Blog

Outdoor Living

By Ramon Gomez, Jr.
May 20, 2020

Spring is in full swing and this week we look at ways to spruce up your outdoor living space, easy bike rides around Park City and why you shouldn't lowball on an offer during the pandemic.

Whether you’re living in a small apartment or a tiny house with an even smaller outdoor space to match, there’s a good chance your place doesn’t come with a sprawling backyard that’s large enough to fit a pool, garden, outdoor pizza oven, and playground for the kids. Apartment Therapy asked multiple design experts to share their best tips for decorating a small outdoor space. Here are there 7 Design Tricks That Will Make Your Small Outdoor Space Feel So Much Bigger.

1. Take a Seat - No matter how small your outdoor area, you’re going to want to create a sitting area or else you won’t take full advantage of the space. Choose a petite table and loveseat or chairs that will instantly turn the little space you have into an outdoor retreat.

2. Get Your Green On - when it comes to decorating an outdoor space is to rely on plants to add color and life to the overall design. Make a selection of your favorite flowers, potted plants, and ferns to diversify the space and create that outdoor oasis you’ve always dreamed of. To create an oasis, try to cover the outdoor area in as much greenery as possible. A surrounding of greenery is not only beautiful but provides a relaxing environment.

3. Gravitational Glow When decorating your small outdoor space, lighting is a very important element. Wall lights are your best option as they create an elegant ambience without taking up space.

4. Bottoms Up - If you plan on entertaining, pick up a bar cart/console table. It’s multipurpose and mixed-use, as it’s a great way to lay out food and drink, but as the night progresses, it can double as a spot for people to set their drinks down before they go inside and/or where you set up a portable music player.

5. Strategic Stackin’ - When debating deep seating or dining, I tell clients you can eat on a couch, but you can’t lie on dining chairs. Tucking a sectional into a corner is the best way to maximize on floor space. Look for furniture with light-colored cushions, skinny frames, and high skirts.

6. Optical Illusion - Make a small outdoor space seem so much bigger by painting it all white. You can even go for a monochromatic color scheme with all-white cushions, a white outdoor rug, and white metal pieces. Add in mirrors and large-scale plants to create the illusion of a larger space.

7. The Right Rug -Use an area rug that fits the entire space to make it feel intentional and like an extension of your interiors.

Now is the time to get outside and biking around Park City is on our list as we get some fresh air. Park City Magazine shares their Biking Guide: 5 Easy Rides for Cruising Park City’s Trails.

The Historic Union Pacific Rail Trail - Length: 28 miles (one way). Roll onto the trail from Old Town via the Poison Creek Trail (and the underpass below Bonanza Drive), or park at the Prospector Trailhead. Enjoy Utah’s first nonmotorized trail, designated a state park in 1992, which now travels where rail once carried coal and silver ore across the county. Today’s trail runs through wetlands as it meanders through Wanship and Coalville, ending at Echo Reservoir.

McLeod Creek Trail - Length: 4 miles. From Old Town, hop aboard the paved path alongside Highway 224, or start at the McPolin Farm Trailhead. Or reverse the ride and start in Kimball Junction or at the Willow Creek Trailhead. Cruising from town toward Kimball Junction, this wide, initially paved trail rolls alongside its bubbling namesake, past the iconic white barn (McPolin Farm), and then veers right behind Temple Har Shalom onto packed dirt, past an interactive musical sculpture, through a shady, rural stretch, and across Old Ranch Road to Willow Creek Park, where playgrounds, sports fields, and picnic tables make for a family-friendly destination.

Round Valley: PorcUclimb-Downward Dog Loop - Length: 7-mile loop. Park at Quinn’s Trailhead for Round Valley’s 700 acres of sagebrush-scented, preserved open space contains a delightful web of trails, leading to a vast array of rides. This loop starts with a wide, flat trail and gradually adds some slightly narrower trails, with a wee helping of learner-friendly, directional switchbacks thrown into the mix. Begin on Fast Pitch, connect to Ability Way, take a little uphill on Matt’s Flat to the hilltop at Seventy 101, then switchback up PorcUclimb (uphill only), take a right onto Nowhere Elks at the top, then look for the Downward Dog descent (downhill only) all the way until it intersects with Matt’s Flat singletrack, and ride back to Ability Way via Matt’s Access Trail, left on Ability Way Connector to Fast Pitch, then back to Hat Trick.

Trailside Loop - Length: 1-mile loop. Start at Trailside Park, adjacent to the bike park. This is an extremely beginner-friendly loop conveniently located next to the all-levels, skills-honing bike park (see article on Bike Parks). This subtly graded singletrack curves through sagebrush-covered terrain, allowing for ample visibility as newbies get into the dirt-riding groove.

RTS - Length: 2.5 miles. Park at RTS trailhead on Olympic Parkway located on a 316-acre swath of open space just below Utah Olympic Park’s ski jumps, RTS is ideal for beginners. Gently sloped switchbacks—sans loose rocks—allow for a pleasant roll through open aspen groves and meadows. RTS is also a great launching point for the progressively more challenging terrain of BLT, OMH, and BYOB, and you can access significantly more advanced riding along conifer-topped loops across Olympic Parkway.

Before you go - Grab a Mountain Trails Foundation (mountaintrails.org) map, available at most sports retailers and coffee shops (or online) to plot your route, or download Trailforks or MTB Project apps for real-time GPS guidance.

