Properties on the Newly Opened Canyons Golf Course

Canyons Golf Course 10th Hole
Teeing off at the 10th hole of the newly minted Canyons Golf Course.

Hold onto your clubs. Park City’s newest golf course is now open! The long awaited Canyons Golf Course is not just an urban legend, it is a dramatic addition to the local landscape. The course boasts 97 acres winding through the Canyons Resort. There is a whopping 550 feet of elevation change featuring mountain views and gorgeous valley insights. This is an 18 hole, par 70 course and was designed by the well-known course architects Gene and Casey Bates.

Are you a golf fan who thinks this might be a nice place to call home? Fortunately, there is a wide variety of residential and rental property options all around the course.

10 Properties on or Near the Canyons Golf Course

Canyons Golf Course Map

Vintage on the Strand

Ski in/ski out homes on the slopes of the Canyons. Each features a private hot tub and golf course views. With four bedrooms and four and a half baths, there is plenty of room for everyone and no shortage of amenities!

Hyatt Escala Lodges

A luxury resort that features guest rooms as well as residential suites, the Hyatt is situated in the heart of the Canyons Resort. With a year-round heated pool and wi-fi, you can stay tuned in even while you are tuning out.

Hilton Grand Vacation Club

Named a “Park City Gem” on Trip Advisor, the accommodations at the Hilton are top notch. Enjoy the activities in the Canyons Village or take the free shuttle into town and experience art galleries and world-renowned restaurants.

Hidden Creek

A few minutes down the hill from the Canyons Resort Village is a condominium community called Hidden Creek. It is more quiet without the bustle of the larger hotels, yet still closely located to golf and skiing. There is an outdoor pool in the summer and a year-round hot tub.

Sundial Lodge

The Sundial is a great place for families or people vacationing with children. A lodge with guest rooms and suites, the Sundial features gas powered fireplaces in each unit. There is underground parking, the front desk is open 24 hours and there is a on-site daycare center. 

The Miners Club

The Miners Club was designed to feel like a country home in the mountains. All residences feature fireplace, a fully stocked kitchen and a balcony with beautiful views. Located on the 8th fairway of the golf course, you couldn’t be closer to the green.

Juniper Landing

A growing townhome community located between the 9th and 10th fairways of the golf course. Juniper Landing is deluxe homes built with high efficiency materials. There is an outdoor pool year-round as well as a fitness center with sauna and steam room.

Waldorf Astoria

The Waldorf Astoria invites you to “relax and play in style”. If you are looking for outdoor recreation or indoor pampering like spa treatments, beauty salons, fitness classes and personal trainers, you have found it here. Located on the 11th fairway of the golf course, you can also find heated gondolas to the resort in the winter.

Fairway Springs

A luxury townhome community located on the 7th fairway of the golf course, Fairway Springs is perfect as a primary or secondary residence, or even a vacation get-away. With four bedrooms and three and a half baths, there is ample space for everyone to relax and enjoy the stunning views.

Red Pine

The Red Pine condominiums and townhomes are next to the base of the Canyons Resort with some looking onto the 13th fairway. The complex boasts a great clubhouse with an outdoor swimming pool, sauna, two hot tubs and four tennis courts.

Whether you call Park City home for a season or just for one night, there is a wonderfully appointed retreat for everyone just steps from the Canyons Golf Course. Prices for whole ownership condominiums at the Canyons start at just $200,000.  Please call me if you are interested in more information about properties located at the Canyons.

What’s New at Red Ledges, Utah?

Red Ledges Timp View

Have you been to Red Ledges? I had not been out there since winter and I wanted to check out their new 14,000 square foot clubhouse. I heard Utah Governor Gary Herbert presided over the recent grand opening of the new Clubhouse. Here is a photo of the Clubhouse I snapped with my iPhone. (All the photos on this blog were taken with my iPhone).

Dining at the New Clubhouse

What is Red Ledges?

Red Ledges is a premier private recreational mountain community in Heber Valley, Utah, featuring:

  • an 18-hole Jack Nicklaus Signature Golf Course
  • the Jim McLean Golf School
  • the Cliff Drysdale Tennis School
  • an extensive equestrian program
  • a swim and fitness club
  • two private member ski lounges in Deer Valley

Spanning nearly 2,000 acres in Utah’s Wasatch mountain range, Red Ledges offers 1,200 estate homesites and thoughtfully designed homes with dramatic views of the unique red rock formations and surrounding Rocky Mountain peaks. Red Ledges is co-owned by managing owner, M. Anthony Burns, chairman emeritus of the board of directors of Ryder System, Inc., and Nolan D. Archibald, Executive Chairman of Stanley Black & Decker. Their office is located on Center Street in Heber City. I clocked 15 miles from Red Ledges to my office at Sotheby’s on Park Avenue, in the heart of Park City.

Red Ledges is a nice alternative from the other Park City area golf/country clubs. About 80% of the 75 existing homes are second homes. The community is growing rapidly, with another 45 homes in design review and 25 more in the planning stages. The vibe at Red Ledges is low key. Homesites range in price from $195,000-$800,000, with a few spectacular sites topping $1 million. Owners hail from all over the country, including Los Angeles, San Diego, Houston, Orlando and of course Park City!

New Communities Within Red Ledges

Club Cabins

Red Ledges has a couple of new communities that interest me. The first is the Club Cabins. These may be purchased fully furnished and start at just $795,000. They are walking distance to the Golf Clubhouse, which will be developed next year. I like the distinctive red rock featured on the exterior. The interior of the Club Cabin I viewed was gorgeous, with high-end finishes and wonderful views of the famous Red Ledges the community was named for.

Juniper Hills

Another neighborhood of interest is Juniper Hills. This neighborhood features architect Michael Upwall’s signature mountain contemporary designs, with open floor plans and walls of windows. These homes range in size from 3,500 to 5,500 square feet and feature panoramic views.

Red Ledges has very reasonable golf membership deposits and dues. And, because its elevation is lower than Park City, golfers can usually squeeze in a 6-month season.

If you would like to learn more about Red Ledges, please contact me and I’ll be delighted to show you around—with the help of my trusted Red Ledges contact, Will Ott. Will represents the developer and I represent my client’s interests. Red Ledges is a solid community that should not be overlooked!

Top 15 Summer Activities in Park City

Summer Activities in Park CityDuring the summer, there is so much to do in Park City, it’s great that the sunset holds off until after 9pm. In the blink of an eye, your social dance card will be full. The savvy Parkite thinks strategically, best to map out your activities in order to adequately budget precious resources, like time and energy.   Before you know it, you’ll be shoulders deep in wildflowers on the side of Iron Mountain thinking, why didn’t I charge my camera?

  1. Farmer’s Market: June 3 to October 28

    The ONLY place to buy tomatoes, farmers come from around the state to sell their goods. There’s also live music, delicious limeade and samples-a-plenty of Volker’s famous bread. Inside Park City Real Estate is a proud sponsor of the Wednesday Farmer’s Market.

  2. Fox School of Wine Weekend Wine Series: June 6 to September 5

    Wine classes run every Saturday from 6pm-7pm. Test the knowledge of local legend Mistress Fox and learn all kinds of helpful tasting tips having to do with wine. A perfect pre-dinner event. Reservations are recommended.

  3. Park Silly Sunday Market: June 7 to September 27

    If you missed the farmer’s market, some farmers will return to Sunday’s event on Main Street. Voted one of the top 50 Farmers Markets in the country by Cooking Light Magazine, the “Silly Market” features food, local libations, children’s activities, and promotes environmental sustainability.

  4. Savor the Summit: June 20

    Known as Park City’s largest outdoor dinner party, Savor the Summit reservations are almost sold out. Besides the delicious food and atmosphere, it’s worth seeing the giant table set up down the middle of Main St.

  5. Flying Ace All-Stars Freestyle: June 28 to September 6

    Every summer weekend (except July 4th) a choreographed spectacle of Olympians and professional skiers and snowboarders launch through the air up to 60 feet before landing in a pool below. Fun for all ages, this is a show not to be missed!

