Park City
President Bush in Park City, Utah
June 2nd, 2008 Categories: Lifestyle & Activities, Park City, Utah Facts and Fiction
Good thing I dodged the road closure last week caused by the presidential motorcade! It was quite a scene along Kearns Blvd, where Marine One–the President’s Helicopter–landed near the Treasure Mountain Middle School in Park City Wednesday afternoon.
President Bush was Greeted by a Mixed Crowd in Park City, Utah
Crowds lined the presidential motorcade route. Many cheered and gave the President the “Thumbs-Up” as the motorcade passed, but others held signs and flipped the President “The Bird” for his unpopular policies.
The motorcade traveled to Stein Eriksen Lodge, where the presidential entourage occupied 60 hotel rooms for the night.
Former presidential hopeful and 2002 Winter Olympic chief Mitt Romney hosted an exclusive $35,000 per person fundraiser for the Republican Party at his exclusive Deer Valley home.
Park City, Utah is Poplar Fundraising Stop
The deep pockets of Park City and Deer Valley residents has made Park City a vital stop on the campaign trail…and not just for the republicans!
Democratic candidates also made stops in Park City to raise campaign funds.
Within the past few months, both Senator Barack Obama and former President Bill Clinton were in town raising money.
US Presidents Love Park City For Business and Pleasure
President Bush is the second Consecutive President to visit Park City, Utah while in office.
Former President Bill Clinton and his family visited Park City twice during his secong term for winter ski vacations.
Park City is a Magnet for High-Profile Visitors
Indeed, for a small town, Park City draws high-profile visitors. Tiger Woods was just here for a recent knee surgery, and basketball legend Michael Jordan recently purchased a home in the area.
A-list celebrities descend on Park City during the Sundance Film Festival every January.
Park City & Summit County Taxpayers Get Stuck with the Bill!
Police Chief Lloyd Evans said Thursday night the Police Department probably spent between $10,000 and $20,000 protecting the president on the overnight trip, as police officers logged overtime shifts for traffic control and motorcade security.
The Summit County Sheriff’s Office, also amassed about $30,000 in additional security expenses during the visit.
The federal government does not refund the Police Department for the costs, meaning local governments will pay the tab from its regular, taxpayer-funded budget.
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The Lowell, Park City Condos
April 26th, 2008 Categories: Park City, Real Estate
If you missed out on the “feeding frenzy” when the spectacular Silver Star condos were released for sale a couple of years ago, you might want to pay very close attention to the re-development of The Lowell in the Resort Village at Park City Mountain Resort.®
The Only New Whole-Ownership Condos Built in the Park City Mountain Resort® Village in More Than Two Decades!
There’s nothing like The Lowell in the Resort Village, which has plenty of old, tired condos, and very few brand-new, high-end contemporary condos like The Lowell.
The Lowell Amenities Include:
- Concierge Service
- Secure Electronic Key Access
- High-speed Wireless Internet
- Community Lounge With Fireplace
- On-site Ski & Snowboard Shop
- Outdoor Heated Pool
- Fitness Center
- Resort Village Location
- Underground Parking
- Outdoor BBQ Area
In Park City Real Estate, Location is Critical…
And the location of The Lowell is tough to beat if you like skiing or snowboarding.
You’re perfectly positioned for Utah powder days, just steps from the bottom of the Payday Lift at Park City Mountain Resort.
Plus, you’re walking distance to all of the shops and restaurants in this world-class ski-in, ski-out village. The diversity of activities in the resort village in the summer and winter makes The Lowell a perfect spot for your entire family to enjoy the year-round fun and excitement at the Park City Mountain Resort.®
Savvy real estate investors love scarcity, and The Lowell is Park City’s equivalent to beach front property.
Condos at The Lowell are Limited
Here’s the good news…
There are a total of 10 units in the building, and only six units are still available. Four of the remaining units are 2 Bedroom condos. Only a couple of 3 bedroom condos at The Lowell are left.
Here are details about the remaining Condos for Sale at The Lowell
What Interior Finishes Will Condos at The Lowell Include?
