Blog

Housing Market In The Current Economy

By Ramon Gomez, Jr.
Feb 21, 2018

Before we get into the housing market I wanted to share an update: Storied Development, LLC, announced today the acquisition of Talisker Club in Park City, Utah, including Tuhaye, the Tower Club and residential sites in Empire Pass for an undisclosed amount.

Tuhaye is a 2,000-acre community nine miles east of Park City on the Jordanelle Reservoir. It features a Mark O’Meara Signature golf course, clubhouse, spa, fitness, kids’ camp, tennis courts, miles of hiking trails, and outdoor-activity programming.

Empire Pass is anchored by the Tower Club, a private on-mountain club with a full-service ski locker facility, a kids’ program, heated pools, spas and fitness. Unique to Talisker is The Outpost, an outdoor adventure center at Bonanza Flats.

“The Talisker Club lifestyle is incomparable,” said Mark Enderle, a partner in Storied Development. “Few places have the caliber of four-season amenities offered with the Club, not to mention the proximity to a village with the charm of Park City. We look forward to working closely with our Members, the local brokerage community and engaging the national market to re-introduce the Talisker Club.”

“The properties associated with the Talisker Club are among the premier residential offerings in the West,” said Storied Development partner Mark Yarborough. “With a refreshed vision, an infusion of new capital, and a commitment to providing remarkable experiences for members, their families and guests, there is no limit to Talisker Club’s potential.”

Currently, homesites are being offered in Tuhaye. Plans for a limited new property release are slated for mid-2018. New construction Tuhaye amenities and marketing outreach are set to begin this spring. To learn more about this acquisition and Storied Development, visit storiedliving.com.

This week we have included a number of charts and graphs regarding the housing segment of our current economy. We hope this information will help you make well informed and timely real estate decisions. Call with any questions as I am available to into further depth on each topic.

The Economy – Recession Signals Not There( Source: Cornerstone Macro)

 

 

 

The Economy – Housing Represents a PotentialEconomic Boost…Increasing Homeownership Rates

 

 

Economy – Housing Could Provide Economic Boost…Low Inventory

Economy – Bank Credit Getting BetterEasier to Obtain Financing

 

 

 

 

Economy – Home Ownership Could Boost Economy and….Help Real Estate
In Conclusion - The charts above give an overall view of the current market with recent volatility in equity markets representing a correction, not a new bear market. By historical standards, housing inventory, interest rates, and homeownership rates are low and credit requirements for mortgage lending are gradually improving. Modest increases in the rate of inflation are likely to be moderated by wage increases and owning a home versus renting a home comparison are very favorable.

February Events

2/22 - 2/24: An Evening with Paula Cole, Park City

2/23: Wasatch Powder Keg Sprint Race, Salt Lake City

2/23 - 2/24: 2018 Wasatch Golf Expo, Sandy

2/27 - 3/4: The Sound of Music, Salt Lake City

Happy Valentine's Day

By Ramon Gomez, Jr.
Feb 14, 2018

This week we kick off with a spotlight of ST. REGIS DEER VALLEY® - The venerated tradition of St. Regis’ luxury, romance, and bespoke service has come to life in Park City with the debut of the St. Regis Deer Valley® and the 24 whole ownership residences and 67 condominiums suites ranging from 1 to 4 bedrooms with ski-in/ski-out access. From the iconic butlers, to the signature Jean-Georges restaurant and Remede Spa, St. Regis Deer Valley® has brought a unique and surpassing elegance to the slopes of Deer Valley® Resort. Escape to a spectacular mountain getaway in Park City, Utah, where breathtaking landscapes, summer adventures, family activities, and timeless style captivate your spirit.

Another property spotlight for this week is the YOTELPAD PARK CITY - The resort world's most innovative PADS are coming to North America. First stop, Park City. Design and technology dial up the cool factor while dialing down the cost. Efficient floor plans and Italian-made furniture work smarter, changing form and function to do everything you need. The ski valet takes care of your gear and killer amenities are designed for sociability, fun, and relaxation with an outdoor pool and hot tub, games room, and way more. Modern travelers already enjoy YOTEL's innovative spaces and experiences in cities around the world. Now their cool hotel concept evolves for resort living. Everything you want. Where you want it. Full ownership and fully furnished in the heart of Canyons Village For more information contact me. This offering is generating a lot of interest!

February Events

2/15 - 2/18: Chubby Checker and the Wildcats, Park City

2/17: Deadmau5, Park City

2/17: Utah Chinese New Year Celebration Performances, Salt Lake City

2/22 - 2/24: An Evening with Paula Cole, Park City

2/23: Wasatch Powder Keg Sprint Race, Salt Lake City

2/23 - 2/24: 2018 Wasatch Golf Expo, Sandy

2/27 - 3/4: The Sound of Music, Salt Lake City

Market Review & Park City News

By Ramon Gomez, Jr.
Feb 07, 2018

If you haven't read it yet the 2017 Year End Wasatch Back Market Overview is here for your review. This week we wanted to share some local updates and February events in and around Park City.

PARK MEADOWS COUNTRY CLUB BEGINS A NEW ERA - A year-long renovation brings an expanded dining room and bar with the best views in Park City! Members enjoy private dining with their own 21-&-over bar, and look forward to a thriving deck scene come spring. Executive Chef Alex Woodside has created menus to suit many tastes and dining preferences. Members especially love the convenience of dining with easy access during the busy ski and Sundance Film Festival seasons.

In addition to the dining room and bar and the walkable Jack Nicklaus Signature 18-hole golf course, members have access to a retail golf shop with low member pricing; year-round golf simulator for practice, lessons, leagues, and events; luxury locker rooms with lounge space, steam rooms, and modern finishes; 2,000 sq. ft. fitness center with brand-new cardio equipment and 600 sq. ft. movement studio with heated floor, and more. Phase Two of the renovation project includes a new, larger swimming pool, F&B service building, bocce ball and pickleball courts, all coming summer 2018. Click here for more information on the Park Meadows Country Club.

RootsRated recently posted HOW TO PLAN AND EXECUTE A WEEKEND SKI TRIP TO PARK CITY (AND WHY IT'S TOTALLY WORTH IT) Which means you can’t help but monitor the snow reports in resort towns, and within just 72 hours, you can have an incredible ski weekend in Park City, Utah. This article is great to share with friends, family and out of towners as it goes over logistics for travel, gearing up, getting out on the hill, things to do around town and getting back to your own home. Click Here for the whole article.

