Blog

Buying In Fall

By Ramon Gomez, Jr.
Sep 18, 2018

Fall’s arrival presents opportunities for homebuyers, in part due to a “back-to-school mentality,” according to a survey by ERA Real Estate. If you’re a prospective homebuyer, tap into that renewed sense of motivation – and consider the following perks – while hunting for a home this fall.

You can enjoy year-end tax breaks. Buying before the year’s out allows fall homebuyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. You can sidestep the multiple-bid minefield. Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding – and getting – the perfect home. You may have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiating with sellers who had hoped to unload their homes over the summer. You’ll be home for the holidays – literally. As ERA reports in their survey, fall homebuying activity is also fueled by emotional motivation. “As vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales,” says ERA President and CEO Charlie Young.

Looking to move to Park City, well check out How To Make The Move To Park City, Utah recently posted in Forbes. Of course, uprooting your family and moving from an urban center, where you probably have family roots and a career or business network built over many years, is no easy decision. But, if you value the mountain lifestyle, though, it's well worth the effort to explore the idea. Here is their three-step guide to making it happen.

1. Take Some Vacations - Before you even broach the topic with your family, plan a couple vacations to Park City. See what it's like to live there for a week or so, while you ski, bike, golf or just relax by the pool. (Include both winter and summer trips)

2. Live in Park City for One Year - Plan to rent a house for a year, starting and ending in the summer.

3. Buy a Vacation Property - If you can't swing a full move, then a vacation property gets you part way there. Eventually, the vacation home becomes permanent.

IN THE NEWS - Utah named 2nd happiest state in U.S. Happiness can come from a number of different sources, and those sources can vary between each person. According to a recent study by the National Academy of Sciences of the United States, one thing that does not create happiness is money. Happiness will only increase with wealth up to an annual income of $75,000. But, happiness can increase depending on where a person decides to live.

In a study by WalletHub, Utah is named as the second happiest state in the country. This placement was determined by a number of factors, including: Suicide rate, sports participation, employment, work hours, growth, income, divorce rate and more. Utah ranked No. 1 in sports participation and volunteer hours. The Beehive State placed in the bottom 10 for suicide rates. It also has the lowest divorce rate and has work hours compared to the other 49 states of America. Utah ranked fourth in safety and fifth in highest income growth.

Based on these rankings, Utah was placed second, just behind Hawaii, as the happiest state in the United States.

List of happiest states in America:

  1. Hawaii
  2. Utah
  3. Minnesota
  4. North Dakota
  5. California
  6. Idaho
  7. Maryland
  8. Iowa
  9. South Dakota
  10. Nebraska
  11. Wisconsin
  12. Connecticut
  13. New Jersey
  14. New York
  15. Virginia
  16. Massachusetts
  17. Washington
  18. Colorado
  19. Georgia
  20. North Carolina
  21. Arizona
  22. Texas
  23. Illinois
  24. New Hampshire
  25. Kansas
  26. Nevada
  27. Delaware
  28. Montana
  29. Florida
  30. Pennsylvania
  31. Rhode Island
  32. Indiana
  33. Maine
  34. Michigan
  35. Wyoming
  36. South Carolina
  37. Ohio
  38. Vermont
  39. Oregon
  40. Tennessee
  41. New Mexico
  42. Missouri
  43. Mississippi
  44. Kentucky
  45. Alabama
  46. Oklahoma
  47. Alaska
  48. Louisiana
  49. Arkansas
  50. West Virginia

Real Estate Statistical Report

By Ramon Gomez, Jr.
Aug 22, 2018

This week we are sharing the Park City Board of REALTORS®' Year-over-Year Statistical Report - The Voice for Real Estate® in the Wasatch Back. The recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price.

At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.

Single-Family Home Sales - Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while there were 20% fewer sales in Park Meadows.

Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months.Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in Red Ledges compared to last year, with a median sales price of $1.16 M – up 8%. Midway continued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

“There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas remained the same with a median price of $359,000.

Condominium & Townhome Sales - Year over year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number sales as last year with 308 units and median price of $503,000.

Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.

Vacant Land Sales - Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

Conclusion - Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties have placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should be advised to contact a Park City Board of REALTORS® professional for the most accurate, detailed, and current information.

August Events

By Ramon Gomez, Jr.
Aug 08, 2018

This week we have 4 Super-Easy Curb Appeal Projects to Max Out Your Home’s Value. The yard of your dreams just might be more achievable than you thought - even in the mountains. You can also check out the Remodeling Impact Report: Outdoor Features from the National Association of REALTORS® it has some interesting data on how landscaping affects home value, especially those with tons of curb appeal.

AUGUST EVENTS

Now - 10/21: Real Salt Lake, Sandy

Now - 9/3: Salt Lake Bees, Salt Lake City

Sundays, 6/3 - 9/23: Park Silly Sunday Market, Park City

Wednesdays, 6/6 - 10/10: Park City Farmers Market, Park City

8/4 - 8/11: Summit County Fair 2018, Coalville

8/6 - 8/12: Tour of Utah, All Over Utah

8/9: Deer Valley Music Festival 15th Anniversary Celebration at Blue Sky, Coalville

8/11: Chris Stapleton, West Valley City

8/8 - 8/11: 2018 Weber County Fair, Ogden

8/15: Zoo Brew, Salt Lake City

8/15: Yappy Hour, Salt Lake City

8/15 - 8/18: 2018 Utah County Fair, Spanish Fork

8/17 - 8/19: Ogden Valley Balloon & Artists Festival, Ogden

8/18: Mid Mountain Marathon, Park City

8/18 - 8/19: Utah Beer Festival 2018, Salt Lake City

8/18 - 10/14: 2018 Oktoberfest , Snowbird

8/24 - 8/25: 2018 Utah Renaissance Faire, Thanksgiving Point

8/25: Made in Utah Festival 2018, Salt Lake City

8/30 - 11/24: Utah Utes Football, Salt Lake City

8/31 - 9/1: 2018 Midway Swiss Days, Midway

8/31 - 9/3: Soldier Hollow Classic Sheepdog Championship & Festival, Midway

9/1 - 11/24: BYU Cougar Football, Provo

9/3: Deer Valley Concert Series - Jason Mraz, Park City

Neighborhood Spotlight - East Summit County: Located below the majestic peaks of the Uintas, the mountain communities of Peoa, Kamas, Oakley, Woodland, Francis, Hoytsville, and Coalville boast stunning views and wild natural beauty. Popular with outdoor enthusiasts and ranchers, these townships offer a wide range of real estate options including farmstead estates, large lots to build your dream home on, and small subdivisons with a quiet neighborhood feel.

Just a short distance to Park City and Salt Lake City, these towns have a preserved sense of nature and community without the hustle and bustle of a larger city. From fishing, horseback riding, hiking, mountain biking, rock climbing, and camping these areas provide a range of outdoor pursuits. In addition to their scenic charm, each town offers its own array of community activities including the Oakley Rodeo, Summit County Fair, outdoor summer concert series, and Kamas’ Fiesta Days.