Living Room
- Hand scraped reclaimed hardwood floors
- Gas fireplace with Cherry wood and imported natural stone surround and mantle
- Business center featuring ports and lines for fax, printer, and data/communications
- Automated room control
- Automated roller and blackout shades
Kitchen
- Wolf gas range, Sub Zero refrigerator/freezer and wine cooler, designer dishwasher and microwave
- Custom-designed and craftsman-built cherry cabinets including island counter
- Natural stone slab counter-top and back-splash imported from quarries around the world
Bedrooms
- Luxurious designer carpet
- Automated roller and blackout shades
- Lockable owner storage
- Insulated walls for sound attenuation and climate control
Bathrooms
- Natural stone slab counter-top and back-splash imported from quarries around the world
- Custom designed and craftsman-built cherry cabinets
- Contemporary natural slate or Brazilian granite tile floor
- Stylish tile accented walls
- Flat pebble shower floor with stylish tile walls
- European glass shower enclosure
- Double sinks in master bathrooms
- Deluxe garden tubs in every master suite
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Park City Condos at Silver Star
April 2nd, 2008 Categories: Park City
Silver Star Condos and homes are almost completed!
Of the 98 total homes (condominiums, townhomes, and cottages) in the Silver Star community, 48 are now complete.
An additional 46 units are under contract and under construction. All of these are expected to close by mid-summer 2008.
Only four Developer-offered homes remain unsold in the entire Silver Star project.
Here is a complet list of all of the properties currently available for sale at Silver Star.
Remaining Silver Star Properties Will Be Completed Soon
The developers are hoping to have all owners residing in their properties by the end of July.
The Stacked Flat 3 building is now completed and being fully enjoyed by its owners, and Townhome 4 is also finished and owners are now moving in.
Cottages 7,8,9 and 10 will be completed by early April, 2008.
“In effect, we’re delivering over 18% of all Silver Star units this month alone,” marvels Silver Star principle, Chris Conabee.
Silver Star Amenities are Open
The project amenities are also falling neatly into place.
The outdoor pool and hot tub, as well as the cardio room—complete with state-of-the-art equipment—opened this spring.
The owner’s lockers are finished, as are the public restrooms.
Spiro Arts Artist-in-Residence
One compelling benefit that the Silver Star neighborhood offers is a connection with the local art and film scene.
In collaboration with the University of Utah College of Humanities - Silver Star will be home to a summertime Artist-in-Residence program, which offers Silver Star residents and visitors classes, lectures and forums for exploration of the arts.
The restored historic mining building to the left will host the Artist-in-Residence program, which will include a facility for office and studio space, as well as residences for a small number of artists during the spring and summer months.
During the winter months, the Sundance Institute will utilize the live/work spaces for its seasonal Festival staff.
Silver Star Commercial Space Update
Silver Star features a limited amount of commercial space in addition to the residential component.
The Sundance Institute moved into their new building in late 2007.
A sports equipment and rental shop, to be located on the north side of the plaza, across from the ticket sales office is also in the works.
By offering ski and snowboard rentals in the winter, and bike rentals in the summer, as well as sports clothing, gear and accessories, the shop will make equipment rental easy for Silver Star owners and guests.
The developers are hoping to create an upscale country store and deli/cafe with a friendly and casual atmosphere.
Silver Star’s developers are currently in negotiations with food service providers regarding the operation of the on-site general store and café, located on the southeast corner of the central plaza.
Resale Market in Silver Star is Hot
Because of the limited supply and overwhelming demand, the developers of Silver Star did not restrict pre-constrcution resales/assignments of original contracts.
Silver Star did hit the market at the right time, with the right product mix, in the right location, and the right quality.
Still, we’re not aware of any new developments in Park City in the past 10 years with such a superior short-term track record of re-sales.
Here is the link to see a currently available inventory of developer-offered and resale Silver Star Listings.
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Easy Guide to Utah Real Estate Taxes
February 5th, 2008 Categories: Park City
Property Taxes in Utah are Collected at the County Level
Unlike some states, real estate property taxes in Utah are not based on actual sales prices.
This may come as a surprise to you if you own property in other states, and you are accustomed to being able to predict your property taxes each year with precision. In Utah, the process is not quite as transparent or predictable.
In Utah, the County Assessors determine the “assessed value” of your property each year. It’s typically not a property-specific ”appraisal” but more of a blanket neighborhood-level adjustment based on overall market conditions.
You will pay taxes based on this assessed value, at a tax rate that varies from county to county, depending on local programs, bonds, etc.
How To Estimate Your Park City Area Property Taxes
If you are considering purchasing a property in Utah (home, condo, or land)…
A ”quick & dirty” rule to estimate your first year of property taxes is to figure that you’ll pay about 1% of your purchase price. The actual rate is closer to 1.1%, but…
You’ll be pleased to learn that the “assessed value” is typically a little less than “fair market value.”
