Featured Development: The Woods of Parley's Lane

By parkcityrealtor
May 08, 2012

We have a great new exclusive development here in Park City, Utah. The Woods of Parley’s Lane is located between Summit Park and Jeremy Ranch; and is easily accessible from both Park City and Salt Lake City. Its premier location allows for mountain living with close proximity to your business, social obligations and the airport.

The Woods of Parley’s Lane is a 190 acre development with 44 estate lots ranging from half acre to 2 acre parcels. Located at an elevation of 6,500 feet, all lots at The Woods of Parley’s Lane have southern exposure offering lots of sunlight and moderate snowfall. The heavily wooded parcels also present a great deal of privacy and easy access to miles of hiking and biking trails.

Amenities will include luxurious gatehouses and picnic areas by the pond. The master plan also includes maintaining the spectacular woods and 80% of the development will be left untouched to maintain natural beauty, rolling hills, wildlife and breathtaking views.

The Woods of Parley’s Lane community lies in Summit County and is considered Park City in regards to address, schools and utilities.

For more information give me a call:

Steve Blankenship - Realtor & Associate Broker -

Cell: 435-640-6966

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Kimball Junction area expanding!

By parkcityrealtor
Apr 30, 2012

http://www.boyercompany.com/uploads/PCTRend2Kimball Junction will go through a major expansion in the next few years. Summit County Council members approved a 50,000 square foot expansion of The Village at Kimball Junction. The newcomers to The Village will include a Del Taco, a gas station, a bank and the expansion of Smith's Food and Drug store by 11,000 square feet. In addition to that, they began the building process of the new Park City Tech Center, a world-class office and research technology park. Along with these changes, the city is planning to add a 34-unit workforce housing project which is proposed to be located in the northeast corner of the Village, behind the current T.J. Maxx building.

Does Kimball Junction seem to be the right neighborhood for you? View Kimball Junction Homes & Condos for Sale.

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Homestead Golf Course Changes Name

By parkcityrealtor
Apr 30, 2012

With summer just around the corner, Homestead Resort golf course in Midway, Utah is changing its name to Crater Springs Golf Course. Along with the new name and logo, it will also offer many new features for golf lovers. The resort’s course wants to become one of the premiere golf courses in the state and will add water features, including streams and fountains, and realign the tee boxes. The water features will use the natural mineral water from the nearby crater, adding a stream that allows it to run from Fanny's Pond past the 10th tee to empty into ponds that will be constructed between the 9th and 18th greens. From there the natural mineral water will cascade down, with the main addition being a waterfall that empties into the two ponds in front of the two greens.

The new name and logo are officially launching at the end of April, and renovations are anticipated to be complete in the first half of the summer. The rooms and guest services at the resort have been updated this past winter.

If you want to make Midway your first-or second home – view all Midway Homes for Sale.

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Park City Home Prices on the Rise

By parkcityrealtor
Mar 29, 2012

As we are seeing less inventory on the market, Park City median home prices have increased by up to 20 percent in the first quarter of 2012.

We are all very hopeful that the market is on the rise.  Bargains are starting to get thin and the few deals that are left sell quickly - usually in multiple offer situations. That's why it is smart to buy now, not later. People are looking, watching the market and when something comes up they are snagging it.

According to the Board of Realtors $70 million worth of Park City real estate was pending or in Escrow between January 1, 2011 and March 1, 2011. In the same period this year, that number was at $170 million. This is mainly because Park City is still a buyers market but prices are starting to go up.

2011 Sales:

City Limits Median Prices

  • Homes at $990,000
  • Condos at $620,000
Snyderville Basin Median Prices
  • Homes $632,000
  • Condos at $220,000
2012 Sales:

City Limits Median Prices

  • Homes at $1,195,000 (21% increase)
  • Condos at $690,000 (11% increase)
Snyderville Basin Median Prices
  • Homes $490,000 (22 % decrease)
  • Condos at $280,000 (27% increase)
 

*Numbers based off of homes sales as of March 19

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Featured Property: Montage Deer Valley

By parkcityrealtor
Mar 15, 2012

Montage Deer Valley is the number one hotel on Empire Pass in Deer Valley. It is the newest luxury hotel edition in Park City. Wherever you are in the hotel you have great views of the slopes and the Park City Valley. The ski-in ski-out lodge which opened in December 2010 offers a combination of an outstanding location in a stunning mountain setting with a wealth of year-round outdoor recreation options and world-class services and amenities. The 35,000-square-foot award-winning Spa Montage was recognized by Andrew Harper's Hideaway Report as the "World's Best Spa" for 2012. In addition, Montage Deer Valley feature ski valet at Compass Sports, four inventive dining venues complete with a gourmet gastro pub with a nostalgic game arcade, a Wii lounge, and four-lane bowling alley.

Montage just announced the sale of an unfurnished four-bedroom, five-bath residence for a remarkable $8.25 million. This marks the 16th sale of a Montage residence in 15 months. The spacious 6,858 square-foot residence was the largest unit offered at Montage and includes dual large-scale master bedrooms that could accommodate a guest suite, additional large rooms for a home theater and home office, and the convenient residential concierge service to ensure worry-free property maintenance.

The remaining residences for sale at Montage Deer Valley range in size from one- to four-bedrooms with floor plans from 1,221 – 4,367 square feet, and are priced from $2 to $ 8 million.

There are currently 8 listings on the market. Click here to view Residences at Montage Deer Valley.

Sold Residences since December 2010:

Quantity

Bedrooms

Average Sold Price

1

1

$1,600,000

2

2

$2,700,000 – $3,000,000

8

3

$2,760,000 – $4,400,000

6

4

$3,400,000 – $8,200,000

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Deer Valley Spring Specials!

By parkcityrealtor
Mar 15, 2012

Deer Valley is known for being the #1 ski resort in North America for the past 4 years. It is also known for its excellent customer service and its luxury lifestyle. Towards the end of this season Deer Valley is offering some amazing deals extending this unique experience to a larger crowd. Some of these packages combine lodging, tickets and equipment rentals for vacationers.

March Ski and Stay Package: Receive 15% off lodging with a minimum purchase of five nights and two 3-day adult lift tickets, valid March 9 – 31, 2012. For those who stay at Trail’s End Lodge for five days or more, Deer Valley will kick in two lift tickets for March 24-April 8. The same works for Empire Pass properties from March 24 through March 31. (The package is based on availability at select properties on new reservations only and cannot be combined with any other offers.)

Suite March Deal: Book a hotel room at Silver Baron Lodge and receive a free upgrade to a one-bedroom suite. Valid March 1 – April 14, 2012.

Maximum Value Package: Book a minimum of four nights and receive 25% off lodging and adult lift tickets, plus one night free and one free day of skiing for paying adults.  Valid April 9 – 15, 2012.

Exceptional Value Package: Book a minimum of three nights and receive 25% off lodging and adult lift tickets. Valid April 1 – 8, 2012.

Lodges at Deer Valley Family Package: Book the Maximum or Exceptional Value Packages at the Lodges at Deer Valley and kids ski free and save 25% on their ski rentals (maximum two) in addition to the great lodging and adult lift ticket savings. With family friendly amenities including an outdoor pool and hot tub, free hot breakfast buffet, on-site Deer Valley ski rental shop and complimentary in-town shuttle, the Lodges is the perfect choice for families vacationing at Deer Valley Resort.

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Fannie May Announces Extension for Mortgage Relief Program

By parkcityrealtor
Feb 27, 2012

Fannie Mae and Freddie Mac announced plans last week to extend their mortgage relief programs for unemployed borrowers while they are out of work. According to Fannie’s guidance letter, banks can offer unemployed borrowers up to six months of lowered or skipped payments without seeking prior approval and up to 12 months with a formal approval.

Fannie Mae will start its program extension on March, 1st. Freddie Mac will begin its offering of the extended forbearance period starting on February, 1st. To be eligible, the banks must determine if the “borrower” has less than 12 months worth of mortgage payments in savings and has monthly housing expenses above 31% of their incomes. After the extension period expires, if the borrower is still unemployed or unable to make payments, other options like a permanent loan modification or a short sale will have to be considered.

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Park City Real estate market is rebounding

By parkcityrealtor
Feb 21, 2012

More people believe that the Park City Real Estate market has reached its bottom and the market is starting to climb its way out from the low point in 2009. According to the annual report released by the Park City Board of Realtors:

  • Park City is still a Buyers’ Market
  • Numbers of  Sales are up
  • Prices are down
  • Foreclosures down.
 

Park City home sales increased by an estimated 19 percent, condo sales increased by 10 percent, and vacant land sales saw the largest increase at 23 percent more in sales from 2010.

While sales are up, Park City remains a buyers’ market. Prices are still low with an estimated 40 to 45 percent below what prices were at their peak. As a result of the low prices we have seen our real estate inventory shrink which over time will result in a shift towards a sellers’ market.

However, several neighborhoods, including areas such as Old Town and Jeremy Ranch, continue to see home values drop, while properties in areas such as Old Ranch Road, Pinebrook and Sun Peak sold well above 2010 market prices. Median Old Town home prices were down 14 percent, with the median price at $817,500. In Jeremy Ranch, that number was closer to 11 percent, with the median home selling at $624,000. On the other side of the scale, Sun Peak home sale prices were up 25 percent, Old Ranch Road home sales were up 12 percent and Pinebrook was up by 13 percent.

According to the report, many foreclosed properties sold in 2011 but the number has been declining by an average of one third of the number in 2010.

>> Park City Best Buys  >>Park City Short Sales  >> Park City Homes >>Park City Condos  >>Deer Valley Real Estate

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Featured Property: Galleria - 580 Main Street, Park City Utah

By parkcityrealtor
Jan 27, 2012

This is a beautiful studio at the Galleria in the heart of historic Main Street in Park City, Utah. This upgraded studio unit features a 32" flat screen television, sleeping accommodations for 4 with a full Murphy bed and sleeper sofa.

Amenities include a common laundry facility, wireless internet and a hot tub.

The Galleria is the BEST location for a rental property in Park City or for anyone who loves to live in the center of all happening. You are in walking distance to restaurants, shops, art galleries and entertainment. The Town Chair Ski Lift serves Park City Mountain Resort and is only a few steps away. All other ski resorts can be reached by bus. The bus transit center is located behind the building.

Priced to Sell! Lowest priced studio unit!!! Best deal seen in years!

$169,900 - Contact me for more information: 435-640-6966

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U.S. foreclosure rates lowest since 2007

By parkcityrealtor
Jan 27, 2012

According the foreclosure listing firm RealtyTrac, Inc., 1.9 million homes have entered the foreclosure process in 2011. This is the lowest level since 2007 when the recession began. However, the decline does not mean that the housing market is getting better. Banks are holding on to some of their inventory due to the fact that they do not want to crowd the market with foreclosed homes. In addition to that, there have been problems with the ways some lenders were handling foreclosures without verifying documents. RealtyTrac anticipates that 2012's foreclosure rate will be higher than last year's, but will still remain below the peak of 2010.

High unemployment, a sluggish housing market and falling home values remain major factors in homeowners falling behind on their mortgage payments. Many borrowers also have simply stopped paying their mortgage because they owe more on the mortgage than the home is worth.

RealtyTrac said that December's foreclosure filings on 205,024 homes were the lowest monthly total since November 2007. The figure was also 20 percent below the prior-year period's results.

Are you thinking about foreclosing on your home? See what your options are. I can help short sale your property.

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Do you want to be on House Hunters?

By parkcityrealtor
Dec 25, 2011

HGTV has contacted me and wants me to be on their show, House Hunters.  Since I’m a Park City Real Estate expert, House Hunters has asked me to find a client who is purchasing a home or condo in this beautiful town and wants to be on the show.  If you haven’t seen the show, here’s a brief summary…

The House Hunters crew films you, the buyer, in your current home and asks you what you’re looking for, why you want to move, etc.  After that, they’ll film us looking at a total of three different homes and then the episode ends with you moving into your new home.  It takes a few days of filming, but you get to be on national TV and have some fun (and you get paid!).

The show is looking for a couple (family, newly weds, etc), so if you’re looking to purchase a home or condo and want to be on the show, give me a call.  Click here to watch an episode of House Hunters.  And if you’re looking to buy a house and don’t want to be on TV, I can still help you.

Check out these great Park City Homes & Condos – maybe you want to buy one of these!

Steve Blankenship 435–640–6966

steve@parkcityinvestor.com

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Promontory Plans to Open New Clubhouse in 2012

By parkcityrealtor
Nov 16, 2011

Promontory’s newest club house – The Shed – is scheduled to open in summer 2012. The club house will have some great features:

  • Relaxed Family Dining with a Soda Fountain
  • Billiards and Arcade Games
  • General Store and Mailbox Center
  • A 50-Seat Theatre
  • An Arts & Crafts Studio which may be used as a private dining venue
  • View Deck with spectacular vistas
  • Two Bowling Lanes
  • Gymnasium for indoor sports
  • Outdoor Amphitheater
The Amphitheater will be one of the Shed's most prominent features. You will have tiered lawn seating that can accommodate tables for semi-formal events or picnic baskets and blankets for more casual performances. The Promontory Foundation's association with local arts organizations such as the Utah Symphony and Mountain Town Music will bring additional culture and music to Promontory all summer long.

Another great feature is the 50-seat movie theatre with an adjacent private dining area allowing you to host a dinner or movie party with your friends. Promontory's resident filmmakers will have a venue to screen their latest works and our Kids Cabin Filmmaker Camp will use this for World Premiers of their summer productions.

With 149 new sales closed in 2011, and another 17 already closed or pending in 2012, the on-site sense of community is continuing to grow at a rapid pace. Spectacular buildings and amenities are all enhanced by families who come together here, to build lasting relationships that will endure year after year. It is this vision that makes Promontory such a remarkable place in every season.

Do you want to make the great private golf community of Promontory your home too? View all homes and vacant building lots for sale.

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Big Changes at Canyons Ski Resort

By parkcityrealtor
Oct 22, 2011

Since Talisker took over the Canyons Ski Resort in 2008, we have seen many great changes happen and Talisker has not rested for one minute since. They opened a bike park, a trout pond, a miniature golf course, put in a childrens play ground, amphitheater, new restaurants and most importantly started working on the 18-hole golf course in full swing.

Nonetheless, Talisker is still talking to improve the Canyons experience even further. One of the biggest ideas is to connect the resort with Solitude Mountain Resort in Big Cottonwood Canyon. A timeline and idea of whether it would be connected with a tram or lift system is undecided. County and Forest approvals are still needed as well.

A connection would likely become a crucial marketing tool for both Canyons and Solitude. There are 5,200 acres of skiing terrain between the two of them, an expanse that would make them a behemoth in the industry. For more information and news visit SkiLink.com.

New Restaurants

Big changes are also coming to Canyons Resort's food scene. The Silverado Lodge is opening Bistro at Canyons – the first certified kosher restaurant open all winter at any ski resort in the country. Traditional Sabbath meals will be offered Fridays and Saturdays. To-Go breakfasts and lunches for on-the-mountain will be offered as well. The restaurant will feature an Shul for synagogue services.

The Waldorf Astoria's restaurant has a new French chef who specialies in Alpine cuisine. The restaurant features a new name – SLOPES and will also get a new look.

The Hyatt Escala Lodge invested $3.5 million into a new restaurant, bar and gourmet food market. It is scheduled to open in November.

Invest into Canyons Real Estate today! It offers world class world-class lodging and a great year-round family resort experience. 

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Hotel Park City Joins Marriott

By parkcityrealtor
Oct 21, 2011

Hotel Park City is joining the Marriott’s new Autograph Collection. The transition should be completed by the end of November.

Hotel Park City will soon have 4 Marriott properties including The Park City Marriott, SummitWatch and MountainSide.

Not much will change because the Autograph Collection includes a group of handpicked, independent, original and rich in character hotels.

The new signage will be in small letters below the current signs. Nothing will change with Ruth's Chris Steakhouse or the Park City Golf Club pro shop.

Hotel Park City offers full-ownership condominiums while others are timeshare properties.

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Deer Valley #1 Ski Resort in North America AGAIN!

By parkcityrealtor
Oct 20, 2011

For the fifth year in a row Deer Valley has successfully defended its position as No. 1 ski resort in North America. Readers of SKI magazine also voted it No. 1 for grooming, weather, service, on-mountain food, lodging and dining.

According to the resort's General Manager Bob Wheaton, Deer Valley’s unprecedented success is due to its ability to know its clients and consistently meet its clients' expectations. Considered a “boutique resort” Deer Valley excludes snowboarders and limits the sale of tickets on busy days to control the experience on its mountains.

Stein Eriksen Lodge and St. Regis Deer Valley were also recently voted into the top 10 of the “World’s Best” by Travel & Leisure magazine. Stein Eriksen was named the second-best resort hotel in the U.S. and Canada, and St. Regis Deer Valley was named the 10th best. In the list of top 100 hotels in the world, Stein Eriksen Lodge was No. 27 while St. Regis Deer Valley was No. 71. Park City Mountain Resort was named No. 6 overall in North America and No. 1 for "Family Vacation.”

Do you love skiing at Deer Valley yourself? Search Deer Valley Homes for Sale, Deer Valley Condos or view Ski Homes & Ski Condos for sale at the Canyons or Park City Mountain Resort. Make Park City your second home and take advantage of the great outdoors. Only in Park City you find the best snow on earth in combination with first-class customer service and near proximity to the airport.

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Huntsman Estate:Most expensive home for Sale in Park City, Utah

By parkcityrealtor
Sep 23, 2011

The Huntsman Estate is currently the most expensive home on the Park City Real Estate market. It is located at 5000 Royal Street in Upper Deer Valley and features one of the largest home site in Deer Valley with over 60 acres of pristine land. The land can be subdivided into 16 parcels or kept for privacy. The Huntsman Estate is 22,ooo sqft. and it offers 12 bedrooms as well as 16 bathrooms. This beautiful log home is great for large families or officials.It features:

  • dining room seating up to 20
  • fitness room
  • indoor pool
  • oversized garages (6 & 22)
  • library
  • children's playrooms

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Amazing Deal: Chateau in Glenwild - Park City, Utah!

By parkcityrealtor
Sep 20, 2011

This stunning Park City estate in located on 10.45 acres at 1526 Red Hawk Trail in the gated golf community of Glenwild. Glenwild was voted No. 1 Golf Club in Utah by Golf Digest. The community offers a Tom Fazio golf course with a 38,500 square foot clubhouse and spa. Enjoy fine and casual dining, swimming pool, tennis courts and cross country skiing as well as snow shoeing.

The property is designed in a French Chateau country style for everyone who wants to live like true kings and queens. The estate features a 7,000 sqft. main home and a guest house with European doors and an antique bell. In addition to that you can enjoy breathtaking views from anywhere in the house. The home also features a 4-car garage, a fitness room, a library, storage shed and a security system.

This unique home was originally listed for $7 million and was just reduced to $3.9 million dollars.

View homes for sale in Glenwild & at the Preserve.

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Do we need to be scared of a Double-Dip Recession?

By parkcityrealtor
Aug 27, 2011

This is a question many buyers, sellers and us realtors have. The high oil prices, the prolonged debt ceiling and the European debt crisis continue to enrage the stock market and raise concerns that the U.S. may suffer a double-dip recession.

MainSt.com interviewed several economists who claim that even if we do enter another recession later this year it won’t be nearly as damaging as the Great Recession in 2008. The reason for that is that the imbalances that drove the previous recession have been corrected. According to Gus Faucher, senior economist at Moody’s Analytics, banks are better capitalized now, the housing market has shed many delinquent homeowners and U.S. corporations have trimmed their payrolls and sitting on cash reserves to help if there is another recession. Furthermore, consumers are spending less and are paying off more of their debt.

The Park Record stated that most local stock and financial experts in Park City, Utah are not worried about another recession. The current events are hurting the market and may affect the unemployment rate but will unlikely cause another recession.

According to Brian Kahn (Jupiter Peak Financial), the current worries about  the federal budget and Europe’s debt load don’t need to trouble investors if they know how to trade and benefit from the up’s and down’s.  Joe Cronley from Edward Jones, says that right now we are just seeing a very slow growth. The stock market is not the economy. Since companies have money, the economy is not in danger. We just need to motivate the private sector to invest what they have.

After all I don't think anyone really knows where the economy is headed.  But I can say this - for qualified buyers it is definitely a good market.  Sellers may wish to wait if they can.

Park City Real Estate has seen the highest numbers in sales since 2007 with a slight increase in median home prices.

Tags: Market Statistics
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Red Ledges Golf Community: Real Estate Sales are up!

By parkcityrealtor
Aug 16, 2011

Red Ledges has seen over 22 sales in July this year. This is a number only seen in Promontory lately.

Red Ledges is gaining more and more interest in buyers. With a new marketing strategy: new home plans are now starting at $500,000 making it affordable to own golf property. Red Ledges also added new amenities such as a tennis, swim and fitness club. In addition to that the new relationship with St. Regis Deer Valley allows members of Deer Crest Club to enjoy golf at Red Ledges and vice versa.

Compared to Promontory, Red Ledges has only seen two foreclosures since 2007. Red Ledges is located east of Heber - 15 minutes from Park City and 45 minutes from the Salt Lake International Airport.

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New Public Bus Service from Salt Lake City to Park City

By parkcityrealtor
Aug 03, 2011

Yes, you heard it right! The Utah Transit Authority will begin public bus service between Salt Lake City and Park City on October 2, 2011. So far they are calling to charge $5.50 for a one-way ticket or $242 for a monthly pass.  16 buses a day are supported to run during the peak months of December to April and 12 buses a day from May to November. Stops will include: the Salt Lake Central Station; State Street at 200 South; University Hospital; a park-and-ride near the mouth of Parley’s Canyon; Jeremy Ranch; Kimball Junction; the Canyons resort; Park City Mountain Resort; Old Town Transit Center in Park City; and Deer Valley. A stop at Salt Lake City International Airport has not been included yet. UTA is hoping to attract tourists as well as commuters and students.

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