USA - Trips To Discover recently posted America’s 9 Most Beautiful Mountain Towns to Visit and Park City, Utah makes the list. The historic mining town of Park City is also best known for its legendary skiing, with most frequently visited during the winter months, but in other seasons, visitors can enjoy all sorts of activities on the water, like fishing for trout in blue ribbon streams, boating and more, as well as active land pursuits like mountain biking and hiking amid the impressive scenery. The town itself offers a whole lot too, and is lined with 19th-century buildings from its silver mining boom days. A number of popular events are hosted here, like January’s Sundance Film Festival and the July Food & Wine Classic, so you may want to plan your trip around one of them.

February Events

2/7: "The Lewis & Clark Expedition" Presentation, Park City

2/7 - 2/11: Howard Jones, Park City

2/9 - 2/10: All Star Monster Truck Tour, West Valley City

2/9 - 2/25: Cinderella, Salt Lake City

2/15 - 2/18: Chubby Checker and the Wildcats, Park City

2/17: Deadmau5, Park City

2/17: Utah Chinese New Year Celebration Performances, Salt Lake City

2/22 - 2/24: An Evening with Paula Cole, Park City

2/23: Wasatch Powder Keg Sprint Race, Salt Lake City

2/23 - 2/24: 2018 Wasatch Golf Expo, Sandy

2/27 - 3/4: The Sound of Music, Salt Lake City

Sundance 2018

By Ramon Gomez, Jr.
Jan 17, 2018

This week we wanted to share a little about Sundance, the Park City School District and the Berkshire Hathaway 2017 Year End Market Overview. Sundance is almost here with 110 Independent Films From 29 Countries. The Festival hosts screenings in Park City, Salt Lake City and at Sundance Mountain Resort, from January 18th –28th. Robert Redford, President and Founder of Sundance Institute, said, “The work of independent storytellers can challenge and possibly change culture, illuminating our world’s imperfections and possibilities. This year’s Festival is full of artfully-told stories that provoke thought, drive empathy and allow the audience to connect, in deeply personal ways, to the universal human experience.”

For the 2018 Festival, 110 feature-length films were selected, representing 29 countries and 47 first-time filmmakers, including 30 in competition.These films were selected from 13,468 submissions including 3,901 feature-length films and 8,740 short films. Of the feature film submissions, 1,799 were from the U.S. and 2,102 were international. One-hundred feature films at the Festival will be world premieres. In 2017, the Festival drew 71,638 attendees, generated $151.5 million in economic activity for the state of Utah and supported 2,778 local jobs.

Starting January 16 at 10:00 a.m. MT, individual tickets will be released for purchase online and at box offices as they become available up until 2 hours before showtime.

If you're looking for Box Office Hours, information on our eWaitlist, or other Frequently Asked Questions, CLICK HERE

News Update - FASHION magazine recently posted a lovely little article If You Ski, Add Utah’s Wasatch Mountain Range to the Bucket List - Imagine sunrise yoga in a 10,000-year-old crater, afternoon ski lessons with an Olympian and a six-course Norwegian dinner at 2,652 metres.

The Park City School District is in the News - There are nearly 100,000 elementary, middle, and high schools in the US. The best districts are coveted, and a high-caliber school system can be a key factor when a family decides to relocate to one city over another. Niche, a company that researches and compiles information on schools, provides a ranking of the best school districts in America — that is, the collective quality of all the schools in a district determined by a grade of overall experience. The ranking includes key factors such as the strength of academics, health and safety, diversity, and the quality of teachers. This year the Park City School District is #1 for the state of Utah.

The 2017 Year End Wasatch Back Market Overview is here. For the complete digital online version, click here.

Chief's Choice Award

By Ramon Gomez, Jr.
Jan 10, 2018

Thank you to the Park City Police Department as it was very humbling to be presented with the 2017 Chief’s Choice Award on January 4th for years of service in working with Shop With A Cop and other communities services. It is a joy to be a part of the Park City community and I look forward to many more years of involvement and service.

Park City and the state of Utah are always popping up in the news. This week we have linked articles from Forbes, Money Magazine, USA Today, Apartment Therapy, Houselogic and The Nerdist.

State News - Forbes has listed the Top 10 cities Where Employees Are Happiest and Utah made the list!

Trips - Money Magazine has listed the top 10 Budget Friendly Trips In 2018 - try Salt Lake City!

Local - as posted in last week's blog - Park City High School has been named best public high school in Utah by USA Today!

Film - Here are the 13 most anticipated movies at the 2018 Sundance Film Festival from The Nerdist.

Style/Design - Here are the 2017 decor trends that will likely stick around for 2018 from Apartment Therapy.

Homeownership - Houselogic has 5 Tasks Every Homeowner Should Do In January.

If you haven't seen the latest video from Berkshire Hathaway HomeServices Utah Properties Park City - here it is Welcome to Utah! Our stunning state is known for its world-class skiing and snowboarding resorts, spectacular red rock deserts, and as one of the nation’s best states for business. Host of the 2002 Winter Olympic Games, Utah boasts a panorama of recreation and culture. From professional sports teams such as the Utah Jazz and Real Salt Lake, performance powerhouses such as the Utah Symphony, Ballet West, and Utah Opera, exceptional art galleries and concert venues, to award-winning restaurants and a lively nightlife scene… Utah showcases a limitless variety of activities and entertainment.
Salt Lake City International Airport is Utah’s gateway to the world. Ranked as one of the nation’s best for on time departures and arrivals and one of the lowest in percentage of flights cancelled. Salt Lake City’s airport is just 15 minutes from most Salt Lake neighborhoods and 40 minutes from Park City.

In the winter, locals and visitors alike enjoy “The Greatest Snow on Earth” at Utah’s 14 world-class ski resorts. From Park City Mountain, the largest ski and snowboard resort in the United States, to Deer Valley® Resort which has been ranked the #1 Resort by Ski Magazine 6 times, to Snowbird which features 3,240 vertical feet between the base and the summit, Utah has a resort for everyone. Whether it’s downhill skiing or cross country, snowshoeing or snowmobiling, an incredible winter adventure is just minutes away.

From the Wasatch Front cities of Ogden, Bountiful, Salt Lake, and South Jordan, to the Wasatch Back communities of Park City, Heber, and Kamas, there is a place for everyone in Utah. Live here, work here, play here.

Best High School in Utah

By Ramon Gomez, Jr.
Jan 03, 2018

USA Today published Best Public High Schools in Every State and Park City High School is the best in the state of Utah. To determine the best public high school in every state, 24/7 Wall St. reviewed rankings for all public schools from school and neighborhood data clearinghouse Niche. Data on rank, number of students, student-teacher ratio, average graduation rate, average SAT score, average ACT score, and AP enrollment also came from Niche. Data on the ratio of students to teachers by state came from the National Center for Education Statistics.

