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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



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Posts Tagged ‘buying a home in park city’

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.

Park City Real Estate Market News

Monday, February 8th, 2010

THis was released recently by the Park City Board of Realtors.

More Than $858 Million In Park City Real Estate
Single Family Homes Sales On The Rise
FOR IMMEDIATE RELEASE

25 January, 2010 (Park City) – More than $858 million in real estate transactions changed hands in 2009 in the greater Park City area (Summit and Wasatch counties), according to a report today by the Park City Board of REALTORS®.

The total volume included the sale of homes, condominiums and land. In 2008, total sales exceeded $1.03 billion, which is a 16.9 percent decrease in the volume sold in 2009

“In spite of two difficult economic years, Park City’s economy remains resilient,” said Mark Seltenrich, president of the Park City Board of REALTORS®. Compared to all other Rocky Mountain ski destinations, Park City has fared better than our neighbors in Colorado, Wyoming and other resort towns. “For example, in Vail, Colo., REALTORS® reported that 2009 real estate sales were down nearly 60 percent compared to 2008, while Park City was down only about 17 percent.”

Sales of single-family homes were the strongest part of the market in 2009, with sales of homes in the greater Park City area in 2009 surpassing the levels of 2008. “This is due in large part to homes becoming more affordable and the desirability of Park City as a place to live and raise a family,” Seltenrich added.

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.

Are you a Savvy Park City and Heber Home Buyer?

Monday, January 25th, 2010

I am a sucker for a quiz. Are you? Well, if not I promise this one is worth your time. It will teach you about buying a home and just how prepared you really are.

1.Which matters more: being prequalified for a mortgage or preapproved?

Prequalified

Preapproved

2. When buying a home “For Sale By Owner,” you can’t use a buyer’s agent.

True

False

3. How much should you expect to pay for closing costs?

1% of the purchase price

3% to 6% of the purchase price

10% of the purchase price

4. The title insurance you’re required to buy in order to get your loan is for your own protection.

True

False

5. If you draw any money from your Roth IRA to buy your first home, you have to pay it back before retirement.

True

False

6. Adjustable-rate mortgages can still be a good deal for some people, even when rates are rising.

True

False

7. About how much will a home inspection typically cost you?

$75 – $100

$300 – $400

$800 – $1,000

8. Who needs private mortgage insurance?

Buyers with a down payment less than 20%

Buyers with a down payment more than 20%

It’s optional for all buyers

It’s mandatory for all buyers

9. You find a condo you like. Your realtor tells you two other units in the building sold for $200,000 and $225,000. What should you offer?

$185,000

$200,000

$212,500

Hold on. You need more information

10. As a new homeowner, what costs can you write off on your taxes?

Mortgage interest

Property taxes

Points paid at settlement

Private mortgage insurance

All of the above

1.Reapproved. You want to make sure you are preapproved before going house shopping, otherwise you may find at the last minute that you cannot get a mortgage for the home you want. Prequalification is simply an estimate of what the lender thinks you can afford. To obtain a bona fide preapproval, you must submit a loan application with the necessary documentation and fee.

2. False. Many people sell their homes themselves because they don’t want to pay a 6% commission to real estate agents. But some sellers — especially in a depressed market — will accept buyers’ agents and their 3% commission. They don’t want to pay full commission, but they don’t want agents to boycott their property either.

3. In addition to a down payment, buyers should budget an extra 3% to 6% of the purchase price to cover costs at settlement. These usually include the loan origination fee, any loan discounts or “points,” title insurance, attorney’s fees, property taxes as well as survey, state recording and transfer taxes, and other costs.

4. False. You’re required to pay for lender’s title insurance at settlement, but it’s not for your benefit. It only shields the lender in case a problem with the property’s title arises (such as unclear wills, unpaid taxes and easements). To protect yourself, you must pay extra for an owner’s policy. The one-time fee runs about $3.50 per $1,000 of the property’s value.

5. False. Nothing has to be repaid, ever. All your contributions can come out of a Roth at any time, tax and penalty free. And, after the account has been opened for five years, up to $10,000 of earnings can be withdrawn tax- and penalty-free for the purchase of your first home. Assume $5,000 goes into a Roth each year for five years, and the account earns an average of 8% a year. At the end of five years, the Roth would hold about $31,680 — all of which could be withdrawn tax and penalty free for a down payment.

