The Millennial Effect - By Beth Rinehart

By Ramon Gomez, Jr.
Aug 22, 2017

The Millennial Effect By Beth Rinehart 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.

Fodor’s Travel: Utah the Top Destination in the World to Visit in 2016

By Ramon Gomez, Jr.
Feb 09, 2016

Photographer on the Canyon Rim Trail of Bryce Canyon National ParkPhotographer on the Canyon Rim of Bryce Canyon National Park

Utah, December 8, 2015 — Fodor’s Travel, a leading name in travel recommendations for almost 80 years, for the first time ever has selected a top destination for the year: Utah. Fodor’s annual Go List highlights 25 can’t-miss spots around the world that should be on every traveler's radar for the next year, and places Utah on top.

“It has been a big year for the state with record numbers visiting our Mighty Five national parks and the opening of the largest ski resort in the nation, Park City, and 2016 is looking to be even bigger.” said Vicki Varela, Managing Director of Utah Office of Tourism, Film and Global Branding.

While there are hundreds of reasons to visit Utah year-round, in honor of this exciting distinction, here are ...

25 must-do 2016 activities in Utah

1. Find Out Why The Bird Is The Word In Box Elder CountyBear River Migratory Bird Refuge’s 74,000 acres of marsh and upland habitats offers some of the most phenomenal waterbird watching in the United States, with mind-boggling numbers of waterfowl and shorebirds from March to November.

Wetlands of the Bear River Migratory Bird Refuge

2. Go See Goblins — Located along the San Rafael Reef, Goblin Valley State Park is a place that captures and stretches the imagination, with its landscape covered with sandstone “goblins” and fascinating formations often compared to Mars.

Hikers in Utah's Goblin Valley State Park

3. Explore the Cosmos of Utah’s Dark Skies — Utah is home to five officially designated Dark Sky Parks, meaning that it’s one of the best places for stargazing — and beyond. At Cedar Breaks National Monument, observe swirling nebulae, twinkling star clusters, and distant galaxies through powerful telescopes.

Stars of the Milky Way over Utah's Double ArchDouble Arch • Arches National Park

4. Reel in the Big One at Trophy Lake Trout ParadiseFlaming Gorge Reservoir is legendary for its trophy lake trout with huge fish caught regularly every year, including the Utah record — a trout weighing in at a whopping 51 lb, 8 oz!

5. Get Your Zoom On at Utah Motorsports CampusUtah Motorsports Campus (UMC) recently announced plans for a driving school and racing series featuring the new Formula 4 racecar, promising high speed thrills year-round.

6. Discover the Real Big Chill at Midway’s Ice Castle — Built by hand from more than 20,000,000 pounds of ice, the gotta-see-it-to-believe-it Utah Ice Castle in Midway is started by "growing" more than 5,000 icicles each day that are then harvested and sculpted together to create large towers, tunnels, archways, caves, caverns and safe pathways for pedestrian exploration. Explore off-the-slopes winter experiences.

7. Welcome the Bard to Utah — The Emmy- and Tony-award winning Utah Shakespeare Festival (June 27 through October 22, 2016) attracts more than 100,000 theater lovers to Cedar City’s Southern Utah University campus each year, for three months of world-class works by Shakespeare.

Merchant of Venice at Southern Utah University's Tony Award-winning Utah Shakespeare Festival

8. Say “Prost!” in Snowbird — Snowbird hosts one of the most authentic — not to mention longest — Oktoberfest events in the nation, taking place every Saturday and Sunday from mid-August through mid–October (yes, three months!), including over Labor Day Weekend.

9. Walk With Dinosaurs — Jurassic Park for real? Well, this is safer. Northeastern Utah’s dinosaur legacy comes to life at Dinosaur National Monument, where geological and climatic forces have tilted, warped, and eroded the earth’s crust to reveal a treasure trove of fossils.

Sightseers gaze over the vast Canyonlands National Park

10. Feast Your Eyes on an Island in the Sky — Resting on sheer sandstone cliffs over 1,000 feet above the surrounding terrain, the Island in the Sky mesa in Canyonlands National Park offers spectacular views along a paved scenic drive.

11. Take a Jeep Tour of Monument Valley — It’s not a covered wagon, but it’ll do. A Jeep Tour of the iconic Monument Valley Navajo Tribal Park will take you amid the towering rock formations that have captivated visitors (and Hollywood filmmakers) for decades.

12. Soak in the Sights on Scenic Byway Highway 12 — Scenic Byway Highway 12, Utah's nationally designated All-American Road, offers motorists twisting canyons, red rock towers, pine forests, and pioneer towns, not to mention breathtaking panoramas, national parks and monuments, recreation areas, and state parks.

13. Hike Bryce Canyon’s Rim Trail — This popular trail above Bryce Canyon National Park connects all the scenic overlooks from Fairyland Point to Bryce Point, offering hikers the opportunity to see Bryce, encompassing the main amphitheater, from “on top.” In the winter, the Rim Trail is a great snowshoeing and cross-country skiing destination.

14. Navigate Through The Narrows of Zion National Park — This day trek through The Narrows takes you to where the North Fork Virgin River runs beneath thousand-foot walls of Navajo sandstone, where centuries of erosion have been sculpted into some of the most beautiful rock forms in all of the American Southwest, and one of Utah's most iconic slot canyons.

Hikers in The Narrows of  Zion National Park

15. Glide Into the Only Ski-in Gastro-Distillery in the World — Not a bad way to finish off a ride down the mountain. Located in Old Town Park City, High West Distillery & Saloon is an intimate gathering place serving small plates of nouveau Western fare, a full selection of fine wine & spirits, and its own small-batch, award-winning whiskeys & vodkas.

16. Have a SUP Yoga Session in the Homestead Crater — The Homestead Crater (located at the Homestead Resort in Midway, near Heber) is a geothermal spring, hidden within a 55-foot tall, beehive-shaped limestone rock, 100,000 years in the making. Swimming, scuba diving, snorkeling, even paddleboard yoga classes are all available.

17. Take A Ride On the 2002 Olympic Bobsled Track at the Utah Olympic Park — The Olympics may be over, but you can still live out your gold medal dreams at Utah Olympic Park, where the bobsled track is offering the ride of your life, as a pro pilot guides you on a thrilling journey.

18. Ski the Largest Resort in the U.S. at Park City — With the mammoth Park City Mountain Resort and famed Deer Valley just minutes apart, you'll find a playground of more than 9,300 skiable acres. Revel in The Greatest Snow on Earth and see why the 2002 Winter Olympic Games were held on these legendary slopes.

Skier kicking up snow at Park City Resort

19. Float the Provo River — Regarded as many Utah’s “home water,” the famous Provo River offers multiday river-rafting trips on both whitewater and flatwater runs, sandy beaches beneath colorful, sculpted canyon walls miles from anywhere.

20. Dig Up Fossils in Delta — This private quarry located an hour west of Delta, contains one of the world's richest deposits of trilobites some of which are more than 550 million years old. The best part? You get to keep what you find.

21. Play Cowboy For a Day at Blue Sky Ranch — Experience rustic luxury at Blue Sky Ranch, a 3,500-acre hospitality and recreational paradise, just minutes from the fabled ski town of Park City. Horse riding lessons for all skill levels offered.

22. Check out the Longest Art Gallery in the World — Utah’s Nine Mile Canyon has been referred to as the “world’s longest art gallery” thanks to the thousands of Native American petroglyphs that adorn the rock walls here — the largest concentration of rock art in the United States. See an itinerary to Nine Mile Canyon here.

23. Hang Out with the A-List at Sundance ResortSundance Resort, founded by Hollywood legend Robert Redford, features casually elegant accommodations, year round mountain recreation, award winning dining, spa, and an art studio. Skiing, snowboarding, fine dining — and of course, celebrity watching — are all offered.

24. Discover the Spiral Jetty — The massive earthwork sculpture Spiral Jetty by famed artist Robert Smithson is in a remote but accessible area of the Great Salt Lake. The earth art is popular with photographers and travelers who enjoy exploring off the beaten path and is an internationally known earth art piece.

25. Experience Cute Overload at Best Friends Animal Sanctuary — Can you handle all of the cute? Located just five miles north of Kanab, off of Highway 89, the sprawling Best Friends Animal Sanctuary, home to about 1,700 animals, is open for year-round tours.

Pups at Best Friends Animal Sanctuary

Large increase in home sales expected in 2016, report says

By Ramon Gomez, Jr.
Feb 05, 2016

Ravell Call/Deseret News

Large Increase in home sales expected in 2016, report says

By Jasen Lee   |  Posted Feb 5th, 2016 @ 9:46am

SALT LAKE CITY — The Salt Lake area housing market experienced near historic growth in 2015, and this year is predicted to be another "very good year," a new report says.According to the Salt Lake Housing Forecast, 2016 is primed to be another year of double-digit increases in the volume of existing homes sales.The Salt Lake Board of Realtors Friday reported that 13,323 existing single-family homes were sold last year in Salt Lake County — the highest level in nearly a decade and the third highest in the county's history. Only 2005, when 15,317 units sold, and 2006, when 15,283 units sold, registered higher sales levels.The number of single-family homes sold in 2015 represented a value of $4.1 billion — a 22 percent year-over-year increase, the report states.

"The gains achieved in 2015 were driven primarily by exceptional market fundamentals, strong job growth, improving income and wages, solid demographic growth and, of course, very favorable mortgage rates," said the report's author, James Wood, Ivory-Boyer senior fellow at the Kem C. Gardner Policy Institute at the University of Utah.

He said local market fundamentals and conditions will likely continue to be favorable for the area real estate market in 2016.

The strong demand for housing was not limited to single-family homes, Wood noted. The sale of multifamily units such as condominiums, town houses and twin homes set an all-time record of 3,800 units and accounted for 22 percent of all residential sales last year — the highest share ever. The value of multifamily units sold last year was $774 million — an increase of 36 percent above the prior year, the report states.

In addition to the increase in the number of properties sold, the price paid for them also rose in 2015. The median sales price of a single-family home climbed to $272,000 — up almost 7 percent compared to 2014. Similarly, the median price of a multifamily unit climbed 8 percent year-over-year to $189,000.

Wood said the recent rise in housing prices also benefited homeowners with underwater mortgages. In 2010, 21 percent of all home mortgages in Utah — about 80,000 homeowners — had negative equity, owing more than their home was worth, he said. However, the number of homeowners with negative equity has now dropped to around 4 percent of all home mortgages, or 15,000 households, which has put upward pressure on prices.

Affordability Factor

Meanwhile, the market has maintained a relatively high affordability factor, according to the report. In 2014, the median household income in Salt Lake County was about $63,000. Assuming a household with a median income devoted 30 percent of their income to a mortgage payment — including taxes and insurance — that household could carry a mortgage of about $290,000.

Last year, approximately 56 percent of the single-family homes sold in the county were priced under that amount.

Economists have predicted interest rates moving between 4 percent and 5 percent this year, said Cheryl Acker, president of the Salt Lake Board of Realtors. For 2016, the Salt Lake Board of Realtors predicts that total countywide residential home sales will surpass 19,000 units sold — an 11 percent increase over last year.


With demand for housing continuing to outpace available inventory, the price of a single-family home will rise 5 percent to 7 percent this year to a median price of $290,000, the report states. The price of a multifamily home is expected to increase to a median value of 8 percent to 10 percent to around $205,000.

"There is still room for moderate house-price increases provided mortgage rate increases are gradual," Acker said. "In Salt Lake County, housing prices over the past 15 years have increased at about 1.8 percent annually in inflation-adjusted dollars."

Third Quarter Stats

By Ramon Gomez, Jr.
Oct 31, 2015


We are pleased to share the third quarter stats for the Park City area. Check out our blog this week for more information and upcoming events in the Park City Area.


