Park City Utah Foreclosures Revitalize Local Market?
March 8th, 2010 Categories: Foreclosures, 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:
