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.

 

In Spite of Low Inventory, Wasatch Front Home Sales are Up

By Berkshire Hathaway HomeServices Utah Properties - Wasatch Front
Mar 04, 2016

While inventory along the Wasatch Front is down... way down, sales are up across all Wasatch Front counties.

Taking a look at Salt Lake County in January of this year, inventory is at 2430 homes across the county. That is down 30.20% from January 2015, yet sales are up 12.89% in the same comparison. In Weber County inventory is down 31.82% in January but sales are up 10.19% and pending sales are up 16.35%. Utah County had similar results in the same period comparison; 12.63% increased sales with 26.44% less inventory. What is amazing is Davis County has a 12.50% increase in sales over January 2015 in the face of a 41.38% drop in inventory!

Berkshire Hathaway HomeServices Utah Properties is doing well along the Wasatch Front. In 2016 to date, Salt Lake Countty has 12.03% Market Share. Century 21 Everest Realty Group is in distant 2nd place with 9.99% Market Share. BHHS agents are listing homes at a higher average price than anyone in our market and closing sales at 98.01% of asking price.

So far, 2016 is shaping up to be a great year for real estate. Median home prices are up across the Wasatch Front and are likely to continue up into the spring. The shortage of home listings is a concern and needs to be addressed as we move into the warmer sales months. For those considering selling, now is the perfect time to capitalize on your investment. There are plenty of buyers and interest rates have dropped in 2016 instead of rising as predicted at the end of 2015.

Announcing | The Enclave at Sun Canyon

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

Art in Architecture | Contemporary, Built for Living, Surrounded by Nature. 

 

We are thrilled to announce our partnership with Enclave at Sun Canyon. We specialize in developments; and, under the guidance of the Enclave agent team, we will continue to position the Enclave at Sun Canyon as one of Park City's most forward-thinking developments in terms of design, quality of life, and community.

 

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Enclave at Sun Canyon is a community of 33 luxury townhomes and four custom homes, designed to blend with their natural surroundings. Located in the heart of Park City, Enclave is just minutes from three world-class ski resorts, Utah Olympic Park, Redstone Village and Historic Main Street with premier dining, shopping, theater and festivals. The Salt Lake International and private Heber Airports are within 35 minutes of home.

Constructed of stacked stone, floor-to-ceiling glass and a combination of grass and metal roofs, these residences have been designed to capture their mountain surroundings and offer residents a contemporary living space esconced in nature. Both the one acre homesites and the 33 town homes have been carefully situated to take advantage of views, sun exposure and access. Careful architectural guidelines ensure utmost quality and respect for surrounding nature and allow for custom homes ranging in size from 5,000 to 6,000 square feet (the town homes range from 3,500 square feet to 6,500 sq ft).

Life at Enclave includes majestic alpine scenery with more than 60 acres of open space and private trails and an additional 1,000 acres of adjacent Mid-Mountain Trails for hiking, biking, snow shoeing and cross-country skiing.

Click for site plans, FAQs, and details on the residences.

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Down to the Details

From natural grass roofs, to stone counter tops, to heated floors (the heated floor are only in the bathrooms, the rest of forced air), and contemporary interiors, the residences meet the highest standards of modern aesthetics and amenities, offering owners an unparalleled living experience.

Outstanding features include:

  • Stone and cedar siding with reclaimed heavy timber accents
  • Combination corrugated metal, rock and natural grass roofs
  • Open metal railings and staircases
  • Heated driveways
  • Heated flooring in bathrooms
  • Stone slab countertops
  • Euro-style frameless shower doors
  • Dual vanities
  • Adjacent walk-in closet with washer/dryer
  • High-efficiency, forced-air heating and air conditioning
  • Unique gas fireplaces in great rooms and masters
  • Wood and natural stone flooring
  • Floor-to-ceiling glass windows and doors
  • Metal-clad wood frames
  • Built-in Thermador kitchen appliances
  • Granite and quartzite countertop options
  • Kohler faucets, toilets and shower heads
  • Hydrotherapy tub option
Click for a complete list of features.

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For secluded mountain modern living, Enclave offers residents seamless natural living with all of the features, down to the truly detailed, that make life in Park City a dream.

Salt Lake City Market Update | Summer 2015

By Berkshire Hathaway HomeServices Utah Properties
Aug 20, 2015

Market Overview | Information you can trust. 

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-While active inventory is down 26% from last July, pended sales are up 30% in Salt Lake County and surrounding areas.

-Median price is currently $260,000, which is an all time high for Salt Lake County and has been moving upwards at a steady rate of 2% since February.

-1,074 properties closed, which represents a 19% increase from the same time last year.

-In Salt Lake County, June 2015 was the first month in the history of the MLS where sold volume amounted to over $500,000,000.  Both June and July of this year did over $500 Million in volume. Again, that's never happened. In the summers 2006 and 2007, more units closed than this summer (about 10% more) but those sales did not amount to the same volume amount.

-Summary: Our market is strong and is trending upwards at a measured pace. In spite of slightly constrained inventory, we are still seeing a notable increase in sales and pendings, which suggests buyer confidence.

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The East Bench (Sugar House, Harvard-Princeton-Yale, 9th and 9th) boasts some of Salt Lakes most attractive residential micro-neighborhoods. Filled with restaurants, boutiques, yoga studios, public park, walkable urban centers, and young energy, this is one of the best places to live in the city...the market is reflecting the interest.

-There are currently 86 homes for sale and only 20% of them are listed for under $400,000; the median asking price is $515,000.

-48 homes are currently under contract in the area, suggesting less than 2 month supply of homes, which is the lowest in the country.

-There were over 11 sales for over $1 million

Utah Olympic Park Re-Opening

By Berkshire Hathaway HomeServices Utah Properties
Jun 26, 2015

After $1 million in improvements by the Eccles family, the Utah Olympic Park will debut its new its ramps this weekend. Park City continues to be a hub of national and olympic athlete teams, which helps preserve the authentic mountain character of our community.

We are stoked to see this generation's athletes launch off this Saturday in their much deserved new training facilities. There are already rumors of Salt Lake being the site of another Olympic games. These additions to UOP are certain to help make that a reality.

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Earnest Money Deposit

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

Buyers today understand they need a sizeable down payment and a strong credit score to secure a conforming home loan. They must hold liquid funds for another financial obligation—an earnest money deposit—to be paid when they make an offer on a home.

Earnest money is handed over to the seller’s agent or the title company when a purchase contract is signed. This demonstrates that the buyer is serious about the transaction and is backing it up with cash.

Without this, buyers could simply make offers on many homes, essentially taking them off the market until they choose a favorite. Sellers rarely accept offers without it.

There is no set amount for an earnest money deposit, so it’s negotiable. If there are multiple bidders, the seller may ask for up to 3% of the asking price as earnest money. Assuming the transaction results in an accepted offer, earnest money goes toward the buyer’s down payment and closing costs. If the transaction falls through, the buyer may have to forfeit a nominal cancellation fee or more.

Be sure the purchase agreement outlines the refund process. Remember, a buyer can lose earnest money through default, which happens when he or she does not perform according to the terms stipulated in a purchase and sale agreement.

Work carefully with your agent to ensure a clear understanding of all terms and obligations.

In Conversation with Kim McClelland and Deer Valley Lodging

By Berkshire Hathaway HomeServices Utah Properties
May 13, 2015

As part of BHHS Utah's "In Conversation with..." series, we sat down with Kim McClelland, Director of Lodging Operations for Deer Valley Resort. We were interested to see if McClelland had witnessed any outstanding trends, how business had been throughout the season, and any noteworthy visitor behaviors. 

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Although “The Greatest Snow on Earth” was conspicuously absent this winter, Park City’s three resorts successfully utilized their snow making and grooming capabilities to continue to provide a world class experience to visiting and local skiers.

So the obvious question is what impact did the paucity of snow have on Park City’s business activity? The answer is surprising little. Because of the outstanding capabilities of the resorts to make snow, combined with the strong brand identity Park City has built over the years and its ease of access, business has been very strong throughout the community.

Restaurants appear to be pacing ahead of last year. A number of business owners in the service industry are reporting gains in the range of 6% to 10% over last year. The lodging community is also reporting business levels that are up, and everyone is anticipating a strong finish to the season. At Deer Valley, our lodging numbers are pacing ahead of last year by 9%.

This season brought a strong influx of international travelers, which significantly supported business levels. According to our stats, Australia accounted for the largest number of international visitors followed by Mexico and Brazil. Domestically, our #1 destination market remains California followed by Texas, New York, New Jersey and then rounding out the top 5 is a virtual tie between Florida and Illinois.

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The unseasonably warm temperatures and lack of snow on the West coast and along the Northwest corridor most probably resulted in more Park City visitors. Special events like the Sundance Film Festival, Visa Freestyle International World Cup at Deer Valley and the Grand Prix races at Park City continue to draw additional pulses of visitors and media attention.

Overall, the consensus around the community was that the 2014-15 ski season was a successful one, with business activity pacing at least as well as last year if not a little better. That is an amazing accomplishment given Mother Nature’s lack of cooperation this year. This season’s success stands as a testament to Park City’s recognition as one of the premier destinations in the country.

Kim McClelland

Director of Lodging Operations

Deer Valley Resort

First Quarter Real Estate Market Recap

By Berkshire Hathaway HomeServices Utah Properties
Apr 29, 2015

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A few notable trends from 2015 so far in our market:

The market is stable - Total volume sold (all markets and types) is up 9% from the same time last year; average sale price is up 5%; and median sale price is up 6%. These numbers suggest that growth is steady and improving at generally the same rate as the overall domestic economy.

Our market is as segmented as ever - A lack of inventory is limiting the number of single family home sales in several historically popular areas (Silver Springs, Old Ranch Road, Pinebrook). However, condominiums and vacant land have seen robust interest and sales. Certain areas, like Canyons and Sun Peak, have also seen tremendous micromarket growth.

Within city limits, prices are going up. Popular in-town residential neighborhoods like Park Meadows are seeing measured price increases with similar sales numbers from last year.

Condos are hot! Condominium projects especially those within city limits have been selling at an unprecedented rate. This trend is not unique to one price point.

We are back to a 2006 benchmark. March 2015 saw the most amount of pended sales of any month since 2006. This is cause for celebration--it suggests we have made a full recovery and are now back on a healthy growth trajectory.

 

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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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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