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Buying In Fall

By Ramon Gomez, Jr.
Sep 18, 2018

Fall’s arrival presents opportunities for homebuyers, in part due to a “back-to-school mentality,” according to a survey by ERA Real Estate. If you’re a prospective homebuyer, tap into that renewed sense of motivation – and consider the following perks – while hunting for a home this fall.

You can enjoy year-end tax breaks. Buying before the year’s out allows fall homebuyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. You can sidestep the multiple-bid minefield. Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding – and getting – the perfect home. You may have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiating with sellers who had hoped to unload their homes over the summer. You’ll be home for the holidays – literally. As ERA reports in their survey, fall homebuying activity is also fueled by emotional motivation. “As vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales,” says ERA President and CEO Charlie Young.

Looking to move to Park City, well check out How To Make The Move To Park City, Utah recently posted in Forbes. Of course, uprooting your family and moving from an urban center, where you probably have family roots and a career or business network built over many years, is no easy decision. But, if you value the mountain lifestyle, though, it's well worth the effort to explore the idea. Here is their three-step guide to making it happen.

1. Take Some Vacations - Before you even broach the topic with your family, plan a couple vacations to Park City. See what it's like to live there for a week or so, while you ski, bike, golf or just relax by the pool. (Include both winter and summer trips)

2. Live in Park City for One Year - Plan to rent a house for a year, starting and ending in the summer.

3. Buy a Vacation Property - If you can't swing a full move, then a vacation property gets you part way there. Eventually, the vacation home becomes permanent.

IN THE NEWS - Utah named 2nd happiest state in U.S. Happiness can come from a number of different sources, and those sources can vary between each person. According to a recent study by the National Academy of Sciences of the United States, one thing that does not create happiness is money. Happiness will only increase with wealth up to an annual income of $75,000. But, happiness can increase depending on where a person decides to live.

In a study by WalletHub, Utah is named as the second happiest state in the country. This placement was determined by a number of factors, including: Suicide rate, sports participation, employment, work hours, growth, income, divorce rate and more. Utah ranked No. 1 in sports participation and volunteer hours. The Beehive State placed in the bottom 10 for suicide rates. It also has the lowest divorce rate and has work hours compared to the other 49 states of America. Utah ranked fourth in safety and fifth in highest income growth.

Based on these rankings, Utah was placed second, just behind Hawaii, as the happiest state in the United States.

List of happiest states in America:

  1. Hawaii
  2. Utah
  3. Minnesota
  4. North Dakota
  5. California
  6. Idaho
  7. Maryland
  8. Iowa
  9. South Dakota
  10. Nebraska
  11. Wisconsin
  12. Connecticut
  13. New Jersey
  14. New York
  15. Virginia
  16. Massachusetts
  17. Washington
  18. Colorado
  19. Georgia
  20. North Carolina
  21. Arizona
  22. Texas
  23. Illinois
  24. New Hampshire
  25. Kansas
  26. Nevada
  27. Delaware
  28. Montana
  29. Florida
  30. Pennsylvania
  31. Rhode Island
  32. Indiana
  33. Maine
  34. Michigan
  35. Wyoming
  36. South Carolina
  37. Ohio
  38. Vermont
  39. Oregon
  40. Tennessee
  41. New Mexico
  42. Missouri
  43. Mississippi
  44. Kentucky
  45. Alabama
  46. Oklahoma
  47. Alaska
  48. Louisiana
  49. Arkansas
  50. West Virginia

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

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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®.

 
 
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