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WORKING IN PARK CITY | AN OVERVIEW

By Berkshire Hathaway HomeServices Utah Properties
Oct 03, 2016

In Park City, the mentality is ‘work hard, play hard.’ Here, work-life balance isn’t a goal--it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting, get in a gym session at lunch, wrap-up with some email crunching, and get onto the final funtivity of the day. Far from having just a resort economy, Park City is now home to a diverse business ecosystem that includes powerhouse companies like Skullcandy, Backcountry.com, AvaTech, SnoCru, and others.

The ‘Silicon Slopes’ effect is very much underway in Park City, as well as Salt Lake. It's an exciting time to witness startup growth in our mountain town utopia.

To help grow PC's tech scene, the Park City Angels, a venture capital club, has invested in numerous startups that have matured into successful companies. Whether you are an ambitious millennial, seasoned exec, or keen investor, the local business landscape has a niche with your name one it.

Working in Park City

By Berkshire Hathaway HomeServices Utah Properties
Sep 30, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

FAQ: What is it like to work in Park City?

By Berkshire Hathaway HomeServices Utah Properties
Jul 26, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

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Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

Second Quarter Park City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2016

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Sales Volume

Sales are up 12% in Park City and 35% in Heber

The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

Quick Takeaway: Sales volume is up. 

Closings

There have been roughly 400 closings this year in Park City, roughly the same as last year. . There were close to 300 closings in Heber Valley, a 35% increase from last year. 

The number of closed properties in Park City showed a recovery from a slight downtick in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Heber Valley, on the other hand, has experienced tremendous activity.

Quick Takeaway: Number of Sales are steady and have been for the last four years in Park City. Heber Valley and surrounding areas have seen increased interest. 

Listings

Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Quick Takeaway: Listing inventory has remained steady at around 1,000 active listings for the past 2 years.

Absorption Rate

The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

Quick Takeaway: The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point. 

Pricing

Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market.

Quick Takeaway: Prices are increasing, but a gradual rate.

Wasatch Front Upcoming Events

By Berkshire Hathaway HomeServices Utah Properties
Jul 06, 2016

JULY EVENTS

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M,Th,F            Mobile Greens Farmers Market

Tues               Outdoor Summer Concert Series

F,S                  Soda Row Concert Series 2016

7/1                  Venture Out! For Pure Adrenaline

7/1                  Arrival - The Music Of Abba

7/1                  Raiders of the Lost Ark

7/1-2,4            Western Stampede Rodeo

7/1-16             Footloose: The Musical

7/2                  Utah National Guard 23rd Army Band

7/2                  Stadium Of Fire 2016

7/2,4               Liberty Days - July 4 Celebration

7/2,22             July 4 And July 24 - Racing And Fireworks

7/4                  Sugar House Arts Festival

7/4                  Family First Mondays At Station Park

7/6                  Wild Wednesdays: Red, White And Blue: A Special Independence Day Program

7/6,15,27,29   2016 Sundance Institute Summer Film Series

7/7                  Corps Encore

7/8                  Electronics Recycling, Hhw Disposal Collection

7/8                  Two Weeks Notice - Music In The Park

7/7-8               Piff The Magic Dragon

7/9,16,23,30   Peter Pan

7/10                Urban Flea Market

7/13                Last Summer On Earth Tour With Barenaked Ladies, Omd, Howard Jones

7/14,21,28      Thursday Nights Rock The Park Concert Series

7/15                Food Truck Fridays

7/15                Antelope By Moonlight Bike Ride

7/16                Wild West Roundup

7/19-20           Days Of ’47 Rodeo

7/20                Classic Cars & Couture

7/20                Styx

7/21                James Taylor - Before This World Tour

7/21-23           The Adventures Of Tom Sawyer

7/22-23           Annual Pioneer Day Concert - Mormon Tabernacle Choir

7/25                July 24 Celebration - Salt Lake City

7/30                Van’s Warped Tour 2016

Berkshire HathawayHS.com Goes Global

By Berkshire Hathaway HomeServices Utah Properties
May 18, 2016

Berkshire Hathaway HomeServices is expanding globally and our website is making the change, too.

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The new website features language, currency and measurement options for prospective buyers both in the U.S. and abroad whose native language may not be English. Global consumers accessing BerkshireHathawayHS.com may search for homes in any city or state serviced by our franchisees. What they’ll find they can’t get anywhere else: full MLS data containing all listings in their search area, including our own Berkshire Hathaway HomeServices listings in their language of choice. Berkshire Hathaway HomeServices . . . Good to Know. ®

To complement our international platform, Berkshire Hathaway HomeServices now sends your listings to over 35 countries throughout the world!

