Utah Facts and Fiction
Park City Utah Foreclosures Revitalize Local Market?
March 8th, 2010 Categories: Real Estate, Statistics & Trends, Utah Facts and Fiction
In some ways, foreclosures are a good thing.
Not for the families who lost their properties, but for the overall health of the real estate market.
In a luxury resort marketplace where sellers traditionally have significant staying power and a lack of urgency to drop asking prices, realistic sellers are now dropping prices to compete with banks who control an increasing percentage (though still very small relative to the overall size of the market) of the listing inventory.
Park City, Utah Foreclosures
Foreclosures and short-sales are on the rise in Summit County, Utah.
Take a look at the chart…compliments of Rick Klein at Mountain Summit Mortgage in Park City.
For years, Mr. Klein has tracked the relationship between recorded “Notices of Default” (NOD’s) when borrowers fall behind on their payments, and the subsequent rise in Trustees Deeds, which evidences banks either selling or foreclosing on properties.
For the first time in the past 7 quarters, the number of Notices of Defaults actually dropped in Q4 2009.
Do Park City Foreclosures predict the bottom is near?
Since NOD’s foreshadow actual foreclosures by a few months, could this be a sign that the Park City real estate market is nearing a bottom?
Time will tell…
Foreclosures Push Park City Real Estate Prices Down
The increase in bank-controlled inventory has helped push prices down…
Sellers hate this news, but buyers in today’s market are finding amazing deals.
At lower prices, buyers have less risk and are obviously more enthusiastic about entering the market again, as evidenced by the dramatic uptick in pending and closed sales.
Average prices are down, but number of transactions are up…way up when compared year-over-year.
Signs of Recovery in the Park City Real Estate Market?
Barrons Names Park City Best Place for Second Home
The pullback in prices in Park City has not gone unnoticed.
Did you catch the cover article in Barrons this week that claimed Park City, Utah is one of the top-5 towns in the country for a second home? Here is the Barrons article about Park City.
Find a Great Deal on Park City, Utah Properties
Our clients have been negotiating shocking low prices on Park City properties over the past year. For lists of available bank-owned properties in and around Park City, Utah, please complete the form below:
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How To Buy Park City & Deer Valley Real Estate in Your IRA
November 11th, 2008 Categories: Real Estate, Statistics & Trends, Utah Facts and Fiction
Wild Stock Market Preventing You From Building Wealth in Your Retirement Account?
If so, you may want to join the growing number of people who are investing their retirement funds in real estate.
There’s real long-term investment growth potential in using tax-deferred funds to purchase property.
The Problem With Most IRA’s
Most IRA Custodians–like brokerage companies and banks–limit your investment options to instruments that benefit them!
They offer you a menu of choices that include cash, CD’s, stocks, bonds, mutual funds, ETF’s, etc…
But Wait…You Have Other Options!
In reality, the IRS code does allow retirement plans to invest in a much broader selection of investments like:
- Real Estate (land, condos, commercial property, etc…)
- Leases
- Trust Deeds
- Tax Lien Certificates
- Commodities
- Limited Partnerships
- Mortgage Notes
- Secured & Unsecured Loans
- And More…
To successfully navigate the IRS Code, you must find a professional firm who is experienced with this process.
Real Estate IRA Step #1: Find a Competent “Custodian”
The first step is to find an IRA Custodian that is experienced at handling the details of this process.
This has become a popular niche in recent years, and it shouldn’t be too hard to find a competent custodian. Ask your CPA or tax attorney if they handle “Self-Directed Retirement Plans” or who they would recommend. We just did a quick search on Google, and you’ll find lots of specialists promoting their services online.
You can’t serve as “Custodian” of your own account, and the “Custodian” is the firm who actually holds title to the real estate. Do your homework, and understand the process.
Real Estate IRA Step #2: Find a Suitable Property
You’ll probably want to enlist the help of a competent local real estate broker to find a suitable property. They’ll also help you manage all the little transaction details.
This is your retirement fund we’re talking about, so let the experts help you navigate the process and avoid surprises!
In addition to domestic homes, condos, land, and commercial properties, some custodians may permit you to purchase foreign property.
Real Estate IRA Step #3: Assembling Your Funds & Closing
Sometimes purchasing a property may require more funds than you currently have available in your IRA account.
Don’t despair! You can purchase an interest in the property in conjunction with other individuals.
What about your spouse, a business associate, or a friend–are their retirement plans declining in value from over-exposure to the stock market too?
Borrowing funds is possible, but the loan must be a non-recourse loan.
A non-recourse loan is secured by a pledge of collateral–typically real property–but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender’s recovery is limited to that collateral.
Non-recourse loans are still available, even in today’s risk-averse lending environment.
Expect lower loan-to-value ratios than with conventional financing, and you’ll often need to have 30-40% of the purchase price as a down payment.
