Debbie Aldrich Salt Lake City Realtor Salt Lake County, Cottonwood Heights

Real Estate Market & Economic News

Courtesy of the Park City Board Of Realtors

BUYERS RESPONDING TO BUYER�S MARKET

5th Consecutive Quarter of Increased Sales
Monday, October 25, 2010 5:00 am

PRESS RELEASE
FOR IMMEDIATE RELEASE:
For further information:
Mark Seltenrich
President

BUYERS RESPONDING TO BUYER'S MARKET
5th Consecutive Quarter of Increased Sales
Park City, Utah - October 26, 2010 - Real estate sales in the Park City area, as reported by the Park City Board of REALTORS� Multiple Listing Service, continue at a strong pace compared to 2009. Overall sales dollar volume for the first three quarters of 2010 was $790 million, up 37% from the $576 million in sales over the first three quarters of 2009. The number of sales is up as well, with 1063 closed sales in the first three quarters of 2010 compared to 764 in the first three quarters of 2009, a 39% increase.
Current activity levels are as high now as they have been in the last three years, with more than 150 pended sales in both August and September, numbers not seen since mid-2007. "The number of sales in September is especially notable since historically September is not a month with a huge number of sales," remarked Mark Seltenrich, President of the Board of REALTORS�. "For buyers, the fear of overpaying is being replaced by the fear of being left behind," added Jim Lewis, REALTOR� with Summit Sotheby's.
Park City's real estate marketcontinues to recover far above the pace of the National real estate economy. Sales figures are higher than predicted earlier this year, showing that buyers want to own in our area and are recognizing now is the time to buy. Sales for the year will top $1 billion, putting 2010 as one of only six years with Park City real estate sales topping the billion dollar mark.
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1889 Prospector Avenue Park City, UT 84060 Phone: (435) 200-6900 Fax: (435) 200-6901
Sales of Single-Family Homes
Single family homes continue to be the strongest part of the market at 46% of total sales, and 51% of total sales dollar volume. These figures reinforce the unique aspect of our market as both a destination resort and desirable year-round residential community.
Median Price
Median price for all property types is down one percent from the first three quarters of 2009. Single family home median prices, however, are up about three percent from last year. Median prices of homes within the city limits were down 39%, while median prices in the Snyderville Basin were down only 2%. "It appears owners in the Snyderville Basin recognized the "new pricing reality" sooner than homeowners within the city limits", remarked Seltenrich. "We don't expect to see such price declines in the future as the current home prices are now prices buyers are willing to pay," added Seltenrich.
Home, Condo and Land Sales
In the greater Park City area, the number of home, condo and land sales has increased dramatically from 50-150% over numbers sold in 2009. Two such areas are Empire Pass and Park Meadows. In the first three quarters of 2009 five condominiums were sold in the Empire Pass area of upper Deer Valley, while in the same time period of 2010, 44 condominiums were sold. Home sales in Park Meadows were 8 in 2009 and 28 in 2010. This large increase in the number of sales is directly related to much better pricing in these neighborhoods. Even though many of these sales were well over a million dollars, the prices that these properties are selling at may be hundreds of thousands less than what they were a few years ago.
Foreclosures

Foreclosure activity continues to be high, and many of the sales this year are of bank-owned properties.
However, there are signs that the number of foreclosures will be diminishing. "Notice of Default's (the precursor to a foreclosure action) appears to have peaked in 2009 and have generally been falling in 2010. In spite of this, the numbers are still at very high historical levels, and foreclosures will be a part of the market for some time" said Seltenrich.
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1889 Prospector Avenue Park City, UT 84060 Phone: (435) 200-6900 Fax: (435) 200-6901
Increase in the Number of Sales
The following provides a breakdown by category of the increase in the number of sales through the first three quarters of 2010 compared to the first three quarters of 2009:
Single Family Homes + 37%
Condominiums + 46%
Land + 71%
Looking Ahead
With the recent improvement in economic outlook, the upcoming ski season, great prices and record low interest rates, the outlook for continuing sales at a fairly brisk level in the Park City marketis very good. "All of the things that make us a great place to live and vacation - the lifestyle, the outdoor opportunities, the proximity to a major urban area and international airport, a great town, three great resorts - are still here. The only thing that is different is that it is much more affordable now than it was a few years ago, and the astute buyers are realizing that and are acting" said Seltenrich. "As we all know, the only thing that is certain is that things will change, and these great prices won't last forever," concluded Seltenrich.
The Park City Board of REALTORS� (PCBR) is a trade association of more than 900 members comprised of REALTORS� and Affiliates from the greater Park City real estateindustry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

www.Parkcityboard.org
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Utah Ranks #1 in Best place For Business and Careers

Utah tops our fifth annual ranking, knocking longtime leader Virginia from the top spot.

When voters in 37 states select their governors next month, the overriding issue will be, of course, the economy.

A recent CBS News poll found that 54% of adults think the economy and jobs are the most important problem the U.S. is facing today. Health care ranked a distant second, with 7% of the tally. Almost every state experienced decreased output, a loss of jobs and budget shortfalls during the economic downturn. Nationwide employment has declined by 7 million jobs over the past two years while gross domestic product growth has been sluggish this year after a 2.6% drop in 2009. No state has emerged unscathed.

But some areas are doing better than others, and for many of them, it isn't an accident. Who's doing the best job when it comes to fostering growth? Utah, according to our fifth annual look at the Best States for Business. The Beehive State captured the top spot in our rankings for the first time, after a four-year run by Virginia at the head of the list.

Utah's economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. This is three-and-a-half times faster than the U.S. as a whole. Total employment in the U.S. has shrunk over the past five years, but in Utah it increased 1.5% annually, fourth-best in the nation. Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.

Utah lowered its corporate tax rate from 7% to 5% in 2008, to the delight of businesses. The rate is now one of the lowest in the country. The regulatory climate is also pro-business, with the Pacific Research Institute rating Utah second-best in the regulatory component of its U.S. Economic Freedom Index. "We want to make sure we don't have any nonsensical regulations that inhibit the private sector from expanding and having a profitable bottom line," says Hebert.

Other factors the state have going for it include energy costs 35% below the national average; an educated labor force, with 90% of residents holding a high school diploma (and 29% a college degree); a great quality of life with low poverty rates; a healthy populous; and ample recreational opportunities. Utah boasts a triple-A debt rating from Moody's (NYSE: MCO - News), S&P and Fitch. Earlier this year Forbes crowned Utah the country's most fiscally fit state government.

Companies across the country are taking notice. Goldman Sachs (NYSE: GS - News) keeps expanding its operations in Utah, and its Salt Lake City office is now the company's second-largest in North America. Adobe (Nasdaq: ADBE - News) announced plans in August to build a new campus in Utah that will create 1,000 new jobs there, building on its $1.8 billion purchase of Orem-based Web analytic firm Omniture (Nasdaq: OMTR - News) last year. Oracle (Nasdaq: ORCL - News) and eBay (Nasdaq: EBAY - News) are both building massive data centers outside Salt Lake City.

Our Best States ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. We factor in 33 points of data to determine the ranks in the six main areas. Business costs, which include labor, energy and taxes, are weighted the most heavily. We relied on 10 data sources, with research firm Moody's Economy.com as the most-utilized resource.

Our former No. 1-ranked state, Virginia, falls to No. 2 this year. Virginia still boasts a very favorable business climate, with an educated labor supply and solid economic growth. But Virginia's business costs (namely labor and energy) have crept up, which allowed Utah to leapfrog it. Rounding out the top five are No. 3 North Carolina, No. 4 Colorado and fifth-ranked Washington.

The Northeast isn't dead yet, judging by our rankings, despite high business costs and crippling budget deficits. New York, New Jersey and Massachusetts all rank among the priciest states when it comes to labor, taxes and energy costs. Yet each state moved up the rankings this year, thanks to improving current economic climates and growth prospects relative to the rest of the country, compared with last year.

Massachusetts made the biggest move of any state this year, climbing from No. 34 to No. 16. Business costs in the Bay State are highest in the country: 22% above the national average. But venture capital continues to pour into the state, looking to take advantage of the bright minds at elite universities in and around Boston and Cambridge. VCs invested $2.9 billion in Massachusetts companies last year, second only to California. The state enjoys the highest college attainment rate in the country, with 38% of adults possessing a degree.

Bringing up the rear this year is Maine, which replaced No. 49 Rhode Island at the bottom of our rankings. Growth prospects in Maine have deteriorated relative to the rest of the country. Job growth is expected to increase 1.3% annually over the next five years--one of the worst forecasts in the country. The state has endured a rash of business closings the past three years as well.

Mainers head to the polls next month to choose a new governor. The state's current chief, democrat John Baldacci, is off the hook though; thanks to term limits, Baldacci cannot seek reelection.

Kurt Badenhausen
Wednesday, October 20, 2010

This is great news for us those of us that work and live in Utah. If you are relocating to Utah please give me a call I would love the opportunity to help you find the right home for you! Debbie Aldrich 801-870-0606

We just had our First Snow

If you look at the tops of the surrounding Mountains in Salt Lake City you can see the white peaks peering out of the clouds. I don't have a picture yet but it looks beautiful with the gold aspen contrast to the pencil pine trees, the gray low clouds and the white snow.

The weather has changed since yesterday with clouds moving in and temperatures dropping. Everyone has been out in their yards winterizing sprinkler systems, snow blowers, lawn mowers, gutters, etc..

We have had a great extended summer harvesting tomatoes late into the season. The leaves have been beautiful with this long fall we have enjoyed. I thought I would share a few more of those pictures. When I get a good shot of the snow capped mountains I will post one. These pictures are taken in Midway, Utah. If you are relocating to Salt Lake County or Wasatch County give me a call I would love to help you, Debbie Aldrich 801-780-0606.

See What a Moose can Do

On October 8th my boyfriend came up to Park City,Utah where I had been working all day to meet me for dinner. We drove separate cars home and only minutes after leaving My boyfriend hit a Moose on the freeway in His Mercedes Sports Car.

Parleys Summit is one of the steepest freeways in the US, better know as I 80. We were heading west on I 80 just past Kimball Junction, I was about 100 yards ahead of him. He was traveling at about 65 miles an hour in the middle lane and out appears a Moose. All my boyfriend saw was dark gray suddenly in his windshield and the air bag going off.

Needless to say his car was totaled, fortunately minus glass embedded in his right hand he is fine thanks to air bags and God. It was a miracle, Moose guts, hair and glass every where. The Moose flew over his car and caused another 5 cars to hit it.

We have a lot of wild life here in Utah but I didn't expect to see Moose on the freeway, deer and elk yes but Moose not so much. It was also miraculous that I wasn't in the passengers seat, that is the side that had the most damage. Another miracle is that no one else was hurt seriously except the poor Moose.

The I 80 stretch of Parleys Summit also gets heavy truck traffic, not well lit and could have been fatal and ugly according to the Highway Patrol. We are very blessed.

I-80 (Parleys Canyon) -

Indian Summer in Utah

We have been enjoying a beautiful Indian summer. Warm sunny days and cool nights, this weather has allowed more trees to turn that usually get hit by snow and rain and never get to show off their true beauty.

The Mountains in Utah look like a palette of colors for an Old Master, the rich reds, golds, burnt oranges mix with the deep greens of the pines. Indian summer allows the the gardens to produce a few more tomatoes and basil for yummy salads and pick crisp apples from the trees.

Our Indian summer as granted us a few more evenings to barbecue on the deck, I grilled Salmon last night on a cedar plank with tomatoes from our garden, it was a great evening.