Park City UT Real Estate Blog with a Twist | Buying a Home, Selling a Home, Homes for Sale, Real Estate Market Information

Inside Real Estate
Let's Chat
435 659 1550
Follow My Blog
RSS
lindsayrobbins
Lindsay Robbins
Realtor
    Years of Experience: 5

    10 Years Marketing Experience
    Lifelong resident of Park City and Utah
    Home Staging Company Owner

Direct: 435 659 1550



Company Info

@Home Realty
1776 Park Ave. 770 Suite 474
Park City, UT


Real Estate Tools

Schoolsschools

Communitiescommunities

Calculatorscalculators

Posts Tagged ‘buying a home in park city and heber valley’

Why buying a house in Park City and Heber is not only a good investment, but a really cool place to live.

Wednesday, February 10th, 2010

This puts our awesome slopes in perspective and why living in the Park City and Heber area is a wise investment and a fantastic place to live.

Olympics Put Utah Skiing “On The Map”
Games brought acclaim, newer and faster lifts, more acres of skiable terrain
Associated Press, 12/2009

SALT LAKE CITY – In addition to great powder snow and a long winter, Utah’s ski industry is blessed by the lingering buzz of the 2002 Winter Olympics, plus a major nearby airport that makes getting to Salt Lake City easy from other parts of the country.

The Olympics brought international acclaim, dozens of new and faster lifts and thousands of more acres of skiable terrain. Traffic on the slopes was up by 37 percent in the six years after the Olympics, before the economy soured, making Utah skiing a $1 billion industry.

“That was our coming-out party,” said Nathan Rafferty, president of the trade group Ski Utah. “We were always in the shadows of other resorts, like Colorado’s. But hosting the Olympics put us on the map.”

The most noticeable Olympic legacy has been nonstop development, most recently at Solitude Mountain Resort, which just added its fourth new chair lift since the 2002 Games.
Another legacy, say local skiers: It’s getting crowded on the slopes. Forget trying to ski Saturdays at the most popular resorts, they say. The lift lines at Alta ski area, for one, are getting longer with waiting skiers more impatient.

Off the slopes, this season’s biggest improvement is a new set of state liquor laws. The reforms broke up a private club system that made getting inside a bar without a membership a hassle. Utah still strictly regulates drinking venues, a quota system limits their numbers, and regular strength draft beer is banned, thanks to the influence of the teetotalling Mormon church.

But lawmakers are starting to ease up, in part to make the state a more attractive destination.

From the outset, no Utah resort built itself up bigger or faster than Snowbasin, the downhill Olympic venue near Ogden that dropped $200 million on a makeover with stately day lodges and high-speed chair lifts, gondolas and a tram. Snowbasin, still without any base lodging, rarely sees a crowded lift line.

The Canyons, a rival in development that was once the smallest Park City resort, now bills itself Utah’s largest ski area. That claim might properly go to Vail-sized Powder Mountain, still something of a Utah secret, but skiers there have to climb, shuffle along mountain ridges or get pulled by a snowcat to reach much of the terrain.

Powder Mountain, with 5,500 acres, is hidden in the mountains 19 miles northeast of Ogden.

Utah offers a variety of resorts all within an hour’s drive of the airport. Many rub shoulders near Salt Lake at higher elevations of the 11,000-foot Wasatch Range. There’s renewed talk of linking them up, making for North America’s largest skiing complex.

For now, Utah’s resorts are happy to bask in Olympic glow.

“It’s fair to say all of the resorts have benefited to varying degrees from the Olympic recognition,” said Mike Goar, managing director of The Canyons, which sprawls across eight peaks and 3,500 acres. “It really did shine a bright light on Utah. This is a terrific location because of easy access and consistent snow.”

Truth be told, Utah always had the best snow, a secret the Olympics spilled far and wide. Major skiing magazines started to consistently rate Utah’s resorts the best.

For a third straight year, Deer Valley Resort has been named the No. 1 North American ski resort by a leading magazine, Skiing.

Deer Valley gets high marks mostly for service. For snow alone, Alta-Snowbird ranked No. 1, as it almost always does in major surveys.