  6. Sundance Outdoor Film Screenings: July 1, 10, 31 and August 15

    Bring your own popcorn and bundle up. Sundance Institute present four outdoor films in City Park starting at dusk/9pm, all free of charge. Check the website for details; this is one of the sweetest treats of summer.

  7. Park City 4th of July Parade & Celebration: July 4

    The 4th of July festivities include a 5k fun run, a pancake breakfast, rugby tournament, parade, free concert, fireworks and kids’ activities. Plan your parade viewing early as the route is absolutely packed each and every year.

  8. Park City Food and Wine Classic: July 8 to 12

    One of the classic summer activities in Park City, master winemakers and culinary greats educate and illuminate attendees who choose to wine, dine and play in and around Park City.

  9. Cole Sport Back Alley Bash and KPCW’s 35th Birthday Party: July 24

    A local’s event that is open to everybody, the annual Back Alley Bash has been around for decades. Hang around the town lift plaza and enjoy live music, BBQ, and celebrating the 35th Birthday of the local radio station.

  10. Park City Kimball Arts Festival: July 31 to August 2

    This year marks the 46th annual Park City Arts Festival, a juried art show that welcomes artists from around the country. The three-day festival supports the diverse programming of the Kimball Art Center.

  11. Tour of Utah: August 3 to 9

    Whether you are a seasoned cyclist or you just like to see the pack of bikes zoom past, there is no shortage of excitement and drama in this week-long race that goes throughout Northern Utah. Park City is the start and finish venue for the final stage of the race – stage 7 – on August 9th.

  12. Mountain Town Music: All Summer Long

    Throughout Park City and the surrounding areas, Mountain Town Music presents an incredible number of live music shows a week, mostly free and open to the public. Check their website for a complete lineup.

  13. Best Local Hike

    With so many miles of trail in Park City, it’s tough to choose a favorite. But we’ll tell you what we’re into lately. Early and late season when it’s not so hot and dusty, the PC Hill is a classic. Somewhat steep, a fair distance but not too far, and incredible views of the whole town. Mid-summer, we like the shade of Armstrong, cutting it off at the brand new Dawn’s trail for a 3.3 mile loop back to Silver Star for lunch. The best part is that bikers are only allowed uphill on Armstrong and not at all on Dawn’s, so you won’t get bombarded.

  14. Best Mountain Bike Ride

    Early season, we really like the Prospector Area trails. Enough of a hill to get some cardio, enough trees to get some shade, but low enough to dry out early on. Later in the season, we have to stick with the Park City classic: Mid Mountain Trail has many entrance and exit points for a plethora of loop options based on your group’s time and skills.

  15. SUP on the Jordanelle

    The reservoir is so peaceful in the morning, before the wind and boating action picks up. Try picking up a paddle and a stand up paddle board. It’s one of the fastest growing outdoor activities, and for good reason. Incredible views await you and deer look on with envy, munching grass.

There you have them: our top 15 Park City activities that will keep you busy this summer. Be prepared with plenty of time and sunscreen and get ready to enjoy one of the best seasons of the year!

Consumer Advocate’s Guide to Finding the Right Real Estate Agent


The Right Real Estate Agent
I just read one of the best articles about how to find the right real estate agent. I could have written this article myself, but I think it’s more credible because it comes from consumer advocate David Horowitz. The entire article can be found here.

If you don’t have time to read the entire article, these are some of my favorite tips. I bolded the juicy parts. These are relevant for Park City real estate as well as other areas.

On Getting the Right Real Estate Agent

1. Find someone reputable.

2. Negotiation skills. The agent’s job is to close a sale, and that means you want someone who is detail oriented and a skilled negotiator.

3. Online home valuations. Sellers may look at the valuation of their home online and have falsely inflated or low expectations about pricing. No online algorithm alone can determine accurate pricing for your home. It is imperative for a licensed real estate agent to give you a pricing opinion.

4. Online ads. Agents pay to place ads on real estate sites. Usually they are offered ad placement in the geographical areas in which they work most. Ads are sold according to ZIP code. However, any agent can buy an ad in any area. Do not choose an agent based solely on these ads. Research an agent further.

