Latest Real Estate Trend: Sold but Not for Long…..

Posted on May 14, 2013 by Nancy Tallman

Anyone who pays attention to real estate trends knows that inventory is at record lows which is driving an increase in prices and creating somewhat of a panic among buyers. (See my post from last week for the actual Park City statistics insert link). People who are seriously looking to make a purchase are frustrated by the number of multiple offers and homes that are sold before they even hit the multiple listing service. There is an impulse to make an offer and “tie up” the first house that meets most of the buyer’s needs, even if that house doesn’t have everything the buyer wants. Does this strategy make sense?

On today’s Park City multiple listing service there were 3 homes, including one of my own listings, that returned to active status after a failed sale. The buyers of my listing paid for an inspection, radon test, and appraisal. My guess is they spent no less than $1,000 for this due diligence. The sellers were reviewing their options for finding a place to move into. At the end of the due diligence period, the buyers backed out. My listing was off the market for over two weeks. My sellers are facing the reality that they need to “sell their house again”. The buyers, who are not my clients, must also start over and find a new place to live. The title officer, transaction coordinator, and all the other ancillary people involved in this transaction completed a lot of work that turned into a waste of everyone’s time.

An agent in my office remarked that he had sold one particular listing three times, with multiple offers each time. Clearly the present strategy of tying up homes and then deciding if the buyer really wants to buy it is a losing strategy for everyone involved. As a buyer’s agent, I would discourage a buyer from this strategy. As a listing agent, I am going to work harder to ensure that a buyer is in love with the home before we take it off the market.

What are your thoughts on this issue?

Park City Market Update

Posted on May 7, 2013 by Nancy Tallman

Here is a quick snapshot of what is happening in the Park City real estate market:

Compared to the first quarter of 2012-

Number of sales are up 17%.
Sales dollar volume is up 28%.
Best first quarter since 2007.
Lowest inventory since 2006.
21% decrease in listings.
Distressed properties (foreclosures and short sales) make up only 3% of active listings and accounted for 13% of sales compared to 13% of sales in the first quarter of 2012.
Single family homes sales increased 18%.
Median sale price of single family homes rose 30% to $619,500. Median home price within Park City limits was up 12%.
Condominium sales decreased 3%.
Median sales price of condominiums rose 22% to $334,128.
Vacant land sales increased 45%. Median lot price dropped, but this decrease in price is not expected to last due to inventory constraints.

With interest rates at historical lows, today’s home buyer has 43% more purchasing power than they did in 2006, as reported by Rick Klein of Wells Fargo Home Mortgage.

If you are interested in learning more about a specific neighborhood or subdivision, please contact me at 435.901.0659 or nancytallman@gmail.com.

A Sign of the Times-Mega Mansions are Selling

Posted on April 30, 2013 by Nancy Tallman

I read a really fun article in Forbes called “The Era of the $100 Million House” by Morgan Brennan Click here for the article

The article discusses the rise of $100 million homes for sale around the United States. Here are some qualities shared by these mega estates:

Location. The home must be in an expensive zip code. Beverly Hills, Hillsborough, New York City, Miami, and Dallas all have listings in excess of $100 million.
Size. The homes are typically larger than 10,000 square feet.
Amenities. If you can conceive it, you can achieve it, given a large budget. These homes have amenities such as ballrooms, 50-seat home theaters, private nightclubs, spas, and tennis courts.
Pedigree. Previous ownership by a famous person or if the home was the site of a famous event, is helpful.

We have a few such homes listed for sale right now in Park City. The Huntsman Estate, the Ski Magazine Dream home and the home of a very famous producer are all located in Deer Valley and available for under $50 million. Wow, what a deal!

It’s Springtime and I’m on the Lam(b)

Posted on April 11, 2013 by A Local Table

Ok, so maybe the title is a pretty lame pun, but this time of year always gets me craving one of most underrated meats in this country…lamb. It doesn’t hurt that I’m also betrothed to an Aussie who considers lamb it’s own food group and will eat it any chance she gets.

I read an interesting statistic that I haven’t been able to confirm, but according to this one article, about 70% of people in this country have never tried lamb. Even if the actual percentage is half that amount, it’s ridiculously low.

