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.

SLC February Events

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

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FEBRUARY EVENTS
2/1-2/13 American Chronicles: The Art of Norman Rockwell at BYU MOA

2/1-2/6 You're a Good Man, Charlie Brown at Terrace Plaza Playhouse

2/2 Vintage Dance Class at Pioneer Hall

2/5 Milwaukee Bucks at Utah Jazz

2/5-2/6 Life and Light Through the Lens at Viridian Events Center

2/5-2/6 Utah Symphony–Mendelssohns's Violin Concerto In E Minor at Abravenal Hall

2/6 Winter Palooza

2/6 The Charity Ball: A Night In Old Hollywood

2/8 The Harlem Globetrotters

2/9 In The Shadow Of The MoonFilm at Salt Lake City Public Library–Main

2/10 Wild Wednesdays: Wild Romance: A Special Valentine's... at Ogden Nature Center

2/10 Shannon & Dean Hale at The Kings English Bookshop

2/10 Ballet West's Masquerade Party at Capitol Theatre

2/11-2/12 Marvel Universe Live!

2/12-2/13 Ballet West's Romeo And Juliet at Capitol Theatre

2/13 A Gentri Valentine at Kingsbury Hall

2/16 Marchfourth! at State Room

2/19-2/20 Tanner Gift Of Music Concert at Salt Lake LDS Tabernacle

2/19-2/20 Seven Brides For Seven Brothers at Terrace Plaza Playhouse

2/23 Utah Symphony Guild–Diamond Jubilee at Zions Bank Building

2/25 Refresh Your Run at REI

2/27 Society Of Children's Book Writers And Illustrators Conference

Salt Lake City Market Update | August

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2015

August Market Overview

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Here's your monthly Salt Lake Real Estate market breakdown. August active listings were down 22% from last year; yet pendings were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pendings. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pendings. Ogden is the hottest market going by the stats.

Median price closed out at $250K, which suggests a slight pricing adjustment from June and July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant.1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).

Summary:  Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.

Utah, Salt Lake, and Another Business Accolade

By Berkshire Hathaway HomeServices Utah Properties
Aug 06, 2015

Business Facilities magazine – which focuses on corporate expansion and relocation – just issued their annual, much respected State Rankings report. As expected, Utah and Salt Lake came away with some serious plaudits. Here are some the rankings for our state and metro:

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State:

Economic Growth Potential: #1 Employment Leaders: #3

Best Business Climate: #5

Broadband Leaders: #6

Best Infrastructure: #8

Best Business Tax Climate: #9

Cities:

Job Growth Leaders: Provo – #2

Fastest Growing Metros: St. George – #5

Top Medical Device Hubs: Salt Lake – #6

Tech Jobs Leader: Salt Lake – #6

Economic Growth Potential: Salt Lake – #7

STEM Leader: Provo - #9

Utah and its dominant metros are growing at a clip. With the arrival of companies like Netflix, Adobe, Domo, Rakuten, Alliance Health, Overstock, Goldman Sachs, American Express, Skullcandy, Vivint, Backcountry, and others, we now boast one of the most robust state-level economies in the U.S. Further, we are poised to grow at a rate above domestic projections.

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What does this mean for real estate?

New housing. More housing. Influx of capital. Stability.

Our market remains complex and amounts to a patchwork of micro-markets with divergent trends and pricing, but overall northern Utah is in a moment of unprecedented, but measured growth. Our low employment rate and strong economy mean higher consumer confidence, which translates into a generally healthy real estate market.

Reach-out to your BHHS Utah Properties professional for guidance with regards to our market.

Salt Lake City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 16, 2015

A current overview of Salt Lake's market. 

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May active listings (inventory) are down 23.68% from may 2014. In general, low inventory is one of the biggest constraints on the market we are currently witnessing. Buyers should be prepared to move quickly in a competitive marketplace.

Median price current sits at $253,000, which is a new all time high for Salt Lake county.

A total 1,564 property units closed, which amounts to an 8% increase in units from 2014. While we have witnessed a slight increase in sales, the rate of increase has slowed in the past year, which actually suggests that our market is stabilizing and generally recovered from the recession.

March and April saw an increase of 35% in sales volume and 17% over the prior year. The market is definitely moving but remains segmented and hard to predict. Now more than ever, it's key to have an advisor when navigating real estate decisions. 

Summary:

While we are seeing increase in price and sales volume across the board, the rates of growth in these two sectors suggest a potential leveling-off of the market. It could be that buyers are starting to fight back on pricing even though inventory is low.  Thus, we could be seeing the initial signs of a slight slow down, which would actually be a good, stabilizing trend in our marketplace.

Reach-out to your BHHS Utah agent with any questions regarding Salt Lake's always evolving market.

Spring Forward, Community Service

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

In a recent survey, over 90% of BHHS Utah agents reported active involvement in non-profits and community engagement organizations. Real Estate occurs very much in our local neighborhoods, and our company feels passionately about playing its part.

Spring is always a good moment to take a breath, impose order, and do some cleaning. As a company, it's when we re-commit to our community partners. We offer assistance to everything from arts and culture organizations, to 5k fundraisers, to hospitals. We wouldn't be in real estate if we didn't believe there was something special about Utah.

Here are some organizations we encourage you to get involved with. Join us in improving our neighborhoods!  re6

ANNOUNCING NEW SALT LAKE FLAGSHIP OFFICE

By Berkshire Hathaway HomeServices Utah Properties
Apr 27, 2015

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Salt Lake City, UT—Berkshire Hathaway HomeServices Utah Properties today announced the opening of its new central Salt Lake office building.

Located in the Old Mill complex, this modern space provides real estate professionals with a forward-thinking open plan space that is the latest in the company’s succession of growth plans. “With over $1.8 billion in sales, we are the most successful brokerage in Utah,” commented CEO, Steve Roney. “We wanted a building that would provide our agents with room to build on that track record. We are thrilled.”

The move comes after a series of business successes for the company. In 2014, the company converted from Prudential Utah Real Estate to the legendary Berkshire Hathaway brand and was among the top ten brand brokerages in the country. Further, the company achieved more sales than any other Utah-based brokerage in 2014 and currently represents more development than any competitor. On the heels of these achievements, the company has put into motion an aggressive expansion plan, which has resulted in the acquisition of cutting edge office spaces that are ushering in a new level of innovation in the local real estate industry. In a statement, Salt Lake branch broker, Kevin Cameron stated: “This is the premier space for real estate professionals in the Valley. The location provides central access to all key moving real estate neighborhoods. The future is looking bright.”

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the #1 position in Utah’s real estate marketplace and maintains an historic commitment to community-driven service.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway is the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 8 in Fortune magazine’s 50 Most Admired Companies survey; and is No. 18 in Harris Interactive’s reputation study of the 60 Most Visible Companies. Good to know.™

Reasons to Use a Realtor

By Berkshire Hathaway HomeServices Utah Properties
Mar 20, 2015

Why FSBO is never a strategic decision.

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Marketing

Homes that are marketed well attract more buyers. Our professionals utilize cutting edge marketing resources, such as social media outreach, online lead generation, e-marketing, and traditional print media to showcase listings. 90% of home buyers come because a buyer’s real estate agent suggested the home. As an owner without representation, buyer’s agents are less likely to know about your property, making it harder to achieve a successful and timely sale.

Over or Under Pricing

Setting the right price is crucial. As a non-Realtor® you risk pricing your home inaccurately, which can result in a lack of buyer interest or decreased return on investment.

Exposing Yourself to Liability

There is liability involved with the selling of homes. When you elect to forgo using an accredited professional, you expose yourself to potential law suits and fines.

Getting Lost in the Process

The process of selling real estate remains complex, intricate, and time-consuming. Do you really know the ins and outs of lending, home inspections, and offer negotiation? If not, you expose yourself to risk.

Misjudging Offers

To make a strategic decision with regards to offers, you need to understand not just median price for your neighborhood but also broader market trends, mortgage rates, and the features of your home. A Realtor® not only has a solid understanding of micro-markets and relevant trends, but is trained in negotiation.

Knowing When to Accept and When to Pass

Selling your home is an emotionally charged process, and one that benefits from outside guidance from an objective Realtor®. Knowing when to accept, counter or pass on offers can be challenging, especially when you are understandably attached to your home and its investment value.

Communication

When selling a home, you have to be available 24/7. Does your schedule allow you to drop everything to take a call from or show your home to a potential buyer or buyer’s agent?

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What Happens During the Home Selling Process?

»» Ensuring the Buyer’s earnest money is deposited into the appropriate trust account in a timely manner

»» Providing all the necessary information and documents to the Title Company to open the escrow

»» Assisting to collect and compile the Sellers Disclosures to deliver to Buyer in a timely manner

»» Assisting to schedule any inspections the Buyer requires according to the terms of the Real Estate Purchase Contract

»» Helping negotiate any issues between you and the Buyer in regards to repairs or mitigation

»» Maintaining diligent communication with Buyer’s agent regarding any loan required on the Buyer’s side

»» Scheduling and attending Settlement with you

»» Confirming the Deed has recorded with the County Clerk

What creates a company culture? Community giving. Camaraderie over competition.