5. For sale by owner. You may think selling your home yourself (by owner) is a smart way to save a few bucks. But think twice about this because these transactions are very complex.

Why A Skilled Agent Matters

Any number of bumps in the road can occur during (or before) escrow. Title issues, appraisals, physical concerns with a home, necessary repairs, loan issues and countless other unforeseen items could potentially blow a deal if they are not handled in a skillful way.

A licensed agent who works for a reputable brokerage will ensure your interests are protected before, during and after the sale of your home. Plus, real estate agents have access to marketing tips; premier ad placement; relationships with vendors, inspectors, escrow and title agents; and many more resources that could aid you in getting the right and best price for your house and ensure the process is a graceful one for all parties.

Are there any other tips you would add to finding the right real estate agent?

Is Park City a Buyer’s Market or a Seller’s Market?

Park City Real Estate AbsorptionThe above graph (reflecting condominiums & single family homes in the Park City and Jordanelle neighborhoods) was prepared by Rick Klein of Wells Fargo Private Mortgage for the Park City Board of Realtors. As you can see, inventory continues to trend downward. In general

  • Under 5 months inventory is considered a “Seller’s Market”
  • 5-7 months of inventory is considered a “Stable Market”
  • Over 7 months of inventory is considered a “Buyer’s Market”

Park City was a “Buyer’s Market” for over 6 years. Starting early last year, that began to change. It is important to note that Park City is comprised of several micro markets and these micro markets can and do shift rather dramatically.

Neighborhood Differences

For example, a year ago, Old Town was a “Seller’s Market”. Today, the inventory is bloated, with 41 homes for sale and only 9 closings in the last 90 days. At this rate (3 sales/month), there is over a 13-month inventory of homes in Old Town.

But let’s look a little closer. Of those 41 active homes, only 6 are priced under $1 million. Of the 9 closings in the past 90 days, 4 were priced at under $1 million. So, we can say the Old Town market priced at under $1 million is a “Seller’s Market” with only 4.5 months of inventory, while single family homes priced over $1 million are a “Buyer’s Market”.

3195 Daybreaker Drive
New listing at 3195 Daybreaker Drive

Park Meadows is another “Seller’s Market”. There are currently 21 homes for sale, with 18 closed in the past 90 days, making the inventory in Park Meadows just over 3 months.

Jeremy Ranch is a “Stable” or “Balanced Market”. There are currently 26 homes on the market with 14 that closed in the past 90 days. At a rate of 4.6 sales/month, the Jeremy Ranch inventory is about 5-6 months.

Get the Absorption Rate of Any Neighborhood

If you are considering buying or selling a home in Park City, the Absorption Rate for the targeted neighborhood and price point is important. Sellers can be more aggressive on list price in a “Seller’s Market” and buyers need to act quickly. On the other hand, in a “Buyer’s Market”, sellers need to price competitively while buyers have more choices and opportunities to negotiate.

Leave a comment or contact me if you are curious about the inventory in your neighborhood.

National Real Estate Trends vs. Park City Trends

NAR Midyear Conference in D.C.

I had the fortune of attending the National Association of REALTOR’s (NAR) Midyear conference in Washington, DC last week. This always involves a presentation by Lawrence Yun, PhD, the Chief Economist and Senior Vice President of Research for NAR. It’s always interesting for me to compare the national real estate trends with what we are experiencing with Park City real estate. Here are some highlights from his presentation, with added comments as they relate to Park City.

Median Home Prices

National Trend: Median home prices are accelerating. Dr. Yun had predicted prices would rise 4% in 2014, but prices actually rose 8%. He attributes the large price increase to lack of inventory.

Park City Trend: In Park City limits (84060), the median single family sale price rose 7% year over year from 4/1/14 to 4/1/15, while the Snyderville Basin (84098) median price rose 13%.

Mortgage Rates

National Trend: Mortgage rates are predicted to rise to 6% in 2017. Higher rates combined with lower inventory are going to have a dramatic impact on housing affordability.

Park City Trend: In Park City, many first time homebuyers are forced into condominiums due to the current lack of affordable single family homes. This trend will continue. If you are thinking of selling your home, you will be able to obtain a higher sale price when interest rates are lower.

