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.

 

Google Fiber is Coming to Salt Lake

By Berkshire Hathaway HomeServices Utah Properties
Mar 24, 2015

State Capitol - Print

Today it was confirmed that Google had named Salt Lake City the next recipient of Google Fiber, which allows for close to instantaneous internet speeds. In a statement, Salt Lake Mayor Ralph Becker shared, "We could not be more excited to have Google Fiber coming to Salt Lake City. This leap in speeds will open up an entirely new universe of exciting possibilities for Salt Lake city residents."

To give a sense of the increased speed Google will provide, ponder the following: Salt Lake currently experiences an Internet access speed of around 59.6 megabits per second; Google Fiber will provide about 1,000 megabits per second. Faster internet downloading capability will have a profoundly positive effect on student learning, medical labs, technology development….and Netflix consumption. As an example, the Salt Lake Tribune shared “the story of a Provo geneticist who is able to download information for an entire human genetic sequence in 30 minutes at gigabit speed, as opposed to 77 hours with his prior connection.”

State Capitol --4 Print

This coup is the latest development in what amounts to an unprecedented period of business growth in northern Utah. Having garnered accolades from being named the “Best State for Business” by Forbes Magazine, and the “Best City to Start a Career”, Salt Lake is only trending up. Google Fiber will be a tremendous resource to Salt Lake’s business growth.

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?

GreatRoom

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

Silver Creek Village

By Berkshire Hathaway HomeServices Utah Properties
Mar 16, 2015

Larsen overall parcel map

Overview

Silver Creek Village (the “Village”) is a traditional neighborhood village clustered among the sage meadows of the eastern Snyderville Basin of Park City, Utah. The intent of the plan is to create a "special place" with a pattern of streets, blocks and open spaces that complement, not compete with the land.

The overall Village is located on a 244.33 acre site on the southeast corner of Interstate 80 and US Highway 40, served by the Silver Creek Drive exit of highway 40. At build out the total site will accommodate: (i) 1,290 residential units consisting of 939 “Multi Family” (stacked flats or attached town homes) and 351 single family; (ii) 50,000 square feet of commercial; and (iii) assorted schools, churches and community service buildings. Of the 244.43 acres, 153.9 acres is set aside as open space. The East Basin Land Use Plan in effect at the time of the initial planning submittals identified the parcel as an appropriate location for a village development. Reasons for this include minimal impacts to existing residential communities, readily available transportation and utility infrastructure, and opportunity for clustering while maintaining visual corridors to the mountains. Environmental impacts are minimal.

The “Larsen Parcel Phase”

The “Larsen Parcel Phase” of Silver Creek Village represents 10.4% of the total density in the Village, as compared to total Village as follows:

      Larsen
Description Total Site Standard Description Parcel
Commercial Sq Ft 50,000 NA Commercial 0
Multi Family 939 Village Residential 3 Condos/Apartments 42
SF& Town Home 351 Village Residential 2 Town Homes 46
TOTAL 1,290 Village Residential 1 Single Family 46
Work Force Housing 330 TOTAL 134
Work Force Housing 34
Market Rate Housing 100
 

The Larsen Parcels’ 10.4% equates to 134 units. Included in the total density of the Village, 330 units are to be “Work Force” housing which requires the Larsen Parcels’ contribution to the overall workforce housing of 34.32 units, leaving 100 unrestricted units divided among Single Family, Multi Family, and Townhome units.  Given the location of the Larsen Parcels towards the entrance to the Village, they are effectively the first phase of the overall development.  On the following page is a breakdown of the individual parcels and their respective uses:

 

  Village   Anticipated  
Parcel Designation Use Units Acreage
1.1 Residential 1 Single Family 11 1.24
1.2 Residential 2 Cottage, Single family, Townhomes 11 0.60
1.3 Open Space Open Space NA NA
2.1 Residential 3 Apartments, Townhomes, Condominiums, Lofts 42 1.24
3.1 Residential 1 Single Family 15 1.69
4.1 Residential 1 Single Family 12 1.63
4.2 Residential 2 Cottage, Single family, Townhomes 7 0.59
6.2 Residential 1 Single Family 4 0.47
6.3 Residential 2 Cottage, Single family, Townhomes 6 0.51
8.1 Residential 2 Cottage, Single family, Townhomes 22 1.10
8.2 Pocket Park Park NA NA
8.3 Residential 1 Single Family 4 1.24
TOTAL 134
 The Environment and Design Considerations

Design standards are identified for each development parcel within the Village, including the Larsen parcels, and include specific provisions for building heights, setbacks, parking requirements, lot coverage, etc. The standards differ from the existing Snyderville Basin Code and are in place to better implement the Village Planning Principles as identified in the Snyderville Basin General Plan.