Across the country, just over 80% of students graduate, 4.9% of students enroll in Advanced Placement classes, and the average SAT score is a little over 1000 out of 1600. In some of the nation’s top public schools, virtually all students graduate, AP enrollment is well above 70%, and average SAT scores are above 1400.Park City High School has 1,131 students with a student-teacher ratio of 19:1 and an average SAT: 1240 making it best in the state of Utah. To read the entire article click here.

The latest edition of the Welcome to Park City guide is now available. This 24 page guide is an excellent resource for Park City real estate and is easily accessible in digital format. Click here to enjoy the digital and interactive guide. Park City is the place to be. Named ‘The Best Town in America’ by Outside Magazine, the small resort town of Park City is situated in the middle of the mighty Wasatch range in the Rocky Mountains and is known for hosting the 2002 Winter Olympics, world-class skiing, miles of hiking and mountain biking trails, and the Sundance Film Festival. Park City and the surrounding areas of East Summit County, the Heber Valley, and the Jordanelle provide a panorama of outdoor recreation such as hiking, camping, biking, fishing, boating, rock climbing, worldclass skiing and snowboarding, snowshoeing, and so much more. From award-winning restaurants, boutique shops, exceptional art galleries, historical theaters, and concert venues, Park City has no shortage of arts, culture, and activities. This guide is your introduction to Park City, the surrounding areas, and the adventures that await.

Welcome To Utah

By Ramon Gomez, Jr.
Nov 29, 2017

Welcome to Utah! Our stunning state is known for its world-class skiing and snowboarding resorts, spectacular red rock deserts, and as one of the nation’s best states for business. Host of the 2002 Winter Olympic Games, Utah boasts a panorama of recreation and culture. From professional sports teams such as the Utah Jazz and Real Salt Lake, performance powerhouses such as the Utah Symphony, Ballet West, and Utah Opera, exceptional art galleries and concert venues, to award-winning restaurants and a lively nightlife scene… Utah showcases a limitless variety of activities and entertainment. Check out the entire Welcome to Utah video by clicking here.

Salt Lake City International Airport is Utah’s gateway to the world. Ranked as one of the nation’s best for on time departures and arrivals and one of the lowest in percentage of flights cancelled. Salt Lake City’s airport is just 15 minutes from most Salt Lake neighborhoods and 40 minutes from Park City.

In the summer, Utah has it all when it comes to hiking, golf, mountain biking, backpacking, camping, fishing, boating, river rafting, rock climbing, and more. Home to the Mighty Five® National Parks, over 40 state parks, countless lakes and reservoirs, and some of the most scenic public and private golf courses in the country, many of which are championship-designated, there is something for everyone during the summer in Utah. Park City alone boasts over 400 continuous miles of trails which span two resorts and has been awarded the highest International Mountain Biking Association’s Gold-Level Ride Center designation.

In the winter, locals and visitors alike enjoy “The Greatest Snow on Earth” at Utah’s 14 world-class ski resorts. From Park City Mountain, the largest ski and snowboard resort in the United States, to Deer Valley® Resort which has been ranked the #1 Resort by Ski Magazine 6 times, to Snowbird which features 3,240 vertical feet between the base and the summit, Utah has a resort for everyone. Whether it’s downhill skiing or cross country, snowshoeing or snowmobiling, an incredible winter adventure is just minutes away.

From the Wasatch Front cities of Ogden, Bountiful, Salt Lake, and South Jordan, to the Wasatch Back communities of Park City, Heber, and Kamas, there is a place for everyone in Utah. Live here, work here, play here. Contact your Berkshire Hathaway HomeServices Utah Properties professional for the current market information on our exceptional state.

The Berkshire Hathaway HomeServices Utah Properties Welcome to Park City guide is now available for your review, call with any questions and have a great rest of the week.

Bitcoins in Park City

By Ramon Gomez, Jr.
Nov 15, 2017

Bitcoins are making a splash into the Park City real estate market as Buyers and Sellers are beginning to make use of the cryptocurrency. I am pleased to be working directly with Real Advantage Title to assist buyers with Bitcoin purchases. Having worked with Karen Kasperick for years we are pleased to partner with Russ Smith and his entire team to assist our clients and future clients in their Bitcoin transactions on real estate purchases in the Park City area. If you would like to purchase a property in Park City using Bitcoins, my team and I can make it happen - Call me with questions.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Read on to see The Park Records article on the most recent Bitcoin purchase in Park City by Carolyn Webber.

Russ Smith, left, and Karen Kasperick are excited at the prospect of future Bitcoin transactions after this first successful one.

When Russ Smith picked up a call and heard the words, "What do you know about Bitcoin?" he did not have a precise answer to give. About two months later, he was finalizing a deal with a client using the new currency.

Smith, state manager of the Real Advantage Title Insurance Agency in Park City, recently made one of the first real estate transactions with bitcoins in the country and likely the first in Utah. The $3.5 million transaction was also one of the largest reported real estate deals to date using bitcoins.

Bitcoin is a form of cryptocurrency created in 2009 that is tied to no banks or country. Its value is based on algorithms from computers dependent on its use in the marketplace.

"It's basically a stock that you can use via a credit card," Smith said.

While bitcoin has become popular in some corners of the internet, it is only recently being used to purchase real estate. The first recorded bitcoin purchase for real estate in the U.S. took place in California in 2014. After a few years, another deal was finalized in Texas, Smith said.

He started looking into it after receiving a phone call from Dougan Jones, executive chairman of the real estate agency Engel & Völkers. Jones had received a call from one of his listing clients telling him that he would accept bitcoin for his property in Sundance. Another seller quickly followed suit. Jones realized that he needed to find a title agency that could help with those transactions, so he called Smith.

"I asked him if he would look into it, because it is coming at us in our industry," Jones said. Jones' seller did not find a buyer with bitcoins, but the seed was planted in Smith's mind.

In the meantime, Bob Struwe, a real estate agent for High Country Properties who worked with the buyer in the recent transaction, was doing his own research on bitcoin transactions because his client wanted to use the currency for a property purchase. It turned out to be hard to convince anyone to take him seriously.

"We were running into a real problem," he said. "His ideal scenario would be if a seller would take Bitcoin, and I knew that was going to be pretty remote."

Part of the problem is that many states, including Utah, do not consider Bitcoin legal currency, so it makes deals difficult for agencies. Plus, many people do not trust the currency because of a lingering negative connotation, Smith said. The buyer did not want to be identified in this story or have the seller know because of the stigma.

"Initially, a long time ago, it was conventional wisdom that bitcoin was considered a money laundering avenue," Smith said.

Luckily, Smith knew that it was legitimate and he and Struwe began the deal.

"It was an unbelievable success," Struwe said. "For us, (Real Advantage) was amazing to work with. The first time doing anything this complicated and large, there are some problems here and there, but everyone worked together so well."