More than 500 inches of snow blanket Utah’s northern mountains from October through May. Thanks to the combined effects of the desert and Great Salt Lake, winter storms dispersing dry, powdery snow can linger for days over Wasatch resorts. From the northwest, the storms funnel into Salt Lake City’s Cottonwood Canyons, dropping their loads on four resorts that log the biggest season totals.

For a religious state, the snow here is almost holy.

“You blow it off your hand, it’s like smoke,” said Bill Tatton, a 47-year-old financial consultant now attending helicopter flight school. “We have the best snow on this rock (planet,) especially when the Great Salt Lake turns it on. I’ve skied days when you needed a snorkel to breathe, it’s so deep and light.”

Not one to miss a good day of skiing, Tatton was trudging up Alta in a foot of fresh snow one October day before the lifts started operating. He grew up skiing in Colorado, then spent time at California’s Mammoth Mountain Ski Area, but his first time in Utah, he said, was like nothing else.

It’s like falling on pillows of dry feathers.

“The snow also smells differently — a salty aroma,” said Rick Yost, a 57-year-old locomotive engineer for Union-Pacific Railroad. “It was in my face a lot when I learned to powder ski.”
Utah’s ski industry rivals Lake Tahoe’s, a mountainous region straddling California and Nevada that also receives a bounty of snowfall. In many ways, the two Olympic regions progressed similarly on bragging rights.

The 1960 Winter Games were held at Squaw Valley, a sprawling ski area with 33 ski lifts. One lift is by reputation North America’s best for transporting skiers quickly to the resort’s best terrain. Together, the lifts move more people uphill faster than anywhere in North America.

“It put Tahoe on the map,” said John Wagnon, president of the trade group Ski Lake Tahoe. “It was early in Winter Olympic history, before the grand fanfare it has now.”

It was the first televised Winter Games, “so people all over the world saw California skiing,” Squaw Valley spokeswoman Savannah Cowley said. “It gave us an international name.”

Skiing around Lake Tahoe was at its infancy. Now major resorts around Lake Tahoe log up to 3.5 million skier visits a season. Utah recorded 3.9 million last winter, down from 4.2 million the year before.

Utah has 13 to Lake Tahoe’s 14 resorts, but half a dozen of Tahoe’s ski areas are much smaller than most of Utah’s.

Stewart Katz, for one, moved to Lake Tahoe to beat the Utah crowds and its desert heat in summer. Summers at Lake Tahoe are much cooler.

“It’s also a lot cheaper for locals out here,” said Stewart, a retired South Carolina pawnshop businessman who snapped up season passes at Heavenly and Kirkwood resorts for $329 and $259.

But Katz admits the bounty of dry Utah snow can’t be beat.

At Alta last spring, he recalls, “we had a foot a day for 14 days in April. You couldn’t even breathe.”

One of those days, “I came off the mountain choking.”

Park City Real Estate Market. Are you ready to buy a home in Park City?

Tuesday, February 9th, 2010

Released Last Fall from the Park City Board of Realtors

Real Estate Deals Total More Than $575 Million In The First Nine Months of 2009
FOR IMMEDIATE RELEASE

23 October, 2009 (Park City) – The dollar volume of real estate transactions in the greater Park City area (which includes Summit and Wasatch counties) totaled $575.5 million in the first nine months of 2009, down 33.7 percent compared to $868.1 million in total sales in the same January through September period in 2008, according to the Park City Board of REALTORS®.

“There continues to be tremendous opportunities in the current market for buyers,” said Lincoln Calder, president of the Park City Board of REALTORS®. “When you look at the entire market for the Park City MLS, median sales prices have come off about 30 percent from their highs in 2008.”

The 758 sales transactions in the first nine months of 2009 were down 30.4 percent compared to 1,090 transactions in the first nine months of 2008. The sales trend seems to have changed course in recent months, however. “Since February 2009, we have seen a steady increase in the number of pending sales,” Calder said. “Buyers have come back to the market and have been motivated by lower pricing.” He added that there continues to be pressure on pricing and finding value is of primary concern to buyers.

Single-family properties continue to account for the majority of sales transactions occurring in the market. Condominium sales make up nearly one-third of the total transaction volume.