Quarter Three Stats Fall 2015 housing stats suggest market complexity and shifts in both buyer and seller mentality. Property types under $1 million continue to sell at unprecedented rates. The interest in condominiums across the board is one of the most outstanding features of the latest reports. Condominiums in Prospector and Kimball Junction for example are garnering more interest than any other property type. Prospector sales went up by an astounding 146%; Kimball Junction condos went up by 77%. New building at Kimball Junction now accounts for a 55% price increase in Redstone condominiums, which have proven very popular among Millennial and investment buyers. Old Town condos have witnessed similar, if not quite so robust, buyer interest. Jordanelle condos are also being sold as they are built. Snyderville Single Family homes saw 200% more sales than those in Park City limits, and prices have appreciated at bullish rates. However, it is likely that--due to dwindling inventory and increasingly selective buyers--we will see a stabilizing of both number of sales and prices in Silver Springs, Trailside, and other Basin neighborhoods. Heading into the ski season, we will be monitoring Vail's arrival and its potential effect on new buyers and development interest.

You can check out all the listing on the MLS via our website to see the homes that are currently available for sale in the Park City area.

Remember our 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!!!

Halloween sale6

Current Market Stats in Park City

By Ramon Gomez, Jr.
Sep 30, 2015







Single Family Homes in Park City Proper 124 Active Listings | Average Sales Price is $1.75 Million

Condominiums in Park City Proper 217 Current Listings | Average Sales Price is $730,000

Single Family Homes in Snyderville Basin 226 Active Listings | Average Sales Price is $919,000

Condominiums in Snyderville Basin 127 Active Listings | Average Sales Price is $355,000

Reach-out for a comprehensive overview of Park City's complex marketplace. For specific information on neighborhoods, reference our weekly Market Reports, which help you make smart choices with regards to your real estate objectives.

Upcoming Park City Events

We're Social. This past week we hit a major benchmark: reaching 10k likes on Facebook. Social media and digital advertising aren't just catch phrases to us--they're part of our value to clients, listings, developments, and anyone who's looking for community and real estate information they can trust. Real Estate is moving online, and we are meeting our buyers there--way before any of our competitors. Further, we have built a very international following that includes over over 4,000 internationals from Mexico, Australia, United Kingdom, France, Spain, India, and China. Thanks for following along! We like you, too.

Locals Passes - Sundance and Ski Resorts October is the month to secure your local passes for resorts and the Sundance Film Festival. This year, Sundance introduced a new system for locals to buy film tickets. Festival passes and ticket packages go on sale Wednesday, October 14th. Click here to register The Epic Local Ski Pass offers residents complete access to all 7,300 acres of Park City Mountain with minimal restrictions and at a great cost. Deer Valley offers several Locals Only passes that are a great deal.

Ramon Gomez Jr. 435-640-0590 Visit me on Facebook and  LinkedIn

Richest Small Towns in America

By Ramon Gomez, Jr.
Aug 25, 2015

Park City, Utah otherwise known as "Summit Park, Utah" in this BloombergBusiness article tops the charts for the richest small town in America.

Berkshire Hathaway Market Update

By Ramon Gomez, Jr.
Aug 05, 2015



Current Market Overview Second Quarter stats are out. As ever, Park City's multi-faceted resort market remains complex. After carefully reviewing the numbers and interpreting them, here are our thoughts. -Our market is stable. While we are seeing gradually increasing prices and growth, it is measured and steady. There are no alarming trends with regards to sales price or inventory. -Buyers have options. While listing inventory feels constrained in the under $1 million market, new builds and good turnover in several of our neighborhoods mean that buyers still have a lot of options. In fact, taken as a whole our inventory is the highest it's been since 2007. -Two trends, one market. Homes valued under $1 million seem to be experiencing price increase; whereas, homes valued above $1 million seem to be readjusting. For example, the average sales price of single family homes in Park Meadows actually decreased this quarter and has been trending down this year. Reach-out for more in-depth information on your neighborhood.

Park City Proper | Pricing Old Town Single Family Homes Average Sale Price: $1.5 million Median Sale Price: $1.2 million Sales (Year to Date): 26 Upper Deer Valley Single Family Homes Average Sales Price: $3.4 million Median Sales Price: $2.8 million Sales (Year to Date): 7 Prospector Average Sales Price: $885,000 Median Sales Price: $835,000 Sales (Year to Date): 3 Park Meadows Single Family Homes Average Sales Price: $1.6 million Median Sales Price: $1.4 million Sales (Year to Date): 31 (up from 24 when compared to same time last year) Total Park City Limits Single Family Homes Average Sales Price: $1.9 million Median Sales Price: $1.5 million Total Sales (Year to Date): 82 (up from 75 in 2014) Notes on in town pricing: In Thaynes Canyon, the average sales price decreased by 15% when compared to last year. Contrarily, the average sales price of single family home in Prospector increased by 9%. Again, we seem to be seeing a readjustment of pricing above $1 million in traditionally local residential areas.