After all, the county assessor doesn’t have the time or the resources to deal with every property owner in the county lining up at their door to contest their tax assessment every year!
Utah Primary Residents Get A Discount
To help make it possible for local teachers, firemen, etc. to actually live in the community, the counties give “primary residents” a discount on their property taxes.
In Summit and Wasatch Counties (Park City & Deer Valley areas) Primary Residents get a 45% Discount on their taxes compared to “Non-Primary” residents.
Park City & Deer Valley Second Home and Investment Property Owners Carry the Tax Burden for Local Services.
This might seem counterintuitive, but it’s reality. Second home and investment property owners pay a disproportionate share of the taxes for schools, fire, police, etc… even though they’re not year-round residents.
Even so, this “non-primary” rate is substantially lower than California, New York, Florida, New Jersey, and lots of other states.
According to Summit County Assessor Barbara Kresser, second homes make up 36 percent of the appraised value of single family Park City dwellings. When it comes to condominiums, however, that number soars to about 80 percent.
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Deer Valley’s Not the Only Smart Money Bet in Town…
January 25th, 2008 Categories: Park City
Park City’s Best Cash Flow Condos (Part III)
If Your Last Park City Vacation Was Before the Olympics, Pay Attention!
Don’t be misled to believe that Deer Valley is the only neighborhood where savvy investors are parking investment dollars in these volatile economic times.
If you haven’t paid attention to some of the new developments in Park City that offer high quality new construction and potential for year-round rental demand, you might be missing out on some attractive new possibilities you didn’t even know existed…
In Park City proper, we see a few properties the represent attractive values for investment-minded buyers looking to maximize their monthly cash flow.
The Hotel Park City has a Proven Track Record of Rental Demand
Hotel Park City is a full-service hotel, conveniently located on Park Avenue as you enter Park City.
The hotel features meeting rooms, a spa, outdoor swimming pool, Ruth’s Chris Steakhouse, and lots of year-round group business like weddings, corporate events, that create demand for rooms in the off-season months.
Click here for available condos for sale in the Hotel Park City.
Silver Star Finds A Niche in Park City
I had a frank conversation with the president of one of Park City’s biggest and most influential property managment companies last year, and he mentioned that Silver Star filled their biggest need as a managment company…
“We need Deer Valley quality, but ski-in, ski-out at Park City Mountain Resort for families with snowboarders.”
When the developer released the units, they had to cut off reservations after just a couple of weeks because they received more than 500 reservations for less than 100 units!
Now construction on the project is nearing completion and the area is looking great. The Sundance Institute relocated it’s corporate headquarters from Salt Lake City to the Silver Star neighborhood, where it is the anchor commercial tenant. Click here for available properties for sale at Silver Star.
The Rest of the Story is Continued Here…
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
The Best Cash-Flow Condos in Deer Valley (Part II)
Deer Valley Montage Hotel
Dakota Mountain Lodge and Waldorf=Astoria Announcement
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Park City Home Prices Defy National Trends
January 25th, 2008 Categories: Park City, Real Estate, Statistics & Trends
Park City’s niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.
One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our mar
ket has not slowed down the way many markets across the nation have. Buyers can find good values, but prices remain strong in all areas of our market.
Owners of luxury second (or third or more) homes have not been affected by the ‘mortgage crisis’ so there is not an urgency to sell. Out of state buyers who see desperate sellers and foreclosures on the rise in their home states assume they can get a mountain home for a bargain.
We have had clients who have based their offers on the ‘doom and gloom statistics’ from their home states, and have been quite suprised (and disappointed) when the home they want sells for 97% of the listing price, over and over again.
The state of Utah continues to see very low unemployment and massive growth in both population and industry.
Park City is one of Utah’s most desirable places to live not only because of it’s natural beauty and wealth of activities and ameneties, but also because of it’ s proximity to the capital, Salt Lake City.
Comparing illustrates what I have been saying. The number of residential units sold is down marginally from ‘06 to ‘07,
However, the average sales price of single family homes rose 15% while condos rose 45%!
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2008 Sundance Film Festival Begins In Park City
January 17th, 2008 Categories: Dining & Entertainment, Lifestyle & Activities, Park City
The PIB’S arrive in Park City, Utah for the best film festival of the year.