The entire transaction took only seven days.

A typical cash deal takes three weeks to 30 days, Smith said.

Part of the reason the transaction closed so quickly is because bitcoins change value just as stocks do. If the value went up or down before the deal was closed, it would have caused some hiccups.

Smith said the setup for the deal was difficult because neither the market nor the government is prepared for bitcoin. He and Karen Kasperick, senior escrew officer at Real Advantage, had to find a way to quickly convert the bitcoins so it could be put into the title agency's trust accounts as U.S. dollars.

They eventually found BitPay, the same payment service used in the Texas transaction in September.

As more transactions take place around the country, real estate firms and title agencies will find it easier to make use of bitcoins in the market, Smith said. He believes bitcoins will only grow in popularity, and Park City should be ready.

"As we see more and more of these transactions happen, people will become more comfortable with it," he said. "And that's when the constituencies will start pressuring their local government to start moving toward moving cryptocurrency mainstream."

Smith and Jones agree that making Park City ready for Bitcoin transactions would be beneficial for the tourism market, since many foreign nations are jumping on the cryptocurrency bandwagon before the U.S..

"A lot of the people that we get in Park City are from overseas," Smith said. "They're very comfortable with it. If a hotel or a lodging company or any type of tourism starts taking cryptocurrency, I think that would be huge."

Since Struwe's involvement in the deal, he has received calls from people around the world interested in purchasing properties with their bitcoins. He, Smith and Jones believe that buyers and sellers are ready, but they need to be ready as well.

"It's our obligation to know enough about it to speak intelligently and represent our client in any form of consideration," Jones said. "Since our clients are coming to us offering bitcoins and proposing to receive bitcoins, we need to come up to speed. I think it is something we have a duty to understand and educate our clients on."

Park City Quarterly Stats

By Ramon Gomez, Jr.
Nov 01, 2017

The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties.  The overall real estate market continues to be healthy, stable, and growing at sustainable rates. 

The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year.  The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget.  The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year.  These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid.  We have sufficient inventory to meet our client’s needs.  Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends.  The Summit and Wasatch markets are composed of numerous diverse micro-markets.  More granular statistics are shown below.  Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

The number of sales inside the Park City Limits increased by 12% and median price increased 18%.

Highlights:

  • Park Meadows sales increased 15% and median price increased 21%.
  • Old town sales increased 15% and median price increased 11%.
  • Lower Deer Valley sales decreased 19% but median sales price increased 8%.
The number of sales in the Snyderville Basin increased 9% and median sales price increased 2%.

Highlights:

  • Sales in The Canyons increased 14% and but median price decreased 26%.
  • Sales in the Silver Springs area decreased 6% but median price increased 4%.
  • Pinebrook sales were flat but median sales price increased 13%.
  • Jeremy Ranch sales increased 27% and median sales price increased 5%.
  • Promontory Sales increased 13% and median sales price decreased 12%.
Jordanelle sales increased 15% and median price increased 34%.

Heber Valley sales decreased 9% and the median price increased 4%.

Kamas Valley sales increased 32% and the median price decreased 5%.

Highlights:

  • Kamas and Marion sales increased 135% and median price increased 7%.
  • Oakley and Weber Canyon sales increased 5% and median price decreased 10%.
  • Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%.
Year-Over-Year Condominium Sales

Sales inside Park City Limits increased 28% and the median price increased 21%.

Highlights:

  • Old Town sales increased 28% and the median price increased 9%.
  • Lower Deer Valley sales increased 7% and the median price dipped 3%.
  • Prospector sales decreased 4% and the median price dropped 3%.
Snyderville Basin sales decreased 9% and the median price increased 6%.

Highlights:

  • The Canyons sales decreased 13% and the median price dipped 1%.
  • Kimball sales increased 6% and the median price increased 10%.
  • Pinebrook sales decreased 16% and the median price increased 3%.
Jordanelle sales increased 17% and the median price dropped 5%.

Heber Valley sales increased 10% and the median price increased 21%.

Conclusions

Clearly each micro-market has its own character and story.  Simply reviewing the numbers is not sufficient to understand the big picture.  Individual markets can be influenced by a number of factors including specific sales that can skew the statistics.  In addition, amenities, property condition, location, and new construction impact the numbers.  The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.

Third Quarter Market Overview

By Ramon Gomez, Jr.
Oct 24, 2017

This comprehensive third quarter market report provides an overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average home prices in these two neighborhoods vary significantly.

Our predictions: Overall, compared to this time last year, we have seen a significant increase in the number of resort properties sold in Deer Valley as well as single family homes sold in the Heber Valley. As Vail Resorts® continues their commitment to Park City Mountain, especially in the upgrades throughout the Canyons Village, as well as Deer Valley® Resort’s #1 Ski Resort ranking from Ski Magazine, we believe these factors will support strong winter sales. Throughout the Wasatch Back the number of properties sold has increased approximately 17% compared to this time last year with an approximate 8% increase in average price. Finally, we expect additional new developments to come to market in 2018 in the Jordanelle, Heber, and Canyons areas. Now, more than ever, is the time to call Park City and the surrounding areas home. Data interpretation, judgment, and historical context are key elements to making informed decisions, let us know how we can help.

Park City Proper - The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, off Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.

Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.

 

 

Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.

East Summit County - Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

If you have any questions about the reports above feel free to reach out anytime. Have a great week - Ramon and Judy Gomez

Welcome To Utah

By Ramon Gomez, Jr.
Sep 20, 2017

Usually our blogs are about Park City, but this week I would like to share a little about Salt Lake City. As one of the nation’s fastest growing areas, Salt Lake City and the surrounding communities are central hubs for business, travel, and recreation. Renowned for “The Greatest Snow on Earth,the Wasatch Front has something for everyone. Bordered on the west by the Great Salt Lake and to the east by the Rocky Mountains, the Salt Lake Valley offers a limitless variety of activities and entertainment.

The city’s surroundings provide a beautiful panorama full of outdoor recreation such as hiking, camping, biking, fishing, boating, rock climbing, world-class skiing and snowboarding, snowshoeing, and so much more. As for the arts, Salt Lake City is home to performance powerhouses such as the Utah Symphony and Ballet West. The Wasatch Front has no shortage of culture, concerts, sporting events, historical attractions, and festivals. With outstanding restaurants and a thriving nightlife, there is always something to do in Salt Lake City and its surrounding areas.

Today, Salt Lake City offers everything from professional sports to concerts and theater to a lively nightlife scene to many kid-approved attractions. Best of all, the city’s backyard offers limitless year-round activities and recreations. Salt Lake City ranks in the top 10 of numerous lists including livability, safety, health, affordability, business, and employment opportunities. Steady, strong economic growth and stability coupled with innovative entrepreneurship has captured the attention of the Silicon Valley tech industry and has predicted Salt Lake City and the surrounding areas to be the next Tech Mecca as “Silicon Slopes” continues to grow and innovate.

