Park City, Utah Real Estate News

Continued from Part 1.  

Aspen, CO (Aspen Mountain, Aspen Highlands, Snowmass and Buttermilk) The Aspen Board of REALTORS® has lost about ten percent of their REALTORS® in the past year. Right now they have a three year supply of condos on the market, and their dollar volume was down about 40% in ’08 compared to ’07, while the number of transactions were down about 38% (thus average price is down slightly). However, prices are still very high compared to our market. For example, the Little Nell at the base of Aspen Mountain is under reconstruction turning it in to a condohotel. Most of the units were presold with prices up to $3.5 million - for a 1/8 share!   Park City, Utah Headlines: Ski Magazine names Deer Valley the #1 ski resort in…
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ROCKY MOUNTAIN RESORT ALLIANCE WINTER MEETING, JANUARY 2009 Mark Seltenrich and Bridgett Murphy, Directors for the Park City Board of REALTORS®, recently returned from the annual winter meeting for the Rocky Mountain Resort Alliance (RMRA) held in 2008 at Winter Park, Colorado. There were three sessions over the two days of meetings, including a panel discussion from representatives from Winter Park, Vail, Jackson Hole and Sun Valley, a panel discussion from representatives of the respective Boards of REALTORS® for all resorts attending, and a RMRA business meeting. As you might expect, sales numbers and volume are down in 2008 compared with 2007 at all member resorts. Most resorts are experiencing the same conditions as we are…
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Originally Posted on November 4, 2008 - 654 Views.

24 October 2008 (Park City) – The Park City Board of REALTORS® reported today that the median sales price of a single-family home in the greater Park City area – which includes Summit and Wasatch counties – in the first nine months of 2008 showed a slight 3 percent decline to $653,750, down from $674,500 in the same nine-month period in 2007.

"The national economic downturn is affecting home prices in Park City," said Tyler Richardson, president of the Park City Board of REALTORS®. "However, the decline in home prices in Park City is small compared to falling home prices in many other parts of the country, which in some cases are witnessing drastic price declines. Park City continues to draw buyers and

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Selling in a buyer’s market

The price of homes has been significantly impacted from recent economic conditions during 2008. Home prices have dropped considerably across most of the country. However, depending on location, this does not mean some sellers won’t get a decent price for their home. The sale may take longer than usual, but a little creativity can help them move a home without having to drop the price too much.

Here are some suggestions for sellers who want to speed up the process.

Nip and tuck. If a repair is required, it is a good idea to go ahead and fix the problem. Potential buyers will cast an extremely critical eye over your home and in a situation when more houses are available on the market to choose from, they may take a pass on a…
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Caught in between selling and buying a home? We have tips on what to do.

Trying to sell a home and buy one at the same time can be a challenging task. Many home buyers find themselves caught in a difficult position as they often cannot place an offer on a desired home and simultaneously sell their current one.

Below are some tips on how to close the gap between buying and selling a home:

Consider bridge loans. A bridge loan means borrowing from the current home's equity until the proceeds from its sale are obtained. Some bridge loans require that only the interest be repaid; others mandate a single payment of interest and principal when the loan needs to be paid back. If protracted, bridge loans can be expensive, so it is best to use them for

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The global economy may dip and soar, but life in Park City remains pretty stable. While we can’t claim total immunity from external economic pressures, this localized real estate market is a safe harbor to weather the storm. Why? The fundamental attractions of Park City—world class recreation, a comfortable year-round climate, convenient access and a strong sense of community—are unwavering. Together, these fundamentals will continue to create growth and stability in our market, long into the future.

*** Scroll down to view all facts! ***

Convenient Access
Not only is it a snap to get around in Park City with our free, kid-friendly bus system, but getting here in the first place is also incredibly easy. The

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A Multi-Faceted Market
The Park City community actually comprises two markets in one. Of course, the area’s myriad resort and recreation offerings make Park City an ideal second home market. From historic district condominiums to slopeside estates, much of Park City’s real estate is owned by second home residents. However, to a much larger degree than many other resort communities, Park City also has a strong and steady primary home market. This year-round community is populated with a devoted and diverse group of local residents who give the town its colorful and unique character. These local residents comprise an entirely separate real estate market of primary, single-family homes. Because our

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Tips on How to Handle Low-Ball Offers
If you've had your home on the market for months (three to six), and you've dropped the price already, you are probably beginning to wonder how much lower you can go.  Well, someone may offer a low-ball offer, which can be 10 percent or more below the list price and involves some sort of strategic negotiations.  Before slamming the door on this offer, here are some helpful tips.

  • Don't reject the offer right away: It is important that you recognize that this is a negotiation game and the buyer is serious or he wouldn't have made an offer.
  • Analyze your own goals and needs: How much do you need to come out of this deal in order to move to your next home?  What are you going to counter? 
  • Conduct a
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Watch this video comparison of traveling to Utah versus Colorado for your ski vacation. Which one would you prefer? Just one more reason to purchase real estate in Park City or Deer Valley.

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