A title/escrow company will prepare the closing documents, along with your custodian. At closing, the title to your newly-acquired property will reflect the name of your IRA Custodian for your benefit
Real Estate IRA Step #4: Operating Your Property
All expenses, including taxes, insurance, and repairs, must be paid from funds in your IRA.
You’ll need extra liquid funds available to pay these expenses. These funds can come from the deposit of rental income from the property into your IRA acct, or making annual contributions as the law allows.
Real Estate IRA Step #5: Selling Properties Held By Your IRA
It is possible to sell properties while they are held by your IRA, provided that the purchaser is not a family member.
After your sale closes, your IRA account now holds the cash proceeds, and you’re free shop for new investments!
Intrigued? Here’s Your Next Step…
If you would like to learn more about how you can invest some of your hard-earned retirement savings in Park City & Deer Valley real estate, please complete this short form:
Our Privacy Policy: It’s simple. We will not share your contact info with anybody for any reason. Period.
PS: The process may sound a bit intimidating…but with the right experts helping you every step of the way, you’ll be surprised how quickly and easily you’ll be on your way to making your retirement dollars really work effectively for you.
*A Few Important Notes:
The IRS will not let you occupy your IRA-Owned property as a primary residence.
Furthermore, you cannot place real estate that you already own into your own IRA.
* This article is a highly simplified overview of a technical and specialized process. You should consult with an attorney, your CPA, and a qualified Custodian to complete an IRA real estate investment.
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Deer Valley #1 Resort In North America…Again!
November 9th, 2008 Categories: Deer Valley®, Utah Facts and Fiction
2008-2009 Ski Magazine Rankings Name Deer Valley #1
Readers of Ski Magazine once again voted Deer Valley, Utah the number one ski resort in North America. The survey tracks the continent’s best ski resorts, based on quality of terrain, snow, grooming and more.
Deer Valley, Utah Wins Coveted Award for Second Consecutive Year
En route to the “Number 1″ ranking, Deer Valley topped all other resorts for weather, Service, On-Mountain Food, and Grooming.
It also received high marks for Lifts (#4), Family Programs (#7), Apres Ski (#8), Lodging (#2), Dining (#2), Off-Hill Activites (#9), Access (#2), and overall satisfaction (#4).
This is the 4th time that Deer Valley has won the coveted “Top Resort” award.
Other Park City Resorts also received high marks. Park City Mountain Resort was honored as the #5 overall resort, and The Canyons Resort was #13.
Utah Resorts Win With Easy Access & Great Weather
Not surprisingly, Utah resorts scored very high marks for “Weather” and “Access.”
These two key factors play a critical role in family vacations, and Utah resorts are notorious for their seductive combination of fresh powder and sunny days.
While all Utah resorts are the lucky beneficiaries of sunny days and easy airport access from Salt Lake City, resort operators have optimized their guests’ experience with savvy strategies.
The Deer Valley Difference
Deer Valley keeps winning the “Top Resort” award for good reasons. Management has done a great job recruiting, training, and retaining great employees who make your ski experience memorable.
How many other resorts cap the number of daily lift tickets sold?
Here’s what’s funny…
Ask locals what their favorite Park City ski resort is, and they don’t all agree!
What’s your favorite Park City ski Resort?
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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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Tiger Woods in Park City, Utah
June 2nd, 2008 Categories: Golf, Utah Facts and Fiction
You Don’t Have To Be A Celebrity Athelete to Receive Top-Notch Medical Care in Park City, Utah
Following his second place finish at The Masters, Tiger Woods underwent successful arthroscopic surgery on his left knee.
The procedure was performed by Dr. Thomas D. Rosenberg at the Healthsouth Surgery Center in Park City, Utah in mid-April.
This marked the third time that Tiger has had surgery on his left knee…previous procedures were performed in 1994 and 2002.
“I made the decision to deal with the pain and schedule the surgery after the Masters,” said Woods. “The upside is that I have been through this process before and know how to handle it. I look forward to working through the rehabilitation process and getting back to action as quickly as I can.”
Tiger Has Visited Park City Many Times
By the way, you might also see Tiger and his family on Park City’s ski slopes during the winter!
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Park City Home Loan Limits Increase
March 16th, 2008 Categories: Real Estate, Statistics & Trends, Utah Facts and Fiction
Park City Home Buyers Rejoice…
The Economic Stimulus Act of 2008 Makes Borrowing Less Expensive! Because the Park City, Utah area qualifies as a “high-cost” area, it received the maximum allowable increase under the new stimulus plan.
The New “Conforming” Loan Limits Expire December 31st
Between April 1st and December 31st, 2008 FHA, Fannie Mae and Freddie Mac “Conforming” loan limits in Summit County will be raised to $729,750. In nearby Wasatch County, the “Conforming” limits were raised to $431,250.