Demand

National Trend: There is huge pent up demand. Home sales were flat in 2014, but the population has increased dramatically. Where are all of these people living? They are living at home! They need good jobs and affordable homes to become first time homebuyers.

Park City Trend: In Park City, there is a 10-year wait list for the affordable housing at the new Park City Heights project. Utah is the number one state for job creation creating a greater housing demand. Yeah, Utah! We are seeing new companies relocate to Park City and we continue to be a “bedroom community” to the Salt Lake Valley. We expect demand for Park City real estate to continue to increase.

Length of Ownership

National Trend: People are staying in their homes longer. The average is 10 years vs. the historic 6 years. Dr Yun thinks that those with excellent mortgages are reluctant to give them up; some sellers think their house is worth more than the current market value and they are “waiting” for values to increase.

Rental Properties

National Trend: Rent prices are at a 7-year high.

Park City Trend: It’s a great time to buy a rental property in Park City. We are seeing low rental inventory in addition to fewer properties for sale.

Home Ownership Rates

National Trend: Home ownership is at its lowest rate in 25 years and the difference in net worth between renters and owners is enormous and growing.

Takeaway: If you are not a homeowner, you should think very seriously about becoming one!

Rob Bishop
Lobbying Park City Representative Rob Bishop about the importance of maintaining Section 1031 Exchanges
Representative Mia Love
Myself, Hong McDonald and Mark Jacobson (Park City REALTORS) with Representative Mia Love

 

10 Things to do in Midway, Utah

Midway is a small town nestled into the mountains, just a nod away from Park City with a majestic Timpanogos backdrop. Most people know that the area is long on scenery but did you know about these fun activities about town? There’s so much to do in Midway, Utah. It’s just waiting to be discovered and enjoyed.

1. The Crater

Located on the Homestead Resort property, the crater is actually a geothermal spring hidden within a 55-foot limestone cave. You may have seen James Franco dive into it in the 2010 movie ‘127 Hours’. The crystalline mineral pools hover in the area of 90-96 degrees Fahrenheit, making it the perfect temperature for snorkeling, scuba diving, soaking and even stand-up paddle board yoga classes.

2. Heber Valley Artisan Cheese

Heber Valley Milk & Cheese

Started in 1929, the farm has been passed down through four generations, spanning 80 years. So the folks at Heber Valley Milk really know their cheese. They currently have 200 Holstein cows that are well loved—even pampered—which is clear when you taste their cheese. For the last three years they have won Utah’s Best of State and in January their new Vanilla Bean Cheddar was added to a the Winter Fancy Food Show’s ‘Top 5 Food Trends’. Cheese tastings daily.

3. Brunch at Blue Boar Inn

The Blue Boar Inn, a European-style Bed and Breakfast is known for its incredible hospitality and unique charm. Locally owned, it is named after a tavern from the “Robin Hood” books. This property boasts turrets and wrought iron balconies. What you probably didn’t know is that the brunch is a local’s best kept secret. The five-course affair on Sundays lasts from 9am to 2pm. Reservations are recommended.

huber-house4. Wasatch Mountain State Park

In the summer, WMSP is known for its golf and camping, but there is so much more. In fact, there are miles of hiking trails in and around the park. For those looking for a photo opportunity or excellent picnic locale, on the north side of the park you will find the unique Huber Grove Historic Site. This restored pioneer-built stone home is near a picturesque apple orchard that skips alongside Snake Creek.

5. Swiss Days

The Midway event that draws the biggest crowds is the annual Swiss Days. Since the 1940’s, the town has been celebrating Swiss heritage with Swiss Days over Labor Day Weekend, this year September 4-7, 2015. The town is aflutter with entertainment, food, a parade, 10k race and more! Over 180 food and craft vendors offer scones, kraut dinners, Swiss bread and other treats. With so much to see and do, plan your day well in advance.

6. Soldier Hollow

Once a Native American settlement, Soldier Hollow was put on the map in 2002 as an Olympic venue for cross country skiing and the biathlon event. Besides these sports, winter fun includes tubing and snow shoeing. In the summer, golf and lots of mountain bike and running races take place on the extensive trail system.