We’re All in this Together

By Berkshire Hathaway HomeServices Utah Properties
Apr 29, 2016

Bob Wheaton & Bill Rock on how their respective resorts and the city all work as one

 

From Park City Municipal News

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Park City Municipal Community News Interview Park City Municipal Corporation: Our three entities—the two resorts and the city government—are part of one ecosystem. How do the two of you work together?

Bill Rock: Bob has been an incredible partner, and I’d like to thank him personally. He’s been very helpful in introducing us to the Park City community, at both the personal and company levels. This is what makes Utah skiing really special: everybody sees the big picture and understands that when we all do well we all do well. Bob has been a fantastic proponent of this, and it’s been great working together.

Bob Wheaton: Well, thanks Bill. I agree. It’s been easy for me—for us—because one good thing about the ski industry is it’s a pretty small deal. Everybody knows everybody, so you can get to know people over time and watch their progress. Bill and I have known each other for years through the industry, so, like I said, it’s been easy for me.

PCMC: How about working with the city?

Wheaton: I’ve never been in another ski resort community that functions nearly as well as Park City, in terms of the relationships among the municipality and the resorts.

Rock: Our guests come to Park City as a destination because it’s a complete experience. There’s a reason why our resort’s tagline is “There’s only one”: there’s only one Park City. It has all the right ingredients: airport access, Utah snow, Park City Mountain, Deer Valley, Main Street. These are all components of the vacation. Collectively it’s the most compelling ski destination in the U.S., as far as I’m concerned. The fact that people can sample two different ski experiences is a huge advantage, and I haven’t even mentioned the resorts on the front of the range.

Wheaton: It’s this very thing that brought my wife and me to Park City 36 years ago. Park City is great, and it’s kind of the epicenter: Snowbird, Alta, Brighton, and Solitude are all close by, as are Snowbasin and Powder Mountain. Bill, I haven’t told you this story before, but one of the highlights of my previous ski season was bringing Solitude online. One day I rode the lift at Solitude with three guys who were visiting for a long weekend.

They had skied the day before at Park City Mountain, and they could not stop talking about the terrain. They said, and this is almost an exact quote, “There is no way that we could have skied every lift but we tried to hit all of the areas.” I asked if they were able to make it back to their car, and they said, “Oh no, there was not enough time to do that.” They had parked at Canyons, but ended up on the Park City side. So they said they took the bus back and it was great. This is just a great example of integration and cooperation of everyone involved.

If those guys had had a great time on the mountain but a crummy time getting back to their car, it would have spoiled their entire day. And I might add they had a great day at Solitude.

PCMC: What do you think, then, about the One Wasatch concept?

Rock: I think it’s a great idea. When we linked our two resorts, we essentially made the first connection. We’ve seen firsthand what a connection can do and how people respond to it.

Wheaton: I agree. And the resorts in each of the two canyons on the front of the range— Brighton and Solitude and Alta and Snowbird— are already connected. So it’s really just a matter of canyon-to-canyon at this point.

PCMC: Could Deer Valley and Park City Mountain be easily connected?

Wheaton: Yes, and that’s not by accident.

PCMC: How did that come about?

Wheaton: It was the same year that Empire and McConkies went in. Phil Jones was my counterpart at PCMR, and Billy Gray was their heavy-equipment operator. Chuck English was—still is—our director of mountain operations. The four of us spent a lot of time up on that ridge (where the two resorts abut) because we did not want to design ourselves out of the possibility of connecting in the future. This is why all those lifts are laid out the way they are. Once we put in Empire Canyon (or Empire Express) and PCMR put in McConkies, we actually had to adjust the property lines a little bit so that we could put the lifts where they really belonged, from a mountain-user standpoint. We designed it so that—with half a day and a decent-sized dozer—we’d be connected. It goes back to the whole idea of cooperation—it didn’t just start with Bill and me.

PCMC: How did your resorts do this past season, numbers-wise?

Rock: Park City Mountain had double-digit growth, double-digit skier day growth.

PCMC: What about Deer Valley.

Wheaton: Same deal.

PCMC: That’s pretty impressive. To what do you attribute it?

Rock: The return of good snow conditions certainly helped. We also spent $50-million over the summer to create the largest resort in the country. I think that message resonated around the world, and people wanted to come check it out.

Wheaton: I just want to pick up on something Bill said that’s kind of ironic: the return of “good” snow conditions. We ought to keep in mind that this past year’s snow was average. Average is not something either resort strives for, but when it comes to snow conditions…

Rock: We’ll take it.

Wheaton: When we’re talking about snow conditions, average is just fine.

PCMC: Do you each have a personal highlight from the past season?

Rock: Mine was cutting the ribbon on all the improvements, particularly the gondola. That day was really special. Our whole team took a lot of pride in it, and it was a fun day.