Shifting gears back into the mountains, East Summit County is located below the majestic peaks of the Uintas, the mountain communities of Peoa, Kamas, Oakley, Woodland, Francis, Hoytsville, and Coalville boast stunning views and wild natural beauty. Popular with outdoor enthusiasts and ranchers, these townships offer a wide range of real estate options including farmstead estates, large lots to build your dream home on, and small subdivisons with a quiet neighborhood feel. Just a short distance to Park City and Salt Lake City, these towns have a preserved sense of nature and community without the hustle and bustle of a larger city.

From fishing, horseback riding, hiking, mountain biking, rock climbing, and camping these areas provide a range of outdoor pursuits. In addition to their scenic charm, each town offers its own array of community activities including the Oakley Rodeo, Summit County Fair, outdoor summer concert series, and Kamas’ Fiesta Days. Known as the “Gateway to the Uintas” Kamas, Francis, and Woodland offer pristine mountain living with the Uinta Mountains—and their 880,000 acres of trails, streams, lakes, and mountain terrain—just out your backdoor.

We love Park City, and the Wife and I are here to answer any questions you may have about our local market as well as the surrounding areas of this great state.

Good Food In Park City

By Ramon Gomez, Jr.
Sep 06, 2017

We have always enjoyed the wide variety of food in Park City, everything from Monday night $5 burgers to high-end private yurt dinners. Jenny Wilden recently posted A Foodie's Guide to Historic Park City and we think it is packed full of great links to local restaurants. Historic Main Street is the epicenter of this fun, foodie culture, and whether you’re craving the town’s best avocado toast, a rib-eye steak, or just a handcrafted cocktail, you’ll find it here. Get your buzz on at Pink Elephant Coffee, a locally owned café tucked above Prospect, a hip clothing boutique on Historic Main Street. A block off Main Street, newcomer Harvest specializes in trendy, healthy favorites, like paleo banana bread and smashed avocado toast. For an alternative to coffee, try their steaming Golden Mylk, a fusion of turmeric, ginger, cinnamon, pepper, and coconut milk. Firewood is one of Main Street’s hottest new restaurants—literally. Everything’s cooked on open-flame grills with chef-selected wood like cedar and cherry to enhance the flavors. When you’re looking to save money or feed a crowd, there’s no better place than Davanza’s on Park Avenue. For on-the-go dining, head to Riverhorse Provisions, a grocery café that’s the baby sister of Riverhorse on Main, one of Park City’s oldest and most venerated restaurants. When you’re craving something sweet, visit award-winning American eatery, Handle for Park City’s best desserts. For daytime desires, grab funky-flavored tiny donuts at Peace Love and Little Donuts on Lower Main Street. Twisted Fern is pictured in our blog this week.

Park City has many great non-profits and we wanted to share a little about one of our favorites - KPCW, a volunteer supported organization whose mission is to educate, inform, entertain and provide access to a diverse community with quality local, national and international programming.  As our community radio station, we count on KPCW to provide quality programming and local news that's important to Wasatch Back listeners, including local weather, traffic, trail, and ski reports; city and county government proceedings; and lost and found—which has reunited countless pets with their grateful owners. On August 22nd, Berkshire Hathaway HomeServices Utah Properties was proud to support KPCW with a Community Grant Challenge during the Summer Pledge Drive and has raised over $10,000 largely contributed by our philanthropic agents.

SEPTEMBER EVENTS

Monday Nights All Month: Heber Valley RR Night Train

Wednesdays All Month: Park City Farmer’s Market

Sundays All Month: Park Silly Market

Saturday Evenings All Month: Outdoor Concert Series at the Homestead in Midway

8/12 - 10/15: Oktoberfest 2017, Snowbird

9/1 - 9/2: Midway Swiss Days Festival, Midway

9/1 - 9/4: Soldier Hollow Classic Sheepdog Championship, Midway

9/7 - 9/17: 2017 Utah State Fair, Salt Lake City

9/13 - 9/16: Wasatch Plein Air Art Competition, Midway Town Hall

9/15 - 9/17: 2017 Autumn Aloft Hot Air Balloon Festival, Park City

9/22 - 10/8: Thriller by Odyssey Dance Theatre, Park City

9/23: Harvest Market, Sundance

9/28 - 9/30: Holes by Louis Sachar, Timpanogas Theater, Heber City

Second Quarter Market Review & Golf

By Ramon Gomez, Jr.
Jul 26, 2017

The 2017 Second Quarter Wasatch Back Market Overview is here. This report provides an overview of Summit and Wasatch County real estate by elaborating on each of the current mini-markets in the area: Park City Limits, Snyderville Basin, Jordanelle, Heber Valley and East Summit County.

For the complete digital online version click here. Data interpretation, judgement and historical context are key elements in making informed decisions, let me know how I can help.

Last week I promised a golf blog, so I am providing a quick snap shot on a few of the private golf communities in the area including: Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch.

Glenwild is a Tom Fazio course with 18 holes, yardage of 7,800, par 71, a course rating of 75.7 and has won "# 1 Private Golf" from Golf Digest every year.

Promontory Canyon is a Pete Dye course with 18 holes, yardage of 7,690, par 72, a course rating of 75.6 and is known as very playable.

Promontory Painted is a Jack Nicklaus course with 18 holes, yardage of 8,100, par 72, a course rating of 75.9 and "3rd Best New Private Course" by Golf Digest 2008.

Red Ledges is a Jack Nicklaus course with 18 holes, yardage of 7,041, par 72, a course rating of 73.2 and voted "Best New Private Course" by Golf Magazine 2009.

Tuhaye is a Mark O’Meara course with 18 holes, yardage of 7,800, par 72, a course rating of 75.9 and has bent grass from tees to greens.

Victory Ranch is a Rees Jones course with 18 holes, yardage of 7,600, par 72, a course rating of 74.9 and over 400 feet of elevation change.

Looking for something to do next weekend? The 48th Annual Park City Kimball Arts Festival takes place on Historic Main Street and serves as the primary fundraiser for the Kimball Art Center. Proceeds from the Festival enable them to provide, free of charge, year-round art exhibitions, gallery tours, monthly Art Talks and to offer art education to teachers, students and our community.

Each year, The Kimball Arts Festival hosts over 50,000 guests, 220+ jury-selected artists from over 30 states in 12 categories, 30 live musical acts and an array of cuisine offerings.