The Village is centered on a traditional "Main Street" intersection. Here, residential lofts will rise above a tree lined retail street with boutique shops, a neighborhood market, small restaurants and cafes, a post office, a bank and a variety of public gathering spaces. The architecture will strongly reflect the ranching and territorial past of rural Summit County, while applying modern elements.

Main Street terminates at the 3 acre Village Green located in the heart of the Village. The green will provide residents with a gathering space to enjoy concerts at the amphitheater, play frisbee on the great lawn, cool down at the splash pad, attend the farmers' market or an art show or enjoy any of the other park amenities such as the picnic pavilions, playgrounds and walking paths. The Village Green is oriented with Main Street to the breathtaking views of the ski areas along the eastern slopes of the Wasatch Mountains.

The community emphasizes an interconnected network of pedestrian scaled streets lined with trees, sidewalks, public spaces and a mix of residential units ranging from village lofts to single family custom homes. To reinforce the pedestrian oriented philosophy of the village, automobiles are directed to street parking, rear access garages and parking lots located to the side or rear of commercial or mixed use buildings. Each neighborhood is adjacent to open spaces. Each residence will be located within a 3 minute walk of a park providing residents with active recreation opportunities such as playgrounds, picnic pavilions, play lawns, sports courts, etc. The Village will also have over 60 acres of neighborhood and community parks providing a diverse range of active programmed uses.

The Silver Creek Village Main Street is defined by 3 and 4 story mixed use structures that establish the retail, commercial, office and boutique shop center within the Village.  Main Street will be the core of the community and will target all residents within the community. It will be pedestrian oriented with comfortable public spaces, outdoor seating, site furnishings, easily accessible storefronts and a cohesive, yet varied architectural character that is scaled to the street corridor.  Architectural details include decorative streetlights with pendants, benches and chairs, bike racks, planter beds and boxes, and decorative tree grates.  Street trees provide landscape definition and shade throughout Main Street, while landscape beds will soften the Village hardscape.

Multi-family structures range from condominiums fronting parks to various townhome clusters placed throughout the village to provide product diversity and balance.

Civic structures will provide an important cultural element to the Village and are located along the Silver Creek Drive entry to enhance the arrival experience.  Public art and architectural elements will be placed to provide appropriate visual focus within public spaces, entries, and plazas.

Basin Recreation Pic

Open Space

Open space will consist of significant and meaningful open areas as provided in large parks and open space buffer parcels as well as open spaces within development parcels as allowed by code.

Community trail locations are provided within a 20 foot trail easement on the main roadway and park parcel dedication plat as requested by the Snyderville Basin Special Recreation District.  The combination of all community trails will form a loop encircling the Village and connecting to the greater system of Recreation District trails via connections at existing underpasses, as well as neighborhood parks and gardens.

The Village Green will provide for varied activities including an outdoor amphitheater and splash pad. The majority of the park will include large expanses of turf and landscaping will provide for shade and cover and tie the park into the rest of the Village through the use of consistent tree, shrub, and ornamental plantings. Pedestrian connectivity to and through the Village Green will be the centerpiece of the Village and will serve as the major gathering point for all residents within the village.

Located at one of the most visible intersections within the Village and anchoring the west end of Main Street, the Petrified Wood Park and the Neighborhood Garden provide an ideal location to tell the history of the project site while also establishing the village vision for "Community".

Within the Village setting the Neighborhood Park has been located at the Silver Creek Drive entry providing a park landscape corridor upon arrival to the community. The Park has also been located adjacent to the civic parcels to provide shared facilities including play areas and parking in order to minimize surface parking and maximize usable park and civic area.