Basin | Pricing BASIN Sun Peak/Bear Hollow Single Family Homes Average Sales Price: $1.3 million Median Sales Price: $852,000 Total Sales (Year to Date): 30 (up from 25 at the same time last year) Silver Springs Area Average Sales Price: $988,000 Median Sales Price: $978,000 Total Sales (Year to Date): 16 (down from 19 last year) Pinebrook Average Sales Price: $833,000 Median Sales Price: $797,000 Total Sales (Year to Date): 22 Jeremy Ranch Average Sales Price: $956,000 Median Sales Price: $881,750 Total Sales (Year to Date): 20 (0% change from last year)

Berkshire Hathaway HomeServices Utah Properties

Park City Real Estate Market Update

By Ramon Gomez, Jr.
Jul 10, 2015

Summer Market Update

We're midway through the summer and the market is just heating up. From mountain biking and water sports, we hope you're enjoying all our mountain town has to offer.

Click here to view online with images.
Summer Market Report

Summer Market Update

We're midway through the summer and the market is just heating up. From mountain biking and water sports, we hope you're enjoying all our mountain town has to offer. Over the last few years, our summer market, which picks-up up in July, has seen a robust increase in activity. More and more folks seem to fall into the category of "came for the winters, stayed for the summers."

Overall, our market is busy. Inventory is moving quickly but your Realtor can help you find options and make a strategic moves within Park City's complicated market. Here's information you can trust as you begin to look at our summer market.

Park City market overview

Market snapshot. 

  • Current Days on Market for Single Family in Park City Proper: 59
  • Current Days on Market for Single Family in Snyderville Basin: 17
  • Average Single Family Sale Price in Park City Proper: 1.86 million
  • Median Single Family Sale Price in Park City Proper: 1.6 million
  • Average Single Family Sale Price in Snyderville Basin: 1.49 million
  • Median Single Family Sale Price in Snyderville Basin: $963,000
  • Average Condominium Sale Price in Park City Proper: 1.2 million
  • Median Condominium Sale Price in Park City Proper: $680,000
  • Average Condominium Sale Price in Snyderville Basin: $534,000
  • Median Condominium Sale Price in Snyderville Basin: $393,000
  • Average Vacant Land Sale Price in Park City Proper: 1.17 million

We're watching 84098

The Basin

The basin, which encompasses Canyons, Sun Peak/Bear Hollow, Old Ranch Road/Silver Springs, Kimball Junction, Pinebrook, Summit Park, Jeremy Ranch, Glenwild/Silver Creek, and Trailside, represents one of Park City's most authentic residential zones. With a wide array of product types and price points, the basin is a great area to hone in on if you're looking for a true Park City neighborhood with its own off-main retail, food, and recreation offerings.

park city resort update

Two bases under one brand. 

According to Margo Christiansen at Vail Resorts: "For the 2015-2016 ski season, the company intends to operate the two resorts as one unified branded experience under the name "Park City Mountain Resort". The Canyons base area will be renamed "Canyons at Park City". The company will continue to maintain the unique history and atmosphere of the two base areas with differentiated marketing for the diverse hotel and hospitality experiences."

There seems to be a new update everyday from the folks at Vail Resorts. It's been incredible to witness the construction of lifts, restaurants, and runs taking place this summer. The gondola interconnect and the new Snow Hut restaurant are proceeding at an astounding rate. Keep an eye out as your hike and bike in Park City for the many signs of Vail's $50 million improvement plan.

While we're thoroughly taking advantage of Park City's spectacular summer, we can't help getting excited for next ski season...

Ramon Gomez Jr. and Judy Gomez 435-640-0590
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2200 Park Ave., Bldg. B Park City, UT 84060
© 2015 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.


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