Wheaton: I have two highlights—one at each end of the spectrum. The first was the amount of powder days that we had and just the great ski season overall. The other was the windstorm during President’s Day week. Thousands of trees were downed—from one end of the resort to the other, across ski runs and everywhere else. My highlight was watching the staff focus on guest service, and observing the cooperation and integration among all the departments. We were able to fire some of those lifts back up by 2:00 pm. It was incredible to watch—it really was.

PCMC: The City has recognized three critical priorities of the community: housing, transportation, and energy (reduction, renewables, and net-zero carbon emissions). How do these align with your resorts’ goals and operations?

Wheaton: These are three of our highest goals as well. And we need to recognize that the best solution for any of them is a collective one— between Summit County, Park City, Park City Mountain, and Deer Valley. If the community can unify behind them, we can make a hell of a difference.

Rock: We’ve rolled out several company-wide initiatives that align with the city’s priorities. Housing is, for sure, front and center in our planning. We have very limited employee housing, and we’ve pledged $30-million across our mountain communities for potential housing projects. We’re in the process of identifying partners here in Park City to help us effectively deploy the money. And we’re already working closely with the city and county on transportation. The resorts’ parking staff and city transportation staff did things they’d never done before this past season to collectively address the issues. And I think it made a huge difference. We’ve also developed solutions specific for our employees—remote parking, shuttles, transit, you name it. In terms of energy reduction, we set a companywide reduction goal of 10 percent, which we met in 2011, so we launched another program called the Next Ten. We’re focusing on everything from fuel use to making our infrastructure more efficient.

PCMC: Summit Community Power Works, a local nonprofit, has made a big push to have businesses and residents switch out their light bulbs for LEDs. Are you doing this in your operations?

Rock: Yes, we’ve done pretty aggressive LED switch-outs. We also launched a program supporting SCPW and their goal of meeting the Georgetown Energy Prize. We partnered with Rocky Mountain Power to provide each employee with four free LEDs. We’re also helping fund smart thermostats: between the manufacturer rebate and our rebate, our employees can purchase them for less than halfprice.

Wheaton: The LED switch is a great program. The bulbs cost money upfront, but with all of the incentives through Rocky Mountain Power, they become affordable. And that’s not even considering the labor savings—especially for businesses with larger facilities. In bigger buildings, it’s not just a matter of standing on the floor and reaching up to change a bulb. You often need a ladder or lift, so doing it once and forgetting about it for 20 years is attractive. And the energy savings are immediately noticeable and trackable: that’s what makes them a prudent investment.

PCMC: Your single biggest use of energy is probably snowmaking, but this is essential to the customer experience.

Rock: Absolutely. One of the things our guests look forward to is consistency, especially with conditions. The good news is that snowmaking technology has gotten very efficient, so a key part of our energy-reduction plan is upgrading our equipment to keep pace with the state-of-the-art technology. Bob’s the real expert on this.

Wheaton: Snowmaking technology has just boomed, especially in the last five years, so new equipment will be our single biggest capital investment this summer.

PCMC: How has the technology improved? Wheaton: Both inputs—gallons of water and kilowatts—have gone down, which means the guns can create more cubic feet of snow with the same amount of energy. Beyond that, pumping efficiencies and compressed air technology in the guns themselves have also come such a long way. And the engineering has improved so much that the water particle actually explodes: you get more cubic feet of snow per particle of water. This means you get a bigger snowflake, which means better ski conditions. The more efficient guns are a sound business decision, but they are also the right thing to do for the environment.

PCMC: Some people worry that snowmaking wastes water.

Rock: This is a common misconception: it actually keeps the water in the watershed longer, releasing it back over an extended period of time.

Wheaton: It essentially acts like a reservoir. Folks should also remember that we are making snow before the occupancy rates in town spike, so it isn’t as if we’re diverting water that would otherwise be used to do dishes or wash laundry.

PCMC: Are you planning to relax in these few short weeks before things ramp up for summer?

Wheaton: We’re both going to Nashville next month for the NSAA—National Ski Areas Association Conference. Shelbyville, which is the center of the Tennessee walking horse community, is only about an hour away. My wife and I are going tack on a few days to go horse shopping.

Rock: And I think I’ll tour the Jack Daniels Distillery while I’m there. PCMC: Horses and whiskey—two things Tennessee and Park City are both famous for. I can’t let you leave without asking what your favorite locals runs are.

Rock: Now that we’ve combined, people tend to gravitate toward the center of the resort, but I like skiing off Condor—it’s fantastic. And with the Mother Lode lift being fast now, people are realizing that all that terrain under there had been under-appreciated. It’s really good skiing. It’s been especially fun for me as a newcomer, but I think everyone can rediscover some runs that may have been hard to access. Wheaton: For me, it depends on the day. On a powder day, I like Red Cloud lift. And, as far as groomers go, Stein’s Way.

PCMC: Well, you can’t go wrong on either mountain.