Park uses will be simple and well organized and the Park will embrace the existing wetlands, integrating them into the landscape through wetland and upland plantings and boardwalks. The park landscape will consist of multi-purpose turf areas for flexible use by all ages as well as native grass passive recreation areas that transition the Village landscape to the existing Silver Creek drainage corridor.

 

Photo Gallery of Sprint U.S. Snowboarding & Freeskiing Grand Prix at Park City Mountain Resort

By Berkshire Hathaway HomeServices Utah Properties
Mar 03, 2015

Winter returned in time for this weekend's freeskiing and snowboarding competition at Park City Mountain Resort. BHHS Utah was on the scene to capture these bold athletes getting elevated. Watch your heart rate...these tricks are insane!

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Building Healthy Homes

By Berkshire Hathaway HomeServices Utah Properties
Feb 24, 2015

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Sustainable green builds are more than just positive for ecosystems and your finances; they’re also beneficial for your health. In his keynote address at the latest Green Building conference in New Orleans, famed guru, Deepak Chopra, discussed the measurable ways in which "green" builds and features support health. The entire conference focused on inhabitant health, which has become the latest reason to embrace green building.

Green building has become a huge selling point as both a mark of a sophisticated, newer build and as a money-saver. According to the US Green Building Council, residential homes account for approximately 20% of carbon dioxide emissions in America; and to date, more than 1 million green homes have saved consumers an estimated $200 million annually in utility bills. At BHHS Utah, we feel that green building needs to be looked at holistically.

Rather than seeing sustainable homes as separate systems of different technologies, strategies, and materials, they need to be viewed as individual human habitats. Up until recently, discussing green building in any depth required a solid background in building or LEED certification (standardization for green building). Green Building has evolved to where builders are able to utilize sustainable technologies to build you more than a home, but a habitat that promotes wellness...in addition to meeting your standards of design, functionality, and sustainability.

While kitchens with built-in juicers, hydroponic herbariums, and bathrooms with reflexology stones and teak steam rooms might seem a bit over the top, adopting a few principle features of sustainable building can improve your emotional and physical health drastically. By using building materials with minimal off-gassing, like wood, and increasing natural light, you can decrease your risk of cancer and ward off environmental-induced depression.

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In a recent quote, Deepak Chopra stated in support of building for human health: “This is the next step in the real estate industry — understanding that sustainability should begin in the home. Our bodies are sustainable but exposed to pollution, no different than the environment.” We agree and are doing what we can to champion healthy homes. Reach-out to your BHHS agent for more info on which homes near you are adopting this trend.

BHHS Utah Listings Now on Wall Street Journal

By Berkshire Hathaway HomeServices Utah Properties
Feb 11, 2015

wsj1

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.

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. 

MAR

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.

MAR3

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

 

2014 Park City Market Overview

By Berkshire Hathaway HomeServices Utah Properties
Jan 28, 2015

market overview

The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.

2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:

-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012

-October brought more pended sales than any single month since 2006…there may be a correlation between this increase in transactions and the announcement of Vail Resorts’ purchase of Park City Mountain Resort, but it is impossible to determine this with certainty

-We had a robust 4th Quarter with sales up 28% over 2013 and up 40% over 2012: specifically condo sales increased by an astounding 11%

-Absorption rate has been under 6 months for the entire 4th quarter suggesting that inventory is low and our market favors sellers

-Distressed sales are at pre-recession levels

-Several areas experienced significantly increased interest and sales: Jeremy Ranch (+33%) and Sun Peak/Pinebrook/Silver Springs (+33%), both commuter areas saw a huge influx of buyers. This may possible be a result of Salt Lake’s ever growing economy

2014 Prices in Park City Proper

Average Condominium Sale Price: $931,210

Median Condominium Sale Price: $542,450

Average Single Family Sale Price: $1,869,048

Median Single Family Sale Price: $1,300,000

2014 Prices in Snyderville Basin

Average Condominium Sale Price: $395,224

Median Condominium Sale Price: $360,975

Average Single Family Sale Price: $1,121, 922

Median Single Family Sale Price: $775,000

2014 Prices in the Heber Valley

Average Condominium Sale Price: $199,312

Median Condominium Sale Price: $177,150

Average Single Family Sale Price: $470,498

Median Single Family Sale Price: $345,000

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:

Aerials-Inverted. Aerials-Inverted.

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

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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