It’s no secret that COVID-19 has totally upended the U.S. housing market. According to a recent survey by the National Association of Realtors, interest in buying a home has sharply declined. That’s to be expected, as the Labor Department reported that more than 26 million people have filed for unemployment benefits since the middle of March. Apartment Therapy has another great article this week in Here’s Why You Shouldn’t Lowball an Offer on a House During COVID-19.

When it comes to negotiating, it’s still all about location, location, location. Since real estate transactions tend to be a result of major life decisions, he says there will still be people who need to either sell or buy—or both. If homes in the area are selling for the asking price, a low offer is probably a bad idea. In fact, when buyers start with an insultingly low number, she says the sellers may not respond at all—and if they do, the buyers have no negotiation leverage. Crisis does not bring down property values, high interest rates do.

Inventory is low, which works in a seller’s favor - Sellers know they have the upper hand. On the other hand, it appears that some buyers are quite enthusiastic.

Mortgage defaults are making sellers less likely to budge- There’s one other reason sellers may not be feeling pressure to lower their asking prices. With banks rolling out mortgage forbearance programs, most sellers are not in immediate danger of losing their home or desperate to accept a lowball offer. The Federal Housing Finance Agency recently announced that after the forbearance is over, homeowners with mortgages backed by Freddie Mac and Fannie Mae will not have to make lump sum repayments. Instead those amounts will be added to the end of the loan’s life.

But don’t abandon negotiating altogether - When considering a lowball offer, do your research to see if you or your realtor can discover any details that might motivate the seller to move forward despite the loss of financial gain they originally anticipated. It’s always wise to negotiate. It may be possible for a buyer to get an extended closing date in-line with their needs, or a buyer could make a lower offer with a quick close. Another option would be to make a low offer, but take the property ‘as-is,’ meaning the seller would not have to make repairs that could take time and cost money, especially given many states’ stay-at-home orders for nonessential employees.

Third Quarter Market Review

By Ramon Gomez, Jr.
Oct 17, 2018

The third quarter report provides an overview of the Summit and Wasatch County real estate markets. We believe it’s important that our clients 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 and median home prices in these two neighborhoods vary significantly. As Alterra has announced enhancements throughout Deer Valley® Resort (including the new Ikon Pass) and Vail Resorts® is continuing their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village. We believe these factors will continue to drive our markets in a positive direction. Additionally, we anticipate significant activity in the Mayflower area over the coming years with positive benefits for our community. In the meantime, our clients continue to find numerous buying opportunities in Summit and Wasatch counties especially in the Heber Valley, Jordanelle, and East Summit County neighborhoods. Data interpretation, judgment, and historical context are key elements in making informed decisions: Contact us for guidance on navigating our marketplace.

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.
Heber Valley - 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.

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

Housing Market In The Current Economy

By Ramon Gomez, Jr.
Feb 21, 2018

Before we get into the housing market I wanted to share an update: Storied Development, LLC, announced today the acquisition of Talisker Club in Park City, Utah, including Tuhaye, the Tower Club and residential sites in Empire Pass for an undisclosed amount.

Tuhaye is a 2,000-acre community nine miles east of Park City on the Jordanelle Reservoir. It features a Mark O’Meara Signature golf course, clubhouse, spa, fitness, kids’ camp, tennis courts, miles of hiking trails, and outdoor-activity programming.

Empire Pass is anchored by the Tower Club, a private on-mountain club with a full-service ski locker facility, a kids’ program, heated pools, spas and fitness. Unique to Talisker is The Outpost, an outdoor adventure center at Bonanza Flats.

“The Talisker Club lifestyle is incomparable,” said Mark Enderle, a partner in Storied Development. “Few places have the caliber of four-season amenities offered with the Club, not to mention the proximity to a village with the charm of Park City. We look forward to working closely with our Members, the local brokerage community and engaging the national market to re-introduce the Talisker Club.”

“The properties associated with the Talisker Club are among the premier residential offerings in the West,” said Storied Development partner Mark Yarborough. “With a refreshed vision, an infusion of new capital, and a commitment to providing remarkable experiences for members, their families and guests, there is no limit to Talisker Club’s potential.”

Currently, homesites are being offered in Tuhaye. Plans for a limited new property release are slated for mid-2018. New construction Tuhaye amenities and marketing outreach are set to begin this spring. To learn more about this acquisition and Storied Development, visit storiedliving.com.

This week we have included a number of charts and graphs regarding the housing segment of our current economy. We hope this information will help you make well informed and timely real estate decisions. Call with any questions as I am available to into further depth on each topic.

The Economy – Recession Signals Not There( Source: Cornerstone Macro)

 

 

 

The Economy – Housing Represents a PotentialEconomic Boost…Increasing Homeownership Rates

 

 

Economy – Housing Could Provide Economic Boost…Low Inventory

Economy – Bank Credit Getting BetterEasier to Obtain Financing

 

 

 

 

Economy – Home Ownership Could Boost Economy and….Help Real Estate
In Conclusion - The charts above give an overall view of the current market with recent volatility in equity markets representing a correction, not a new bear market. By historical standards, housing inventory, interest rates, and homeownership rates are low and credit requirements for mortgage lending are gradually improving. Modest increases in the rate of inflation are likely to be moderated by wage increases and owning a home versus renting a home comparison are very favorable.

February Events

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

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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®.

 
 
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