A few facts about Park City and Heber that make them great places to buy a home

Friday, January 29th, 2010

Park City’s location is ideal for quick trips all around the world. Salt Lake City International Airport is only 20 minutes from Park City. Where else in the world can you fly in the morning and be on the slopes by noon? And good slopes too. There are three great ski resort choices in town –SKI Magazine readers ranked Deer Valley #1, Park City #5 and The Canyons Resort #13 of the best resorts in North America for 2008.

Now the time to buy in Park City and Heber? YES!

Friday, January 8th, 2010

Fascinating article about “Cheap Homes.” I love the way Brett Arends, the author, broke down the stats.  I just had to post the article in its entirety. The conclusion: Homes are now cheap! You may want to take advantage:

Homes are now cheap.

No, not everywhere in the country (more about that later). And, even after the latest Case-Shiller data, it’s anyone’s guess when they might actually turn around and start rising steadily again. It could be years.

But if you’ve been thinking of buying a home to live in, the current meltdown is a big opportunity.

You might not know it from the coverage of the latest data. Too many, as usual, are focused on the trees instead of the forest. The 10 and 20-city composite indexes were unchanged between September and October. And the numbers were lower than a year ago, but the rate of decline seems to have slowed: Two facts that are both obvious and practically useless. Indeed the latest survey contains a whole truckload of information for all those who prefer data to knowledge.

But long-term fundamentals are more important than the short-term noise. And it’s generally a mistake to pay too much attention to doomsayers or to overthink these things.

Here’s some home truths.

Real estate prices in the Case-Shiller 10-city index have now fallen by a stunning 30% from their 2005 peak. Nothing like it has been seen since the Great Depression–and, according to some sources, not then either. Obviously for anyone who bought a home at the peak of the market this has been a disaster. But for those thinking of buying a home now this is exceptionally good news.

And at the same time, mortgage rates have also plummeted. In 2006 you had to pay an average of about 6.4% on a 30-year fixed loan, according to the Federal Reserve. Right now you can get deals for about 5%.

More on Case-Shiller

Put the two together, and it’s a winning combination.

The Case-Shiller 10-city data go back to 1987. I ran the numbers comparing the index values, mortgage rates and average weekly earnings. Net conclusion: On average–an important point I’ll return to shortly–buying a home now is as cheap as it was in the mid-1990s, when houses were an absolute steal.

No, the Case-Shiller data aren’t perfect. The biggest complaint is that they are weighted too much towards the coasts and the big “bubble” cities like Miami, Las Vegas and Phoenix.

So I decided to run the same analyses–average prices, mortgage rates and weekly earnings–for the home price data tracked by the U.S. Census. Those numbers go back further than Case-Shiller, to 1972.

There has been a clear, gently rising long-term trend: Over many decades people have been choosing to spend more on housing, buying bigger and better homes. But the bubble, and subsequent collapse, still stand out clearly. By this measure, median homes nationwide today are about as cheap–when compared to earnings–as they were in the early 1990s.

Yet back then mortgage rates were around 8, 9 or even 10%.

If you buy an average home today, and take out a 30-year mortgage at 5%, the annual bill for interest and repayment of principal will come to about 19 times typical weekly earnings (If you get the $8,000 refundable tax credit too, it drops below 18 times). As you can see from the bottom chart, we haven’t seen it that low since the early 1970s.

You can hear the objections. Doomsayers ask: What about these waves of mortgage resets coming in the next two years? What about all the unemployment? And the foreclosures? And so on.

These are all valid arguments for refusing to buy homes when they are expensive, or even averagely priced. But the whole point about markets is that they adjust. Prices are now cheap. They reflect this bad news, and more. If you have a stable income, and you can get a 30-year mortgage at 5% or so, and you are willing to drive a hard bargain on a home in this market, this is your time.

Over and over again, history suggests that the best investments are the ones no one wants–gold when it was $260 an ounce, Amazon.com when it fell below $10 in 2002, Hong Kong shares during the SARS “crisis” in 2003, and so on. If an investment feels comfortable, it’s should make you nervous. If it makes you really nervous, that’s probably good.