At one time in the US, lamb was raised mainly for Passover and Easter. Even though lamb is now being raised for year round consumption, the average person usually only thinks about eating it during the spring. In my opinion, there’s no reason it couldn’t and shouldn’t be eaten year round.

But There is hope!

Even though consumption is much lower than other meats, US consumption of lamb is actually on the rise. There are a few reasons:

Open-minded chefs who have trained in or visited lamb-loving countries have been including lamb (and mutton for that matter) on their menus
People who are migrating from the Middle East and parts of Europe and Australia into the United States are demanding their favorite meat

And There is Supply!

The quality of lamb raised in this country is better than people believe. Most of the local farms are raising grass-fed lamb that creates meat that has a more refined taste and texture. States such as Colorado and Washington are known for raising lamb, but there are many other states that have small farmers raising some great lamb, including Virginia, Vermont, Pennsylvania, Texas and California. Even in Utah, we have producers of some fine lamb, including Snowy Mountain Sheep Creamery and Morgan Valley Lamb.

There is Variety!

Aside from the perception that lamb tastes gamey, part of the resistance to eating lamb is the mystery behind how to cook it correctly. Since it’s versatile and flavorful there are many ways it can be prepared. And if you buy grass-fed lamb and pair it with complementary flavors, you won’t think there is any of that barnyard funkiness.

Here are the most popular ways to prepare lamb:

Roasted and stuffed leg
Stewed shoulder with vegetables
Grilled loin chops
Broiled rack of lamb
Braised lamb shanks

However, recently dishes such as braised lamb ribs and slow-roasted lamb belly are appearing on menus across the country along with other rediscovered cuts. Sign me up, please.

And There is Flavor!

Now, there are a lot of classic flavor combinations with lamb, such as mint, rosemary, thyme, garlic, and lemon. These are stronger flavors that can stand up to the taste of lamb and you can’t go wrong with them. However, there are a number of other flavors you may not have thought about pairing with lamb. Here are a few suggestions:

almonds, anchovies, blue cheese, cherries, eggplant, lavender, oranges, pistachios, prunes, tamarind, vermouth, zucchini

OK, so I’ve probably said enough about lamb. After you’ve read this post, I hope you think differently about it. The next time you’re at the butcher or grocery store, consider buying lamb – and if you’re feeling adventurous, buy something other than lamb chops.

Thanks for your time and happy eating!

Stress and Your Libido

Posted on April 5, 2013 by Lisa Fountain

For most of us, stress is a total libido sucker. When was the last time you remember looking over your taxes or credit card bills, and all of a sudden felt very much “In the mood?” If it has happened to you, you are not only lucky, but also in the minority of our species!
When we experience stress, our body’s physiological response is to secret cortisol to help us cope. This secretion of cortisol is not only very normal but also quite helpful in times of acute stress. We experience acute stress when we are in the “fight or flight” mode. Braking violently for a car that just pulled in front of you, lunging for a baby that is about to crawl down a huge flight of stairs, and running when you are being chased are all examples or acute stress, and where the sudden secretion of cortisol and adrenalin help us to react fast. When we are chronically stressed, at our jobs, in our relationships, and/or with our families, our bodies secrete cortisol (the “stress” hormone) on a consistent basis. This is where stress can cause serious problems with our health.

Chronic stress has been related to:
Heart disease
Strokes
Weight Loss/Gain
Insomnia
Miogranes
IBS (Irritable Bowel Syndrome)

One of our body’s ways to handle stress is to shut-down certain systems such as digestion, immune function, and reproductive systems. You can now see why your libido might be the first thing to go when you begin to experience chronic stress. Cortisol also constricts the blood vessels, making necessary blood flow for arousal next to impossible.

That’s the bad news. The good news is that sex can actually help your body release toxic levels of cortisol. Orgasms are not only our biologically-given right to pleasure, but every time you orgasm, your body experiences a huge cortisol flush that releases it from your system.

