The Status of Foreclosures in Park City

If you want to buy a distressed property in Park City, you probably missed the boat.

foreclosures-park-city

Distressed Sales Defined

What is a distressed sale? A distressed sale is either a foreclosure (bank owned property) or a short sale (the seller owes more than the property is worth). Another name for foreclosed properties is “Real Estate Owned”, or REO. It’s a term used by banks to describe real estate vs other assets that they own, such as cash.

These two categories of listings are declining in the US and have plummeted in Park City. According to the National Association of Realtors, distressed homes accounted for 11% of U.S. sales in May, 2014, down from 18% in May, 2013. Foreclosures sold for 18% below market value and short sales were discounted 11%.

Distressed Sales in Park City, Utah

In Park City, the story is very different. During the worst of the economic downturn, distressed properties accounted for nearly 40% of sales in Park City.

Distressed Sales in Park City

During the second quarter of 2014, distressed properties accounted for only 2.8% of sales in the Park City area, down from 5.3% for the second quarter of 2013. Distressed sales this past quarter were discounted less than 2% from market value.

There are still some great values in Park City. Median home prices are about the same as they were in January, 2006, which is still significantly lower than the peak in 2008. Deaths, divorces and relocations sometimes force owners to sell their properties for below market value. These great deals are a bit more difficult to find but are still out there.

If you have questions about the Park City real estate market, please contact me atnancytallman@gmail.com or 435.901.0659.

5 Reasons to Invest in Park City Land

One of the selling points for everyone who loves Park City – from multi-generation locals to its newest visitors – is its land. Whether your style is to be in the valley looking up at the mountains or to be in the mountains surrounded by the trees and beauty, the land here is gorgeous. And let’s face it: as Park City grows the availability of land is only going in one direction. Winter, spring, summer or fall, it would be a dream for anyone to own a piece of Park City land.

Benefits of Buying Park City Land

  1. No Maintenance—You can own it and hold it without worrying about dealing with tenants, mold, lawncare or leaking roofs.
  2. Negotiations are Easy—Negotiating the purchase and sale of vacant land is simple and easy. There is less investor competition; there isn’t the emotional component of a house where someone has a lifetime of memories; and there is no home inspection.
  3. It’s Inexpensive—Relatively speaking, vacant land is inexpensive to hold over the long term because there is no maintenance. It is a great place to park cash.
  4. It’s Tangible—Land is a tangible investment. It doesn’t depreciate and can’t be destroyed.
  5. Supply is Diminishing—Land is scarce, especially in the Park City area, which is almost completely built out.

It’s important to note that cash is king when it comes to buying land, and it’s not common to be able to get a loan with just 5, 10 or 20% down like it is with a house. For more information, contact your preferred Park City lender. And when you’re ready to buy land in Park City, don’t hesitate to contact me.

My Park City Land Picks

Here are a few open listings for Park City land that I think are of good value.

promontory-ranch-rd8424 Promontory Ranch Rd. (Promontory)
2 acres filled with trees and pastoral views at a giveaway price – $285,000

sunset-circle8654 Sunset Circle (Promontory)
1.55 acre lot with golf course frontage & panoramic views of all ski resorts – $699,000

deer-springs1 Deer Springs Rd. (Heber)
25 acre parcel with Jordanelle views and water rights – $1,200,000

maple-ridge6043 Maple Ridge Trail (Oakley)
25.25 acres in an equestrian community with majestic views – $699,000

hollyhock590 Holly Hock St. (Glenwild)

1 acre on Glenwild golf course with panoramic ski run views – $389,000

woodland1872 Woodland Estates (Woodland)
20 acre retreat in Woodland Crest with abundant wildlife – $374,900

uinta-drive9405 Uinta Dr. (Heber)
Selected lot with views of Tuhaye golf course and Deer Valley ski runs – $325,000

fiddlers-hollow7407 Fiddlers Hollow (Promontory)
1 acre with panoramic, south facing golf & ski resort views – $375,000

To view all listings, visit our Park City Vacant Land page!

Park City Real Estate Update: Buyers, It’s Your Turn!

