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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

Halloween Special

By Ramon Gomez, Jr.
Oct 27, 2015

Halloween sale6

Halloween Special! This is not a Trick... Just a Treat... $100,000.00 off if under contract by November 3rd 2015 on these two homes!!!

1075 N Chimney Rock Road, Heber City, UT 84032 in Red Ledges

7097 Glenwild Drive, Park City, UT 84098 in Glenwild

Open Houses will be at both homes this Friday and Saturday.

Friday, October 30th from 1 pm - 4 pm

Saturday,  October 31st from 1 pm - 4 pm

Park City Condominium and Vacant Land Stats

By Ramon Gomez, Jr.
Aug 05, 2015

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Here are the Stats for Condominium and Vacant Land for the first six months of 2015

Condominium Sales:  There continued to be a high proportion of condominium sales. The number of sales for the entire market area at quarter end was 9% higher than the previous twelve months, with a 14% overall increase in median sales price.

Though there were fewer sales in Old Town than the previous four quarters, the median sales price increased to $445,000 – up 21%. By neighborhood, Prospector had the highest jump in number of sales, also with a median sales price increase reaching $132,000. Lower Deer Valley experienced market absorption in the condo sector with more than double the number of sales along with a 15% median sales price increase to $735,000. “After a prolonged period of limited demand and soft pricing, Lower Deer Valley condominiums are showing good signs of recovery.  As locations closer to the ski resorts become limited due to inventory issues, buyers are turning to older product in Lower Deer Valley for value,” per our incoming Board President Rick Shand.

Similar to the single family home market, the number of condo sales in Snyderville Basin increased steadily in quantity sold, dollar volume, and median sales price. Year-over-year, quantity sold was up by 21% in the Basin with a 13% price increase to $380,000. In Kimball Junction the median sales price increased slightly to $245,000. The Canyons area, with its wide-ranging property types, was up 41% in the number of sales over the previous four quarters with a median sales price of $389,000. Jeremy Ranch showed an increase of activity with 58% more sales than the previous four quarters and a price increase to $535,000. With new construction continuing in the Jordanelle area, both the number of sales and the median sales price of $439,000 were slightly higher than the four quarters of the previous year.

Vacant Land Sales:  The number of Vacant Land sales for the entire market area was slightly higher than the previous four quarters and lot prices increased 10% in median sales price. Lower Deer Valley was up in both quantity sold and median sales price ($523,000). Lots in Old Town ($562,000) and Park Meadows ($858,000) increased in median sales price from what they were the previous year. In the Snyderville Basin, neighborhoods with price increases were Trailside Park ($317,500), Glenwild/Silver Creek ($400,000), Promontory ($312,500), and Pinebrook ($190,000). The Jordanelle area continued to grow, with lot sales up 21% and a median sales price of $208,000. The Heber Valley saw a similar quantity sold compared to the previous four quarters with a 5% price increase reaching $195,000.

Looking Ahead:  We appear to be in a relatively stable market with short sales and foreclosures at pre-recession levels. The number of days a property remains on the market has been consistently low over the past few years, as well as, the number of active listings on the market at any one time. Low inventory has been a consistent factor in our market area since the third quarter of 2012, but as of July 1, inventory was the highest it has been in a year. The varying property types and desirability of certain neighborhoods over others make the Greater Park City area a highly segmented and complex market of submarkets.

More than ever, buyers and sellers are wise to enlist the services of a local REALTOR®. So please contact me if you are interested in more information about any segment of our market. It will be my pleasure to assist you with your real estate needs. ramon@rgomezjr.com

 
 
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