By Berkshire Hathaway HomeServices Utah Properties
Mar 09, 2015

We care passionately about supporting the needs of our community. Civic involvement forms the foundation of our company culture at Berkshire Hathaway Utah Properties. As a company we gave $110,000 in community donations last year; just as importantly, according to a survey we sent out to our 400+ agents, 80% of respondents are actively involved as volunteers and 90% identified as regular donors to non-profit organizations. As a company, we are inspired by the great humility and example shown by our agents and constantly look for ways to positively impact the localities in which we operate.

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Some of our company supported community partnerships include: a longstanding sponsorship of the Park City Performing Arts Foundation and its “Big Stars Bright Nights” outdoor concert program, the Summit County Shop-with-a-Cop event (underserved children select Christmas gifts with local law enforcement officers), the Turkey Drive (ensures in need families sit down to a true Thanksgiving dinner), Running with Ed, and the Mountain Trails Foundation Film Festival.

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As a business, we champion green building, regional economic growth, and responsible development. Real Estate remains one of the biggest industries in Utah and acts as an important indicator of our state’s economic health. As a company, we facilitate and encourage relocation and second-home ownership in Utah, which contributes to the state’s economic growth. Just as we encourage people to reside in Utah, our company is a firm believer in the necessity of responsible growth, and we always consider the needs and limitations of our community when it comes to representing developments. We represent the first sustainable development in Park City and constantly leverage our reach through our company blog and social media to support green building and environmentally sound building. Salt Lake and Park City should remain authentic and colorful.

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Real estate agents are independent contractors and often compete with each other. Our company culture champions camaraderie over competition; during our weekly sales meetings, agents openly share vital information with one another, which improves all of our clients’ experiences. Open office doors ensure that knowledge and experience is shared and mentoring happens throughout the year.  We also have a company Culture Club that looks for ways to support our agents’ professional and emotional needs.

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Contemporary has arrived in Utah

By Berkshire Hathaway HomeServices Utah Properties
Sep 08, 2014

Steel. Concrete. Elegant angles. Escher-esque interiors. Slab marble. Scandinavian Design.

It’s happened. Contemporary has arrived in Utah.

1385666_Master-Suite_800x600 Photo courtesy of Don Miller and BHHSUtah

1385653_Kitchen_800x600 Photo courtesy of Don Miller and BHHSUtah

With land sales on the rise in a major way, we have seen a thriving influx of contemporary designers and builders looking to realize their visions in Utah. This adoption of the cutting-edge is in no way piecemeal or unique to Utah’s real estate sector. In the last 5 years, Utah has garnered tremendous attention from economists, major financial and news publications, federal institutions, and even foodies for its booming state economy, gastronomic flare, cultural offerings, second-to-none scenery, and always-growing tech sector. Given that our state has been named the best state to do business, the most digitally advanced, and the best place to start a career (among other cool accolades)…it’s no wonder that locals, new residents, and second homeowners have acquired a taste for the modern…even futuristic.

In Salt Lake, you’ll see more glass and minimalistic interiors. In Park City, the dark woods of “mountain modern” are being swapped out for exposed concrete, steel, and geometric tile work. Developments that have elected to adopt New York inspired lines and designs, like the Stein Eriksen Residences, have seen unprecedented success in pre-sales (there are still a few left…but not for long). Modern builders with a thorough working knowledge of new steel treatments, energy-saving green systems, domestic hardwoods, and Italian dark marble are in high demand.

SER-4 Photo courtesy of Don Miller and Stein Eriksen Residences

821020_Exterior_high Photo courtesy of the Gardner Group

While the cost of building has gone up, so has demand. (You know…in accordance with basic market behavior.) As Utah continues on its unprecedented trajectory of growth, Berkshire Hathaway Utah looks to further cement its position as the #1 Utah brokerage to champion contemporary. We look forward to continuing to represent forward-thinking developments, internationally renowned designers and builders, and our best-in-the-biz professionals.

841508_Master-Suite_high Photo courtesy of the Linda Secrist Team

841496_Great-Room_high Photo courtesy of the Linda Secrist Team

 

Our talented team of dynamic real estate reps have played a crucial role in bringing the spirit of Frank Lloyd Wright to Utah by matching builders with vacant land, and finished homes with buyers. Reach-out for more info on the new and exciting in Utah’s real estate market.

 

 

 

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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