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Park City, UT Real Estate Statistics for February 2010

Contributed by Jim Harsch - Posted: March 16th, 2010

The Park City Board of Realtors statistics for February Year-to-Date 2010 show that Gross Sales Volume of $195M was up 118% to from the same period in 2009, while prices increased 13%; however, there were substantial variations in each property category.

Single Family Home Sales were approximately 32% of the total Sales Volume and were up 32% from 2009.  Average Sales Prices were down 17%, however, in January 2009 there were 3 homes sold in EmpirePass that totaled over $16M and impacted the overall average.

Condominium Goss Sales Year-To-Date remained up 318% with sales at the St. Regis and Empire Pass.  Prices were up 97% due to the sale of the higher priced units. 

Residential Lot sales increased substantially in February with 24 lots sold, evenly spread among many areas and price ranges.  There were quite a few (42) new listings in Promontory since the beginning of the year. Red Ledges lots started off the year strong for golf community property.

Now is a great time to buy in Park City.  There are also a number of auctions scheduled for this month including Lookout at DeerValley and the Lodges at Westgate at The Canyons. For complete details of each area, auctions, and all Park City Homes for Sale, please contact Jim and Billie Harsch of Mountain Town Realty Group at http://www.unlockparkcity.com

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Jim and Billie Harsch of Mountain Town Realty Group discuss Park City Real Estate Market

Contributed by Jim Harsch - Posted: March 3rd, 2010

Jim and Billie Harsch of Mountain Town Realty Group discuss the latest on the Park City Real Estate Market in their Park City Television Interview at the end of February 2010.  View this link http://www.youtube.com/watch?v=gLfssiecoBw .

For the latest on the Park City Real Estate Market and all Park City Homes for Sale, contact Jim and Billie Harsch at http://www.unlockparkcity.com

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Ogden Valley - Step back in time!

Contributed by Anita Oliveri - Posted: November 17th, 2009

This is a new section for the Park City Journel. Wanted to start it off with a little view of the Ogden Valley. Think of a town with one stop sign and you have a good start on a place that is very unique. Ogden Valley consists of the towns of Eden, Huntsville and Liberty. There are four major attractions in the Ogden Valley:

Pineview Lake - Northern Utah’s most popular lake

Snowbasin Resort - Utah’s Premier Day Ski Resort www.snowbasin.com  with summer activities as well.

Powder Mountain - Largest skiable acreage in North America www.powdermountain.com

Wolf Creek Utah - Skiing and Golf recreation area

As residents of the valley for the last ten years, we have seen some growth but it is still an undiscoved paradise.  We moved to Utah for the winters.  Utah is the soft snow capital of the U.S. but Ogden Valley is the soft snow capital of Utah! As we have spend our summer sailing our 22′ Catalina on Pineview and hiking the many canyons in the valley, we have found summer to be a very special time as well.

Come and visit….. step back in time…… 

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Important Park City People

Contributed by Park City Journal Editor - Posted: March 17th, 2010

If you are moving or planning to move to Park City Utah then you should become familiar with the following people and organizations:

Rock Mountain Power - Provides electricity to the area. 801-237-2293 or toll free 1-888-221-7070.

Questar - Natural gas provider. 435-654-3600 or 435-649-0670.

QWest - Telephone service. 800-244-1111 for residence and 800-603-6000   for businesses.

Park City School District - 435-645-5600.

Schools in the area include McPolin Elementary, Jeremy Ranch Elementary, Parley’s Park Elementary, Trailside Elementary, Ecker Hill Middle School, Treasure Mountain Middle School and Park City High School.

Park City Library - 435-615-5600.

Park City Transit - Offers a free bus system. 435-615-5350

Police Department - 435-615-5505.

Park City Chamber of Commerce/Convention and Visitors Bureau - 435-649-6100 or 800-453-1360.

Park City Medical Center - The local hospital. 435-658-7000.

Park City Utah is a community like any other community. We have a full range of community services and public service agencies and government offices. You’ll like living here as much as we do.

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Try The Park City Signature Drink

Contributed by Park City Journal Editor - Posted: March 15th, 2010

How many communities can you say have a signature drink? Well, Park City held a contest and a local bartender won. The 2009 winner of the Park City signature drink contest was Deer Valley St. Germain Elderflower Cocktail by Bonnie Ulmer.

Just in case you’re wondering how to make the Park City drink, here’s the recipe:

  • 3oz Prosecco (Italian Sparkling Wine)
  • 1 ½ oz St. Germain Elderflower Liquor
  • 1 ½ oz Sparkling Water
  • Garnish with a sprig of mint and lemon zest

Fill a tall skinny glass with ice and pour the Prosecco, the liquor and the sparkling water in. Stir. Serve with mint and lemon zest. Simple, right?

This is the kind of fun you can have in Park City. Not only can you enter the signature drink contests every year, but you can drink them on a regular basis and you can start a bar or hot night spot that serves great drinks of its own. Park City is a truly a diverse and cultural town. We think you’ll like living here.

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Learn How to Avoid Mortgage Fraud!

Contributed by Jim Harsch - Posted: March 12th, 2010

As real estate agents, we devote extra attention to issues facing struggling homeowners. But any homeowner should know that the FBI has reported a 400 percent increase in mortgage fraud cases from five years ago. Sadly, some people are preying on those who need help the most.

If you or anyone you know is going through a mortgage-related transaction, there are some “red flags” to be aware of. We created a report on my website that gives examples of what fraud cases the FBI has been noticing.

Please send anyone here who needs this free information:

http://www.avoidforeclosuresinparkcity.com/

If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don’t hesitate to contact us.

We’re here to help.

Jim & Billie Harsch

Mountain Town Realty Group

435-615-6637

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Negotiating Your Park City Home Purchase Terms

Contributed by Park City Journal Editor - Posted: March 12th, 2010

One of the most important aspects to purchasing a home in any market is the negotiating process. That’s just as true in Park City Utah. Since this is a luxury home market and many home owners in Park City are on their second or third home - and even those who are not recognize that owning a home in Park City is a privilege - negotiating takes on a different flavor than it does in most other home buying markets.

Price is still important, of course. But price may not be the most important factor in your Park City home purchase. When you start talking about half million dollar homes, ten thousand dollars in price is not a huge selling factor. That’s especially true in financing terms.

That’s why many home buyers in the Park City market turn to other details for negotiating a successful close. Added amenities, completion of necessary repairs and other home owner perks like payment of the first year’s home ownership association dues are some of the terms that buyers have requested of sellers in order to close on a Park City home. It makes sense. A luxury home with a swimming pool and no hot tub is nice, but it’s not super nice. and the cost of a hot tub is not so great that a seller will balk if it means selling the home. The same is true of HOA dues - the seller has been paying them all along any way, so what’s one more year?

Negotiating terms is not all about price, even in Park City.

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Sell Your Park City Luxury Home Fast

Contributed by Park City Journal Editor - Posted: March 10th, 2010

Luxury may be more attractive in sound economic times, but haven’t you heard? - the economy is improving. Even if you’re skeptical, luxury homes are as attractive today as they ever were. And you can sell your Park City luxury home fast in any market if you keep a few standard principles in mind.

  1. Maximize your curb appeal - It doesn’t mater what the home looks like on the inside if no one wants to get past the curb. Make it attractive from viewing through a car window in the street because that will be the first impression that everyone has of your home and you don’t want them just driving by.
  2. Don’t price it too high - People expect to pay for luxury, but no one wants to pay too much. If you price your home too high then you will scare buyers away before they even pick up the phone. Some people won’t even drive by if they perceive that you have priced your home out of the market.
  3. Don’t price it too low - As contrary as it may seem, you can also price your home too low. If you are considerably lower than market then you are essentially telling buyers that something is wrong with your home - something they’ll need to fix. Some buyers will not even talk to you because the perception is they’ll have to put sweat equity into owning their Park City home. If nothing is wrong with your home then don’t price it too low.
  4. Hold an open house - Draw in potential buyers with an open house. It works to get people to a viewing then begin negotiations.
  5. Focus on the kitchen and bathroom - Even in a luxury home, you’ll sell your house quicker if you make your kitchen and bathroom more attractive. Women home buyers will spend a lot of time in the kitchen. Even if they only spend a part of the year in the home, a lot of that time will be spent in the kitchen so make it appealing.
  6. Spruce up your back yard - While the kitchen will get a lot of use, the back yard will too in the summer time. Even in Park City Utah back yard barbecues are fun and you can expect the back yard to be used. Make it look “homey”.

Never underestimate the power of a luxury home in any market. You can sell your luxury home in Park City fast if you stick to the basic principles.

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Park City Restaurants You Should Try

Contributed by Park City Journal Editor - Posted: March 8th, 2010

Visitors to Park City Utah rave about our restaurants. Modestly speaking, we do have some of the best restaurants in the world. Several world class chefs live and work here and if you enjoy dining out then Park City is the place to be.

Most people take for granted the restaurants in their town. You go out to eat and pick your favorite but you likely don’t stop to think about all the people and all the activity that goes into the preparation of your meal. In Park City, we hope that won’t happen. The restaurants here are divinely fabulous and while you may have your favorites, we doubt that you’ll take them for granted.

Here are a few of the restaurants in Park City that many people, visitors and residents alike, pick as their favorites:

  • Flying Sumo - This restaurant features a sushi bar and rustic Asian decor. If you don’t like sushi, there are other Japanese and Asian alternatives.
  • Reef’s Kitchen - If you like hummus you’ll love Reef’s. The menu consists of European-style dishes and cuisine from Lebanon, Syria, Morocco and Israel. A truly beautiful place.
  • El Chubasco - Mexican food never tasted better. And it’s not that bad eating at the mall.
  • Blind Dog Grill - The first restaurant named for a blind dog. You’ll love the Alaskan hallibut wrapped in prosciutto. And there are other seafood treats as well, but if seafood isn’t your thing then feast on the crabcakes. Yum yum.

These are just a few of the best restaurants we have here in Park City. If you lived here then you could enjoy them any time you want. But don’t let me persuade you. Just call a Park City real estate agent and set up a showing.

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Real Estate Fraud/Scam – Watch Out For This One!

Contributed by Jim Harsch - Posted: March 5th, 2010

We recently went through the following exercise, only to find out that it is a real estate scam that is going around the internet.

Mr. Ming Xing, allegedly the Chief Financial Officer of the Hangzhou Iron & Steel Group Company, (Bogus name, Valid company and Website), contacted us through our website searching for a home in Park City. He requested some selections up to $1.2M.  We were suspicious, however, we sent him 10 listings meeting his criteria and he chose one. He indicated that he wanted us to write an offer and he would be in town in 4 weeks to review, but in the meantime his stockbroker would send a deposit check to our lawyer.  We responded that he could send it to our title company, InWest Title Services. We also outlined the purchase process and we even obtained a signed Buyer Agency Agreement. We proceeded with the offer and even got to an accepted offer by Addendum Two, and in every request, received a prompt response and signed documents. At each step I did advise the Owner/Agent of the property that this could be a scam and it might not work, however, we both decided to proceed.  The “check” arrived at the title company from his “stockbroker” in California via UPS within a week of our initial contact.  The “check” was for considerably more than the requested Earnest Money amount and we were directed that the excess should be held until his arrival for the purchase of furniture and other items and that his relocation manager would be contacting us. Needless to say the “check” did not clear and the title company informed us that there was another agent in the Salt Lake Valley, that had done the same thing, and received a check for the same amount and that it was a scam that was going around the country.

Fortunately, we were only out some time and expectation, but had we done completely as requested, it certainly could have cost us a substantial amount of money.  We wanted to provide this warning to real estate agents, and if you have any questions, please contact Jim and Billie Harsch with Mountain Town Realty Group at http://www.unlockparkcity.com

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