Park City, UT

Park Meadows Golf Real Estate in Park City

Park City real estate can boast of having many fine golf communities completed or nearing completion. These include Glenwild, Tuhaye, Promontory Ranch, Hideout Canyon, Victory Ranch and Red Ledges. Promontory features two courses, an equestrian center, club houses and numerous kids programs. Tuhaye has one course (plus another in the works), a ski boat on the Jordanelle Reservoir, many kids programs but is unique in that its membership includes the Talisker Club amenities at Deer Valley ski resort. Victory Ranch will have an exceptional course but what separates it from the other clubs is that it has private river frontage on the Upper Provo River and fantastic fly fishing, Red Ledges will open its Jack Nicklaus designed course 4^th of July weekend and will have world class tennis facilities and other amenities. Glenwild's crown jewel is its Fazio designed golf course. It is a golf country club type of community complete with workout room, restaurant and swimming pool. All of the above are gated communities.

I think Park Meadows Country Club, which often seems to fly under the radar screen, is worth considering when a family is deciding to purchase a primary residence or vacation home in a Park City and wants golf to be a part of their Park City lifestyle. It is not a gated real estate community and does not have many of the built in programs and amenities associated with these other clubs. On the other hand it is located within the Park City town limits which means all of the activities and amenities in Park City are readily available to families that purchase a home in Park Meadows and join the Park Meadows Country Club. Some of the amenities in Park City are the Racquet Club, the free bus system, the Skate Park and City Park. The Park City restaurants, clubs, events and shopping match its real estate in being world class.

Park Meadows Country Club, originally designed by Jack Nicklaus, was renovated last year by John Harbottle. Park Meadows has a swimming pool, restaurant and workout room. It is adjacent to the Park City Racquet Club and is part of the city-wide free Park City bus system, a real plus for getting kids to and from all that Park City, Utah has to offer.

No one knows what Park City real estate areas will appreciate more rapidly as we climb out of this recession but if I had to put money on it I would bet homes, condominiums and lots inside of the Park City town limits to bounce back more rapidly just based on the principle of scarcity.

If you are considering the purchase a home or condominium in the Park City or Deer Valley area and want to live on or near a golf course don't forget to take a peek at Park Meadows.

For more info on Park City Real Estate contact a YouInParkCity.com Keller Williams Park City Real Estate specialist.

On June 2, 2009 KSL.com News reported that ‘short sales' are on the rise in Salt Lake City, UT. The report gives very few details and goes on to quote a few Realtors in Salt Lake City about the effects of short sales and whether or not they are good for a potential buyer. The overall report had very little information in terms of data, but it does note that 1 in 7 listings in Sandy, Utah (a suburb of Salt Lake City) is listed as a short sale.

Information like this that goes out nationally (most of the news about Utah is delivered via Salt Lake City) gives people the idea that the news is applicable throughout the state including Park City and Deer Valley, Utah. Real estate is a very local commodity and it is impossible to make assumptions based on one neighborhood and imply that it is true across all neighborhoods. The number of short sales per active listing in the Park City area is less than one in 25. While there is a glut of homes on the market here in Park City, most homes are not a distressed sale.

This is not to say that there are not any deals to be found in the Park City area. Many neighborhoods in the Park City real estate area are seeing prices of homes and condominiums fall by 20% off of their highs. Also there are short sales in the Park City real estate market, and they cover just about every price range including a short sale in the Colony at The Canyons Resort listed at $3.99M down to condominiums in the Kimball Junction area listed at $119K. Of the 50 or so short/distressed sale inventory in the Park City area, nine are listed at over $1M, and 20 are over $500K.

Short sales are not the only way to purchase a property in Park City and Deer Valley at a bargain price, and the relatively few short sales in the area (1 in 25 versus 1 in 5 in Draper, UT) make them a longer and tougher process. Due to the fact that many owners in Park City have a lot of equity in their homes, the deal is often not a short sale, but just an owner taking a large loss.

So when you are looking for a real estate deal in Park City, keep a focus on the end you are hoping for, whether it is a home to retire to, a weekend get-away, an investment or rental property. The deals are there, contact your YouInParkcity.com Keller Williams REALTOR® to find the one that is right for you.

There are a number of things to consider when choosing the right home and everyone's priority is different. Where should it be located; neighborhood preference; single or multi-level, number of bedrooms and baths; square footage: yard size; features: quality of school; age of home; interior or exterior appeal; and most of all, price, because if it's out of your budget, it can't be considered.

Make a List

Make a priority list of things important to you. Start with the most important, things you have to have. Then work down the list, putting them in order of most important. After you are done, go up to the top and move down until you get to a place where you can draw a line. Above the line should be all of the items you have to have, and below the line should be all of the things that would be nice to have. This will save you a great deal of time and provide a clear focus for your house hunting.

Working with a Realtor

Although the Internet can provide you with homes matching your criteria and it seems easy to drive around, take notes, and set up appointments to view homes for sale, using an agent can be more efficient. They can do the same thing for you, but by working with a Realtor, you benefit from their knowledge and experience also. Their advice could better help you determine the right home for you and they can assist you with the actual purchase contract.

What to Do When You Find the Right Home

Considering everything has come together, the price is within your budget, and a home has met your demands, it's time to make an offer. Part of the offer should require a home inspection so you have reliable information about any major problems or repairs you might incur and how they will be handled. If your offer is accepted, the sale proceeds. If your offer is not accepted, the seller may counter-offer with different terms.

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The Park City Board of Realtors welcomed speakers from the Rocky Mountain Resort Alliance at its monthly luncheon last week. The alliance is made up of the Boards of Realtors from destination ski towns in the western United States. The alliance includes Park City, Utah, Sun Valley Idaho, Jackson Hole, Wyoming, Whistler, BC, Aspen, Vail, Steamboat Springs, Telluride, Summit County, and Winter Park, CO. Speakers were present from Lake Tahoe area of California as well as Vail, Co and Jackson Hole, WY.

The real estate sales statistics for first quarter of 2009 were presented to the Park City Board attendees for each area in the Alliance. A quick look at the statistics gives an immediate sense of "misery loves company". Statistics across the board show sales figures being down from 50% to 75% along with falling median sales prices. There does not seem to be any area that is immune to the effects of the National and International economic downturns especially since it is combined with the current squeeze on credit markets.

The interesting part of the meeting was the discussion that followed. It was noted by each of the speakers that there were bright spots and areas (price ranges) that are seeing activity. Much of the activity is in the lower and entry level end. Some areas also noted sales activity on the very high end of the market. Many of the "bright spots" in the current market may be attributed to the small sample size we are dealing with when looking at the latest quarter statistics. The speakers all seemed to agree that there are many "lookers" in the current market and that while many people are waiting for the bottom, there is a sense of pent-up demand.

All of the resort towns in the Rocky Mountain Resort Alliance seemed to agree that it is a Buyers market and Park City real estate is right in step with the others. Increased inventories and few sales are leading to strong values in the secondary home and vacation markets.

For more information; contact your YouinParkcity.com Keller Williams Park City Real estate Agent.

Refinancing your current home loan is often a great way to get into a lower interest rate, lower your monthly mortgage payments, or take out some needed cash for various projects. Before you jump into a new loan however, you should realize that, just like with your original mortgage, this new refinance loan will cost you some upfront fees. The new loan may or may not be worth the costs; depending on how long you plan to stay in your home and whether or not the new loan has a prepayment penalty. Take a look at some of the traditional fees associated with a refinance home loan.

Points/Origination Fees
One point is equal to one percent of the loan total. Lenders will sometimes require you to pay points (which go directly to them) and sometimes they will simply give you the option of paying a point or two in order to buy down the interest rate. For example, a lender may ask you to pay two points in exchange for dropping the interest rate on your loan by 0.5 percent. On a $200,000 loan though, that would cost you $4000. While these points are tax deductible over time, it is still a hefty charge to pay upfront. Make sure you plan to stay in your home long enough to realize the interest rate savings.

Application Fee
An application fee is sometimes charged by a lender in order to cover the cost of their time in preparing your application and the cost of pulling your credit report. Some lenders may waive this fee, but if not, you could pay anywhere from $75 to $300 for this service. Be sure you check beforehand with the lender how much he will charge.

Appraisal Fee
Because you are taking out a new loan with your property as collateral, the lender needs to know exactly how much that collateral is worth. They must hire a third party to examine the property and determine its current market value. You can expect to pay between $150 and $400 for this service.

Title Search and insurance
The lender will also need to be sure that you are in fact the legal owner of the property and whether or not there are any liens or other judgments on the home. This requires a full search of the homes title. You will also be charged for title insurance which protects you against problems with the title. This may cost between $450 and $600.

All in all, most refinance loan fees total between 3 and 6 percent of the loan balance. By shopping around and comparing rates and fees from different lenders, you can be sure you are getting the best deal on your refinance mortgage loan.

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