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Park City, UT

Utah County Home Buyer Market - Utah Home Loans

Robert A.  Hulme Realtor, Loan Officer Utah Homes : Loan Officer in Alpine, UT

Utah County Home Buyer Market - Utah Home Loans

Are you a present Utah County Home Buyer Candidate? How you been waiting for the perfect time to buy a Utah County Home? Well your time is now, at no other time in recent memory has the Utah County real estate market been at a point where you had nothing to lose, and everything to gain. As a full-time Utah County Home Buyer Representative, I too like this kind of Home Buyer market. There are so many opportunities out there for my clients that I feel like a little kid in a candy store.

The Utah County Home Buyer market comes at a time when the supply of homes for sale exceeds the demand to buy those homes. The Utah County Home Buyer market can be a great opportunity to not only negotiate the price of a new home you want to buy, but it can also be a time for great interest rates, inspection costs, and closing cost opportunities. Everyone is trying to make the home buying process look attractive to you the Utah County Home Buyer. Even agents like myself are looking to go overboard to find the perfect opportunity for you and are willing to do whatever it takes to make your home buying experience the best ever.

Now is the time to ask for the terms and concessions that you need or want to facilitate your purchase. If you ask for what you want, you may get everything on your list and then some. Don't be afraid to ask for something that you really don't think would be possible, I have found many things recently that I was amazed, actually came about. Negotiation is a powerful way to buy a Utah County Home on favorable terms, but don't forget that the seller can nix the deal if he or she believes your demands are unreasonable. That is why it is important to discuss your needs, wants and negotiation strategies with your Realtor before you make an offer to purchase a Utah County Home.

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Park City's Newest Addition

Michael Jacobson: Insurance Broker or Agent in Deer Valley, UT

The greatest place to live just got better !!!!Park City's first hospital was built in 1904 for $5,000. Intermountain Park City Medical Center (IPCMC) is about to open its new multi-million dollar facility in Quinn's Junction. We have come a long way since 1904. This new hospital will offer not only top of the line medical care in a wonderful peaceful healing mountain environment. It will offer Emergency Room, a premier orthopedic clinic, physical therapy department, six surgical theaters, a women's center, Life Flight services and much more.

The emergency department will provide state-of-the-art care 24 hours a day 365 days a year. Parkite's and all our guest and visitors will no longer have to be driven or air lifted to Salt Lake City for emergency care. The hospital will have all the newest and latest technology including a CT scanner, MRI and ultrasound equipment available. The ER will be staffed with seasoned professionals whose goal will be to see patients within minutes of arrival.

The orthopedic clinic will be staffed with seven world renowned surgeons. They include the team physicians for the U.S. Ski and Snowboard team, a former Olympic gold medalists and a consultant to Major League Baseball and the National Football League. They collectively have operated on many world class athletes.

The physical therapy department provides services to everyone from the professional athletes to us weekend warriors. It will be staffed with highly skilled physical therapists and offer a full weight and exercise room equipped with injury specific cardio, strength and balance equipment. There will be a high -tech pathophysiology lab that can test your fitness levels and design personal training programs for you and your specific sport.

The Women's Center offer will offer services for every stage of a woman's life. Women will now be able to have their babies here locally in Park City. No more driving down the canyon in a snow storm to get to a hospital. There will also be a women's only section to provide privacy and security. The hospital will also provide complete mammography services as well as educational programs for women covering all stages of their lives.

So as you can see Park City is getting even better. The hospital will open its doors September 15, 2009. It has been a long wait since the old Miners Hospital has close but it looks like it has been worth the wait!!

Michael Jacobson Ken Drummet

ParkCityResortHomes.com ParkCityResortHomes.com

Red Ledges Golf

Todd Anderson: Real Estate Agent in Park City, UT

Red Ledges Golf by YouInParkCity.com The Red Ledges golf community in Heber City put out the call to local Park City area REALTORS® to come out and play 9 holes. Rob and I gladly accepted to represent the YouInParkCity.com group from Keller Williams Park City Mountain Resort Real Estate.

Red Ledges is less than 2 miles east of Main St. Heber City, Utah down Center St. (aka Lake Creek Rd), lays the Red Ledges community development. About 20 minutes from Park City, UT. Red Ledges' new Jack Nicklaus Signature golf course opened for play on the 3rd of July, 2009. The private course is the newest addition to the Park City area golf courses now numbering over 15.

We were greeted at the golf course pro-shop, clubhouse and restaurant (a comfortable facility that will be used until the main clubhouse is built at a future date) and sent to the practice range for a few warm-up swings. The practice range has well laid out greens and bunkers and a beautiful backdrop. There is a newly constructed 5400 Sq. ft. home for sale overlooking the practice facility from the east with an asking price of $3.5M.

We started on the par 3 9th hole which plays just over 200 yards from the "members' tees" (blue). The pin was hidden by a large juniper which we aimed over from the elevated tee box. The hole is very picturesque, nestled up against the namesake red ledges that will be home to the future clubhouse. The red dirt and rocky out croppings surrounded by sage, juniper and natural vegetation make for a beautiful golf hole (a recurring theme throughout the course).