Development Spotlight: Talisker Club: Inspired four-season lifestyle in Park City, Utah offers the best in Rocky Mountain living, featuring an exclusive one-of-a-kind private club membership with distinctive amenities and outdoor adventures. All highlighted by an incomparable collection of venues – landmark ski-in/ski-out at Empire Pass in Deer Valley® and award-winning golf and more at Tuhaye. It’s an unparalleled mountain experience for creating a cherished family legacy. For more information click here.

Local Listings

By Ramon Gomez, Jr.
Jun 06, 2018

We enjoy what we do and helping clients/friends buy and sell their homes is what we do best. This week we wanted to share some listings we currently have on the market.

 

 

 

2351 W RED PINE COURT

$4,450,000 - Single Family Home with 5 beds, 7 baths and approximately 7500 square fee.

 

 

 

1031 NORFOLK AVENUE

$2,075,000 SALE PENDING - Single Family Home with 4 beds, 5 baths and approximately 2232 square feet.

 

 

2589 DAYBREAKER

$1,299,000 - Single Family Home with 6 beds, 4 baths and approximately 5094 square feet.

 

 

 

2818 SACKETT DRIVE

$920,000 SALE PENDING - Single Family Home with 5 beds, 5 baths and approximately 7610 square feet.

 

 

148 SKY LANE

$895,000 - Single Family Home with 6 beds, 6 baths and approximately 4852 square feet.

 

 

 

 

1306 PRESERVE DRIVE

$785,000 - Vacant Land and 10.04 acres.

 

 

1586 PRESERVE DRIVE

$699,000 - Vacant Land and 16.77 acres.

 

 

 

8065 GLENWILD DRIVE

$599,000 - Vacant Land and 0.89 acres.

 

 

 

6749 N 2200 WEST 202

$349,000 - Condominium with 2 beds, 2 baths and approximately 975 square feet.

Let us know if we can be of help in your search to buy in Park City and the surrounding area or if are interested in selling your home.

National Moving Month

By Ramon Gomez, Jr.
May 30, 2018

This is National Moving Month: 7 Tips for a Stress-Free Move - According to the U.S. Census Bureau, about 40 million Americans—one in nine people—move each year. While the majority of these movers are in their 20s, people of all ages can be found relocating around this time of year.

Moving is such a prevalent activity for Americans during spring that the entirety of May is dedicated to this trend. This is when the nation starts to see a major uptick in relocations; however, if the thought of moving homes makes you start to sweat, you're not alone. In fact, some studies have shown that moving is more stressful than wedding planning.

Don't despair! There are ways to keep moving day tolerable and prevent raising your blood pressure. Planning ahead and organizing can go a long way to keeping things under control.

To acknowledge National Moving Month, and the related stress of this major undertaking, check out this handy infographic to keep the teeth-grinding to a minimum:

Not Moving, well here are some Ways to Make Your Backyard a Summer Paradise - Summer is the season to be outdoors. It’s the perfect time for backyard barbecues, neighborhood socials, and late-night evenings on the patio. You don’t need to travel to a luxurious and exotic location to enjoy spending time outdoors. Make your own backyard a summer paradise with these eight simple suggestions.

Inspect and update wooden decks - To make your backyard a summer haven, take some time to inspect and updateyour deck. Wooden patios and decks can be warped by cold weather, so you’ll want to replace loose or missing slats as needed. Sand, stain, and seal your deck once you’ve made sure it’s structurally sound. If you have a stone patio, check for missing pieces and update as needed. Once this is complete, you’ll have a shiny and appealing deck you can decorate with patio furniture—creating a relaxing sitting area for summertime.

Purchase patio furniture and essentials - Once you have a designated patio or deck space, you’ll want to add some patio furniture so you can sit down, mingle with friends and family, and relax. Consider purchasing weatherproof patio furniture that is both comfortable and durable. Patio furniture can be exposed to harsh, seasonal weather, so you’ll want to make sure it lasts for years.

Get the basics including some lounge chairs, an umbrella, a hammock, and an outdoor table so you can enjoy meals or games outside. In addition to patio furniture, you may want to buy or build an outdoor fire pit. It’s a simple feature that adds so much to your backyard. Sit around the fire and socialize, roast marshmallows or even cook dinner on your own backyard fire place.

Add colorful cushions and pillows - You’ll want to add a splash of color to your patio so it’s eye-catching and sings of summertime. Buy some bright-colored, and comfortable throw pillows and cushions to spice up the furniture. The bright colors and fun patterns will entice people to sit down, relax, and enjoy your backyard paradise.

Get a rug for the patio - Consider adding a rugto the patio or deck area to make the space feel cozier. Outdoor rugs vary in material, size, and shape and are generally made to last in all types of weather. They make a great addition to your space, and can also protect your deck.

Install outdoor lighting - Nothing is more magical than twinkling lights against a royal-blue evening sky. Add strands of tea lights or other innovative lightsto create a fairy-tale effect in your backyard. In addition to the decorative lighting, you’ll want to consider adding sensor or smart lights to your backyard for added security. Smart lights are a great way to ensure the backyard is lit—you can even control smart lights with your smart phone.

Make the backyard private - You may love your neighbors, but that doesn’t mean you want them always peeking into your backyard. Be creative when thinking of ways to ensure better backyard privacy. One easy way to create a private, secluded backyard paradise is to install a fence. Not only does it ensure privacy, but it is an essential safety measure. Install a strong, secure fence to create a private and safe backyard.

Update your landscaping - Landscaping can make or break your backyard. It’s essential to take time to update your landscapingto create an outdoor paradise. You don’t need extravagant plants or trees to make your backyard grand. Take some time to cut back unruly trees and bushes, pull the weeds, water and trim the lawn, and plant flowers around the yard. These simple updates will make a world of difference. You’ll have your own secret garden in no time! 

Secure outdoor belongings - Once you’ve created a magical backyard space, you’ll want to take the necessary precautions to safeguard your belongings. Make sure your garden tools and supplies are in a locked shed—away from kids, pets, and burglars. Take time to assess the backyard for any security breaches. This will keep your family safe and protect your backyard, patio, and deck from major damages.

Summer is a wonderful time to relax and enjoy being outdoors. Update your own backyard and you’ll have access to a private paradise any time you want.

Park City Real Estate

By Ramon Gomez, Jr.
May 16, 2018

The housing market Gets Hotter in the West according the MReport. A study of 16,000 U.S. zip codes by Realtor.com found that, overwhelmingly, the ZIP codes seeing the fastest movement of homes are in the West. Nationally, the report stated, houses are generally on the market for an average of 78 days. But in the 20 markets where homes sold fastest in Q1, they sold after an average 21 days on the market; in the top three ZIP codes, in fact, barely past three weeks. That reflects “a pattern that other markets hope to replicate. In fact, we speculated as to whether Salt Lake City, Utah is the ‘New Denver’ earlier this year and now we see Salt Lake City breaking into the top 20 ZIPs.” Salt Lake, in fact, finished 20th on the list. Homes there moved in an average 21 days during the quarter.