Festival Times Friday, August 4th, Local's Night*: 5:00 p.m. - 9:00 p.m. Saturday, August 5th: 10:00 a.m. - 8:00 p.m. Sunday, August 6th: 10:00 a.m. - 6:00 p.m. *Local's Night is free to Summit County residents thanks to the support of Park City Municipal Corporation. A Valid Utah Driver’s License/ID or Utility Bill indicating a Summit County residence is required at the entry gates.

Price: $12 for Adults$6 for Kids Kids 5 & Under are Free Admission includes entrance for all three days.

  1. I like this website a lot. Amazing info.

  2. Right here is the perfect website for everyone who hopes to find out about this topic. You know a whole lot its almost hard to argue with you (not that I personally will need to…HaHa). You certainly put a new spin on a subject that has been written about for years. Great stuff, just wonderful!

  3. Greate post. Keep posting such kind of info on your site.

    Im really impressed by it. Hey there, You've performed an excellent job. I will certainly digg it and individually suggest to my friends. I'm sure they will be benefited from this web site.discount baseball jerseys

  4. I was able to find good advice from your blog posts.

  5. Anderson says:

    Way cool! Some very valid points! I appreciate you writing this write-up and also the rest of the website is very good.

  6. Hi there to every body, it's my first go to see of this weblog; this blog contains remarkable and in fact excellent material for visitors.

  7. see here says:

    There's certainly a lot to find out about this topic. I love all the points you made.

Golf Community Market Report

By Ramon Gomez, Jr.
Jul 19, 2017

It is golf season, my favorite time of year, and this week I wanted to share our most recent golf community market report.

The golf courses are calling and many of the courses in town have special rates for locals and Utah residents. Canyons golf is offering $55 rates to Utah residents all season long. Next week I will begin to share the special features of the golf courses in the Park City area. Call me anytime and I will be happy to share my knowledge of each of the local golf courses and I hope to see you on the green.

Looking for something to do this weekend - The Park City Summer Concert Series is back for another summer! Head to the Canyons Village Stage on select Saturdays until September 2nd for free live music on select dates. Free live music starts at 4:00pm with each concert's headlining act taking the stage at 6:00pm. This year, the concert series is now moving to the Canyons Village Stage. Come kick off your sandals and get in the summer groove as these musicians perform a variety of genres including funk, reggae, and folk. The next show is Saturday, July 22nd from 4:00 pm - 5:30 pm with VanLadyLove and Drew Holcomb and the Neighbors

The Cabriolet will be open until 8:30pm on these concert dates. Due to the popularity of these concerts, guests carpooling, public transportation or riding bicycles to the show is greatly appreciated! NOTE: Dogs must be leashed within the Canyons Village at all times. Blankets, picnics and chairs will not be allowed in the concert venue until 4:00pm. Guests may bring their own chair to our concerts provided that the chair is low-back. Low-back chairs must be 12" max from the ground to the front of the seat bottom and 30" max from the ground to the top of the chair in its highest position. There are no exceptions to this rule and guests bringing chairs that do not meet this requirement will be asked to take them back to their vehicles. Chairs meeting the height requirements are available for purchase at Canyon Mountain Sports.

  1. I like the helpful info you provide in your articles. I'll bookmark your blog and check again here regularly. I am quite certain I'll learn lots of new stuff right here!

    Good luck for the next!

Our Favorite Town

By Ramon Gomez, Jr.
Jun 14, 2017

Our favorite town is no stranger to awards and accolades. So this week we thought we would share a few of the publications that rank Park City among the top cities and towns in American (and even the world). There may not be a perfect place, but if you ask us (and apparently editors and travelers across the globe) Park City is pretty close.

Conde Nast Traveler - #1 Friendliest Cities: Park City is a "friendlier and more casual" mountain town, where even at the height of winter ski season or the Sundance Film Festival in January, "the locals were extremely friendly and welcoming." World & U.S. - #1 Park City, Utah & The Best Small City in the U.S #6 Park City, Utah

An iconic mountain town frequented by ski buffs and Sundance festees, Park City was this year voted one of Traveler’s friendliest cities in the world—and for good reason. Though most popular in the winter, Park City shines in all seasons: For spring, summer, and fall hiking and mountain biking, the city has nearly 400 miles of maintained trails. Mark off time for a stroll (or two) down picturesque Main Street, and don’t miss nearby Utah Olympic Park, which comprises a museum but is still used as an Olympic training facility today.

L.A. Times 17 Destinations for 2017 - #8 Park City is 45 minutes from the Salt Lake City airport. It has an old-fashioned Main Street. And it has the biggest ski resort in the country: Park City Mountain Resort, which combined with Canyons Resort in 2015, setting off changes all over town.

Chef John Murcko’s Firewood Restaurant opened in December at 306 Main St. At 314 Main, visitors can browse landscape photos at David Beavis Gallery. At 509 Main, get caffeine from Pink Elephant Coffee Roasters. At 738 Main, get a sugar fix at Peace, Love & Little Donuts. At 890 Main, taste wine at Old Town Cellars, a private-label winery. (All opened in 2016.)

Trip Advisor Top Destinations on the Rise #2 Only 35 minutes from the SLC Airport, Park City's rugged beauty is complemented by over 100 restaurants and bars, open air concerts, numerous spas and health clubs, plays, independent film screenings, a series of world-class events and festivals, and as many kinds of lodging as there are people.

Travel & Leisure - America’s Favorite Towns #1 Outdoor bliss meets artistic street cred: America’s winning town offers snow, sunshine, and a good chance of celeb-spotting. Readers gave the city near-perfect marks for its weather and for its festivals—thanks in part, no doubt, to winter’s Sundance Film Festival. Since Utah has relaxed its liquor laws over the years, Park City also scored well with readers for wine. Choose from the extensive wine list at Glitretind, at Stein Eriksen Lodge, or the long list of bottles at the new Main Street hotspot Tupelo, whose artisanal menu includes such delights as Rocky Mountain Elk Bolognese.

America’s Favorite Mountain Towns - No. 1: Park City, Utah - When the local mines closed, Park City, Utah, turned its ambitions above ground—to its 7,000 acres of Olympic-level ski terrain—helping it transition into one of the country’s premier resort destinations, and this year’s favorite mountain town. Off the slopes, everyone converges on historic Main Street, flanked by a mix of adventure outfitters, galleries, and restaurants—including Tupelo, chef Matt Harris’s ode to elevated Rocky Mountain cuisine. Sundance Film Festival brings in the A-Listers, who feel at home in the town’s luxe hotels, like Stein Eriksen Lodge, a Norwegian-style chalet.

Sunset Magazine - 2016 Best Adventure Town - Ski towns have long been about much more than a day on the slopes. Park City, Utah, just happens to be more fun than many others; the winner for best adventure town has a gently sloping Main Street lined with shops and farm-driven eats.