ReBook Midway7. Re-Book

Before Amazon and Barnes and Noble, there were stores of books and some stores sold used books. If you hold a bit of nostalgia for that time, please visit Re-Book. Housed in a quaint little house, you will see stacks of books from floor to ceiling on every single topic you can imagine. Make sure and say hello to the knowledgeable owner as you wind your way through room after room.

8. Rocky Mountain Outfitters

Here to assist in all your adventure needs, Rocky Mountain Outfitters can set-up and guide horseback rides through beautiful canyons, fly fishing excursions, rustic BBQ’s, ATV adventures and even winter sleigh rides. They are seasoned adventure professionals that offer a number of exciting packages and skilled guides.

9. Filler Up

Fill'er Up Coffee Midway

Occupying an old petrol station, the Filler Up Coffee Shop serves up a different kind of fuel—the caffeinated kind. Part café / part museum of fun old antiques, this is a great place to bring kids, or bring out the kid in you! They are serving up all kinds of treats from ice creams to pastries and shakes, and they are open every day. Try their red latte, an earthy, frothy treat, higher in anti-oxidants than green tea!

10. Unique Shopping

If you’re looking for a unique shopping experience, Midway has a slew of small businesses featuring unique goods, consignment and antiques. Some of our favorites are All That Stuff in the Barn, Seasons of Home, Hollyhock Antiques, the Midway Mercantile and RaceHorse Lane.

Spend More Time in Midway

If you have a few hours in the afternoon to spare, exploring Midway will be time well spent. The innocent feel and the refreshingly slow pace of this charming little town will completely sweep you off your feet. But to really relax into the fresh air and mountain ambiance, a whole weekend would be more appropriate, or a week or two weeks, or more…

If you’re interested in calling Midway home, there are some interesting real estate opportunities. The first is River Meadows Ranch, which features 39 large lots and expansive views. The second is Cervino, which features brand new builds under $500,000. As always, don’t hesitate to contact me with questions.

New Developments in Summit County, Utah

Patrick Putt
Myself with Patrick Putt, Director of Community Development. Apologies for the blurry photo.

On Friday, May 1st, the Park City Board of REALTORS® invited Patrick Putt, Director of Summit County Community Development, and Peter Barnes, Summit County Planning and Zoning Administrator, to provide an update on new developments around our county.

Patrick noted that the area surrounding the Canyons ski resort is only 25% built out and we will see much growth there in the future. As far as specifics, here are his updates on what’s planned for some of Summit County’s larger parcels of land.

Canyon Corners

Canyon Corners is 61,000 square feet of mixed use development located across the street from Ruby Tuesday, near the Tanger Outlet Mall. It is under consideration for a consent agreement to modify use for a local grocer (Whole Foods). The existing Whole Foods Market facility is 20,000 square feet.

Vail Canyons/PCMR Interconnect

Construction to connect the resorts will commence next week, although it may be awhile before we see any semblance of a lift. Vail is working with Mountain Trails Foundation to mitigate the impact this new development will have on the mountain trails in the area.

Woodside Homes at East Creek Ranch

66 single family homes are currently under construction in Silver Creek. These homes are three to seven bedrooms ranging in size from 2,633 to 5,001 square feet and priced from $660,000-$890,000.

Hyatt House Hotel

120 rooms located at the intersection of Highway 224 and the Sun Peak neighborhood. This building is a re-entitlement of an older agreement. It is scheduled to open in time for the 2015-2016 ski season.

Armada Ski Company

Located on the Frontage Road near Jeremy Ranch, Armada Ski Company is moving their business from Costa Mesa, California to this site in Park City. A great boon for Summit County for many reasons.

Nevis at Newpark

These town homes are located at Kimball Junction at 1182 Center Drive. There are 23 residential units starting at $431,900. Floor plans are 2 bedrooms plus 2.5 baths.

Basin Recreation Field House

The new buildout of 112,000 additional square feet at the Kimball Junction based field house is scheduled to commence shortly.

Newpark Terrace

The 60 Newpark Terrace townhomes (across from Best Buy) are scheduled for completion this month.

Promontory

Over 50 homes are currently under construction in the coveted Promontory Neighborhood.

Silver Creek Village

The entitlement for Silver Creek Village was approved 3-4 years ago. The County Council is working with a developer on an agreement. This area is zoned for 1,300 residential units with 300 required units of affordable housing. There is about 54,000 square feet of zoned commercial space, as well as land set aside for open space, trails, and public use. After a development agreement is reached we will see platting.

Wyndham Hotel

This hotel opened last season at Canyons adjacent to the Frostwood Gondola. 89 rooms will be added.

Should You Remodel Your Home?

Kitchen RemodelA minor kitchen remodel that includes new cabinet doors and drawer fronts, along with new appliances, countertop and flooring has one of the highest average returns in the annual “Cost vs Value Report” over the past 10 years. The average return is about 79%. The average national cost is just under $20,000.

This means a couple of things:

  1. Don’t do a kitchen remodel if you are planning to sell your house in the next 6-12 months. Chances are, you will not make money.
  2. If you are planning to stay in your home, this type of remodel can provide an enormous amount of enjoyment and you will make most of the money back when you go to sell your home.

We recently completed this exact remodel on our own kitchen. I always loved the layout of my kitchen but it was beginning to look “tired”. I began last year by upgrading the black appliances to stainless steel. (I replaced the Corian with granite in 2007). The new appliances helped, but did not achieve the look I desired. I worked very carefully with a local designer to change the cabinets, drawer fronts, backsplash, faucets and paint. The designer suggested installing an “appliance garage”, a new hanging light fixture over the sink, and adding additional shelves and drawers to improve functionality. I chose everything over the course of 4 months. The remodel was planned for the first week in April while my family was to be out of town.

Park City Kitchen Remodel

I came home to a finished product. Of course, the designer almost had a heart attack making sure all of the vendors stayed on our tight schedule, but the great thing for me was that I didn’t have to worry about a thing.

My kitchen is above average in size and the improvements cost more than the national average. However, I am thrilled that the room where I spend the most time is fresh and up to date.

The kitchen remodel also forced me to empty all of my kitchen shelves and was the perfect opportunity for a massive decluttering, which I’ll write about soon.

Have you had a good experience remodeling a room in your house? Leave a message and/or photo in the comments section.

Why are so Many Real Estate Sales Falling Through?

Jeremy Ranch HomeThe house pictured above is my new listing in Jeremy Ranch. After about one week on the market, we received an attractive offer that my clients were happy to accept. One day later, buyer’s remorse set in and the buyers cancelled. Another couple who looked at the Jeremy Ranch house told me that two buyers backed out of the house they have been trying to sell. Today there are 9 listings on the Park City Multiple Listing Service that were under contract, but the deals fell through.

What’s going on?

I have a couple of theories.

Due diligence/inspections go sideways. In the Park City real estate market, prices in many parts of town are back to pre-recession levels. When buyers feel they are paying top dollar, they don’t want to invest additional funds to replace a furnace that is 20 years old or remediate radon. My colleagues are telling me that their deals are falling apart during the due diligence process because the buyer and seller cannot come to terms on these types of expenses.

Buyers are writing offers too soon. Because inventory is low, buyers feel like they need to lock in a house that they may like after the first showing. Upon closer reflection, they realize that the house isn’t right for them. They moved too fast and left some very disappointed sellers in their wake.

Buyers get cold feet. It’s no secret in real estate that sometimes buyers just get cold feet. They decide they don’t want the responsibility of home ownership after all, or unforeseen circumstances render it no longer a wise decision.

The purchase was contingent on the sale of the buyer’s home. A buyer backing out of a home for any of the above reasons can create a domino effect if the seller has already entered into a contract to purchase a replacement home.

So what isn’t hindering sales anymore? I have not seen many sales fall through due to financing or appraisal.

How do you prevent a sale from falling through?

This is where the expertise of an experienced agent is vital. A good agent will prescreen for serious buyers and have the negotiation skills to work through the due diligence process. Some deals can’t and may not be worth saving; however, with experienced representation, you will have the confidence that your agent did everything in her power to produce the best possible outcome.