Looking to rent a bike this weekend, Summit County has implemented new features for the electric bike share program. Summit County is hoping to add more station kiosks later this summer. The stations will likely be located at the Snyderville Basin Recreation Fieldhouse, in the Silver Springs and Trailside neighborhoods, City Park in Park City, and, eventually, at the Jeremy Ranch park-and-ride lot and another park-and-ride lot expected to be built at Ecker Hill. An additional 42 bikes were added to the fleet this season to help handle demand, according to Caroline Rodriguez, Summit County's regional transportation director. Also, a stricter system will also be in place to reduce users from riding the bikes outside of the authorized zones.

Triathlete posted a great article that we wanted to share - Head to Utah and follow our advice on where to swim, bike, run and more in this active mountain town. This friendly mountain town sits just under 7,000 feet—that’s 1,500 feet higher than Boulder for those counting—and boasts 400 miles of trails, sunny days with low humidity, and a welcoming, athletic culture. Visit in summer or early fall to experience the best of this under-the-radar training hub.

Stay Here - Local lodging experts Stay Park City make it easy to find accommodations, whether you’re looking for a lux hotel or comfy vacation condo. Plus, the company sponsors a local cycling group—so clearly they have good taste.

Swim Here - You can find lap swim and masters groups in Park City year round, but summertime means all the outdoor pools are open for workouts. Check out the offerings at Park City MARC, Silver Mountain, Basin Recreation, and Ecker Hills Aquatics Center.

Bike Here - Sync up with the aforementioned Stay Park City Cycling Club for one of their weekly group road or mountain bike rides. Head to Ritual Chocolate on Sunday at 10 a.m. for a 40–45 mile group ride open to both locals and visitors, divided into three groups by ability level. “A core principle of our club is ‘all-inclusive,’ from weekend warriors to CAT 1 racers and folks just passing through town,” says club president Jason Linder. One of his consistent favorites is this 28-mile loop to Kamas from Park City. “It takes you out of town on wide roads, with no stops, some good climbs, and beautiful views,” he says. If you’re looking to climb your heart out, copy the challenging Suffertational route to ascend some of Park City’s toughest hills.

Run Here - With 400 miles of continuous trails throughout Park City, you won’t run out of options for run training. “The Mid Mountain Trail is a classic trail run [or mountain bike ride], consisting of 20-plus miles of single track hovering around 8,000 feet,” Linder says. For a flat, mostly paved route, the Rail Trail extends for nearly 30 miles from the center of town.

Eat Here - If your ideal recovery snack is avocado toast, you must try Harvest or Five5eeds, two Australian-influenced cafés with colorful breakfast dishes and solid coffee. Get your second caffeine hit of the day of the day at STOKED Roasters at the top of Main Street, owned by accomplished ultra-runner Jax Mariash. After a long training day, treat yourself to burgers and a milkshake at the Montage Deer Valley’s Burgers & Bourbon. (Insider tip: Head to the Montage fire pits around 8 p.m. in the summer months for gourmet s’mores.)

Test Here - Park City has a strong Olympic heritage, as evidenced by the caliber of local athletes and sports facilities in town. The Intermountain Healthcare LiVe Well Center features a state-of-the-art sports performance arm overseen by Dr. Max Testa—a 30-year Tour de France doctor—and offers a slew of testing from Vo2 Max, lactate threshold, gait analysis and much more.

Race Here - Tackle the sprint or Olympic-distance of the Jordanelle Triathlon in August, featuring a clear reservoir swim, mountain-backdrop bike and a run along partial single track through a nature preserve. Test your uphill running prowess at one of the Triple Trail Challenge events—the 16-mile June routes races up to the 10,000-foot Jupiter Peak.

Staging Your Home

By Ramon Gomez, Jr.
May 02, 2018

Judy and I have worked with our clients in assisting in the staging of their homes for years. Before your first open house and listing on the MLS let us see how we can help. This week we would like to share eight tips for staging your home.

Focus On The Curb Appeal - The first thing that potential buyers will see is the outside of your house. The lawn, landscaping, front porch, front door, and driveway are the first impression your home is going to make, so spruce up the lawn, plant some flowers, paint the front door, reseal the driveway, whatever it takes to make a good first impression.

Time For Some Deep Cleaning - This is crucial in home staging and is more than just picking up and vacuuming. Clean the spaces in the home that haven’t been cleaned for a very long time (or ever), including baseboards, vent covers, ceiling fans, and the fireplace.

Brush On A Fresh Coat Of Paint - A fresh coat of paint in main rooms or throughout the house can bring a home back to life. Renew the space with neutral, crowd pleasing colors. This can also help potential buyers envision themselves living in the home.

Give Each Room A Purpose - A spare room can make fantastic guest bedroom, home office, or gym. Each room should be transformed into a usable space where the buyers can envision what they can do with the room.

Update The Kitchen Fixtures - Luckily, minor changes in the kitchen can make the space feel more modern and updated. Consider replacing old light fixtures with modern ones or swap outdated hardware.

Brighten The Bathrooms - Light colors or white make things appear fresher, cleaner, newer, and more spacious. Brighten up your bathroom with a fresh coat of paint or with new white towels, shower curtain, and bathmat to give your bathroom a clean and relaxed feel.

Bring In The Light - Curtains are beautiful, but they can darken and date a room. Potential buyers want to see the home in all its glory; so, pull up the blinds, open the curtains, and make sure the windows are spotless to let as much light in as possible.

Highlight The Positives - Every house has its own stand-out features, whether its unique woodwork, great flow, or a stunning backyard. Boost the appeal of your home by playing up the positives.

MAY EVENTS

Now - 10/21: Real Salt Lake, Sandy

Now - 9/3: Salt Lake Bees, Salt Lake City

Now - 5/5: 2018 Tulip Festival , Thanksgiving Point

5/3: The Eagles, Salt Lake City

5/5: Salt Lake City Open Streets 2018, Salt Lake City

5/9: P!NK Beautiful Trauma World Tour, Salt Lake City

5/16: Stars on Ice, Salt Lake City

5/19: Lantern Fest 2018, Tooele

6/1: Historic 25th Street Car Show, Ogden

6/2 - 6/3: 2018 Utah Pride Festival, Salt Lake City

6/1 - 6/3: Ogden Music Festival, Ogden

6/1 - 6/11: 2018 Uintah County Fair, Vernal

DEVELOPMENT SPOTLIGHT

FAIRWAY SPRINGS GOLF AND SKI VILLAS - Tucked just off the main Canyons corridor, you’ll find the ski and golf oasis of Fairway Springs. Although just steps from the Frostwood Gondola, Canyons golf course, dining options, and award-winning spa services, Fairway Springs feels like its miles away from the resort hustle. Quiet and serene, these three bedroom townhomes embody the sense of a true home with a private garage, spacious gathering room, and gourmet kitchen well suited for entertaining. Hiking and biking trails abound just outside your own front door. Inside, fresh design concepts blend clean lines, rich textures, and refined finishes to create true mountain luxury. High integrity construction such as a heated driveway, top-of-the-line appliances, vaulted ceilings, and soaring windows make these properties an exceptional value. There’s room here at Fairway Springs! Room to see the sky and wide-open spaces, and room for you and all those that make up the center of your world. *Clients who close before June 30th 2018 will receive a $75k furniture credit and a year of HOA dues.
SOARING HAWK - Soaring Hawk is a new & spectacular lifestyle community that offers both custom homesites and single-family residences overlooking the Jordanelle Reservoir and Deer Valley® Resort. This community features a private entrance, a year-round and multi-use trail system, and is ideally located minutes from downtown Park City, award winning ski resorts, and is only 40 minutes to Salt Lake International Airport.  *Currently under construction.

2018 First Quarter Market Overview

By Ramon Gomez, Jr.
Apr 18, 2018

The 2018 first quarter market overview is a comprehensive overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas diëer significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average home prices in these two neighborhoods vary significantly. Vail Resorts® continued their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village, and Deer Valley® Resort obtained the #1 Ski Resort ranking from Ski Magazine. We believe these factors and others will continue to drive our market. Throughout the Wasatch Back the market remains stable in number of properties sold with an approximate 9% increase in median price across all property types. Summit and Wasatch counties and the surrounding areas provide numerous buying opportunities especially in the Heber Valley, Jordanelle, and East Summit County neighborhoods. Data interpretation, judgment, and historical context are key elements to making informed decisions.

The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, oë Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.

Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.

Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.

Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

If you have any questions about our quarterly review please reach out as Judy and I are always available to help.

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Spring In Park City

By Ramon Gomez, Jr.
Mar 21, 2018

Spring is here and as the snow comes and goes the flowers are beginning to bloom in our town. Our flower today comes atop a lovely muffin from Five 5eeds in Park City on Snow Creek Drive.

There are a number of fun activities happening the remainder of this month and we have listed out a few for you and your families as wells as the links to more information on each event.

 

3/22 - 3/31: Easter Bunny Train, Heber City

3/24: Pink Park City, Park City Mountain

3/24 - 3/25: Holi Festival of Colors, Spanish Fork

3/24 - 4/2: Spring Gruv, Park City Mountain

3/30: The Comedy Get Down Tour, West Valley City

3/31: Easter Egg Hunt!, Salt Lake City

4/1: Easter at Snowbird, Snowbird

4/1: Annual Easter Celebration, Park City Mountain

4/1: Easter Bunny visits Deer Valley, Deer Valley Resort

We are proud to be a part of the Berkshire Hathaway HomeServices Utah Property team for many years now. This year the Berkshire Hathaway HomeServices Utah Properties received numerous brokerage, office, team, and individual awards at the annual network Sales Convention in San Antonio, Texas on March 5th and 6th 2018. The Utah Properties brokerage was celebrated as the 14th highest performing brokerage while Park City’s Saddleview Office the 3rd highest dollar volume office in the network and Salt Lake City’s Old Mill Office the 7th highest transaction volume for an office in the network.

“Our Berkshire Hathaway professionals are true industry leaders.” said Owner and CEO, Steve Roney. “This year’s convention and honors confirm the caliber and accomplishment of Utah Properties. I look forward to continuing to excel as a brokerage and team.”

Berkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the #1 position in Utah’s real estate marketplace and maintains an historic commitment to community-driven service.

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability and longevity. The brand was just recognized for “Highest Overall Satisfaction for Repeat Home Sellers Among National Full Service Real Estate Firms” in J.D. Power’s 2017 Home Buyer/Seller Satisfaction Study. Visit www.berkshirehathawayhs.com.

 

Power Markets

By Ramon Gomez, Jr.
Mar 14, 2018

We are pleased to share that in celebration of the 10th anniversary of the Epic Pass, Vail Resorts and Vail's founders from the 10th Mountain Division, the company is honoring epic service of the and men and women of the U.S. Armed Forces (as well as Canadian and Australian military service members) with the introduction of a special new $99 Military Epic Pass, available beginning Tuesday, March 6. It is for both active and retried military, and it is a deal that is simply unbeatable in skiing and ski travel. Additionally, for every pass sold, a $1 donation will be made to Wounded Warrior Project® (WWP), a nonprofit organization that offers a variety of programs, services and events for wounded veterans of the military. Click here to read the entire article from Forbes.

Business Insider recently published America's richest people buy homes in 'power markets' — listed in the article are the 17 most expensive and exclusive places and Park City proper comes in at #6. The report defines power markets in the US as places where the top 5% of single-family home sales by price is highest. In the top 17 markets, the median list price for the top 5% of sales is at least $3.5 million. For each city, the median list price for the top 5% of homes currently on the market, the highest sold price from 2017, and the median price per square foot for that market compile the numbers. Park City has a Median list price: $6.97 million, Highest sold price (2017): $11.4 million and the Median price per square foot: $780. But, don't be let theses numbers sway you if you are looking to buy here as the greater Park City area has a variety of condos, homes and land available at a wide range of prices.

Ladders recently shared the states where the economy is strong and opportunities are growing - Looking for a new job? You may want to consider moving to a different state. The U.S. News & World Report’s Best States just released their annual rankings that measures how well states’ economies are performing. They looked at 77 metrics across eight categories, provided by McKinsey & Company’s Leading States Index, including economic status. Data points that fell under the economy growth umbrella include: Job growth, Growth of each state’s GDP between 2013 and 2016, Business environment (monthly birth rate for new businesses), Unemployment rate, Participation in labor force for everyone 16 and older, Number of people moving in and out of a state was taken into account, Tax burden, The number of top company headquarters per capita, Venture capital disbursed, Entrepreneurship (“business birth rate”) and Patent creation. If you are currently on either coast, consider heading towards the middle of the country as Colorado and Utah took the top spots, while Idaho and Texas made it into the Top 10 too.

Home Value in Park City

By Ramon Gomez, Jr.
Mar 07, 2018

Last week we shared that Utah has been ranked the #3 Best State by US News. With that on our minds we wanted to focus this week's blog on Homeownership and increasing the value of your home. Let's start with 12 things you can do now to prep for spring. This leads us to a great article published in Park City Home Magazine.

FIVE WAYS HOMEOWNERS CAN BOOST THE VALUE OF THEIR HOME IN PARK CITY When contemplating home upgrades or preparing your home for sale, it helps to identify the renovation projects that not only look good but will boost the value of your home at the same time. Overall, potential buyers are drawn to newer, cleaner, refreshed properties. Here are the five tried and true ways homeowners can boost the value of their home in Park City.

Freshen Up the Paint This may seem like a no-brainer, but a fresh coat of paint will always make a home feel updated and renewed. Modern, current paint colors can have a vast effect on a home’s appeal. Whites, greys, light blues, and sage-greens are in-style for 2018 and can give your home an updated feel. Contemporary, neutral paint can also give potential buyers the ability to see themselves living in the home.

Update the Windows Natural light enhances ambiance and updating windows can boost a home’s value. Homes that feature 70’s style round, half-moon, or hexagon shaped windows may cause buyers to contemplate pricey renovations or will turn them off from the home completely. Additionally, if your windows are old, drafty, or fog up due to failing seals, fixing these problems will increase the value. Updating window coverings from heavy drapery to hidden or electronic shades can go a long way in adding value and a contemporary feel to the home. Lastly, adding windows to increase natural light can improve a home’s value.