6. True. You can save a lot every month by going with an adjustable-rate mortgage — if you plan to move before the rate changes. With a hybrid 7/1 ARM, for example, your rate is fixed for the first seven years, after which it adjusts annually. Unfortunately, some people caught up in the subprime mortgage mess now stayed with their ARM for too long. However, if you’re certain you’ll move in time, you won’t have to worry about rising rates.

7. Plan on paying between $300 and $400. That fee will vary, of course, according to contract price and area, and sometimes according to age, size and construction of the house. It’s a good idea, when you make an offer on a home, to make it contingent on a satisfactory home inspection. You can then use the inspector’s report for further price negotiations if the property is in need of any major repairs.

8. If your down payment on a home is less than 20% of the appraised value or sale price, you usually have to get private mortgage insurance. This protects the lender against any default on your loan. PMI costs about 0.5% of the amount of the loan. So, for a $200,000 mortgage, you’d pay about $1,000 annually.

9. That’s not enough info to make your decision. You should find out when those purchases took place, what they were listed for and how long they were on the market. Then consider the asking price for the unit you want and make allowances for the current market climate — is it a buyer’s market or a seller’s? Plus, you’ll want to know how the units compare in size, style, amenities and location in the building.

10.  Uncle Sam serves as a generous partner in your investment, subsidizing your mortgage payments, property taxes and PMI every year. Plus, in the year you buy a house, you can write off points paid — even if the home seller paid them for you. These tax breaks can add up to thousands of dollars in savings annually for new home owners.

Sundance Brings Films and HOME BUYERS? Buy a house in Park City

Saturday, January 23rd, 2010

Well it is time for me to brag about my home town. The Sundance film festival has rolled into town and people from around the world are seeing just exactly why I LOVE calling this place home. Mother Nature has blessed us with the GREATEST SNOW ON EARTH this week. Park City looks just beautiful. The slopes are prime for skiing. The theaters are prime for screenings and the real estate market is prime for buying. There may just be the perfect mountain retreat waiting for you. Park City is a wonderful place to call home.

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.

Buying a home in Park City or Heber just got better!

Wednesday, December 9th, 2009
The homebuyer tax credit has been extended and expanded!
Have you been on the sidelines waiting for prices to go lower before house shopping? Well, now may be the perfect time to make your move – and take advantage of a new and improved homebuyer tax credit.
A newly passed law vastly expands and extends the tax credit through the spring of 2010, increasing the number of people eligible for homebuyer credits by boosting the income eligibility limits, giving buyers more time, creating a $6,500 credit for current homeowners and launching more accommodating rules for members of the military.
With a large inventory in Park City and Heber, it is a buyer’s market.

Here’s what you need to know to make the homebuyer tax credit pay off for you right now:

Who qualifies for the tax credit?
Two types of homebuyers qualify:
First-time home buyers with adjusted gross incomes up to $125,000 (singles) or $225,000 (married couples) can get the full $8,000 tax credit.
Current homeowners can get a credit of up to $6,500 if they’ve lived in one residence for five consecutive years of the past eight years and meet the same income thresholds as first-time buyers.
Is there a deadline?
Yes. Buyers must have a purchase agreement signed by April 30, 2010, and the deal must close by June 30, 2010.
Are their price restrictions?
Yes. You can’t use the new tax credit to buy property that costs $800,000 or more.

Updates on Tax Credits for Park City and Heber City

Thursday, November 19th, 2009

President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, a day after the House of Repre­sentatives approved it by a 403-to-12 vote.  The legislation includes language that significantly expands the popular first-time home buyer tax credit that was enacted in February.   The development  represents a big victory for the real estate and home building  industries, which had to overcome concerns about the measure’s costs while rallying support for its enactment.

8,000  First-time Home Buyer Tax Credit

The  $8,000 tax credit is for first-time home buyers only.  For the tax credit program, the IRS  defines a first-time buyer as some­one who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit does not have to be repaid.

The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.

The tax credit applies only to homes priced at $800,000 or less.

The tax credit now applies to sales occurring on or after January 1, 2009 and or before April 30, 2010.

However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit—UPDATE

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit does not have to be repaid.

The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.

However, in cases where a binding sales contract is signed by May 1, 2010, the home purchase qualifies provided it is completed prior to July 1, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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