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Park City Market

Park City Construction Numbers Rise from 2012 Tally

imagesThe Park City construction industry enjoyed a solid month in March, outpacing the figures from February and the previous March, the Park City Building Department said.  According to the department, 62 permits were issued worth a little more than $4.1 million combined. The dollar figure climbed sharply from the little less than $1.2 million in permits issued in February and the just more than $1.3 million tallied in the previous March.  Through the end of March, the year-to-date total reached to nearly $6 million, up from the $4.9 million through the same period in 2012.

The March numbers are likely encouraging since it is a month when construction crews often seek the permits they need to break ground later in the spring or the early summer. The 2013 dollar figure was roughly triple those from March 2012.  The department in March issued one permit for a duplex, valued at a little less than $1.1 million, and one permit for a three-unit multifamily building. The building is valued at $998,271.84.  Alterations and additions, though, continued to push up the figures. The Building Department said it issued 45 permits for alterations and additions, valued at a just more than $2 million combined. Most of the permits, as well as the dollar value, were generated from residential properties. Alterations and additions have had an outsized impact on the numbers since the recession as owners chose to work on their existing properties instead of building new ones. Those sorts of permits, though, are typically not as valuable as ones issued for new projects.

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Park City End of Year Statistics Report for 2012

park-city-ski-resort-night-skiing_500The year-end 2012 statistical report released by the Park City Board of REALTORS® indicates an increase in the number of sales and total dollar volume, with inventory the lowest it has been in over six years. It also shows a slight gain in median prices compared to 2011. The total volume of real estate sold for the entire market area (Summit and Wasatch Counties) reached $1,240,542,783 in 2012 — a 15% increase over 2011.

The number of sales continued to climb in 2012 with a nine percent increase over 2011 in all property types combined, reaching 1,817 total transactions. This is up 61% over the low point in 2009. The number of sales now surpasses the early 2000’s and is approaching the number of sales necessary to be termed a more balanced market. Sales for the year were very strong after the first quarter of 2012. Each of the last three quarters averaged over 150 sales more than the first quarter. Quarter Four is up 28% compared to the fourth quarter of 2011.

Click here to read the entire article. 

Your Guide to Buying a Rural Property in the Rocky Mountains

imagesThe Rocky Mountains offer many pristine, rural properties, ranches and farm houses for sale.  Here are ten pieces of advice to keep in mind before buying:

  1. Is the water supply public or private? If it’s well water, you should have it tested to check for chemicals or other harmful components.
  2. Does the house have adequate septic? When a house is constructed in a rural area, a leach field is built to collect sewage and water waste. Make sure the leach field is the proper size to avoid costly construction bills down the road.
  3. Is the house on a private road? If so, you could be facing thousands of dollars in extra expenses each year, as you’ll be forced to split the bill with your fellow residents for plowing, maintenance and paving.
  4. Has the area ever experienced a major power outage? If so, how long was the power out?
  5. How is the air quality? Ask about radon levels and smog levels from any nearby manufacturing plants.
  6. What is the average snowfall? How does the town handle major snowstorms?
  7. Where are the boundary lines? Make sure the property divisions are clear and established.
  8. Who handles trash pickup? Is there a nearby dumping ground?
  9. Are there any deed and zoning restrictions?
  10. How difficult is it to maintain the property?

The Best Town in America: Park City, Utah

park-city-utah-best-towns_fe“Know how I can tell that’s a local?” asks Dana Williams, the 58-year-old mayor of Park City, Utah, nodding toward a fit thirty-something guy in a flat-brimmed baseball hat. “The bandaged wrist.”

Park City feels like a Colorado ski town dropped into Utah’s 12,000-foot Wasatch Range, with one significant difference. Unlike Telluride or Aspen, it has a major city, Salt Lake, and an international airport 30 minutes away. Local love for Park City can feel a little over the top—it got two-thirds as many votes in our contest (5,179) as it has residents. To see if that affection was justified, I parachuted in for a 72-hour, Chamber of Commerce–led recon tour. What I found was a town that breeds the active lifestyle.

In winter, Parkites can access three world-class ski areas from town: Deer Valley, Park City, and the Canyons. Then there’s climbing, hiking, and camping in 500,000 acres of wilderness in the nearby Uinta Mountains, 370-plus miles of trails, a blue-ribbon trout stream (the Provo River), and an Olympic training center built for the 2002 Salt Lake Games. More than 100 Olympians still live here. There are also lax(er) liquor laws than elsewhere in the Beehive State—and Utah’s first distillery since Prohibition, High West.

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Serious Fun — And Business — at the Park Silly Sunday Market

indexAt the Park Silly Sunday Market, it’s not all fun and games.  Yes, there are goofy hats and feather puppets and a bandstand where shoppers can shake their booties. But the market, which celebrated its 100th festival Sunday, is also a place for serious entrepreneurs to test new products and launch new ventures.

“It incubates businesses,” said Kim Kuehn, who founded the Park Silly Market in 2007.  Among them: Red Bicycle Breadworks, started by Brent Whitford and Brad Hart. Hart set up a stand at the first market and then solicited products from area farms. He asked Whitford, then working at Chez Betty restaurtant, to provide bread.

“I made 16 loaves one day, brought them over on the trailer of my red bicycle, and the rest was kind of history,” said Whitford, who moved to Park City from Connecticut a decade ago. “Sixteen became 40, became 80, and 100 and more and more. We decided we might have something here. Being able to showcase what you’re doing to such a large audience in a matter of a few hours and being able to market yourself face to face and explain exactly what you’re doing is pretty exciting.”

The Park Silly Market, which started with about 40 vendors, now has more than 160 booths; about half are operated by Utah natives — a quarter from Park City itself. Last year, more than 132,000 people attended the market.

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Park City Real Estate Is On The Rise

Real Estate in Park City Utah is continuing to show increasing signs of life. Despite the economic crisis across the country, the housing market in the Utah mountains appears to show no effect. Sustaining a few bumps on the road from time to time, some general trends may explain why this may be happening.
Historically, homebuyers have come to Utah for the winter skiing and other attractions, though as of late the slowing real estate market has created somewhat of a stall. According to trulia.com, the average listing price for homes in Park City has a 1.6 percent increase. The figures began dropping steadily in August, and slowed down in September.

The rise in average list prices in some of Summit County’s more popular neighborhoods is even more dramatic. In 84061, the week over week increase was 10.5 percent. In 84033, the increase was 36.9 percent.

The average selling price for a home in Park City is $573,400. The selling price for nearby homes is considerably lower than the asking price, so shoppers looking for a deal have some wiggle room.

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Why Fall is a Great Time to Buy Park City Real Estate

1. Experts believe that home prices (nationally) will appreciate 10% over the next 4 years. The Case-Shiller home price index, which is generally a very conservative indicator, has shown increases in home prices the past two months.

2. If you are looking for ski property in Park City, this is the time of year when such properties are not rented and easy to view. If you arrive during Christmas and think you are going to get inside the best income generating properties, think again.

3. Those families who missed the summer selling season are more realistic about pricing and more motivated to negotiate.

4. Interest rates are low. I mean REALLY low. Those who can qualify for loans are looking at rates that start with the numeral 3. Eighty percent of the buyers I have worked with this year chose and qualified for financing. The other 20 percent elected to pay cash. Inexpensive money is out there. With home prices inching back up, the homes are appraising for purchase price or more.

5. In the long term, property ownership creates wealth.

 

Mountain Real Estate Markets Gain More Stability

Real estate sales continue to improve in Park City and Vail. The market has improved dramatically in the last three years.

In Park City, property sales were up four per cent during summer and median property prices rose 11 per cent from the year before.

“It’s a slow but steady improvement,” said Mark Seltenrich, the statistician from the Park City Board of Realtors. “The biggest trend is that the really cheap properties, the low-priced condos or low-priced lots, are not there anymore.”

Curt Singleton, executive director, told The Park Record the rebounding market is reflected in the expanding roster of sales agents affiliated with his organization. “More people are getting back into real estate.”

From Vail comes much the same story, with the bottom-end foreclosures being cleared out in the down-valley markets at Eagle and Gypsum. Several agents told Mountain Town News that they have had multiple offers on properties, the first time in some years for that to happen.

The Most Expensive Place To Build Your Dream Ski Chalet

Aspen, Colo. is the most expensive place in North America to build a ski home, according to a recent study by high-end home design company Pollack + Partners.

If you’re planning to build in Aspen, expect construction costs (materials) to average $950 per square foot and the project cost (materials + labor) to be $1,235 per square foot.

“Aspen is at the top of the list perennially because it is the most exclusive ski resort out west,” Chris Pollack, president of Pollack + Partners, told Business Insider. “And that factor lets it demand the highest prices for construction costs. Everyone wants to be there.”

Big Sky, MT came in second on the list, at $900 per square foot for construction and $1,170 per square foot for the total project.

Click here to read the rest of the article, and see how other ski towns rank. 

Ten Spectacular Slope-Side Retreats

Last week the Sotheby’s International Realty® brand launched the specialty market website, skipropertySIR.com. The site connects the most discerning buyers and sellers of exceptional ski-type properties around the world.  We complied a list of the 10 Most Spectacular Ski-in/Ski-out Homes currently on the market:

1. Telluride, Colorado | $12,900,000 | Telluride Sotheby’s International Realty :  Located just steps from the trails of the Telluride/Mountain Village Ski Resort, this newly completed private residence was construct with stunning details and warm inviting spaces.

2. Aspen, Colorado | $10,900,000 | Aspen Snowmass Sotheby’s International Realty:  This château-style home with world class ski-in/ski-out access, is located in the recreational winter paradise of Aspen Highlands and boasts spectacular views overlooking the lower Maroon Creek Valley and the upper Roaring Fork Valley.

Click here to see the rest of the amazing ski properties.