Renew Kitchens and Bathrooms When it comes to home renovation and updates the two most important spaces in a home are the kitchen and the master bedroom/bathroom. In the master bedroom, focus on brightening the room and creating a fresh, inviting feel. Clean, modern paint colors and neutral fresh carpet or renewed hardwood floors can make a huge difference. In the master bathroom, potential buyers are trending toward light and bright features such as subway tile, marble, and clean lines over dark woods and granites. In the kitchen, making minor changes such as painting the cabinets in a modern color, updating the tile, or replacing old-fashioned, brass light fixtures and hardware with more current styles and contemporary pieces can increase the value of a home.

Add Smart Technology Features As we move farther into the age of technology, home trends are following suit. Many potential buyers see a lot of value in smart technology features such as electronic window shades, smart thermostats, slim TVs, and more. That being said, one electronic feature that used be popular but has been falling out of trend is pre-wired sound systems. With wireless speaker systems on the rise, buyers are bringing their systems into their new homes or upgrading as needed.

Revive Curb Appeal -First impressions can make a big impression. Enhance landscaping, clean up the walkway to the front door, and repair or seal driveway cracks. A fresh coat of paint including window frames and the front door can make an older home feel new again. If paint is not in the budget, power washing the outside of the house, so long as it doesn’t strip the paint, and the front walkway or driveway can also refresh the appearance. Lastly, updating the porch sconces and lighting can make a home look more current and inviting.

Whether you are looking to spend a little or a lot, there are many ways to add value to your home in Park City. However, for any major physical changes to the home, its best to hire a designer to help make sure the improvements are truly up-to-date and generic enough to appeal to a wide audience. For recommendations on designers or for more advice on ways to boost the value of your home reach out we are here to assist.

This week's Development Spotlights are Hyatt Centric and Juniper landing.

Hyatt Centric Park City is located at the vibrant base of Canyons Village at Park City Mountain, Hyatt Centric Park City Residences offer whole-ownership residences in one of Park City’s famed slope side resort hotels. These luxury residences function as second homes with all the amenities of a hotel suite. As a AAA Four Diamond ski-in/ski-out mountain resort, Hyatt Centric offers owners on-mountain access to the largest ski resort in the United States. Floor plans feature large family gathering spaces, an abundance of bedrooms, and functional designs. The full-time, caring and attentive Hyatt Centric staff meet all the needs of owners and ensure that your visit feels like a true vacation.
Juniper Landing is ideally located just steps from the Frostwood Gondola and nestled between the 9th and 10th fairways of the Canyons Golf Course. These new contemporary residences present quality interiors and superb craftsmanship with panoramic views of the surrounding mountains and ski runs. No matter the season, you can bask in alpine beauty, explore miles of pristine trails, indulge in local dining, shopping and entertainment, or simply rejuvenate in your treasured mountain retreat. Features and amenities include Thermador™ appliance packages, and a brand-new courtyard with heated Jr. Olympic size salt water pool, fire pit and hot tub, and a fitness center with sauna and steam room.

MARCH EVENTS

Now - 4/11: Utah Jazz Basketball, Salt Lake City

Now - 4/7: Utah Grizzlies Hockey, West Valley City

3/9: The Cowboy Train, Heber City

3/8 - 3/9: Rob Schneider, West Jordan

3/9 - 3/10: Get Lucky, Salt Lake City

3/15 - 3/18: 2018 International Sportsmen's Expo, Sandy

3/16: Bon Jovi: This House Is Not For Sale Tour, Salt Lake City

3/16: St. Paddy's Train, Heber City

3/16 - 3/17: Wanda Sykes, Salt Lake City

3/17: 2018 Salt Lake City St. Patrick’s Day Parade, Salt Lake City

3/22 - 3/31: Easter Bunny Train, Heber City

3/24: Pink Park City, Park City Mountain

3/24 - 3/25: Holi Festival of Colors, Spanish Fork

3/24 - 4/2: Spring Gruv, Park City Mountain

3/30: The Comedy Get Down Tour, West Valley City

3/31: Easter Egg Hunt!, Salt Lake City

4/1: Easter at Snowbird, Snowbird

4/1: Annual Easter Celebration, Park City Mountain

4/1: Easter Bunny visits Deer Valley, Deer Valley Resort

3RD Home By Berkshire Hathaway

By Ramon Gomez, Jr.
Feb 27, 2018

Before we kick off our 3RD Home review we wanted to share Explore The 10 Best States in America by US News as Utah makes the list at Number 3. Many Americans take pride in their state, often claiming their home state to be better than the rest.Now, the 2018 U.S. News Best States rankings can help settle the debate. In an assessment of how states are serving their residents – from health care to education – these 10 state performed the best overall in the 2018 Best States rankings. The rankings, formed in partnership with McKinsey & Company, analyze thousands of data points to measure how states best serve their citizens and UTAH comes in at #3.

PRIVATE VACATION CLUB FOR SECOND HOMEOWNERS - 3RD HOME is a private club for the owners of luxury second homes. With an average property value over $2.4 million USD, over 5,300 properties and growing, and endorsements from the top luxury residential and resort brands, 3RD HOME enables vacation home owners to travel the world staying in premier places without paying rental rates ever again.

It was created to fill a need expressed by second home owners to find a safe and trustworthy way to “expand” the use of their second homes without the hassle or expense of renting them out. 3RD HOME enables you to exchange time in your home for stays at other premier luxury destinations worldwide. By depositing weeks at your vacation home into the club, you can reserve another great home any time in advance or at the last minute.

There are hundreds of desirable destinations to choose from. The scale and quality are unprecedented. Many homes even come from the top branded destination clubs and real estate developments that endorse 3RD HOME for their owners.

WHAT MAKES 3RD HOME UNIQUE?

• There are over 5,300 luxury properties in 74 countries to choose from with an average value of $2.4 Million USD.

• Access to homes in over 1,000 different cities.

• We are affiliated with many of the world’s leading luxury residential developments in addition to private homes valued at up to $30 million USD.

• You’ll be a lifetime member with NO annual dues!

• No direct or simultaneous exchanges with other members are required as with traditional home exchanges.

• The proprietary Keys system gives our members immediate access to every available property.

• Our secure web platform allows 24/7 booking of reservations and notifications on properties you are watching.

• The ‘Request a Week’ function expands availability beyond what is listed on the site.

• Pre-screening of member homes, plus host and guest feedback on every trip, ensures a premium experience.

EARNING KEY CREDITS - Keys are the currency of 3RD HOME. When you list your residence on our site, we take into account your homes current market value, with an adjustment made based on location and the home itself. You’ll earn Keys by depositing weeks at your residence into the club for other members’ use. Plus, you will earn Double Keys when you deposit a Peak week, and Triple Keys when you deposit a Super Peak week!

When you join 3RD HOME, you’ll list your own private vacation home on the site indicating its value, location, adding pictures and other details. Next, you’ll select weeks that you agree to make available exclusively for other members. 3RD HOME will credit you a number of Keys for each week(s) that you choose to deposit based on the desirability of those weeks.

HOW TO BOOK - Ready to take a trip? Trade your Keys for a stay at another member’s property! You can begin booking immediately– simply select an available week at any of our luxurious properties, pay the nominal exchange fee ($395-$995 USD), and receive immediate confirmation. There are no rental fees for any property on the 3RD HOME site!

