Blog

My subject matter is largely made up of questions I am asked by clients and other individuals considering Park City as a place to own or to visit. Most of the questions I am asked pertain to our Old Town and Deer Valley real estate, but I welcome any questions relating to the Park City market or any real estate topic. I will address every question honestly and answer to the best of our ability. I respect our competition but I don’t shy away from discussing differences in product and services when asked. In addition to answering your questions, we enjoy sharing stories of our clients successes, open houses and Ski and community events of significance.

 

BHHS Utah Tips: Real Estate and Taxes

By Berkshire Hathaway HomeServices Utah Properties
Feb 29, 2016

Tax considerations for buyers and sellers
 

taxes

Buyers and sellers need to be informed about tax considerations before entering a transaction.

If you have purchased or sold a home last year, there are a number of tax deductions for which you may qualify. Here are some important factors to keep in mind:

Profitability: According to the IRS, if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.

Interest: Currently, much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.

Selling costs: Broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and currently may be used to reduce one’s taxable capital gain by the amount of the selling costs.

Refinanced mortgage points: They may be deductible, but not all at once. Homeowners who refinance may be able to immediately write off the balance of the old points and begin to amortize the new points. Interest paid on a home equity loan or similar line of credit may also be deducted.

Points/origination fees: On a home loan, if points or origination fees are paid during the purchase of a home, they are currently generally tax-deductible for the year in which they were paid.

Repairs/remodels: Qualifying capital improvements may be able to be deducted, including costs of a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating or cooling systems and landscaping.

Relocation expenses: If you move because of a new job, you may be able to deduct some of your moving costs. To qualify for these deductions, you must meet several IRS requirements, including that your new job is at least 50 miles farther from your old home than your previous job. Moving-cost deductions can include travel or transportation costs, lodging expenses, and fees for storing your household goods.

Property taxes: Currently deductible from your income. If you have an impound or escrow account, you can’t deduct the money held for property taxes until the money is actually used to pay your property taxes. City or state property tax refund reduces your federal deduction by an equal amount.

First-time buyer credit: For those buyers who took advantage of this credit within the past two years, remember that if within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.

Another important tip for those moving into a new home is to make sure you update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS.

Tax laws change every year, and certain tax deductions become available while others phase out. Speak with a professional tax consultant about these and other considerations.

 

BHHS Utah Listings Now on Wall Street Journal

By Berkshire Hathaway HomeServices Utah Properties
Feb 11, 2015

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All BHHS Utah are now featured on the Wall Street Journal. 

As part of a new partnership between Berkshire Hathaway HomeServices and Wall Street Journal, all of our firm listings now appear in the Wall Street Journal's online Real Estate search section. Search under Utah to view all relevant listings.

We are thrilled with the robust marketing efforts championed by Berkshire Hathaway HomeServices. As one of the most respected brands in the world, BHHS has the gravitas and powerhouse network to ensure every BHHS client benefits from utilizing our services.

As more and more consumers move their property searches online, you can be sure that as a BHHS client your listing is given every advantage in the digital sphere.WSJ Screen shot

The Wall Street Journal is a perfect match for the Berkshire Hathaway HomeServices brand. Accordingly, the brand has negotiated for affiliates to capitalize on all that the Journal has to offer. “We are excited to roll out this program,” said HSF Affiliates VP of Marketing Kerry Donovan. “From online, to print, to listing syndication, The Wall Street Journal reaches the affluent market we target through our brand.”  

In addition to being among the digital listing feed, BHHS has secured long term advertising for the brand in both the print and online edition of WSJ.

Our Market Share

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2015

We're the most successful brokerage in Utah.

With $1.875 billion in sales in 2014, we are Utah's largest brokerage.

We are the leading representative of developments, luxury properties, and clients who value trust and results. It is an honor to represent the community we love--our results indicate more than success; they illustrate how passionate we are about providing the best real estate service in Utah.

In Park City, we hold healthy margins in all key market areas. Our market share supports firm clients by increasing their reach and removing complexity from the intricate process of buying and selling property. Buyers and sellers can be assured that they are dealing with established professionals who are supported by Park City's most recognized and experienced real estate company.

Here's how we stand in Park City:

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In Conversation with Gallery MAR

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2015

In Conversation with Maren Mullin, Owner of Gallery MAR on Main St. 

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1.     What do you find inspiring in art at present?

Artists who take risks and work with media in new and interesting ways. Like many collectors, I love to be surprised.

2.       What art trends are taking place currently? What are some of your current favorite artists and why?

I try to avoid trends at Gallery MAR, and work with artists whose work and careers will continue to have a lasting legacy. We are seeing a resurgence of enthusiastic (wax) work across the board, and one of my personal favorites in the gallery is Bridgette Meinhold, who works in this media and is a local artist. Her paintings are serene and evoke a feeling of being lost among the pines in our beautiful backcountry.

3.       What inspired you to open Gallery MAR in Park City?

I always knew that I wanted to run my own business, and the art world is an always-changing, fascinating business. I love working with artists, and seven years ago felt that the time was right to take a risk and go out on my own. We have an incredible group of female business owners and entrepreneurs here in Park City, and I continue to be inspired and encouraged by them.

4.       How has Park City’s art community developed in recent years? Do you see Park City as an artistic community?

Thankfully, we are seeing more and more destination visitors who are coming to Park City to expand their art collections. Indeed, we ship artwork allover the world. Park City is a town full of creative souls, but most of our artists at Gallery MAR are from all over the country.

5.       What’s your background?

I moved here to live with my husband Matt Mullin and seven years later we got hitched. I grew up in Seattle and lived in LA prior to moving here and was gratefully exposed to fine art and music in my childhood.

6.       How do you think art improves interiors?

I believe that we should surround our selves with beauty -- our decor should all bring us joy and be beautiful. Artwork is a way to express yourself. Artwork improves our interiors, but also our lives. There is no doubt that a household that has been staged with fine art will sell faster.

7.       Which art trends and artists should homeowners buy into that would have the highest return on investment?

I always say, "buy what you love!" and I will continue to. We each have such personal and interesting tastes, and with artwork you should always go with your heart. Very few collectors want to re-sell their artwork in their life time, and instead buy what they love... and move it from house to house as they themselves move on.

If you are just starting your collection, look around and visit our beautiful Park City galleries. You will find a plethora of options, at all price points.

8.       What’s your process when you select artists to showcase in your gallery?

I work with artists whose artwork will fit a contemporary mountain home. We are very careful curators, and only bring in a few new artists every year. Our variety is great, but each artist is highly credible and high quality.

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Rapid Fire Questions:

1.       Park City resident since: December, 2003

2.       Favorite Park City Restaurant: My neighbor, Purple Sage

3.       Favorite thing to do in Park City: You're asking this mid-winter? Spaaaahhhh!

4.       Biggest source of inspiration: My incredible husband

5.       Your passion: My Family; especially my newly toddling daughter Jane

 

A Local’s Guide to Sundance

By Berkshire Hathaway HomeServices Utah Properties
Jan 22, 2015

sundance This photo is the property of BHHS Utah.

Sundance Film Festival has begun, and we’ve got our cameras ready to snap shots of all those famous folk who are mingling outside the places we usually buy coffee. While Sundance brings film, art, and culture, it can also be a bit of a nuisance…especially if you have a car to park. Here are some tips to enjoying the fest and avoiding the hassle.

If you can, ditch the car.

It’s impossible to drive, park, buy gas, etc… during Sundance. For fun, we recommend renting a fat tire bike at White Pine Touring. It facilitates travel, allows you to people watch, makes you feel really good about reducing your carbon footprint, and it’s fun!  Or, utilize Park City’s extensive bus system. While it is possible to walk between many of the theatres, check your theatre location beforehand as some venues are spaced farther apart than others.

For food, explore off-the-beaten-path options.

Chances are, unless you have won an Oscar, you’re not going to be able to get a reservation at any of the Main Street restaurants. Don’t despair! There are several options just outside of town. We love Billy Blanco’s, Spin Café in Heber, O’Shucks at Quarry Village, Park City Bread and Bagel (for lunch and breakfast) and Silver Star Café.  There are also a plethora of foodie havens in Salt Lake. For shopping, Fresh Market – Jeremy Ranch, is only 15 minutes out of town, but tends to avoid the crowds. Fairweather Foods offers an alternative to the lines at Whole Foods and has some great prepared foods for the health conscious.

Couldn’t get tickets? Here are some hacks.

Getting tickets for Sundance can be tough. There are Day of Show tickets available every morning at 8 am. Go to the main Park City Box Office and try your luck….these tickets must be purchased in person. Enjoy Slamdance! This indie film fest happens simultaneously to Sundance and presents more options for scoring tickets.

Still couldn’t get tickets?

That’s ok. Sundance provides high amusement for mere spectators. Walking up and down Main Street, stargazing, and enjoying the general scene can be just as fun. We also recommend checking out the various art and cultural events going on during the fest. Here’s the inside scoop on some non-film fest events taking place: Gallery MAR will host the works of professional climber, National Geographic contributor, and Sundance filmmaker, Renan Ozturk the 24th and 25th. Park City Live hosts a variety of the big name bands and performers. Atticus Coffee House has a line-up of Indie music bands playing…get a fresh cup o’ and enjoy some tunes.

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A Year in Review

By Berkshire Hathaway HomeServices Utah Properties
Jan 05, 2015

Reflecting on 2014.

2014 was momentous for our company.

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Our June transition to Berkshire Hathaway HomeServices was a success and has already contributed substantively to our growth throughout northern Utah. Adopting the most respected brand in the world (according to Barron's famed annual poll) has provided us with the latest in sophisticated market watching and marketing tools. From proprietary digital e-mail systems, advanced market statistic reports, and cutting edge social media monitoring, our clients are given every advantage needed to position themselves successfully and make informed decisions in today's market. 

In 2014, we were also named the largest brokerage in Utah in terms of sales volume, with over $1.8 billion in sales.* It is an honor to be Utah's choice real estate firm, and we look forward to building on our stronghold. Locally, the arrival of Vail with its newsworthy purchase of Park City Mountain Resort and its announced intention to combine Canyons Resort with PCMR has energized the town and the real estate community. As the largest development brokerage in Park City, we look forward to contributing to the responsible growth of our town and market.  

*2014 announcement reflects sales volume achieved in 2013 according to MLS statistics. 

2014 Market Recap.
  • Our marketplace remains highly segmented. 2014 illustrated the complexity of our local market place. Given the variety of product and price points in our real estate community, it is not surprising that certain areas such as Old Town and Heber Valley saw intense activity and growth, while other areas like Park Meadows saw erratic price variation. As ever, the assistance of an informed professional remains critical. 
  • Median sale price increased. While vacant land and certain neighborhoods saw stunning price increases, most areas saw a gradual and measured increase of median price. 
  • Inventory remains low. We witnessed limited inventory, particularly in Q2 and Q3 but predict that given the excellent climate for selling, we will see a return of more options in 2015. 
  • The development market has returned. BHHS Utah represents more developments than any other Park City brokerage and can say with authority: the development market is healthy and heating up. From large acreage ranch properties to contemporary luxury builds in Deer Valley, Summit and Wasatch counties are entering a period of intense growth. Investment opportunities abound.  
  • Consumers found their confidence. Consumer confidence returned to pre-recession levels, which had a hugely positive and stabilizing effect on the domestic real estate market. 
  • The market as a whole has normalized. Distressed sales and failed developments are a thing of the past. In 2014, the market returned to pre-2008 levels.

What we expect from the market in 2015.

  • Our market will remain segmented. Park City offers real estate options for every buyer, which makes our jobs here a bit easier. It also means that each neighborhood operates as its own market.
  • Inventory will return. Inventory remained relatively low in 2014 (there was a slight increase from 2013), but it seems likely that sellers will capitalize on the current climate, which will increase inventory gradually over the course of 2015.
  • Vail's purchase will have a positive effect on Park City's market. Vail's creation of the largest ski resort in America is sure to have a positive impact on our market place. We have already seen price increases in and around Canyons Resort and Old Town. 
  • Foreign buyers and visitors will increase. While foreign buyers have historically accounted for less than 1% of local buyers, Vail's arrival and its roster of foreign Epic Pass holders along with Salt Lake's ever growing economy will result in an increase in international visitors and potential foreign buyers. As a global brokerage, we are equipped to meet the needs of and reach a global client base.
  • More development. Summit and Wasatch counties will continue to garner interest from developers, meaning new and different product for buyers to select from. 

January Events:

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12/31 Canyons New Year's Eve Celebration and Fireworks

12/31-1/3 The WHO Show performing "Tommy-the Rock Opera"

1/2-1/4 Park City Film Series - Antarctica: A Year on Ice

1/1/-1/4 The Interview premiers at the Park City Film Series

1/7-1/10 FIS Freestyle Ski World Cup at Deer Valley Resort

1/10 Winter Trails Day at Soldier Hollow

1/17 Park City Institute presents Aiofe O'Donovan at Eccles Center

1/22-2/1 Sundance Film Festival

BHHS Poised to Expand Internationally

By Berkshire Hathaway HomeServices Utah Properties
Dec 30, 2014

Berkshire Hathaway HomeServices kicks off next phase of expansion.

We are thrilled to announce Berkshire Hathaway HomeServices' announcement of its intention to expand internationally in 2015. In Utah, we have seen a notable influx of international visitors, companies, and diplomatic missions, and we believe our brand's expansion overseas will allow us to increase our reach globally and assist with our international clientele.

According to Inman news, who reported on Berkshire Hathaway HomeServices growth:

Having brought nearly all of the brokerages that once did business as Prudential Real Estate under its wing, next year Warren Buffett’s new franchise network will fix its sites set on a new target: independent brokerages and companies affiliated with other brands.

That includes overseas firms, says Gino Blefari, who on Jan. 1 will take the reins of HSF Affiliates LLC, the joint venture that runs the Berkshire Hathaway HomeServices, Real Living and Prudential Real Estate brands.

“2015 is going to be all about growth,” said Blefari, who is replacing Prudential Real Estate veteran executive Earl Lee, 69, as CEO of HSF, a joint venture between Buffett’s brokerage company, HomeServices of America, and Brookfield Asset Management.

The BHHS network has grown to more than 34,000 agents in 47 states. Now, the franchisor is poised to catapult into the global arena and claim its place in the ranks of elite international real estate franchise brands like Re/Max, Keller Williams, Century 21 and Coldwell Banker.

BHHS could add its first overseas affiliate as soon as the latter part of next year, BHHS President Stephen Phillips told Inman.

Asia is among the burgeoning real estate markets BHHS is looking to set up shop in overseas. “The China market is boiling over,” Phillips said.

We look forward to welcoming our affiliates overseas. Utah has always been an international destination--we believe in the coming years it will also become a popular place among global real estate investors and home buyers.

Deer Valley Announces Major Expansion Plans

By Berkshire Hathaway HomeServices Utah Properties
Dec 15, 2014

Deer Valley hopes to connect resort to Old Town.

In a meeting with the Park City Council, Bob Wheaton, the President and General Manager of Deer Valley Resort, shared Deer Valley's plan to dramatically increase their ski terrain with eight new lifts, which will serve approximately 1,000 acres of new runs. Wheaton also discussed the Berkshire Hathaway Utah Properties listed development at Mayflower (above the Jordanelle) and expanded residential communities in and around the resort. Most exciting, Wheaton confirmed that Deer Valley intends to try to connect the resort directly to Old Town via a Gondola System.

There are two options, the first option involves two connected gondolas; the second option would involve a single gondola running between Silver Lake Village and Old Town. In addition to providing visitors and locals easy access to the resort, city council members believe this plan will help reduce Park City's traffic.

Wheaton relayed that these expansion plans could begin as early as next summer, but that cost (particularly with regards to the gondola) was an issue, and the resort would be cautious. There are also proposed improvements to the parking lots at Snow Park.

For additional information, see the Park Record's coverage on this meeting.

All in all, it is safe to say that Park City's resorts are entering into a phase of serious growth and evolution. We look forward to seeing what the future holds and continuing to represent the real estate interests of those who share our affinity for our mountain town paradise.

Christmas Gift Guide

By Berkshire Hathaway HomeServices Utah Properties
Dec 12, 2014

In the Know:

Our latest #intheknow installment! Here’s our ultimate online Christmas gift guide.

For Her:

Herbivore Botanicals is an only organic luxury spa line that is guaranteed to improve both your complexion and your chi. We are especially in love with their Spa Collection. Get your soak on!

Alexis Bittar baubles put a pep in any chick’s step. Designs are unique and expertly crafted. We are particularly in love with Bittar’s statement earrings.

When it comes to first tier cooking knives, Japan knows what’s up. Korin knives are the best in the biz when it comes to precisely de-sectioning poultry. A mere hostess will be elevated to the level of Supreme Ruler of the Cutting Board.

For Him:

Beard maintenance and shaving have undergone an unprecedented evolution in the last few years. Here in UT, we embrace beards and novelty facial hair styles of all varieties. Harry’s takes the cake when it comes to offering the next level in clean-close Bond shaves.

Ties used to be the cop-out gift…no longer. Thanks to Lord&Lady Co., ties have been reinvented much to the relief of wives and girlfriends everywhere. Your man will stand tall and proud in any board room with these handmade southern gentleman numbers.

Because dudes can never have too many travel coffee mugs. Ya. We know.

For Either:

Duckworth is a "Montana source-verified wool company that uses 100% Helle Rambouillet merino, grown in a natural environment, raised on mountain pasture, and processed and built 100% in the USA." Ya. Top that description: buy a tee, be transported to the wilds of Montana...and feel really good about yourself the next time you read an article on the criminality of outsourcing.

Danner makes the best outdoor boots. Period. You have probably recently spotted a pair of Danners walking the Pacific Crest trail in the acclaimed film, Wild. Our in-house hiking and backpacking enthusiasts swear by these all leather, made domestically, Cadillac shoes.

Take your craft cocktail game to the next level with gourmet bitters. Our office mixologists have seen particular success with the Black Lemon Bitters…dazzle your company with your 14+ ingredient drink.

Field Notes meet our high standards for both design and functionality. These mini journals are dang useful and make you look quite clever.

We haven’t been this excited over a home candle in…well…forever.

Open House Saturday, May 23, 12-4

By Trish and Hillary
May 20, 2015

Come and see this stunning horse property with spectacular ski resort views.  Saturday, May 23, from 12-4.1228599

 
 
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