3571-Wagon-Wheel-Way

3571 Wagon Wheel WayYou heard it here first. The Park City real estate market has slowed down. Owners who saw the extreme sellers’ market and decided to list in June were too late. Although the number of listings is still down from 2013 (down 4% in the Snyderville Basin* and down 11% in Park City Proper), the number of listings between May and June of 2014 jumped 8% and 10%, respectively.

The number of units sold between May and June of 2014 plummeted. In the Basin, the number of homes sold between May and June dropped 71%. In Park City Proper, the number of sales dropped 63%.

What does this real estate update mean for you? My out-of-town buyers who were looking at property in May and then again last week couldn’t believe how much better the selection of homes is. They found 4 homes they liked this time and couldn’t settle on a single one they liked in May. If you are looking to buy a home in Park City, right now is a fantastic time!

If you are looking to sell a home before the school year begins again, you may have to be more flexible on price and terms as the competition is much stronger than a month ago.

*The Snyderville Basin is zip code 84098. Park City Proper is the city limits of 84060.

The 20 Closest Towns to Park City, Utah

Granted, there is no place on earth like Park City. But if you are willing to drive a short distance, there are some great towns and neighborhoods nearby. Maybe you’re priced out of the Park City real estate market; maybe you’d like to get more property for your money; or maybe you’d just like to check out the towns close to Park City. Whatever the case, there are several towns and neighborhoods within close proximity to consider. Most of these towns will allow you to get a larger property and even more land for a fraction of the price found in America’s #1 ski town. And if you’re just in it for the scenic drive, you really can’t lose.

I recently had some clients who had lived and rented in Park City for 10 years. While they love and still work in Park City, they were ready to start a family and decided:

“There are ups and downs of moving outside of Park City, but in the end, we got so much more bang for our buck. It’s  a 20 minute drive to PC and 45 minutes to SLC…not bad compared to any other city commute. And we love being able to see the mountains we lived in for so long.”

20 Towns Near Park City Utah

20 Towns Near Park City, Utah

Deer Mountain (8.1 Miles / 13 Minutes) One of the closest and newer areas to Park City, Deer Mountain is a collection of homes, town homes and condos. This area is still being built.

Jordanelle Area (8.7 Miles / 14 Minutes) Located in Wasatch County, the Jordanelle area is in close proximity to not only the Jordanelle Reservoir, but also the Deer Crest Gondola at Deer Valley.

Hideout (8.5 Miles / 17 Minutes) Located on the northeast side of the Jordanelle Reservoir, Hideout was just barely incorporated as a town in 2008.

Summit Park (12.4 Miles / 21 Minutes) If you commute or frequent Salt Lake City, this is one of the best Park City towns to live in, as it’s right off I-80 set back in thick forest.

Tollgate Canyon (11 to 30 Miles / 17 to 45 Minutes) If you’re lucky enough to live on the lower side of Tollgate, your commute will be a breeze, but you may also consider yourself lucky if you live in upper Tollgate, as it’s a beautiful mountain community.

Peoa (13.8 Miles / 19 Minutes) With a population of 250 in the 2010 census, Peoa is one of those small Utah towns where there’s not much going on. But if you like peace, quiet, and space this could be the place for you. They do have the occasional Mountain Town Music concert in the summer.

Brighton Estates (6.9 Miles / 19 Minutes) If you’re an adventurous type, Brighton Estates could be for you. The driving commute is a breeze, but be forewarned. Most of the roads are snowmobile-only in the winter, making this an exciting neighborhood (but not for the meek).

Kamas (15.7 Miles / 20 Minutes) With just over 2,000 residents, Kamas is growing, but not as rapidly as Heber City in the valley down the way. Here you’ll find primarily ranching residences, but there are a few new neighborhoods and some great little diners. It’s slogan is “gateway to the Uintas”.

Heber City (17.2 Miles / 21 Minutes) 27% of Heber City commutes to Park City or Salt Lake City for work, which is why it’s known as a commuter town. But Heber has great access to recreation and dining options, making it a great place to buy.

Oakley (16.6 Miles / 23 Minutes) The 4th of July Oakley Rodeo is this town’s claim to fame. But don’t underestimate the beauty that surrounds this little town by way of The Uintas and Weber Canyon.

Francis (17.5 Miles / 22 Minutes) Just a couple miles down the road from Kamas, Francis touts the annual Francis Days each Labor Day Weekend. It’s in close proximity to the restaurants and businesses in Kamas.