Men's Journal recently posted - The 7 Best Places to Après-ski in Park City, Utah, According to Locals - Name your ideal ski day. If it’s anything like ours, it means bluebird conditions where the powder resembles fluffy down blankets and snow-capped trees look a lot like Frosted Mini-Wheats. Of course, it also includes a stellar après-ski situation.

In Park City, UT, your dreamiest (and booziest) snow days are a reality. There are loads of local watering holes—from ritzy resorts to cozy dive bars that embody the ski spirit of yesteryear. They let you unwind and let loose with mouth-watering specialties (fondue, bison burgers, and s’mores, anyone?) and unforgettable libations.

5 Awesome Ski Towns Even Non-Skiers Will Love Here are seven must-visit après-ski hotspots in Park City. Have your fill—then have a little more.

Happy Valentine's Day

By Ramon Gomez, Jr.
Feb 14, 2018

This week we kick off with a spotlight of ST. REGIS DEER VALLEY® - The venerated tradition of St. Regis’ luxury, romance, and bespoke service has come to life in Park City with the debut of the St. Regis Deer Valley® and the 24 whole ownership residences and 67 condominiums suites ranging from 1 to 4 bedrooms with ski-in/ski-out access. From the iconic butlers, to the signature Jean-Georges restaurant and Remede Spa, St. Regis Deer Valley® has brought a unique and surpassing elegance to the slopes of Deer Valley® Resort. Escape to a spectacular mountain getaway in Park City, Utah, where breathtaking landscapes, summer adventures, family activities, and timeless style captivate your spirit.

Another property spotlight for this week is the YOTELPAD PARK CITY - The resort world's most innovative PADS are coming to North America. First stop, Park City. Design and technology dial up the cool factor while dialing down the cost. Efficient floor plans and Italian-made furniture work smarter, changing form and function to do everything you need. The ski valet takes care of your gear and killer amenities are designed for sociability, fun, and relaxation with an outdoor pool and hot tub, games room, and way more. Modern travelers already enjoy YOTEL's innovative spaces and experiences in cities around the world. Now their cool hotel concept evolves for resort living. Everything you want. Where you want it. Full ownership and fully furnished in the heart of Canyons Village For more information contact me. This offering is generating a lot of interest!

February Events

2/15 - 2/18: Chubby Checker and the Wildcats, Park City

2/17: Deadmau5, Park City

2/17: Utah Chinese New Year Celebration Performances, Salt Lake City

2/22 - 2/24: An Evening with Paula Cole, Park City

2/23: Wasatch Powder Keg Sprint Race, Salt Lake City

2/23 - 2/24: 2018 Wasatch Golf Expo, Sandy

2/27 - 3/4: The Sound of Music, Salt Lake City

Sundance 2018

By Ramon Gomez, Jr.
Jan 17, 2018

This week we wanted to share a little about Sundance, the Park City School District and the Berkshire Hathaway 2017 Year End Market Overview. Sundance is almost here with 110 Independent Films From 29 Countries. The Festival hosts screenings in Park City, Salt Lake City and at Sundance Mountain Resort, from January 18th –28th. Robert Redford, President and Founder of Sundance Institute, said, “The work of independent storytellers can challenge and possibly change culture, illuminating our world’s imperfections and possibilities. This year’s Festival is full of artfully-told stories that provoke thought, drive empathy and allow the audience to connect, in deeply personal ways, to the universal human experience.”

For the 2018 Festival, 110 feature-length films were selected, representing 29 countries and 47 first-time filmmakers, including 30 in competition.These films were selected from 13,468 submissions including 3,901 feature-length films and 8,740 short films. Of the feature film submissions, 1,799 were from the U.S. and 2,102 were international. One-hundred feature films at the Festival will be world premieres. In 2017, the Festival drew 71,638 attendees, generated $151.5 million in economic activity for the state of Utah and supported 2,778 local jobs.

Starting January 16 at 10:00 a.m. MT, individual tickets will be released for purchase online and at box offices as they become available up until 2 hours before showtime.

If you're looking for Box Office Hours, information on our eWaitlist, or other Frequently Asked Questions, CLICK HERE

News Update - FASHION magazine recently posted a lovely little article If You Ski, Add Utah’s Wasatch Mountain Range to the Bucket List - Imagine sunrise yoga in a 10,000-year-old crater, afternoon ski lessons with an Olympian and a six-course Norwegian dinner at 2,652 metres.

The Park City School District is in the News - There are nearly 100,000 elementary, middle, and high schools in the US. The best districts are coveted, and a high-caliber school system can be a key factor when a family decides to relocate to one city over another. Niche, a company that researches and compiles information on schools, provides a ranking of the best school districts in America — that is, the collective quality of all the schools in a district determined by a grade of overall experience. The ranking includes key factors such as the strength of academics, health and safety, diversity, and the quality of teachers. This year the Park City School District is #1 for the state of Utah.

The 2017 Year End Wasatch Back Market Overview is here. For the complete digital online version, click here.

Bitcoins in Park City

By Ramon Gomez, Jr.
Nov 15, 2017

Bitcoins are making a splash into the Park City real estate market as Buyers and Sellers are beginning to make use of the cryptocurrency. I am pleased to be working directly with Real Advantage Title to assist buyers with Bitcoin purchases. Having worked with Karen Kasperick for years we are pleased to partner with Russ Smith and his entire team to assist our clients and future clients in their Bitcoin transactions on real estate purchases in the Park City area. If you would like to purchase a property in Park City using Bitcoins, my team and I can make it happen - Call me with questions.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Read on to see The Park Records article on the most recent Bitcoin purchase in Park City by Carolyn Webber.

Russ Smith, left, and Karen Kasperick are excited at the prospect of future Bitcoin transactions after this first successful one.

When Russ Smith picked up a call and heard the words, "What do you know about Bitcoin?" he did not have a precise answer to give. About two months later, he was finalizing a deal with a client using the new currency.

Smith, state manager of the Real Advantage Title Insurance Agency in Park City, recently made one of the first real estate transactions with bitcoins in the country and likely the first in Utah. The $3.5 million transaction was also one of the largest reported real estate deals to date using bitcoins.

Bitcoin is a form of cryptocurrency created in 2009 that is tied to no banks or country. Its value is based on algorithms from computers dependent on its use in the marketplace.

"It's basically a stock that you can use via a credit card," Smith said.

While bitcoin has become popular in some corners of the internet, it is only recently being used to purchase real estate. The first recorded bitcoin purchase for real estate in the U.S. took place in California in 2014. After a few years, another deal was finalized in Texas, Smith said.

He started looking into it after receiving a phone call from Dougan Jones, executive chairman of the real estate agency Engel & Völkers. Jones had received a call from one of his listing clients telling him that he would accept bitcoin for his property in Sundance. Another seller quickly followed suit. Jones realized that he needed to find a title agency that could help with those transactions, so he called Smith.

"I asked him if he would look into it, because it is coming at us in our industry," Jones said. Jones' seller did not find a buyer with bitcoins, but the seed was planted in Smith's mind.

In the meantime, Bob Struwe, a real estate agent for High Country Properties who worked with the buyer in the recent transaction, was doing his own research on bitcoin transactions because his client wanted to use the currency for a property purchase. It turned out to be hard to convince anyone to take him seriously.