There is a clear dilemma here: If you are chronically stressed, it will difficult for you to get in the mood to experience a fantastic cortisol-flushing orgasm. Stress management is a great place to start. To begin to balance out your hormones and achieve a rockin’ libido try these few tips on how to manage daily stress:

1- Maintain a diet high in vegetables, fruits, whole grains, and healthy fats
2- Establish a regular exercise routine
3- Put on relaxing music and light candles when at home doing chores
4- Take a bath with soothing essential oils (Lavender) and epsom salts
5- Go for tea with a close friend for quality conversation and LAUGHTER!!
6- Attend a yoga and/or meditation class
7- Download a meditation CD and listen to it at home
8- When you are stressed at work, take 2 minutes to focus on your breath. Inhale for 4 counts, exhale for 6 counts.

The message to take home is that you don’t have to completely do away with stress in order to have a healthy libido. Learning to manage stress/cortisol levels on a daily basis will support your body’s efforts in maintaining balance. Our bodies are extremely capable of maintaining balance given the right tools to work with. When you begin to experience more balance, your libido will respond beautifully!

Do You Crave Sugar?

Posted on March 28, 2013 by Lisa Fountain

There are two ways to approach sugar cravings:

1- Restrict the craving from your diet
2- Crowd the craving out of your diet.

When you restrict anything, the natural human reaction is to have a stronger desire for what ever is not allowed. Think about a toddler wanting to draw on your wall with a marker. Each time you tell him/her “No,” they will want to do it even more. It is just simply human nature. What we can do is apply that same idea to how we approach food. What generally happens when we restrict something from our diet? Usually, if you are me, it ends with shameless wolfing down of away too many cookies.

The other way to approach your cravings is to literally crowd them out with foods that are naturally sweet. Some good examples of naturally sweet foods are:

1- sweet potato
2- carrots
3- beets
4- fruit (dried or fresh) and berries

The reason you are experiencing cravings is because it is 100% completely natural for your body to want sugar. Your body and brain need sugar (glucose) to function. When we were hunter/gatherers we gathered fruits, berries, and sweet vegetables to fulfill the need for sugar in our diets. So when you crave something sweet, try not to beat yourself up and remember that cravings are natural. But, of course, how you satiate yourself is of the utmost importance. Instead of reaching for cookies, ice cream, or chocolate every time you crave sugar, try to nip your craving in the bud and make meals that contain veggies and fruits with naturally occurring sugars.

I made a DELICIOUS lunch today for me and Jeff after our first bike ride and run (called a brick in triathlon terms) of the season. We were starving but this very satisfying salad, accompanied by a sweet potato did the trick. Having the sweet potato there with the salad both made the meal more filling and satisfied my admittedly strong sweet tooth! No chocolate craving after this meal!

Ingredients:
Mixed greens
1 avocado
Handful cherry tomatoes- halved
Quinoa and buckwheat -cooked or soaked overnight
Goat cheese
Walnuts
Pepitas
Carrots and beets (grated in food processor)
Radishes and their greens
Fresh basil
Kelp flakes
Nutritional yeast

One sweet potato or yam- Wash and wrap with tin foil. Put in oven at 400 degrees for about 40 minutes or until soft to touch.

Dressing:
Lemon juice, olive oil, Braggs Amino Acids, pepper

One last note: Allow yourself a treat every now and then. Life is short, after all! I like to try to live by a 90/10 philosophy. 90% of the time I try to eat well and the other 10% is dedicated to cookies, cakes, pizza, and wine.

Could Park City Become Home to the World’s Wealthiest?

Posted on March 22, 2013 by Nancy Tallman

One Hyde Park is a condominium in London where apartments sell for nearly $12,000/square foot. Clearly this development is the ultimate in luxury that only the uber-wealthy of the world can afford. Many of the residences are owned by off shore trusts making it difficult or impossible to track the actual residents. The press has speculated owners hail from Kazakh, Russia, Ukraine, Britain, Nigeria, China, Saudi Arabia, and Qatar, but the developer will not confirm or deny this.

One Hyde Park boasts beautiful architecture and floor to ceiling windows to maximize views and light. What other amenities attract billionaires?

The world’s wealthiest individuals require security and privacy. In addition, they enjoy the bragging rights of owning one of the most famous and priciest apartments in the world. There is a relationship between One Hyde Park and London’s Mandarin Oriental. The Mandarin provides hotel amenities such as housekeeping, food and beverage, concierge, car cleaning and valet.

