Anyone who pays attention to real estate trends knows that inventory is at record lows which is driving an increase in prices and creating somewhat of a panic among buyers. (See my post from last week for the actual Park City Statistics ). People who are seriously looking to make a purchase are frustrated [...]
Here is a quick snapshot of what is happening in the Park City real estate market: Compared to the first quarter of 2012- Number of sales are up 17%. Sales dollar volume is up 28%. Best first quarter since 2007. Lowest inventory since 2006. 21% decrease in listings. Distressed properties (foreclosures and short sales) make [...]
I read a really fun article in Forbes called “The Era of the $100 Million House” by Morgan Brennan Click here for the article The article discusses the rise of $100 million homes for sale around the United States. Here are some qualities shared by these mega estates: Location. The home must be in an [...]
In my last blog post, I mentioned that demand for homes in Park City was up 21% and inventory was down 26% during the first quarter of 2013. I have been involved in several multiple offer situations this year, representing two different sellers and four different buyers. How did my sellers choose among potential buyers? [...]
There is an adage in Park City that when the snow melts the “For Sale” signs sprout. This is generally true, but this year seems to be different than most, due to a lack of inventory and an increase in buyer demand. The first quarter of 2013 we closed 94 single family homes in Park [...]
This is good news if you own a property you desire to sell, but waited. If you are a buyer, you waited too long. The median price of single family homes and condominiums in Park City is rising. All real estate is local and pricing trends vary by neighborhood and even condominium project. If you [...]
What are the best things to do in Park City? Everyone has different tastes. My favorite thing to do in Park City may not be yours. Wouldn’t it be great if you had the input of lots of different people? Statistically speaking, the result would be more robust (accurate). That’s why I love Tripadvisor. When [...]
One Hyde Park is a condominium in London where apartments sell for nearly $12,000/square foot. Clearly this development is the ultimate in luxury that only the uber-wealthy of the world can afford. Many of the residences are owned by off shore trusts making it difficult or impossible to track the actual residents. The press has [...]
I work with real estate agents more frequently than the average person. The good ones save their clients plenty of money, heartache, and liability. Capable agents make the transaction seem easy, while the client has no idea what is going on behind the scenes. In today’s world, most properties for sale can easily be found [...]
Two years ago my clients, Dr. and Mrs. Smith (not their real names, but the rest of the story is factual) purchased a condominium at Bear Hollow Village. They paid $485,000. They used the condominium for the past two summers and for family ski trips. They donated a week at their condominium to various auctions. [...]