"We were running into a real problem," he said. "His ideal scenario would be if a seller would take Bitcoin, and I knew that was going to be pretty remote."

Part of the problem is that many states, including Utah, do not consider Bitcoin legal currency, so it makes deals difficult for agencies. Plus, many people do not trust the currency because of a lingering negative connotation, Smith said. The buyer did not want to be identified in this story or have the seller know because of the stigma.

"Initially, a long time ago, it was conventional wisdom that bitcoin was considered a money laundering avenue," Smith said.

Luckily, Smith knew that it was legitimate and he and Struwe began the deal.

"It was an unbelievable success," Struwe said. "For us, (Real Advantage) was amazing to work with. The first time doing anything this complicated and large, there are some problems here and there, but everyone worked together so well."

The entire transaction took only seven days.

A typical cash deal takes three weeks to 30 days, Smith said.

Part of the reason the transaction closed so quickly is because bitcoins change value just as stocks do. If the value went up or down before the deal was closed, it would have caused some hiccups.

Smith said the setup for the deal was difficult because neither the market nor the government is prepared for bitcoin. He and Karen Kasperick, senior escrew officer at Real Advantage, had to find a way to quickly convert the bitcoins so it could be put into the title agency's trust accounts as U.S. dollars.

They eventually found BitPay, the same payment service used in the Texas transaction in September.

As more transactions take place around the country, real estate firms and title agencies will find it easier to make use of bitcoins in the market, Smith said. He believes bitcoins will only grow in popularity, and Park City should be ready.

"As we see more and more of these transactions happen, people will become more comfortable with it," he said. "And that's when the constituencies will start pressuring their local government to start moving toward moving cryptocurrency mainstream."

Smith and Jones agree that making Park City ready for Bitcoin transactions would be beneficial for the tourism market, since many foreign nations are jumping on the cryptocurrency bandwagon before the U.S..

"A lot of the people that we get in Park City are from overseas," Smith said. "They're very comfortable with it. If a hotel or a lodging company or any type of tourism starts taking cryptocurrency, I think that would be huge."

Since Struwe's involvement in the deal, he has received calls from people around the world interested in purchasing properties with their bitcoins. He, Smith and Jones believe that buyers and sellers are ready, but they need to be ready as well.

"It's our obligation to know enough about it to speak intelligently and represent our client in any form of consideration," Jones said. "Since our clients are coming to us offering bitcoins and proposing to receive bitcoins, we need to come up to speed. I think it is something we have a duty to understand and educate our clients on."

Park City Quarterly Stats

By Ramon Gomez, Jr.
Nov 01, 2017

The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties.  The overall real estate market continues to be healthy, stable, and growing at sustainable rates. 

The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year.  The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget.  The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year.  These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid.  We have sufficient inventory to meet our client’s needs.  Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends.  The Summit and Wasatch markets are composed of numerous diverse micro-markets.  More granular statistics are shown below.  Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

The number of sales inside the Park City Limits increased by 12% and median price increased 18%.

Highlights:

  • Park Meadows sales increased 15% and median price increased 21%.
  • Old town sales increased 15% and median price increased 11%.
  • Lower Deer Valley sales decreased 19% but median sales price increased 8%.
The number of sales in the Snyderville Basin increased 9% and median sales price increased 2%.

Highlights:

  • Sales in The Canyons increased 14% and but median price decreased 26%.
  • Sales in the Silver Springs area decreased 6% but median price increased 4%.
  • Pinebrook sales were flat but median sales price increased 13%.
  • Jeremy Ranch sales increased 27% and median sales price increased 5%.
  • Promontory Sales increased 13% and median sales price decreased 12%.
Jordanelle sales increased 15% and median price increased 34%.

Heber Valley sales decreased 9% and the median price increased 4%.

Kamas Valley sales increased 32% and the median price decreased 5%.

Highlights:

  • Kamas and Marion sales increased 135% and median price increased 7%.
  • Oakley and Weber Canyon sales increased 5% and median price decreased 10%.
  • Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%.
Year-Over-Year Condominium Sales

Sales inside Park City Limits increased 28% and the median price increased 21%.

Highlights:

  • Old Town sales increased 28% and the median price increased 9%.
  • Lower Deer Valley sales increased 7% and the median price dipped 3%.
  • Prospector sales decreased 4% and the median price dropped 3%.
Snyderville Basin sales decreased 9% and the median price increased 6%.

Highlights:

  • The Canyons sales decreased 13% and the median price dipped 1%.
  • Kimball sales increased 6% and the median price increased 10%.
  • Pinebrook sales decreased 16% and the median price increased 3%.
Jordanelle sales increased 17% and the median price dropped 5%.

Heber Valley sales increased 10% and the median price increased 21%.

Conclusions

Clearly each micro-market has its own character and story.  Simply reviewing the numbers is not sufficient to understand the big picture.  Individual markets can be influenced by a number of factors including specific sales that can skew the statistics.  In addition, amenities, property condition, location, and new construction impact the numbers.  The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.

Third Quarter Market Overview

By Ramon Gomez, Jr.
Oct 24, 2017

This comprehensive third quarter market report provides an overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average home prices in these two neighborhoods vary significantly.

Our predictions: Overall, compared to this time last year, we have seen a significant increase in the number of resort properties sold in Deer Valley as well as single family homes sold in the Heber Valley. As Vail Resorts® continues their commitment to Park City Mountain, especially in the upgrades throughout the Canyons Village, as well as Deer Valley® Resort’s #1 Ski Resort ranking from Ski Magazine, we believe these factors will support strong winter sales. Throughout the Wasatch Back the number of properties sold has increased approximately 17% compared to this time last year with an approximate 8% increase in average price. Finally, we expect additional new developments to come to market in 2018 in the Jordanelle, Heber, and Canyons areas. Now, more than ever, is the time to call Park City and the surrounding areas home. Data interpretation, judgment, and historical context are key elements to making informed decisions, let us know how we can help.

Park City Proper - The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, off Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.

Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.

 

 

Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.

East Summit County - Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

If you have any questions about the reports above feel free to reach out anytime. Have a great week - Ramon and Judy Gomez

Open House & October Events

By Ramon Gomez, Jr.
Oct 03, 2017

We are hosting an Open House today from 12:00 noon to 3:00 pm at 7430 Buckboard Drive Park City, UT 84098.

Come and enjoy Ramon's Famous Jack Daniels BBQ Meatballs and an exceptional theater room demonstration.

Bring your family & friends to this home that has been beautifully remodeled & upgraded throughout. New Ponderosa Pine Wood floors, Orite Granite Fireplace and Breakfast bar, Fresco Plaster, all new Bosch appliances, recessed lighting in dining room, new office, new carpet, new 8 ft doors on Main Level....speaking of Main Level...Master, office, living room dining, hearth room and kitchen all on the main floor...Traditional mountain living with 3-car garage, large floor to ceiling windows Private yet has views! Driveway half plumbed for radiant heat. Balconies galore....the inside of this home is 90% new...and yes a separate entrance for the mother in law apartment!.... Bedrooms: 7 and Bathrooms: 4 Full, 1 3/4, 1 Half with 5,379 sq. ft. on 0.96 acres. Year Built: 1994 Remodeled 2017

This week we wanted to share Eight Tips For Staging Your Home. We are also available to assist in this process and work with great companies that share a professional touch.