The course proved to be a classic risk/reward style course which forces you to know your game and distances ("can I fly that bunker in the center of the fairway 260 yards uphill?"). The course pushes you to "think your way around". There are many elevation changes within the course and flat lies were few and far between. The greens run fast but true with many undulations. Rob walked away from it saying "I love it". It is a fair test and the setting is fantastic. I think it will prove to be a course that you can play over and over without becoming bored.

We finished the day with frosty beverages and hors devours on the deck with views of the Mt. Timpanogos. We were told that the back nine (finished and playable) has even better views as it sits higher up the hill than the front which we had played (hopefully we'll see it next time).

There is a nine hole "short course" also planned for the Red Ledges community, but next to come will be the pool and gym facilities in the village center of the area. There are over 1400 lots that will ultimately be sold within Red Ledges (this will likely take10-15 years), but only 400 golf memberships. This gives some good insight to the fact that this community is not just about the golf. So while Red Ledges has made the golf portion of the development the first amenity to the community, golf is not necessarily the main focus of the overall master plan. Like other Park City real estate area private community and club style developments, Red Ledges plans a community style social atmosphere based around pool and gym facilities, equestrian access, future tennis club facilities, cross country skiing, snowmobiling alpine skiing (at Deer Valley) and planned social events.

Park City Real Estate Value

Todd Anderson: Real Estate Agent in Park City, UT

Pricing trends in the Park City and Deer Valley real estate market are very interesting right now. As the national economy tries to find its bottom, Park City, Utah real estate is doing the same while making an effort to prop up its values.

There has been an uptick in the sales activity recently and there is a feel within the real estate community that Buyers are coming back to the marketplace. Recent sales activity confirms the feeling. While the second quarter of 2009 shows 121 sales of land, homes and condominiums in the greater Park City area, there have been 75 closings in the last 30 days. There are some very interesting stories within the numbers here. A third of the sales were for over $1 million which goes against recent trends leaning toward "starter homes" and condominiums. Approximately 30% of the recent real estate sales in Park City and Deer Valley, Utah fall into a category of having drastically reduced prices (at least 20% from original asking price), being a distressed sale (short sales or bank owned properties), or a large variance to current asking prices for a local community.

There is a definite trend toward value no matter what price level, and in the upper most price level there is a tendency to hide sales prices in an effort to keep neighborhood values up. The top 14 sales in this recent report show 5 sales at 20% or more off their original asking price and 6 sales reporting an undisclosed sales price. Utah is a non-disclosure state which means that the sales prices are not part of the necessary data for recording a sale and the sales price is not public record (this is one of the reasons that Zillow has such poor information for Utah). The MLS systems do report sales prices, but again, it is not public record. In an effort to keep data attached to a sale, an undisclosed sales price is recorded in the MLS as 95% of the list price at the time of the sale. The inordinate number of undisclosed sales prices at the top end of the market may artificially inflate the value of these areas, but it can be argued that it is better than no record at all. The number of undisclosed sales prices at the top combined with those sales showing a 20% price reduction (11 of 14 combined) shows that the top levels of the Park City and Deer Valley real estate markets are not immune to the market downturn and that the sellers in the luxury marketplace are also willing to make a deal.

The increased number of real estate transactions in Deer Valley and Park City show that there are strong values in the market and that there are "value shoppers" finding deals here. Not all of these values have a listed price that reflects a value, but with some negotiation, bargains can be found. Contact a YouInParkCity.com real estate professional to claim yours.

Park City and Deer Valley real estate sales for Q2 2009

Todd Anderson: Real Estate Agent in Park City, UT

With the end of June came what is considered summer here in Park City after an unusually wet spring "mud-season". The end of June also marks the end of the 2nd quarter and time for a Park City and Deer Valley real estate market update. The Park City and Deer Valley home and condominium sales for the quarter show that the market has slowed, but probably not as much as people think.

For comparison purposes, we will look only at areas 1-22 for the Park City MLS which includes the Park City neighborhoods of: Old Town, Thaynes, Lower Deer Valley, Deer Crest, Upper Deer Valley, Empire Canyon, The Aerie, Prospector, Park Meadows, The Canyons, Olympic Park, Silver Springs, Old Ranch Road, Kimball Junction, Pinebrook, Summit Park, Jeremy ranch, Silver Creek/Glenwild, Trailside park and Promontory. Our data for comparison will be limited to single family homes, condominiums and vacant land.

Sales data for Park City real estate for the quarter are as follows: 120 total units sold for the quarter with 55 being single family homes, 56 being condominiums, and 9 parcels of vacant land or building lots. These numbers represent a drop in total sales volume of 44% versus 2008 and 67% versus 2007. The drop in dollar volume versus 2008 was 58% and 74% when compared to 2007 sales. The lack of new product has a very pronounced effect on the condominium data; look for these numbers to turn around dramatically in the next two quarters as we see the St. Regis at Deer Crest and Dakota Mountain Lodge sales recorded.

The YouInparkcity.com group feels that of particular interest is the relation of the actual sales price versus the original and asking prices at the time of sale: sales prices were discounted 10% versus asking price and 19% versus the original price for the quarter. Of course the relatively small sample size we are dealing with can skew these numbers. For more information or data regarding a certain segment of the Park City and Deer Valley real estate market contact us or call (888) 968-4672. Areas we feel may be of particular interest statistically include Promontory and Empire Pass.