This should open the door for Park City Home buyers to purchase or refinance their properties at “Conforming” loan rates, as opposed to paying “jumbo” loan rates. In recent weeks, jumbo loans have carried about a one point premium in rates over conforming loan products.
This is good news for buyers, as the “Mortgage Crisis” has made real estate financing more difficult and more expensive in recent months. Here are the new FHA Mortgage Limits for every county in the USA.
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Olympic Fun in Park City, Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, Shopping, Skiing, Utah Facts and Fiction
Utah’s Olympic Park in Park City, Utah
At the Olympic Park in Park City Utah average citizens get to experience the life of an Olympian.
You can experience riding behind an Olympian driving a bobsled at 70 miles an hour through the twists and turns of the Olympic track. This is not for the faint of heart or anyone pregnant or with back problems. It is however, completely fantastic, a once in a lifetime experience.
Other adventures at the Park include the chance to ride on the ‘steepest zip line in the United States’ or ride the chairlift to the top of the Nordic ski jumps.
Utah’s Olympic Park offers camps to train tomorrow’s athletes today. Even if you are in town for just a couple of days you may have the chance to participate in a ‘Learn to Fly Camp’ which could have you launching yourself into the air with skis on, planning on landing in a pool!
The two museums at Olympic Park are interesting and educational and the ‘Big Air Shows’ on Saturdays during the summer season allow the armchair athletes to vicariously enjoy the thrill of flying fifty feet in the air and splashing into a pool wearing skis.
The Olympic Park in Park City, Utah offers spectacular entertainment for the whole family. Weather, age and weight restrictions affect all activities so visit the Olympic Park website http://www.olyparks.com/
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Family Fun In Park City Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Golf, Jordanelle, Just Outside of Town, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Things to Do With Your Family in Park City, Utah
If you can’t leave your kids with the grandparents and don’t have the nanny that travels with you, kids are a part of vacations. They can be really fun to have along as long as they don’t get ‘bored’ Lets be honest, family vacations can be challenging enough without having kids who are ‘bored’. Keeping kids constructively occupied without shelling out big dollars can be difficult in a ski town during the season.
The children’s ages dictate family plans on a skiing vacation. Can they enroll in ski school so you can get your turns too or do you need to get daytime babysitter? Are they skilled enough to warrant a private instructor so that skiing with them is an option? Price can really climb with private instruction, but the upside is usually skiing with your kids sooner.
Obviously, with a younger age range, reserving a childcare service for a couple of adult nights makes sense as long as you can find reliable child care. Many hotels have services for babysitting and some do more expanded children’s programs. The most trusted child care service in 
Park City and Deer Valley is Park City Sitters.
Check the local Park City movie theatres, Redstone Cinemas and Holiday Village Cinemas, the indoor and outdoor ice rinks, Gorgoza Park and Soldier Hollow tubing hills, The Egyptian theatre, and the Heber Valley Railroad. White Pine touring grooms three different cross country ski tracks on the Park City golf course, where you can also arrange sleigh rides and dog sled adventures. Contact the tour operators for schedules and availability.
The Utah Olympic Park has museums, rides, shows and camps. Check them out at http://www.olyparks.com/
Or, better yet, buy plastic sleds for everyone, find a small, safe hill and enjoy your vacation, together.
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Movie Theatres in Park City, Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Utah Facts and Fiction
Sundance Aside, Where Are The Movie Theatres in Park City, Utah?
The Sundance Film Festival every January brings visitors from around the world to watch films in Park City, Utah. It’s quite a spectacle, and worth a visit if you like rubbing shoulders with Hollywood heavy-hitters, A-list stars, and wannabes of all sorts.
If you’re not about the scene, and just want to take in a film or two while you’re visiting, here are your options…
The Holiday Village Cinemas is conveniently located next to the Albertson’s supermarket in Park City is closest to the slopes. To expand your options, the new Redstone cinemas offers eight screens at Kimball Junction walking distance to lots of dining and shops.
Click here for a comprehensive list of Park City movie listings and show times.
The Park City Film Series screens movies on weekends in the Jim Santy Auditorium. This is a great opportunity to see some alternative films that don’t necessarily make it to the local corporate theatres. This season the Park City Film Series is featuring films from the Best of Slamdance Series, the Sundance Institute Documentary Series, as well as free screenings of Reel Classics.
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The Most Overlooked Park City, Utah Winter Activities
November 27th, 2007 Categories: Deer Valley®, Dining & Entertainment, Just Outside of Town, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Make No Mistake…
The World Class Ski Resorts at Deer Valley, Park City, and The Canyons Offer Some of The Best Snow Sliding on Earth…
But guess what? You can enjoy a great Park City winter vacation even if you don’t ride a single chair lift.
Skiing and snowboarding are not the only activities available in this picturesque mountain town.
Park City offers over 100 restaurants to choose from, but what will you do when you’re not skiing and eating?
Here are some ideas to get you started… Read the rest of this entry »
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