This week we are starting our blog with a Special Announcement from Bob Wheaton.

I want to be the first to let you know the latest news. The newly formed entity controlled by affiliates of KSL Capital Partners, LLC (“KSL”) and Henry Crown and Company (“HCC”) that in July joined Intrawest Resorts, Mammoth Resorts and Squaw Valley Ski Holdings has entered into an agreement with Deer Valley® to acquire the resort.

Over the last 36 years, Deer Valley has developed into one of the highest quality ski resorts in the country. This transaction puts the resort in a strong position to continue to grow as part of a portfolio of 12 other outstanding resorts. We are excited about the new opportunities this will create for our staff, our guests and the Park City community.

I know there will be questions about the purchase and why we entered into this agreement. For this reason, we have included a link to the press releasethat was sent to media as well as a list of your anticipated questions and answers.

Please know that KSL and HCC are committed to Deer Valley’s brand, providing exceptional service to our guests, as well as to the staff. They truly value the efforts and dedication from staff members in building this amazing, preeminent mountain resort.

I plan to stay on as President/General Manager serving in my current role at Deer Valley Resort with no anticipated changes, and I sincerely hope you share in my excitement as we enter this new phase in the evolution and growth of Deer Valley Resort.

Sincerely,

Bob Wheaton, President/General Manager

We will be having an Open House today at 1333 Snow Berry Street in the Glenwild Golf Community from 10 am to 1 pm.

A must see, this exquisitely finished home has unobstructed views. Sit out at the fire pit as you enjoy the mountain views and sunsets or slide over to the hot tub located on the precipice of this lot. The dueling staircases are just one of the several highlights of the expansive great room/kitchen/dining area all with views worth savoring. Radiant flooring heat will keep you toasty warm in the winter while sitting in front of the massive stone fireplace and the 8 inch wood planks provide an added warmth to this home. The master bedroom is on the main floor with its own sitting are, steam shower and views from your bed of the mountains. Come and see us today.

Bedrooms: 5 Bathrooms: 3 Full, 3 3/4, 1 Half 8,118 sq. ft. on 2.69 acres Year Built: 2009

The most recent edition of Park City Home  has a great article by Beth Rinehart of Berkshire Hathaway HomeServices regarding Millennials.

It has become a reality: The fun-loving, selfie-taking, phone-hooked generation known as ‘Millennials’ can afford homes. While some people may still think of them as young kids, they’re all grown up—and they are becoming homeowners. Millennials — those born post 1980 through the early 2000s — are moving out of their childhood homes and forming their own households. Millennials now make up 42 percent of all homebuyers and 56 percent of the nation’s first-time homebuyers. They are a dominant force in the housing market, and according to a recent Pew Research Center report, have surpassed the baby boomers as the largest living generation.

Many Millennials experienced, firsthand, the greatest economic downturn since the Great Depression. During the downturn, many of them graduated from college, entered the job market, and discovered that finding a job proved to be exceedingly difficult. Although the housing bubble contributed to the decline of the stock market in the late 2000s, studies have shown that currently Millennials are the most enthusiastic generation in relation to real estate, and they are turning away from stocks, because they believe real estate is a more profitable investment.  

“Millennials are showing especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time homebuyers,” says Doug Duncan, senior vice president and chief economist at Fannie Mae, in a CNBC report by Diana Olick.

This strong sense of financial gain and confidence in the real estate market bodes well for the continuing trend of Millennials settling down and purchasing homes.

What Millennials Want As Millennials become homeowners, it’s important for sellers (and investors) to know what they are looking for in a home.

“Millennials want simplicity and convenience,” says Will Cooper, President of Business Development at Berkshire Hathaway Utah Properties, and the father of four Millennials. “Turn-key homes that are close to work and their friends. Millennials are typically climbing the career ladder, have high student loan debt, and can’t afford to make updates on their homes.”

Since most Millennial homebuyers have tight budgets due to college costs and constricted salary increases, the majority of their savings goes toward purchasing their homes. Updated kitchens and bathrooms provide a vast advantage for budget-conscious Millennials. Most Millennial buyers are happy to make some updates to their homes, but they realize the kitchen and bathrooms are the most expensive to renovate.

There are a few “must haves” on most Millennial homebuyers’ lists; at the top are location, open and multifunctional spaces, low maintenance properties and technologically efficient, green, sustainable homes. They follow current trends, in that they prefer open floor plans and space for entertaining, as opposed to sectioned-off kitchen, living, and dining rooms.

If there’s one room they are looking for, it’s a home office. With an increasing number of companies moving out of corporate offices and into work-from-home spaces, having a dedicated work area is important for Millennials.

Additional sought-after items include: smart home features, energy efficiency and low or no homeowner association dues. Because they use cell phones constantly, most Millennials see value in the ability to control their homes with their phones. Home value may increase or diminish, based on cell signals inside the home or available internet providers.

The manner in which Millennials search for homes is also changing; the majority search for homes on their phones, tablets or computers. Online photos essential in capturing the interest of a Millennial. Without professional photos showing the home in its best light, many Millennials will move on before ever stepping foot in the door. But, once they’re interested in a home, they rely on the expertise of their local Realtor® to decipher often inaccurate, or incomplete, information found on the internet.

Due to the “reality TV effect,” they are more likely to notice and comment on whether or not a home has been staged or decorated. Millennials expect a home to look as though it could be featured in the “after” shots of a HGTV program.

So if you want your home to appeal to the Millennial generation—with their cellphone in one hand and a venti-no-foam-extra-shot-almond-milk latte in the other — think contemporary, think technological, think green, and think: Designer Home Show ready.

If you missed our last blog, we have attached the 2017 Second Quarter Wasatch Back Market overview again. Click here to see the digital online version.