To cater to the owners’ privacy needs, there are private cocktail suites, cinemas and meeting rooms available. There are even two private gyms for those who wish to work out in private.

Learning about One Hyde Park inspired me to think about similar properties in Park City and only one immediately came to mind: The Montage Deer Valley. Priced under $2000/square foot, The Montage seems like a bargain! The Montage Deer Valley has owner amenities similar to One Hyde Park. It’s location at Deer Valley, the number one ski resort in North America for six straight years, is exceptional. Montage has already past $100 million in sales and has attracted the attention of international buyers. Wealthy individuals around the world are always looking for a safe place to stash their cash. My prediction is that we will see more of such buyers enter the Park City luxury real estate market. Of course, these individuals keep such a low profiles and have so many homes, their entrance into the Park City real estate market may not be noticed.

A Scorned Foodie Picks The NCAA Tournament

Posted on March 21, 2013 by A Local Table

Every year I catch the fever that is called March Madness. I watch the selection show, scour the Internet and eaves drop on conversations around the water cooler, all to inform my NCAA tourney brackets.

Every year I sit back and watch as somebody else surpasses me in braketology and ask myself where it all went wrong. Maybe I’m just not suited for predicting college basketball games in March.

Every year I hear that the person who won the pool picked their brackets based on team mascot or team colors or some other extraneous criteria. Then I feel even worse. How could somebody who knows nothing about the sport beat me?

I have an Idea!

This year will be different. I’ve decided to use a unique selection process to choose my brackets. I thought long and hard about it and came to the conclusion –

Why not choose the teams based on their food pedigree. That sounds so ridiculous it just may work.

So here’s the criteria I used:

Teams that are in regions that have a strong food culture supersede a team from an area that is a culinary wasteland.

Is there a strong farming community that thrives on sustainable, artisan foods?
Do they make all natural, handmade foods in the region?
Is there a strong restaurant scene near the school?
Is the area known for a specific food that is unique and delicious?

My Picks

By using these new criteria, I worked through my bracket and came to the following final four teams:

Midwest – From a food standpoint, probably the weakest collection of schools. However, there are a few standouts, including St. Louis, Oregon, Memphis and Duke. Based on their BBQ and whiskey, I’m giving this region to Memphis (6), though Oregon is a close second.

West – This is a tough region. You have Southern University, Wisconsin and Gonzaga from parts of the country that feature great food. These three are all legitimate choices, but because cheese is one of my favorite foods, I’m going to have to choose Wisconsin (5).

South – I wouldn’t say this region features the obvious areas one would associate with a thriving food scene, but there are a few to note. North Carolina, UCLA, San Diego State and Georgetown are the best. I’ll have to pick Georgetown (2) because DC has such a great restaurant scene, it’s close to Maryland which has some of the best seafood on the east coast and not far from the pig farms in Virginia. Hard to argue with that one.

East – There are a number of contenders in this region. You have Cal in northern California, Marquette in Milwaukee, University of Miami, and Pacific (offering northern Oregon produce, hops for beer and wine grapes). So my heart says Pacific, but Cal is also a major consideration being close to farms, cheese makers and of course, Napa. This is too close to call and any of these teams could be a legitimate choice, but I have to go with Marquette (3) since it is in Milwaukee, which stands for brats, beer and cheese – some of my favorite food vices.

Of those 4 teams, I’ll have to award the NCAA Championship to…Georgetown (2). It offers great restaurants, fresh seafood and reasonable proximity to a great agriculture scene.

So there you have it. A few expected picks and a few surprises. Maybe I wouldn’t be that far off from these selections by choosing based on basketball ability, but I certainly had more fun in the process.

Have any opinions about my selections, please kindly respond below and let me know what you think.

The Power of Working with Top Real Estate Agents

Posted on March 20, 2013 by Nancy Tallman

I work with real estate agents more frequently than the average person. The good ones save their clients plenty of money, heartache, and liability. Capable agents make the transaction seem easy, while the client has no idea what is going on behind the scenes.

In today’s world, most properties for sale can easily be found on the internet. Buyers do not need agents to locate properties for them. Most buyers tell their agent which properties they want to see. Whether they realize it or not, buyers need someone to make sense of the available properties. Why is one home priced lower than another? Why has a property been on the market longer than the others? Why is one property a great opportunity? Top agents have insider knowledge of their market. They know which homes on the internet look good in photos but are hiding a terrible floor plan or a view of a wall.

Similarly, many sellers already have an idea of the comparable properties for sale in their neighborhood and a basic understanding of how their home should be priced. The value that a top agent brings is an understanding of the finer points about pricing and an effective marketing plan that leverages electronic media, print media and high quality photography for maximum exposure.

Once a property is under contract, the real work begins. Currently, many transactions fall apart due to inspection or appraisal contingencies. Sometimes the buyer and seller cannot agree on which fixtures, furnishings or appliances are included in the sale. An experienced agent will work closely with the lender, appraiser, and agent on the other side of the transaction to make sure that small issues do not turn into deal breakers. All agents have a fiduciary responsibility to represent their clients. The best agents will fight to make sure their clients’ best interests are met with respect to price and terms.

Top agents have a referral network of agents around the country, making relocations or second home purchases less stressful. When one agent receives a referral from another, they take extra special care of the client to ensure the referral stream remains strong.

In short, today’s real estate market is not a “do it yourself” endeavor. The best agents do much more than find properties and prepare comparative market analyses. They bring market knowledge, analytical skills, negotiation skills and a host of diverse marketing activities to ensure their clients’ needs are represented to the fullest extent.

Beating Inflammation

Posted on March 14, 2013 by Lisa Fountain

People who live in Park City know inflammation. A twisted ankle swells after rolling on a rock during a trail run, pain in the lower back becomes persistent after a few crashes on the mountain bike or skis, and maybe your hips start speaking up after hours of XC skiing.

The reality is that our bodies naturally produce pro-inflammatory responses. For example, when you twist your ankle, cut your foot, or are fighting a sore throat, the body responds immediately by swelling, which delivers more blood and therefore nourishment to the affected area. While this pro-inflammatory phase can be painful, it is usually naturally followed and counteracted by an anti-inflammatory phase that is necessary for cellular repair and regeneration. This acute inflammation is normal, short lived, and usually beneficial. But sometimes the balance between pro and anti-inflammatory processes gets out of whack and inflammation continues for too long at a low, but persistent level.

Chronic, low-grade, internal inflammation is often called, “silent.” Even though you may not feel it, chronic inflammation makes itself known through the symptoms of illness and disease it causes.

We now know that internal, chronic inflammation is at the root of many different types of illness, from cardiovascular disease to Alzheimer’s. This is the type of inflammation that is killing the majority of our US population.

High risk factors for inflammation are: bad habits (like smoking, drinking excessively), poor sleep, chronic stress, obesity, and poor diet.

A great place to start is with your diet. Well-known and highly acclaimed Dr. Andrew Weil suggests the following diet guidelines to ease chronic inflammation:

1- Eat more healthy fats especially those high in Omega 3s. Chia seeds, ground flax seeds, avocados, walnuts, sardines, and wild-caught salmon are just a few great options.

2- Eliminate the wrong fats such as polyunsaturated vegetable oils: safflower, sunflower, corn, and soy oil are a few.

3- Eat more fruits and vegetables!! Especially in a nice array of colors

4- Limit “white” carbohydrates. White flours and sugars cause drastic spikes in blood sugar which contributes to inflammation in the body.

5- Cut back on animal products

6- Season food with healing spices such as turmeric, ginger, and red pepper. Turmeric is perhaps the most potent anti-inflammatory herb studied so far. Studies have shown that turmeric may help protect against Alzheimer’s disease. In animal studies, turmeric appears to help prevent cancer. Personally, I have been using turmeric daily, with great results, as a means to manage my lower back pain due to a bulging disk.

7- Drink pure water or drinks that are mostly water (tea, very diluted fruit juice, or sparkling water with lemon) throughout the day.

Remember that our bodies are like well-oiled machines when given the correct tools. Our bodies have an innate ability to heal themselves. A healthy diet, regular exercise, and stress management goes a long, long way.

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