1. Focus On The Curb Appeal -The first thing that potential buyers will see is the outside of your house. The lawn, landscaping, front porch, front door, and driveway are the first impression your home is going to make, so spruce up the lawn, plant some flowers, paint the front door, reseal the driveway, whatever it takes to make a good first impression.

2. Time For Some Deep Cleaning - This is crucial in home staging and is more than just picking up and vacuuming. Clean the spaces in the home that haven’t been cleaned for a very long time (or ever), including baseboards, vent covers, ceiling fans, and the fireplace.

3. Brush On A Fresh Coat Of Paint - A fresh coat of paint in main rooms or throughout the house can bring a home back to life. Renew the space with neutral, crowd pleasing colors. This can also help potential buyers envision themselves living in the home.

4. Give Each Room A Purpose - A spare room can make fantastic guest bedroom, home office, or gym. Each room should be transformed into a usable space where the buyers can envision what they can do with the room.

5. Update The Kitchen Fixtures - Luckily, minor changes in the kitchen can make the space feel more modern and updated. Consider replacing old light fixtures with modern ones or swap outdated hardware.

6. Brighten The Bathrooms - Light colors or white make things appear fresher, cleaner, newer, and more spacious. Brighten up your bathroom with a fresh coat of paint or with new white towels, shower curtain, and bathmat to give your bathroom a clean and relaxed feel.

7. Bring In The Light - Curtains are beautiful, but they can darken and date a room. Potential buyers want to see the home in all it's glory; so pull up the blinds, open the curtains, and make sure the windows are spotless to let as much light in as possible.

8. Highlight The Positives - Every house has its own stand-out features, whether its unique woodwork, great flow, or a stunning backyard, boost the appeal of your home by playing up the positives.

OCTOBER EVENTS

Mondays thru Saturdays: Midway Creamery Hay Maze and Pumpkin Patch, Midway

Mondays, until 10/23: Happy Valley Farmers Market, Springville

Mondays, until 10/30: Light Up the Night Halloween Parade, Thanksgiving Point

Tuesdays, until 10/17: 2017 Tuesday Harvest Market, Salt Lake City

Wednesdays, until 10/25: Sugar House Farmer's Market, Salt Lake City

Wednesdays, until 10/25: Park City Farmer's Market, Park City

All Month Long: Homestead Resort Annual Scarecrow Festival, Midway

Thursdays, until 10/26: Bountiful City Farmers Market, Bountiful

Fridays, until 10/27: Happy Valley Farmers Market, Orem

Saturdays, until 10/28: Trick-or-Treat Parade, Thanksgiving Point

Saturdays, until 10/21: Cache Valley Gardener's Market, Logan

Saturdays in October: Trick or Treat Parade, Thanksgiving Point

Thusdays - Saturdays: Haunted Wagon Train, Heber City

Saturdays and Sundays, until 10/15: Oktoberfest 2017, Snowbird

Weekends in October: Frightmares, Lagoon

All October: McCoard's Provo Corn Maze, Provo

Now - 10/8: Thriller by Odyssey Dance Theatre, Park City & Salt Lake City

Now - 10/8: Thriller - Odyssey Dance Theatre, Park City

Now - 10/15: Dine About, Park City

10/5 - 10/7: The Pumpkin Train, Heber City

10/7: 8th Annual Harvest Fest, Kamas

10/13 - 10/22: Haunted Aquarium, Draper

10/14: Monster Mash & Dash, Kaysville

10/14: The Color Run Salt Lake City, Salt Lake City

10/14: Park City Sunrise Rotary Shot Ski, Park City

10/19 - 10/22: Aladdin, Salt Lake City

10/20: Haunted Night at the Museum: Viking Ghost Ship, Salt Lake City

10/21 - 10/21: Fall Harvest Festival, Wellsville

10/24: Disney in Concert: Tim Burton’s The Nightmare Before Christmas, Salt Lake City

10/27: Halloween Party, Snowbird

10/31: Howl-O-Ween! on Historic Main Street, Park City

Thursday - Saturdays: Daily Pumpkin Train, Heber City

The Kamas Lifestyle

By Ramon Gomez, Jr.
Aug 30, 2017

KamasKamas, Utah is considered the gateway to the Uinta Mountain Range. This high country town has a population of around 2,000 people and a ranch mentality carried over from the earlier settlements. Today the town defines itself by vast tracts of open space, access to recreation and family friendliness. Stay for a flick or local dining, including Mirror Lake Diner, Gateway Grille, Hi-Mountain, Summit Inn Pizza, and El Jalisciense. You will find a variety of local businesses to outfit your next outdoor adventure or offer advice on great campsites or adventures in the vast Uinta Mountains and High Uintas Wilderness. Find out more about the town of Kamas by giving us a call and check out Visit Utah - Life Elevated.

Kamas2315 N Deer Mountain Boulevard Kamas, UT - This meticulously maintained and updated 4 Bedroom 3 full Bathroom Deer Mountain Property offers un-paralleled Deer Valley Resort, Timpanogos and the Jordanelle Reservoir views from the second deck while maintaining personalized custom touches of the perfect Park City getaway. The inviting open floor plan allows ease and comfort of main level living. The lower level boasts 9 foot ceilings, family room, natural hardwood floors, a rustic wet bar, pool table area as well as exercise room and a generously sized steam room. An absolute must see 10-minutes outside Old Historic downtown Park City, this diamond in Deer Mountain is truly one of a kind. (4,422 sq. ft. on 0.22 acres Year Built: 2003) Click here to view additional images.

Kamas148 Sky Lane, Kamas UT - Looking for horse/toy property? You and your horses can move right into this 4,852 sq ft custom built log home with 6 bedrooms, 2.46 acres with nice mountain & valley views. A warm and inviting floor plan includes a large kitchen with custom hickory cabinetry, master bedroom located conveniently on the first floor. Relax on the large covered deck while watching your horses in one of the three pastures. A four stall barn with tack room and feed area plus metal shed has a separate drive to barn areas for trucks & trailer access. Click here to view additional images.

Looking for something to do tonight or tomorrow night, here are a few events:

Lady Antebellum August 30 USANA Ampitheatre - West Valley City Lady Antebellum comes to USANA on August 30th for their “You Look Good” World Tour! $32.75 - $66.25

Utes vs North Dakota August 31 at the Rice-Eccles Stadium - Salt Lake All single game ticket prices are subject to Demand Based pricing adjustments. The ticket office will adjust the prices for individual home games based on demand for the game.

Asteria: A Cirque Style Show August 31 Rose Wagner Center - Salt Lake Asteria, daughter of the Sun and Moon, has fallen from the sky. Follow her in her journey home through the elements, depicted through cirque-style acrobatics, hand balancing, contortion, and original Aeris-designed aerial apparatuses and costumes. Come enjoy this adventure with the whole family! $7 - $20

 

 

Deer Valley Update

By Ramon Gomez, Jr.
Aug 23, 2017

Deer-Valley-Resort-2This 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

 

 

Home MagazineThe 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.

 

 

 
 
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