People in Black. The standard dress–film guide in one hand, cell phone jammed to ear with the other, trendy black clothing, cool glasses, and completely inappropriate shoes for our epic Utah snow. Six feet of snow since Christmas! Oh, season ski pass holders are very happy indeed! The slopes will be empty…and more snow is on the way!!
The worldwide exposure that Sundance Film Festival brings to bear on Park City, Utah is one of the many factors that have helped our town’s phenomenal reputation.
What’s not to love about Park City during Sundance!
Tickets to Sundance screenings on opening weekend are as scarce as prime dinner reservations but it gets easier after the weekend when the celebs jet off for warmer climes, …need Sundance Tickets?
Park City is due near record cold temps the next couple nights and the possibility of a big snow storm on Sunday. How will the PIB’s react? Should be very fun to watch indeed!
The next ten days are some of the best parties, people watching, and worst traffic of the year in Park City, Utah.
Tune in for Sundance updates…
Nothing Hollywood presents can be nearly as amusing as watching Harvey Weinstein’s assistants trying to wrangle young starlets up to his suite. The money in Vegas is on Harvey firing at least one assistant before he buys a film.
You just can’t go out to dinner, show property, or drive anywhere in Park City during 10 days of Sundance…a small price to pay to work and live in ‘the greatest place on earth’.
How does Sundance impact Park City Real Estate?
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Credit Score Tips for Park City Buyers
January 16th, 2008 Categories: Park City
Most people know that their credit score is a huge factor in determining interest rates for mortgages, but many do not know that their debt history stretching back seven to ten years could cost them thousands of dollars over the life of their loan.
That’s right, your credit history follows you for a decade
This will include anyone you shared credit with during that time (including a spouse or child.) Your slightly blemished credit rating can easily result in a higher interest rate than you could have received. Improving your credit score will get you a better rate and save you money.
What you must know about credit reporting
Your credit cards and all types of loans (home, auto, boat, etc) with payment histories are compiled and evaluated on your report.
Judgements, liens (including for alimony and child support), foreclosures, and bankruptcies are included and obviously drive your number down precipitously.
Errors do occur in many reports and can be disputed. You may also add remarks to your file in order to do damage control. If you feel that you have been the victim of fraud, contact the National Fraud Information Center
Know your credit scores
The three major credit reporting agencies are the commercial entities Equifax, Experian, and TransUnion. They compile individual reports so they may vary slighlty from comapny to company, but you can request a yearly consolidated report for FREE
Look carefully at your report when you receive it and make sure any errors are disputed. They must remove any inaccuracies, but this can be a protracted process for you. Maintain good records of any correspondence with the credit reporting agencies.
Credit Score Repair
If you have a less than stellar record the best things you can do are address any outstanding debts, paying on time and at least the minimum payment. Try to establish a couple small lines of credit that you can pay off and do not max out any of your cards or loans. Time can help you improve your score, but you must show discipline and reliability over the long term to earn the best scores and thus the best loan terms.
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Vacation Paradise in Utah
November 27th, 2007 Categories: Park City
Park City, Utah has become a sought after year round vacation place.
Twelve months of beautiful weather, stunning scenery and activities appealing to all ages rate Park City, Utah amongst the world’s best destinations.
In the winter world famous ski resorts Deer Valley, Park City Mountain Resort and The Canyons as well as the epicurean delights of Main Street cater to the knowledgeable traveler. In the summer, championship golf, fly fishing, and the music and arts festivals thrill the lucky visitors to this year round playground.
The close proximity to Salt Lake City’s international airport and boasting three top ranked ski resorts filled with Utah’s famous ‘Greatest Snow On Earth” attract skiers and boarders from around the world to Park City in the winter months.
Sundance Film Festival turns Park City into the most important town in the movie world for ten days in January. Movie stars, musicians, and fans from around the world mingle at premiers and parties where the next bright stars of Hollywood are discovered.
Summertime the mountains fill with hikers and mountain bikers of all abilities. World- renowned golf courses and blue ribbon trout streams beckon to enthusiasts. The vibrant music and art scene rivals that of cities much larger than this picturesque mountain town.
Pick any time of year and visit Park City, Utah. It will surprise and delight you!
