-term or a more permanent purchase option can find the perfect office space ready to accommodate. Here is a quick overview to get you started.

City Limits

The Gateway Office Business Center

The Gateway has a wonderful Old Town location. The Gateway offers rentable office suites as well as a variety of professional services and even virtual office amenities for flexible businesses. They have 26 fully wired and rentable offices as well as a conference room, office equipment, kitchen, parking and a full support staff.

Oftentimes, businesses relocating to Park City will utilize the space temporarily. As will start-ups and others that simply do not need a dedicated office full-time. The Gateway has been around for over 20 years. The staff is very capable and provides a professional environment.

Prospector

The Prospector neighborhood has a number of office space locations. The Bellemarc building and the neighboring Belleaire building have long held local businesses. They are a simple two-story rectangular design and both offer ample parking. You will enjoy endless lunch options from favorites such as Uptown Fare, Sammy’s Bistro, El Chubasco and Good Karma. If you seek an in-town office location without a lot of bells and whistles, this place is for you.

Kimball Junction

Park City Tech Center

Park City’s Tech Center or PCTC was completed in 2012. One of the goals of the space is to help bring diverse jobs to the area. It’s the first of many more buildings to be developed in the technology park. The building is well-designed with incredible views. It boasts easy access to Salt Lake City and Park City. The PCTC houses the Visitors Center for the Park City Chamber of Commerce and the local coffee shop, Hugo.

The PCTC is located in Kimball Junction on the public transportation system as well as the local trail network. A number of commuting options are available. Recreational trails through the aspen-dotted hillside are literally right outside of the door. The plans include over 1.2 million square feet of office space. Build-to-suit sites are available.

Assemble

Assemble offers collaborative office space and co-working space memberships to entrepreneurs, professionals, corporations and other members. Assemble is located in the Kimball Junction area of Park City, an area known for shopping and restaurants.

Co-working Space Members are invited to use work stations within the business lounge and can use private offices when available. There is a conference room with flat screen TV’s, internet access and a full office equipment suite with printers, copy machines, scanner and fax. There is also a shared kitchen. Professional office support services are available.

The Office

Park City’s newest office space, The Office opened September 2016 in the New Park area of Kimball Junction. It is a co-working space similar to the others we have mentioned. The Office offers a relaxed and comfortable work space with private offices available and the coffee bar is always stocked. To encourage visitors The Office is currently offering free day passes.

Near the Highway

Silver Creek Business Park

The Silver Creek Business Park is a great option for anyone not requiring an in-town location. Located near the I-80 and I-40 interchange, it has easy access to Salt Lake City, Park City and the surrounding areas. Business spaces are available for lease and are designed to house a variety of users. Space options include warehouse, office and retail space. Spaces have showrooms and/or retail storefronts and there is ample parking.

MSPACE

MSPACE is a modular building and can be designed to fit the need. The development company offers a number of creative lease-options and finance options. Conveniently located at the interchange of highway 40 and 80 it is an easily accessed location. The company offers an impressive rental building inventory. For any need, they have a building they can rent, lease or sell to you. The CMO (Chief Mascot Officer) Chance, a handsome Golden Retriever, is reason enough to stop by.

PandoLabs

PandoLabs is a 501(c)(3) non-profit organization that is a collaborative hub and co-working space. They bring together entrepreneurs in Park City and neighboring towns. Users of the space pay a membership, and currently they have about 40 members. The basic $150/month membership includes access to the facility and amenities. These include a furnished co-working space, broadband internet access, shared conference room, shared common area, kitchen and lounge. Private offices are available. The workspace is conveniently located in Jeremy Ranch between Park City and Salt Lake City.

From Nancy:

Are you wanting to move your business to Park City? Busting at the seams and need more space? Seeking an investment opportunity in the Park City office space market? I am happy to point you in the right direction no matter what you’re looking to do. Contact me anytime!

Real Estate Negotiations: How Get What You Want

negotiationsLast month, I took an 8-hour course on negotiation.

Before I became a REALTOR, I negotiated health care contracts for a living. After attending the 8-hour negotiation course, I learned that the concepts of negotiation are pretty simple and they haven’t changed since the beginning of civilization when people bartered instead of using money.

Overcome Fear to find a Win-Win

JFK Negotiation QuoteSince I utilize my negotiation skills every day, I forget how hard negotiating can be for my clients. I often hear “I don’t want to go back and forth.” My clients fear rejection or offending someone. My advice is to think of real estate negotiations as a conversation and not a win or lose proposition. In fact, the best negotiations are win-win, where both sides get what they want in a transaction.

I was recently involved in a Park City real estate transaction where a buyer told me he was thinking of making a low offer on one of my listings and asked for my opinion. I told him that I didn’t know how my client would react, but any offer is better than no offer. It is a tool to start a conversation to see if we can get to win-win. When I presented the offer to my client, her first response was that she was “offended” by the low offer. I told her that she should not be offended. The buyer raised his hand and said he wanted to buy her property. Now it was up to us to figure out if we could come to a price that made sense for both parties.

Approach Real Estate Negotiations as Joint Problem Solving

Here’s how corporate negotiation consultant Jeff Weiss explained it to Harvard Business Review:

“If you frame the negotiation as adversarial, you will ensure it becomes adversarial. Instead, approach it as an act of join problem-solving: What are the critical issues at hand, what are my interests and their interests, and what are some different options for satisfying those various interests? Negotiation isn’t about conceding, it’s about being creative.”

The purpose of negotiating in real estate and any application is to produce something better than you can without negotiating.

When The Outcome is Not What You Want

In my example, if the buyer did not present his offer, he would have no other way of knowing whether he could buy the home for what he was willing to pay. From my sellers’ perspective, she had to really think about her what she was willing to take for her home. After some back and forth, we realized that buyer and seller were too far apart for this transaction to come together.

The negotiation was positive and friendly and the door was left open in the event the buyer reconsiders his position and is willing and able to come up in his price. What started off as emotionally scary for both parties turned into an educational and positive interaction, even though it did not result in an immediate transaction.

What Negotiating is Not

Negotiation ProcessNegotiating does not have to be confrontational, insulting or rude. It should be approached like a conversation. Sometimes the needs of both parties can be brought together and sometimes they cannot. The only way to find out is to enter into the negotiation process. It helps if you have an experienced professional to guide the process.

What are your thoughts on negotiation? Have you been turned off by someone who came on too strong? Have you ever reached an agreement when you never thought it would happen?