The state of Utah is also a great place - For the 10th year in a row, Utah earns the top spot for states with the best economic outlook, followed by Indiana, North Carolina, North Dakota and Tennessee, according to a recent American Legislative Exchange Council (ALEC) report, Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index. The annual publication is celebrating its 10th edition with the launch of a new website that gives users the ability to compare and contrast economic trends of the last decade, featuring a new tool showing how particular policy adjustments can change the economic outlook ranking of an individual state.

State lawmakers have relied upon Rich States, Poor States as a guide for measuring the economic competitiveness of their states since 2008. The publication is authored by Dr. Arthur B. Laffer, a member of Ronald Reagan’s Economic Policy Advisory Board, Stephen Moore, distinguished visiting fellow at The Heritage Foundation, and Jonathan Williams, ALEC Chief Economist and Vice President of the ALEC Center for State Fiscal Reform.

“For an unprecedented ten years, since the very founding of Rich States, Poor States, Utah has reigned as number one in terms of economic outlook. This is largely due to the state’s many responsible fiscal policies, including an efficient and lean state government, a low overall tax burden and the state’s right-to-work status,” said Jonathan Williams. “In addition, the public sector pension reforms of 2010 have undoubtedly benefitted Utah in the rankings. Congratulations to the Utah legislators who consistently show their dedication to protecting hard-earned taxpayer dollars and promoting a strong state economy."

Neighborhoods and Activities

By Ramon Gomez, Jr.
Jun 06, 2017

Nestled beneath the beautiful slopes of the Wasatch range and just minutes away from Park City’s Main Street and Salt Lake, the communities of Pinebrook, Jeremy Ranch, and Summit Park offer perfect single family home and condominium options for commuters and outdoor enthusiasts.

With out-the-door access to Flying Dog and other legendary Park City trail systems, these communities offer some of the best recreation in the area. As for amenities, Pinebrook is home to numerous restaurants, yoga studios, and grocery stores, which create a strong sense of community among these adjacent neighborhoods. Jeremy Ranch also offers golf via its private club and manicured full course.

In terms of real estate: Jeremy Ranch is known for spacious single family homes that are bathed in sunlight and feature dramatic views. Pinebrook consists of a wide array of entry, custom and luxury home options that make this neighborhood popular among Millennials. Just up Parley's hill from Pinebrook, Summit Park offers secluded homes encompassed by mountain wilderness and numerous trail systems that award adventurers with stunning views of the Salt Lake Valley.

For anyone looking to be within easy driving distance from Salt Lake and all the recreational options Park City has to offer, be sure to look at Pinebrook, Jeremy Ranch, and Summit Park real estate.

June marks the beginning of summer in Park City. With the opening of summer resort operations, visitors and locals can make the most of world class downhill biking, chairlift hiking, rides and mini golf at the bases. With our award-winning trail system, blue bird weather, and championship golf options, we are truly an all-season community. Not-to-miss events include the mouth-watering Savor the Summit dinner, when Park City restaurants come together to line Main Street with tables for an evening of communal fine dining that draws the whole town. Also, be sure to get your Oakley Rodeo tickets--one of our favorite events of the year.

Golf Community Sales - Summit and Wasatch counties are popular amongst golfers, and the number of vacant land and single family home sales in our golf communities gives strong evidence of this trend. With over 300 sales in the past twelve months in Glenwild, Promontory, Hideout, Tuhaye, Red Ledges, and Victory Ranch, buyer demand remains strong and will likely continue, especially during the summer months. With a wide array of price points, new build options, and ample community amenities, it's no wonder that many second home buyers are investing in these neighborhoods.

With courses now open, make the most of our local golf options and explore your living options in these highly sought after micro-market areas. Reach out for more information on our local golf communities.

 

 

June Happenings in Park City

Sundays All Month - Park Silly Sunday Market

Wednesdays All Month - Park City Farmer's Market

Thursdays All Month - Night Mountain Bike Rides with White Pine 

6/8-6/10 The Kingston Trio at the Egyptian Theatre

6/15 The Watters at the Newpark Amphitheater

6/16 Erickson Antoque Power Show, Wallsburg

6/16 Deer Valley Resort Opens for Summer Operations

6/17 Round Valley Rambler Half Marathon

6/17 Savor the Summit

6/21 Changing Lanes Experience at the Deer Valley Concert Series

6/23-6/25 Bonanza Music Festival in Heber City Featuring Ms. Lauryn Hill and Odesza

6/24 Back to the 50's Car Show, Heber City Park

6/28 The Soulistics at the Deer Valley Concert Series

6/30 Park City Gallery Stroll 

6/30 Annual Oakley Rodeo Begins

  1. Bridgett says:

    Excellent post! We will be linking to this particularly great post on our website. Keep up the great writing.

Market Recap & May Events

By Ramon Gomez, Jr.
May 17, 2017

Following up on the last two weeks of blogs the Summit and Wasatch County markets remain varied and complex to read, but stable in terms of positive growth. In Park City limits, when compared with last year's first quarter, there has been only a 1% change in average single family home price, suggesting an overall stabilization of the market in town. However, in key development areas like Canyons Village, there was a doubling in the number sales and a 22% increase in average price, suggesting pockets of intense growth where there is new inventory. Similarly, gated golf communities remain popular, and Red Ledges, Glenwild, Tuhaye, and Promontory all saw an increase in the number of sales and in average price. (Remember the Mini Markets that make up Park City)

New condominium projects continue to boast the greatest buyer activity. With 190 condo sales, Jordanelle was the single most active market segment, closely followed by Canyons Village with 177 sales. These newer developments, which feature modern amenities and a range of prices, continue to resonate with sophisticated buyers. This trend is likely to continue with other new projects like those at Canyons Village and Silver Creek Junction.

In Wasatch County, Heber and Midway are the most active single family home markets with 218 and 109 sales, respectively. With new builds, attractive prices, and stunning views, these towns have seen tremendous real estate growth, which we predict will continue. To better navigate our complex market, reach out for information and options.

It is now golf season in Park City! You've Skied America's largest resort, now golf Utah's newest course. Canyons Golf Opens May 26th as well as Summer in the Mountains. From hiking and biking to the Alpine coaster and Kids Adventure Course, Park City offers family friendly activities all summer long!