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Understanding Prime Location, Rental Demand, and Real Estate Values in Park City, Utah
November 24th, 2007 Categories: Park City
A Quick & Dirty Cheat Sheet to Help you Choose The Best Real Estate Investment Opportunities in Park City & Deer Valley
OK, I know what you’re thinking…
You’re tired of hearing your vocab-challenged real estate agent talk about “Location.” However…
Your monthly cash flow prospects and future exit strategy may depend heavily on your Park City area “location,” so we sing this same song.
Scarcity Creates Value in Park City & Deer Valley Real Estate
First and foremost, your future re-sale potential increases if you purchase a property that’s in limited supply.
It’s Supply and Demand 101: You’ll love having scarcity on your side. There are only a limited number of properties that have true ski-in/ski-out access, so you’ll never have a flood of competition.
Proximity to One of Park City’s Ski Resorts is critical, and you can find ski-in/ski-out properties at Deer Valley Resort®, Park City Mountian Resort®, and at The Canyons® Resort.
Ski-in/ski-out property is Park City’s local equivalent of beach-front property for those of you from coastal communities. Stated a little differently, if you can walk out your door and click into your skis, you’re living right on the beach.
Ski Access Drives Rental Demand and Rental Rates in Park City and Deer Valley
For those of you who would consider renting your prospective Park City area property, you’ll find that demand for rentals increases as you move closer to the slopes. People vacationing with their families appreciate the convenience of ski-in/ski-out, and they’ll typically pay more–sometimes a lot more–for the convenience this type of prime location offers.
Sure, perfect ski-in/ski-out access is convenient, but it’s certainly not cheap. Expect to pay at least $1000 per square foot to purchase a home or condo in Park City or Deer Valley, Utah with true ski-in/ski-out access.
Your Investment Dollars Stretch as You Move Away From The Slopes…
The Next Tier of Ski Access is “Walk To Skiing.” Sellers of this type of property take marketing liberties and often advertise this type of property as ski-in/ski-out, so consider yourself warned!
Don’t fall into this marketing trap—we’ll help you clarify specific ski access so you won’t have any surprises.
Even if your ski-in/ski-out access is really “walk-to-skiing,” it’s still fantastic to be able to throw your skis over your shoulder and walk a few minutes to a lift or ski run. Think “no traffic jams or parking hassles!”
Lots of properties in Old Town Park City and Deer Valley fall into this category of location. Many of these are great Park City rentals even though they’re not ski-in/ski-out.
Of course, if you’re not walking distance to the slopes, you’ll need to ride a bus or take a car skiing, and it doesn’t seem to make much difference if you have to drive 2 minutes or 10 minutes, so…
The “Ski Access” element of location diminishes in importance as you get further from the Park City ski resorts.
If you’re a renter, you’ll find the least expensive rentals in Park City and Deer Valley area are properties that require that you ride to one of the ski areas. There’s a reason for this…
Again, it’s simple supply and demand. With many more properties to choose from (ie all the properties that are just too far to walk to one of the resorts), there’s more competition. More competition between landlords drives rental rates down.
However, ski access isn’t the only element of location worth considering if you’re looking at real estate in Park City, Utah.
View is the Second “Location” Key That Drives Property Values in Park City
When you are Vacationing in Park City, Utah…
You’ll want to feel like you’re in the mountains. Needless to say, a “great view” is in the eyes of the beholder.The underlying attributes of a particular property’s (home, condo, land) view contributes a great amount to underlying value of real estate in Park City.
You’ll want to look out your window and seeing an awe-inspiring natural landscape, whether it’s a mountain peak, a lake, or a scenic forest view.
Rental Rates and Occupancy Increase With A Killer Mountain View
Same goes for rental demand if the prospective guest has the forethough to inquire about the view when they make the reservation. Think “ski area view or a parking lot view from the back of the building?” You’d pay more for the ski run view, right?
Some people like being high on the mountain and looking out in all directions…a “king of the hill” sort of vista. Other people prefer a lower elevation but want to look up at the mountain ridgelines.
It’s hard to get excited about paying premium prices for a property that has a great view of the neighbor’s garage, or a high-voltage transmission line, or a garbage dump or a freeway that’s too close for comfort.
Don’t Make This Park City Buyer Mistake Yourself!
I can’t recall how many times I have been touring properties with clients who love the interior of a home, but the property is scratched from contention because of poor orientation with respect to neighbor’s homes, lack of privacy, or just an inferior lot.
Maybe view isn’t important to you, but it will be to your future buyer.
Knowing this, would you take the risk of buying a property with no view?
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