WELLS FARGO’S RICK KLEIN WEIGHS IN ON THE MARKET
Rick Klein, Park City’s preeminent real estate statistical guru, compares the 2011 Park City real estate market to 2012. According to Rick …
1. Real estate demand is strong with closed sales in 2012 up 10.7% from 2011.
2. The supply is down with the lowest inventory for sale since we began keeping record in 2007.
3. Distressed sales are declining with notices of default down 34% in 2012 from 2011.
4. Prices are reflecting appreciation in some areas with the median 2012 sales price in 4.1% higher than 2011.
Rates are great and Rick can be found in The Reid Building at 801-558-5626
CHRISTIE’S INTERNATIONAL REAL ESTATE
Telluride Real Estate Corporation, our affiliate on the other side of the mountains, reports the sale of Two Trails Lodge for $9.5M. Two Trails Lodge is the ultimate ski-in/ski-out retreat, located at the confluence of two ski trails, Sundance and Teddy’s Way, commanding unparalleled views of the San Sophia Ridge and Read more
WEEKEND FOREPLAY aka STUFF WE’D LIKE TO DO…
Kimball Art Center – Check out ‘The Art of the Brick’ Feb 9th to April 21st, 435-649-8882 or http://www.kimballartcenter.org/
Snow shoe in the park at Swanner Eco Center. Offered twice a week in the mornings. We like Saturdays. Call or visit 435-252-3583 or http://www.swannerecocenter.org/for more information.
Elvin Bishop (The Fooled Around & Fell in Love guy) is at The Eccles
Center next week on February 22nd and 23rd. 435-655-3114 or http://www.ecclescenter.org/
Friday Night Jib Fights? We haven’t a clue, or jib, but it’s at Park City Mountain Resort for skiers and boarders. Check it out at 435-649-8111 or www.parkcitymountain.com
The ever fun Gallery Stroll is February 22nd from 6 to 9 pm. http://www.parkcitygalleryassociation.com/
FREE GOLF MEMBERSHIP
Promontory’s winter initiative provides a fully sponsored membership to the Promontory Golf Club with the purchase of one of 30 select home sites. Pricing begins in the low $300,000’s and the promotion ends on April 30, 2013. Call 435-640-1400 for additional info.
BEST BUY ONLY MINUTES TO DEER VALLEYS JORDANELLE GONDOLA
Imagine an 8,000 acre mountain home community with sensational reservoir views, cottage homes and condos available for sale from $369,000 to $450,000. River View offers “top drawer finishes”, decor by Alder & Tweed and just minutes skiing. There is only one remaining condo in phase one with the second phase well under way. Check out River View by visiting http://riverviewut.com/
WELLS FARGO WEIGHS IN ON PARK CITY REAL ESTATE
According to Rick Klein at Wells Fargo, Park City, UT. …….
– Year to Date Closed Sales are up 6.5% from the same time last year.
– Supply is declining with the lowest absorption rate since April 2007.
– Distressed Sales have declined 18% from the last quarter.
– Prices are stabilizing with appreciation on the horizon.
If you’d like more detail, check out the following 3rd qt graphs or just call Rick at 435-647-9055.
CHRISTIE’S INTERNATIONAL PRESENTS…..
Featured in the holiday issue of Christies International Magazine is a very special offering in Deer Valley’s private gated community of Red Cloud. Situated on 1.2 high alpine acres this artful design offers magnificent mountain vistas and direct ski in and ski out access on the Deer Valley Resort Bandana Ski Run. Call us for additional details or visit www.8rubyhollow.com.
NEW FOR 2012/2013 SKI SEASON
Deer Valley – $8M in improvements from new corduroy grooming machines, revamped website, and much much more. Here is a link: http://press.deervalley.com/media_blast_html/2012Improvements.html
Canyons – Spiffing up the entry and laying in the foundation for their new 18 hole public/private golf course, the Canyons has also focused on sumptuous new dinning venues. More vibrant, more dynamic, the Canyons is ready for 2012/2013 ski season. For more info visit www.canyonsresort.com
Park City Mountain Resort – Welcomes Neff Headwear on staff to create the resort’s newest terrain park: Neff Land, in addition to their already top-ranked parks & pipe terrain. Scheduled to open November 17th: For more information visit: http://www.parkcitymountain.com
BEST LODGING RENTAL
Located just steps to Park City Mountain Resort’s ski runs Jeff and Debbie Brabender have artfully remodeled one of Old Towns finest homes. Previously a Bed & Breakfast and now available for weekly rentals “Quittin Time” is found on www.VacationRentalsByOwners.com. VRBO #385121.
YOU KNOW YOU ARE A LOCAL WHEN…..
1. You can’t remember the new name for “The Alamo”.
2. Your bike tires are studded to go in the snow.
3. You’re puzzled about what time the four o’clock lift closes this winter.
4. Pine Cone Ridge is your favorite new hiking trail.
Speaking of Pine Cone Ridge …. The first person who responds with the correct hiking directions from the Silver Star Café to Pinecone Ridge wins a Deer Valley Day Pass. Please submit your answers to Tominpc@comcast.net.
ACCORDING TO THE WALL STREET JOURNAL ….. Vacation home sales up 7%!
If you’re thinking about buying a second home in the next few years this might be your best opportunity. For the rest of the story start here http://www.emailthis.clickability.com/et/emailThis?clickMap=viewThis&etMailToID=1332145377
CHRISTIE’S/JESS REID REAL ESTATE – “Powerful Global Reach Deep Local Roots”Our high net worth clients often inquire …. Tell us about Christie’s International Real Estate vs. the Sotheby franchise? To understand the not-so-subtle differences and for a sincere, and biased, self serving promotion view the following link. Powerful Global Reach
There were 17 sales this year over $3,000,000, eight were condos and nine were single family homes. The average sale price per sq. ft. was $936 and the relationship between the asking and sale price was 89%. We are fortunate to have participated in some of these sales. For additional information on any of these significant homes or others just let us know.
Promontory is pleased to announce that 23 homes have sold year to date along with 19 lot sales. Of particular interest are the 30 houses under construction and the 7 with approved plans to begin this summer. That’s significant!
For the first time in years the developer has released 12 developer lots that are, in my humble opinion, a dozen of the most spectacular locations in Promontory. For a limited time they are 30% to 40% off of the 2007 offerings and each lot includes $150,000 full (Golf) Membership Deposit. Their website is www.promontoryclub.com and we’d be pleased to represent all interested parties.
SUMMER EVENT SCHEDULE
Park City is a bevy of summer activity from Concerts in the Park to World Class outdoor activities for all ages. The link to the Park City Chamber of Commerce is http://www.visitparkcity.com/events/summer-calendar/
WELLS FARGO’S RICK KLIEN WEIGHS IN ON PARK CITY REAL ESTATE
According to Rick new pending sales reported in March 2012 are the highest since March of 2006; existing inventories of property for sale is down 10% when compared to last year, and distress sales are fewer. We will report on April in our next e-blast. Please see below link for the graph offering more information. For a new loan or refinance at ridiculous rates Rick can be reached at 435-647-9055. Pending Sales 1st Qr 2012
LIFE’S A BEACH
Christies International Real Estate just posted for sale the Melon Family’s 27 acre island retreat on Antigua. The price offered is $14.5M; for the rest of the story visit The Mill Reef Club on Antigua’s Half Moon Bay at http://www.christiesrealestate.com/PropertyDetails/274675. Jess Reid Real Estate is the Exclusive Affiliate of Christies International in Park City and Deer Valley.
A SHORT SALE IN THAYNES CANYON ….
New kitchen and baths, with four bedrooms and tasteful décor throughout. The home offers 2700 sq. feet and the open space in the back is a real bonus. At $550,000 it should sell quickly so don’t hesitate to call us for more information.
I’D HIRE THIS GUY! (This month featured business)
He’s been in theParkCityarea longer than Mother Urban was soliciting Miners. Dave Ringleberg is the most savvy computer tech, maintenance, and repair guy we know. Having technical difficulties? Dave is always at 435-649-5600 and http://www.localgeekz.com .
REALLY, SERIOUSLY, THANK YOU
We wouldn’t be successful without our clients, friends and families who recommend us to their clients, friends and families; who buy and sell real estate. Your referral business is important and we appreciate you thinking of us. Sincerely thank you.
TRIP ADVISOR INCLUDES PARK CITY IN THE TOP 15 DESTINATIONS FOR 2012.
Read the article and see the other Trip Advisor 14 destinations here….. http://www.multivu.com/mnr/49254-tripadvisor-s-top-15-u-s-destinations-on-the-rise-for-2012
PARK CITY SALES TOP ONE BILLION.
Click here for more info and a brief overview of the Park City Real Estate market …Also known as “The Market According to Jess” http://wp.me/pMEWK-5Z
2011 VS. 2010 PENDING SALES UP/INVENTORIES DOWN – Sales and Inventory graphs compliments of Rick Klein of Well Fargo 2012 Graphs
Proposed is an eight passenger tram that would take skiers on an 11 minute ride over the spine of Wasatch mountain range to interconnect the two resorts. The initiative has the backing of some Utah lawmakers much to the ire of local environmental groups. Stay tuned for more.
WINNER WINNER CHICKEN DINNER
Congratulations to Betsy Shotwell-Smith who is the winner of a day pass to Deer Valley Ski Resort for the best correct answers to last months, pop quiz.
SPEAKING OF DINNER
Make your Park City Dining Reservations at http://www.parkcityrestaurants.com
NEED A SKI HOME RENTAL FOR A WEEK OR TWO?
We sold a four bedroom home on Upper Norfolk that the new owners have lovingly rehabilitated for weekly rentals. The home has direct access to the ‘Quittin Time’ ski run at Park City Mountain Resort and can be found at http://www.vrbo.com/385121
In the middle of leaf peeping season ParkCity’s first snow arrived last Thursday, October 6th. With upperDeerValley seeing eight inches, this blustery storm wasn’t just a sprinkle.