Marion (18.3 Miles / 24 Minutes) A lot of people don’t even realize Marion is a town, but nestled between Oakley and Kamas is this town of 685.

Midway (18.2 Miles / 25 Minutes) The town of Midway is known for Mt. Timpanogos views, the annual Swiss Days, and the Crater, a hot spring in the middle of a giant crater. There is no getting bored in this little town.

Rockport (17.4 Miles / 26 Minutes) The Rockport area is in close proximity to Rockport Reservoir and the state park of the same namesake. Part of this area was damaged by fire in 2013, but remains beautiful and has great views.

Woodland (21.5 Miles / 28 Minutes) Located along the Provo River, Woodland is a quiet but very green “wooded” town, hence the name.

Coalville (24.3 Miles / 30 Minutes) The Summit County Seat, Coalville boasts the Weber River, Echo Reservoir, and the annual County Fair. The population is less than 1,500.

Weber Canyon (22.2 Miles / 31 Minutes) Leading to the Smith and Morehouse Reservoir, the Weber Canyon area nestles up to the Uinta-Wasatch National Forest and has many cabins and second homes. Don’t miss the Roadhouse Diner at the base of the canyon.

Charleston (23.2 Miles / 31 Minutes) This is another town that many people don’t know exists, but Charleston sits just East of the Deer Creek Reservoir and the State Park of the same name.

Timber Lakes (24.3 Miles / 34 Minutes) A “census-designated place” within Heber City, this gated community has its own special feel. The area has over 1,500 lots and 30+ miles of gravel road, and over 20 common areas ranging from 1 to 40 acres.

Wallsburg (30 Miles / 39 Minutes) A small town of less than 300, Wallsburg sits just east of the Deer Creek Reservoir.

8 Best Selling Condos in Park City, Utah

One hundred and forty one condos closed between January 1, 2014 and this morning, June 3rd in Park City limits (84060). Which Park City condo projects had the most sales? What do these properties have in common? The answer is that most are newer construction, with ski access and value. Even the most expensive condominiums in Park City sell briskly when luxury buyers sense value.

The Most Popular Park City Condos This Year

8. Last Sun at The Cove (4 Sales This Year)

flagstaffThis was the only condominium project that is not walking distance to the slopes that made our list. Last Sun at the Cove are larger townhomes (3800-4300 square feet) located across the street from Park Meadows Country Club. They were designed by Mike Upwall and built between 2004 and 2007. Sold prices ranged from $1,470,000-$1,775,000.

7. The Lodges at Deer Valley (4 Sales This Year)

lodges-deer-valleyThese condominiums are located walking distance to Deer Valley. They were built between 1997 and 1999 and have amenities such as skiers breakfast, swimming pool, and conference rooms/meeting spaces. There is also a front desk for turnkey property management. Sold prices ranged from $589,000 for a 2-bedroom unit to $1 million for a 3-bedroom unit.

6. Silver King (4 Sales This Year)

silver-king-condosBuilt in 1983, Silver King condominiums are a stone’s throw from Park City Mountain Resort. At sold prices ranging from $229,000 to $289,000, they are a real value. Amenities include pool, ski storage, hot tub, sauna and front desk. In the summertime, Silver King isn’t far from all of the beautiful hiking and biking trails the resort and old town have to offer.

5. Town Pointe (4 Sales This Year)

town-pointeLocated steps from the Town Lift, with easy access to Park City Mountain Resort and Historic Main Street, these condos, built in 2002 are all about location. Sold prices ranged from $655,000 to $700,000 for 3-bedroom units. Once the snow melts, hiking and biking trails abound.

4. Flagstaff (5 Sales This Year)

flagstaffLocated in the heart of Empire Pass at Deer Valley, the Flagstaff condominiums offer an après ski bistro pub, spa, pool, outdoor fire pit, family room, fitness center, sunset deck and private lodge keeper. Built in 2009, sold prices ranged from $1,520,000-$2,185,000. These prices represent a discount of about 30% off the original list price making them extremely popular with value driven luxury buyers.