MAY EVENTS

It's officially spring on the Wasatch Back, which means two-for-one entrees, Running with Ed, and mountain biking. While May can be a bit quiet, locals can find dining coupons, take tours at Red Butte Gardens, and make the most of uncrowded trails. The Egyptian Theatre has a great line up this month as does the Park City Film Series. Here are some events to check out:

All Month Park City Film Series

May 18-20 Hot Tuna at the Egyptian Theatre

May 20 Running With Ed

May 23 Jethro Tull at Red Butte Gardens

May 26 Park City Gallery Stroll 

Beyond Park City, Heber Valley boasts fishing, horseback riding, new restaurants, and dry trail systems in full bloom. Make the most of spring in the Wasatch. A few of our favorite spring hikes are Soapstone Basin, Heber Valley Overlook, and Round Valley, all of which provide spectacular views, wild flowers, and varied levels of difficulty. Here's some Heber Valley happenings:

May 19-20 Heber Valley Horse Sale at the Wasatch County Event Complex

May 26-June 3 Heber Valley Wild West Days

Park City Condominium Market

By Ramon Gomez, Jr.
May 10, 2017

Last week I addressed our Park City market concerning Single Family Homes…this week I will give you some interesting stats on the Park City Condominium market.

Very similar to the single family market, there is no such fact as “The Park City Market”…there are many sub-markets that are composed of pockets or “mini markets”. This is why your agent should speak in terms of these “Mini Markets” vs the “Park City Market” (the numbers referenced below are rounded off).

Concerning Supply, the mini markets are very different around Park City as we compare the first quarter of 2017 to first quarter 2016…

Old Town area inventory is up 26%

Lover Deer Valley is up 10%

Prospector area is down 33%

Kimball Junction area is up 68%

The Canyons is up 5% (a lot of the new construction is not officially on mls)

Overall, there is a 7.4% increase, so you can see again how looking at “mini markets” is what you need to analyze.

Concerning the Number of Sales we will compare the first quarter of last two years…

Old Town is up 8% (134 sales)

Empire Pass is up 51% (15 sales)

Upper Deer Valley is up 11% (57 Sales)

Canyons up 11% (116 sales…mostly new product)

Kimball Junction is down 2% (77 sales)

If you are interested in more Park City market numbers I have detailed stats that I am more than happy to share with you… call or email my anytime. Thank you and have a great week.

  1. Wow, thi? piece of writing ?s ?ood, my sister ?? analyzing suc? t?ings, th?refore I ?m going t? ?et know her.

  2. Great article! That is the type of info that should be shared around the web.

    Disgrace on the search engines for not positioning this publish higher! Come on over and consult with my website . Thank you =)discount mlb jerseys China

How Is The Park City Market?

By Ramon Gomez, Jr.
May 03, 2017

People always like to ask me... How is the Park City Market? This question comes from both our Buyers and Sellers. This loaded question with no short answer comes down to this... Park City is comprised of many different "micro markets". One area of Park City can be down while another area of Park City is up, and wouldn't you know this can change from quarter to quarter within the same year. Sometimes there are very clear reasons for sudden decreases or increases in our "micro markets" and sometimes not. This my friends is why you need a qualified, knowledgeable, local real estate agent. Let me share some examples of the Park City Market "micro markets" for the first quarter of 2017 as compared to the first quarter of 2016.

Single Family Home Sales - # of Sales this Quarter

Old Town Up 56%

Lower Deer Valley Up 113%

Upper Deer Valley Down 17%

Park Meadows Down 10%

The Canyons Up 60%

Kimball Junction Down 50%

Summit Park Up 150%

Jeremy Ranch Even

Glenwild/Silvercreek Up 233%

Promontory Up 8%

Trailside Down 63%

And why don't you take the Park City area market as a whole... you can see from the percentages above that to talk about the real estate market of Park City as a whole would be somewhat misleading, that being said the Park City area is overall 22% higher for the first quarter than last year this same quarter and interestingly enough Snyderville Basin is also overall 22% higher in closed sales.

Next week we will address the condo market.

  1. Pretty! This was a really wonderful post. Thanks for supplying this information.

  2. Hey there! I've been following your web site for some time now and finally got the courage to go ahead and give you a shout out from Porter Texas! Just wanted to say keep up the fantastic work!

  3. Highly descriptive blog, I loved that a lot. Will there be a part 2?discount mlb jerseys

  4. Ruth says:

    My spouse and I stumbled over here by a different website and thought I should check things out. I like what I see so now i am following you. Look forward to looking at your web page again.

  5. Opel says:

    Nice post. I was checking constantly this blog and I am inspired! Very useful info particularly the remaining part :) I handle such information much. I used to be looking for this certain info for a long time.

    Thanks and good luck.

  6. Gr?at article, totally ??at I needed.

Ski Season To Bike Season

By Ramon Gomez, Jr.
Apr 27, 2017

Spring is here and although we saw upwards of six inches of snow yesterday it is time to start thinking about all the amazing Spring/Summer activities around Park City, like bike riding. But, lets recap on an amazing winter of snow. Ski Utah posted 2016-17 Season Wrap Up: Utah’s Snowiest Winter in Half a Decade - December, January, and February were all very snowy months that featured a seemingly endless stream of powder days. It wasn’t until March that we returned to reality. High pressure finally took control and we saw 3 weeks of drier weather and warmer temperatures. March probably killed our chances of making a run at the seasonal record books, but even so, the end of season snowpack numbers are impressive statewide. It is without question, the best winter we’ve had since 2010-11. This article is complete with charts and the breakdown of snowfall at each of the ski resorts.

Fodor's Travel has a new article about Park City and writes How to Have the Best Weekend in Park City, Utah’s Most Rebellious Town. In an otherwise conservative state, anything goes in Park City, Utah. Discovery of precious metals in the 19th century, namely silver, brought miners and non-Mormons over to the region and incited an air of rebellion that the Utah town, though quaint, still hasn’t been able to completely shake. The charming Metropolitan-esque bubble surrounded by the Wasatch mountain range is a snowy paradise in winter; in summer dining extends to outdoor patios while locals and tourists gather on a spirited Main Street. The article shares their take on where to stay, the latest outdoor adventures, and where to shop, eat & drink.

As we pull our bikes out for tune-ups and get ready to hit the trails Cycling Utah has posted a great article - Mountain Bikers and the Golden Rule. Lora Smith shares her thoughts on promoting bike etiquette as she is the Resource Manager for the Mountain Trails Foundation at mountaintrails.org, one of the largest non-motorized trail advocacy groups in the west. This article shares a lot of great ideas for safety on the trails and wraps with “As a Cyclist I. . .

• Commit to following the Golden Rule – do unto others as you would have done unto you;

• Recognize that my behavior as an individual has a profound effect on the reputation of the entire cycling community;

• Recognize that my behavior as an individual has an effect on the continued access to and high-quality of the trails I ride;

• Commit to taking the high road in the face of adversity;

• Will act as an Ambassador for the trails and the outdoor community as a whole;

• Commit to making this world a better place to ride.

Happy Riding - Ramon (with my daughter and youngest grandson)

 
 
Existing user sign in: 
Forgot Password?