And now the rest of the story …
DEER VALLEY RESORT RANKED THE #1 SKI AREA IN NORTH AMERICA FOR AN ASTONISHING FIFTH YEAR IN A ROW!
Voted overall #1 by the readers of Ski Magazine Deer Valley has not dipped below #3 in the last 10 years. Individual comments of those surveyed included top notch service, impeccable grooming, outstanding food, and a consistent first-class experience. For everything Deer Valley visit www.deervalleyresort.com.
OVERALL REAL ESTATE DEMAND IMPROVES
The Park City MLS and Wells Fargo report that as of September 1, 2011 new pending sales are up 21% and closed sales are up 24% when compared to the same time period in 2010.
Best Buys this month include new, two and three bedroom single family town homes, by the Jordanelle Reservoir starting in the $270’s, golf club lots beginning at $80,000, and a furnished Deer Valley ski to/ski from condo at an unprecedented $1,350,000.
To see all Park City/Deer Valley offerings go to our web site at www.homes-parkcity.com.
Luxury home sales inPark City have improved this year when compared to last. From January 1, 2010 to October 1, 2010 there were 98 home sales over one million dollars. During the same time period this year the Park City MLS showed 108 home sales over one million; of those, eight exceeded four million.
Luxury condominiums in town have also performed well this year with 55 sales over one million – the priciest weighing in at eight million.
If you’re curious about the state of the international luxury real estate market visit the latest release from Christies International Real Estate at http://christiesrealestate.com/content/files/cire.stateofthemarketreport.pdf.
IN CASE YOU WERE WONDERING …
Park City’s year round in town population, that’s the white barn to Deer Valley and Park City Mountain Resort to Prospector, is 7558 people.
Our median age is 37.4; I left that median quite some time ago.
Aspen andSun Valley are 40 and 47 respectively.
66% of performances, concerts, films and exhibits in 2010 were offered free of charge.
Our three ski resorts enjoyed over 1.8 million skier days in 2010.
For more of the above regarding ParkCity’s demographics, economy, community, and more check out the ever popular Park Records latest MILEPOST 2011 at http://www.partkcityrealtors.com/useful-links
Deer Mountain is located on the east side of the Jordanelle Reservoir with breathtaking views across the water and up to Deer Valley Mountain Resort. With both second home/resort and primary home residences, the area offers easy access to Park City and skiing at Deer Valley via the gondola, down the road and just minutes away.
Deer Mountain is a stone’s throw to six championship golf venues and tens of thousand of heavily wooded high alpine acres in the Uinta wilderness.
Located within Wasatch County limits
This area is comprised of:
- 168 single family home site
- 37 Estate home sites
- 24 condominium/town houses
The average prices are: (as of 1/26/17)
- Single Family detached – $951,600.00
- Vacant Lots – $191,750.00
- Condos – $399,445.00
Neighborhood amenities and unique characteristics
- Trail System surrounding the area – http://www.deermountain.info/
- Access to Jordanelle Reservoir – http://stateparks.utah.gov/parks/jordanelle
- Schools servicing the neighborhood:
- JR Smith Elementary, http://www.wasatch.edu/jrsmith/site/default.asp
- Rocky Mountain Middle School, http://www.wasatch.edu/rmms/site/default.asp
- Timpanogos Intermediate School, http://www.wasatch.edu/timp/site/default.asp
- Wasatch High School, http://www.wasatch.edu/whs/site/default.asp
Tom Walsh Jess Reid Real Estate, Cell: 435-640-1400 Tom@Homes-ParkCity.net
Jessica Allen-Bateman Jess Reid Real Estate, Cell 435-659-1297 Jessica@Homes-ParkCity.net
Disclaimer – the above information is provided as an “approximate” guide to help in understanding the area. All of the information is subject to change at any time, so please verify anything that is important to you.
Park City’s mud season usually begins when the lifts close and ends when our summer guests arrive in late June. We do sell Real Estate after the lifts close and thought you’d appreciate an update on our sales this mud season compared to last.
The following Stats come directly from the Park City MLS from April 12, 2010 to June 22, 2010 and are homes and condos that are pending and/or closed in our immediate Market area.
- This 2010 mud season reported 367 sales compared to 300 sales reported in the same time last year.
- The relationship between list price and sale price was 90/10 this season. Basically the average negotiated discount was 10%.
- The overall average sales price was $853,095.
- The average number of days on the market was 225 days for the closed sales and, interestingly enough, the number of days on the market for new pending sales was 119 days.
If you’d like additional detailed statistics on property for sale, or sold, in your price range, neighborhood, or other areas of interest please do let us know.
For all things Park City go to www.homes-parkcity.com and we would love to hear your comments.
Buyers are no longer waiting to buy real estate in Park City, and we have statistics reflecting that.