3. Shadow Ridge Condos (6 Sales This Year)

shadow-ridgeLocated across the street from Park City Mountain Resort, Shadow Ridge condos were built in 1990 and offer a gym, swimming pool, hot tub, and retail area. Many units have been updated and the common area just went through a major remodel. Sold prices ranged from $200-$324,000 for 1-2 bedroom units.

2. Montage Deer Valley (8 Sales This Year)

montage-deer-valleyThe highest priced real estate in Park City and one of the highest number of sales. Montage Deer Valley condos in Park City are located in a premium ski in/out site at Deer Valley’s Empire Pass. Amenities include a 35,000 square feet spa, outdoor heated pool & fire pits, several dining facilities, ski concierge, and access to the private residents’ lounge and dedicated residential concierge staff.  Montage Deer Valley is truly upscale mountain living in one of America’s grand resorts. Closed prices ranged from $2,500,000 to $6,299,000.

1. Silver Star (12 Sales This Year)

silver-star-condosThe most popular condominium project in Park City was built in 2006-2009 and is located slopeside at Park City Mountain Resort. These ski in/ski out condominiums and townhomes are situated in a charming village with restaurant, ski shop and home to the Sundance Institute. The artsy vibe extends to the common area amenities, which include pool, hot tub, gym and private ski lockers. Closed sales ranged from $808,000-$1,725,000.

12 Strategies for Winning Real Estate Multiple Offers

winning offersIn the Park City real estate market and many areas of the country, low inventory, high demand and low interest rates have created a seller’s market. Multiple offers should be anticipated. It can be extremely emotional to lose a dream home to someone else over a couple of thousand dollars.

To help you in your quest, here are some strategies to win multiple offers. As a buyer, it’s best to use as many of these strategies as possible to stack the deck in your favor.

How to Win in Multiple Offer Situations

how to win real estate multiple offers

  1. Be ready. You MUST be preapproved for financing or demonstrate sufficient cash funds. This is the most important step. You really can’t compete if you have a home you must sell before you can buy.
  2. Be fast. Preview a home the minute it hits the market and don’t delay in writing an offer. If you are not present in Park City when the home hits the market, don’t be afraid to write an offer before physically seeing the property.
  3. Write a full price offer.
  4. Use “escalator” clauses.   (If you don’t know what this is, contact me for an explanation.)
  5. Reduce or eliminate contingencies.
  6. Write a personal letter.
  7. Understand that the home may not appraise and be prepared emotionally, mentally, and financially to deal with that.
  8. Have a “Plan B”, a second choice home if the first choice doesn’t work out.
  9. Understand that an appraisal is a reflection of where the market has been over the past 3 months and the market value or purchase price is the value today. These two numbers may not be exactly the same.
  10. Find out what terms are most important to the seller. You would be surprised that oftentimes price is not the most important term.
  11. Don’t be afraid to write a back up offer. In today’s market, many buyers get cold feet and back out of transactions.
  12. Understand the risks and rewards for coming up with creative terms that allow you to purchase the home.

multiple offersAnd last, it is critical to work with a buyer’s agent who you trust. Your buyer’s agent should understand exactly what you are looking for and your financial situation. This will allow you and your buyer’s agent to work together as a team to push the envelope as much as possible to get you into the home you want to own for the best possible price and terms. If you get into a real estate multiple offers situation, don’t panic. Follow these steps, and may the odds be ever in your favor.

This blog post was inspired by a recent webinar by Larry Kendall with “Ninja Selling”.

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Do Park City for Sale by Owner Properties Save Money?

“Everyone knows inventory levels are down so we decided to try selling our home ourselves.”

That’s what an acquaintance told me a few days ago. She asked if I had a buyer for her Park City home. I am working with someone who is looking in her neighborhood, so I told her to forward photos that I could send to my buyer. She sent me a link to a Google docs account. There I found photos of terrible quality. After working with the professional photographers at Summit Sotheby’s the last few years, my eye was immediately drawn to closed curtains, cluttered countertops, terrible lighting, and a host of other photo “no no’s”.  I sent these photos on to my buyer who naturally thought the home was “overpriced” based on how it was presented.

Why Do People Choose FSBO?

According to the National Association of Realtors (NAR), below are the reasons why owners decide to sell homes on their own, aka “for sale by owner”:

  • Did not want to pay commission fee: 46%
  • Sold it to a relative / friend / neighbor: 24%
  • Buyers contacted seller directly: 12%
  • Did not want to deal with an agent: 11%
  • Agent was unable to sell home: 4%
  • Could not find agent to handle transaction: 2%
  • Seller has a real estate license: 1%
  • Other: * less than 1%

Source: 2013 Profile of Home Buyers & Sellers, (National Association of REALTORS® – Research, 2013)

So, let’s face it. Most owners sell a home on their own because they think they will net more money.

Some Thoughts on Park City For Sale by Owner Properties:

Park City for Sale by OwnerIf you’re considering selling your Park City propertyunrepresented, think about the following.

Can an emotionally invested unrepresented owner successfully negotiate the best deal in terms of price and other concessions?

Does an unrepresented owner have the ability to assess the real estate market in his or her neighborhood and price the home in accordance with that market? When you are emotionally invested, it is difficult to make an objective pricing decision.

How will the unrepresented owner market their home and set up showings?

Does an unrepresented owner have the ability to negotiate the terms of the contract other than price? The real estate purchase contract has many moving parts and deadlines. Good agents will leverage these terms against concessions.

What happens when a problem arises in the inspection or the buyers’ ability to obtain financing? Will the unrepresented owner have an idea of how to navigate these issues?

What about the mountain of paperwork and potential liability of selling a home without professional representation?

Good Agents Pay for Themselves

Good real estate agents pay for themselves. They provide superior exposure to a greater number of potential buyers through print, electronic and social media. They coordinate showings through the use of an electronic lock box. They expose their listings to other realtors through proprietary e-blast systems. They hold special open houses specifically for other realtors. They use their social network of other realtors to match their listings to buyers. They help their clients price and present their home. All of these activities mean higher sale prices, which is how the good agents “pay” for themselves.

What is Superintendent Ember Conley Doing for the Park City School District?

Park City School District’s Superintendent, Ember Conley, EdD, is passionate about making Park City Schools the best in the nation. Her goal is to create an environment of excellence and innovation to encourage and support teachers, students and staff to work at their highest possible levels. Psychologists know that when individuals are given the opportunity to work in a positive work environment, they are happier and morale improves. When teachers and school district staff members are satisfied, the education environment is maximized.

PCSD Comprehensive Needs Assessment

In August, 2013, Superintendent Conley began a comprehensive needs assessment of the District. During this process, staff members expressed different levels of satisfaction.  As the year progressed, Superintendent Conley and her team acknowledged the staff input and intentionally researched methods to improve the culture of the District.

Another major result of the comprehensive needs assessment was the need to provide teachers opportunities to collaborate as teams to better meet the learning needs of students. Consequently, the shift towards more collaborative teaming assumes that all members have the necessary skills to work effectively as a team. These team member skills are the intentional focus of using Mind Set.

Implementing Mind Set

Mind Set, a three-year program being adopted by the District, utilizes a proven 3-step process to turn the vision for a better school environment into a reality. Developed and implemented by Kim Hoogeveen, PhD and Blake Hoogeveen, Mind Set is a model for supporting workplace morale.

The main processes for implementation include:

  1. A Cultural Health Survey–every employee including staff and educators
  2. Mind Set Infusion Program–train and certify District employees to teach the program
  3. Leadership & Success Academy–for middle school/high school students

Summary of Initiatives

In a nutshell, the survey assesses employee satisfaction in over 40 key areas. The survey results are compared to average and peak employers to determine areas of excellence and areas of improvement. The survey results are also sliced and diced numerous ways to determine if there are differences in morale due to gender, length of time on the job, employment in a specific school or department, etc.

The survey results will be used to design and implement the “Mind Set Infusion Program” where District employees will be provided tools to ensure that staff members work collaboratively and provide an excellent educational opportunity to PCSD students. Depending on the results of the survey, staff members will receive mini lessons addressing areas to improve the cultural health. This ensures the longevity of the program after the consultants are no longer involved. The infusion program will teach District teachers and staff accepted business principles such as communication, active listening, decision making, creating “Raving Fans”, and characteristics of great teams.

The final phase of the program involves teaching these principles to Park City students.

What Are Your Thoughts?