The biggest objection, or caveat, is one I hinted at earlier. These are average prices. The variations are truly remarkable. Prices in places like Miami, Las Vegas and Phoenix have roughly halved from the highs in early 2006, according to Case-Shiller. Meanwhile in cities like New York and Boston they have fallen by a fifth or less. It’s hard to argue that some of the most resilient areas are cheap. New York real estate prices are still up about 75% since the start of the decade. Maybe they have much further to fall.

But outside of these hot spots, real estate is now cheap.

NEWS! Jumbo Loan Rates for Park City and Summit County

Friday, November 6th, 2009

Second, with the end of 2009 the Economic Stimulus Package that was signed into law in 2008 will come to an end.  With it several excellent programs that have helped to steady the ship will end as well.  The one that comes to the top of the list is the Conforming Jumbo pricing tier.

What we’re talking about is that mortgage amount product between Conforming and Jumbo loan amounts.  Conforming stops at $417,000.  Really high interest rates are what Jumbo pricing normally is except for three Utah counties get up to $729,750 for not much more that .25% higher.  Summit County is one of them.

If you are a buyer needing a loan in this range, you may want to think about getting financing now with outstanding rates that may be ending if the current administration doesn’t allow the program to continue.

NEWS! Latest Info: Buyers Credit for Park City and Heber

Friday, November 6th, 2009

Congress has extended and expanded the homebuyer tax credit! Both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit. That bill will be sent to President Obama for his signature in the next day or so. Here is a comparison chart on to help you buyers take advantage of the credit in the months ahead.picture-5


Reasons to buy now in Park City and Heber Valley

Tuesday, August 25th, 2009

You all have heard the saying when it comes to real estate it is all about location, location, location. But in a challenging market it can be timing, timing, timing that makes all the difference. How many of  you have said to yourself, “I wish I would have sold two years ago?” or “I wish I would have waited and bought now with the low interest rates and the tax credit program available now?” Well if you haven’t said the latter, I am here to give you forewarning you might be thinking it in a year from now. In today’s USA Today, Financial Reporter Sandra Block reported a story today titled , ” 2 reasons to buy a home now: Rates low, tax credit ends soon.” In the article she sites 5.12% interest rates on a 30 year fixed loan and the $8000 first-time home buyer credit (those who haven’t owned a home in three years also qualify) as two main reasons to buy now.

A good real estate agent can help buyers and sellers apply this information to help evaluate if it really is a good time for YOU to buy Now! So let’s examine this further:

If you bought a home today for $300,000 and financed $300,000 (for sake of ease) at 5.12%. Your monthly payment would be $1632. 54. The total interest paid over 30 years would be $287.713.72

Now let’s increase that interest rate just 1% (and we all know inflation is bound to happen and interest rates can’t stay this low forever). Your monthly payment would increase almost $200/month to $1821.86! Total interest paid over 30 years would be $355,870.22. An increase of 68,156.50.

So again let’s look deeper:

In order to make up for this nearly $70,000 increase in interest, home prices would have to decrease at least another 20% for it to be worth waiting to buy. Waiting to buy also means you are renting for another year. At a conservative price for Park City, let’s use $1500 a month for 12 months. So now you have a loss of of $70,000 interest plus rent of $18,000. You would also be missing out on the ability to deduct from your taxes your mortgage loan interest. So a home today bought for $300,000 would have to be priced below $214,000 next year to make up for the rent paid, increase in interest, and loss of tax deductions. And let’s not forget the $8,000 tax credit if you qualify.

How many of you think (this could be my first unofficial poll) the housing market will decrease another 20% in the next year? I am no fortune teller but I would dare to say if we see that happen, we as a nation and individuals, have bigger problems than being “upside down in a house.”  I just don’t see it happening.

Now I know many of you may roll your eyes at yet another real estate agent telling you, Now Is The Time To BUY! An agent you can trust is one who backs up what they say with current accurate information to help you make the best decision for you and your family. It is a lot of fun to make smart financial decisions, be savvy of the market and be able to look back in a few years and say, “I timed it just right.”


Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

Free Market Alerts

Get local reports delivered to you

 
Ask Me a Question

Do you have questions you need Answered?

Recently Asked Questions
    market alert newsletter

    Get free market reports delivered to you. » Sign up today

    - Copyright © 2010 Inside Real Estate, LLC

    Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent.