Savor the Summit 2011

By Steve Blankenship
May 28, 2011

Savor the Summit is one of the funnest summer events Park City has to offer. On Saturday, June 25th, the city will close Main Street for Park City's longest dinner party. Restaurants like 350 Main, Bistro 412, Riverhorse, Shabu, Silver, Zoom, Bangkok Thai, Ciseros Restaurante, Chimayo, Buena Vita, Blue Iguana and many more will participate in creating the Grande Table on Main Street. Live Music will be played in various locations. Tickets for the event can be obtained at your restaurant of choice. Seats are limited - Event sells out fast.

The restaurant of my choice this year is Bistro 412 which provides delicious French-American Cuisine. Tickets are $80 for the 4 course dinner; $100 with wine pairing. Contact me if you are interested in tickets for Bistro 412 or visit the restaurant and ask for Annett.

Savor the Summit is a unique celebration of food, drinks and live music while seated in the middle of Main Street.

Park City Real Estate Market Report: 1st Quarter 2011

By Steve Blankenship
May 18, 2011

We are seeing positive changes happen in the Park City Real Estate Market. Sellers are becoming more realistic in how they are pricing their properties and buyers are beginning to realize that the market has reached bottom and has begun to rebound. As a result the number of days a property remains on the market is declining with the average home on the market for 166 days at the end of March.

Since the end of 2010 the number of active listings in the Park City market has remained relatively constant with around 2,500 units listed. The number of units sold is still increasing but the total dollar volume of the units is declining. The total dollar volume compared to the same time last year is down six percent.

Short sales and foreclosures are still accounting about one third of all transactions. However, the trend is moving in a positive direction as fewer and fewer homes fall into these categories. As short sales and foreclosures become less frequent we will begin to see a rise in the median sales price of homes, which has been fairly stable over the past several months. The median home price of homes sold in the 12 months ending in March was $515,000.

Last but not least some Good News for all patient land owners out there: Land sales have doubled compared to the first quarter of 2010.

Buyer Hot Spots for the first quarter of 2011.

Condo buyers preferred shopping in Old Town, Deer Valley (Montage, St. Regis, Red Stag Lodge, Flagstaff), Timber Wolf Lodges, Westgate, Fairway Springs, Bear Hollow Village, Newpark, Canyon Creek, Pinebrook Pointe, Views at Stillwater, Canyon Links.

Home buyers were most interested purchasing in American Flag-Deer Valley, The Colony, Jeremy Ranch, Old Town, Park Meadows, Pinebrook, Promontory, and Thaynes Canyon.

Land buyers love Colony, Hideout Canyon, Pinebrook, Promontory, Old Town, Silver Creek/Glenwild and Summit Park.

New Development Approved: Park City Heights at Quinn’s Junction

By Steve Blankenship
May 12, 2011

Park City’s Planning Commission approved the long proposed Park City Heights development at Quinn’s Junction May 11, 2011. The project shall include 239 residential units on 239 acres. 79 of those units would be work force units, also called affordable housing, which are priced below market value.

The developer wants to create a 15,000 square foot community garden, a large community center clubhouse as well as three to four miles of trails and sidewalks.

Park City Heights is one of the largest projects considered inside Park City in years.

Park City offers Incentives for Energy Efficient Projects

By Steve Blankenship
May 10, 2011

Are you looking to build or upgrade a home in Park City this year? You can now save up to $1,000 in building and inspection fees if your project includes energy efficient upgrades such as solar panels, wind-energy solutions, ...

With the introduction of this incentive Park City is trying to reduce carbon emissions and boost the local green economy. The incentives are offerd for both residential and commercial buildings. Projects must be completed in 2011.

For more information visit contact City Hall’s Planning and Building department on parkcity.org

Park City, Utah ranks #6 in Barron’s Luxury Second Home Market

By Steve Blankenship
May 05, 2011

According to Barron’s – America’s premier financial magazine - both sales volume and prices are clearly on the rise again for luxury vacation homes. The magazine recently released their top 15 locations to own a second home. Their rankings are based on beauty, comfort, convenience, lifestyle and value.

Our beautiful Deer Valley Utah ranks number 6. Deer Valley is less than hour drive from Salt Lake International Airport and offers the “Best Snow on Earth”. Barron’s investment tip is Tuhaye, an exclusive gated golf community just east of Park City. Tuhaye is owned by Talisker which developed much of Deer Valley and owns the Canyons as well as the Waldorf Astoria. Talisker offers many summer and winter activities to their members, great dining, championship golf courses and access to members-only lounges.

2010 Median Home Price: $1.3 million.

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