Superintendent Ember ConleyAs a trustee of the Park City Education Foundation I was presented with a sneak peak of this program and I am very excited about it. I love Dr. Conley’s quest for improving our schools. She understands that creating better schools involves more than drilling students to do better on standardized tests. I’m excited about this program and her leadership.

What are your thoughts? Share them in the comments section below.

It’s Shoulder Season, Park City!

Shoulder Season Park City, UT65° and sunny. 40° and rainy. Six inches of snow. What do they have in common? They are all weather possibilities during spring in Park City, Utah.

It’s that time of year again. In what is generally referred to as the “shoulder season”, the town is letting out a collective sigh after another successful ski season under its belt. On the tails of being named Outside Magazine’s Best Active Town last fall and some fantastic powder days this past ski season, the first quarter of 2014 real estate sales showed an increase in sales volume of 16.6% over the first quarter of 2013. We holidayed. We Sundanced. We skied and enjoyed the day and night with friends and family. But now it’s time to change gears.

The schizophrenic weather patterns don’t even bother us. You know why? Because if it’s sunny, we’ll hit the trails. If it snows, we’ll hit the trails. And if it rains, we’ll take the rare excuse to relax and do nothing. We do need a reason, after all. We Parkites tend to feel guilty if we are couch bound for longer than an hour.

The great news for businesses which rest their livelihood on the tourists that visit our town, and for tourists who want to visit during this time, is that the shoulder season isn’t nearly as quiet as it used to be. 15 years ago, Main St. was a ghost town after mid-April and well into the summer. Now, a few businesses may take a couple of weeks off, but then the summer pulse, albeit quieter than winter, starts to tick.

Another thing about the shoulder season is that it’s a great time to buy or sell your Park City real estate. School is about to let out, so you can make your big move while life is just a little less busy. We are constantly adding new listings, so bookmark our site and find the next property of your dreams this spring. (In between biking and skiing, of course.)

Is The Jeremy Ranch Lifestyle For You?

Over 11 years ago, on my first house hunting trip to Park City, Utah, I noticed how the sun set about an hour later in Jeremy Ranch than in almost every other neighborhood. The extra sunlight coupled with the proximity to Salt Lake International Airport (for my traveling husband) sold me on buying a home in Jeremy Ranch. We are still in that same home and love the magnificent views, the open space, and the abundance of wildlife. It takes exactly 15 minutes for my commute to the Sotheby’s office on Park Avenue, 15 minutes to ski at The Canyons and 10 minutes to reach Kimball Junction.

Jeremy Ranch Views

As a real estate agent, I’ve sold homes to many others in Jeremy Ranch. I asked some friends and clients why they like the Jeremy Ranch lifestyle. Here are their thoughts in their own words:

“I love Jeremy Ranch – the beautiful mountain views, wonderful neighbors, quiet and convenient, close proximity to Salt Lake City and phenomenal ski resorts, and great neighborhood to walk/run in year round!” — Shauna Hopperstead

“Love the location Nancy. Easy access to I-80 makes it easy to go in every direction…also enjoy feeling part of an established community.” — Joy Erickson

“We like living in Jeremy Ranch because of the wonderful views, lots of sun, and great neighbors.  We love that our winter is a month shorter than other Park City neighborhoods. Many of the neighbors have children so our kids have friends around at all times.” — Helen Hanahan

“Jeremy Ranch is a family friendly neighborhood conveniently located to ski resorts, downtown Park City, Salt Lake City, the SLC airport and shopping areas. Within Jeremy Ranch there are beautiful hiking and biking trails on land protected from development.  Once on these, you feel you are far away from urban and suburban life. Wildlife abounds with moose, elk, fox, porcupine, raccoons, hawks, rabbits, and etc.  All of which most residence have seen on or close to their property.”—MB

Double Rainbow in Jeremy RanchAnother attribute of Jeremy Ranch that can’t be ignored is the value. Prices in Jeremy Ranch are lower than other neighborhoods closer to the ski resorts. I should also add that our family had a wonderful experience at Jeremy Ranch Elementary School. The proximity to the shops and restaurants at Quarry Village, which did not exist 11 years ago, make living in Jeremy Ranch very convenient.

If you are thinking about moving or relocating in Park City, consider the Jeremy Ranch neighborhood.

Jeremy Ranch Homes