Park City Current Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FIRST QUARTER

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Greater Park City Area

Single Family Homes Sold this Quarter: 180

Average Single Family Sale Price: $1.3 million

Median Single Family Sale Price: $722,000

Condominiums Sold this Quarter: 151

Average Condo Sale Price: $800,000

Median Condo Sale Price: $500,000

Wasatch County

Single Family Homes Sold this Quarter: 58

Average Single Family Sale Price: $584,000

Median Single Family Sale Price: $434,000

Condominiums Sold this Quarter: 35

Average Condo Sale Price: $429,000

Median Condo Sale Price: $355,000

Reach out for a comprehensive overview of Park City's market and your neighborhood's trends.

Park City May Events

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FOR TRAVEL -- Summer Winter Mountains -- Park City, UT -- Homestead Crater CREDIT: Re Wikstrom with Park City Yoga Adventures FOR TRAVEL -- Summer Winter Mountains -- Park City, UT -- Homestead Crater CREDIT: Re Wikstrom with Park City Yoga Adventures

All Month Ritual Chocolate Factory Tours

All Month Geothermal Standup Paddleboard Yoga in the Homestead Crater

All Month Park City Film Series

5/1 Egyptian Theatre Park City Follies

5/5 Peace House Annual Spring Luncheon

5/11 Summit Land Conservancy 2016 Breakfast

5/13-5/14 Egyptian YouTheatre presents Junie B. Jones

5/20-5/22 Egyptian Theatre presents Peter Yarrow

5/20-5/21 Heber Valley Horse Sale, Rodeo, and Tack Auction

5/26 Latino Art Festival

5/27 Park City Gallery Stroll

5/28 Wasatch 360 MTB race

A distinctive backyard can turn heads

By Berkshire Hathaway HomeServices Utah Properties
Mar 25, 2016

Savvy agents understand that staging homes both indoors and outdoors is vitally important. Here are a few tips to help ensure that your backyard is as distinctive as what’s inside:

Create a conversation area with furniture: The area needn’t be elaborate; just two chairs pulled close together with a table between can make even the most basic concrete patio special. An outdoor eating option is even more inviting.

Remember the kids: If you have a tree house, fix it up and paint it bright colors or add sporty designs to get the attention of the kids. Just make sure the tree house is safe. Add a tire swing to a tree and have a basket of balls, toys and a jump rope so kids dragged along can play in the yard.

Firepits/hearths: Few home improvements create the “wow” factor that a backyard fireplace or firepit will. It can create the appeal of a home’s interior in the backyard.

Simple fixes: Do a thorough inspection and replace any damaged boards on your deck or fence and apply a fresh coat of paint, stain and sealant if the finish requires it. You should also weed and groom your garden and add some perennials for color.

Creating a backyard sanctuary is one of the smartest things you can do to make your home stand out, so make your outdoor space a destination to remember.

US Resorts by the Numbers

By Berkshire Hathaway HomeServices Utah Properties
Mar 25, 2016

 

In which we provide, for your own edification and enjoyment, the latest data related to select U.S. resort markets ...

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Palm Desert, CA

  • Average Sales Price: $458,774
  • Median Sales Price: $357,042
  • % Change Median Sales Price from 2014 to 2015: -2.3%
Palm Springs, CA
  • Average Sales Price: $611,209
  • Median Sales Price: $523,291
  • % Change Median Sales Price from 2014 to 2015: 4.0%
Big Sky, MT
  • Average Sales Price: $1,067,952
  • Median Sales Price: $622,000
  • % Change Median Sales Price from 2014 to 2015: -4.4%
Bozeman, MT
  • Average Sales Price: $454,433
  • Median Sales Price: $362,000
  • % Change Median Sales Price from 2014 to 2015: 11.4%
Aspen, CO
  • Average Sales Price: $3,313,930
  • Median Sales Price: $1,500,000
  • % Change Median Sales Price from 2014 to 2015: 1%
Vail, CO
  • Average Sales Price: $1,083,724
  • Media Sales Price: $585,000
  • % Change Median Sales Price from 2014 to 2015: 4.5%
Park City, UT
  • Average Sales Price: $2,200.000
  • Median Sales Price: $1,500,000
  • % Change Median Sales Price from 2014 to 2015: 17%
*All information pertains to 2015 single family attached and detached properties and was provided by the California Desert Association of REALTORS® and Desert Area MLS, Gallatin Association of REALTORS/Southwest Montana MLS, Aspen Board of REALTORS® MLS, Park City Board of REALTORS® MLS and Berkshire Hathaway HomeServices Colorado Properties 2015 Vail Valley Market Trend Report.

3rd Home - Travel Club for Luxury Second Homeowners

By Berkshire Hathaway HomeServices Utah Properties
Mar 16, 2016

We are thrilled to announce our EXCLUSIVE relationship with 3rd Home.

3RD HOME Introduction from 3RD HOME on Vimeo.

Friends and clients of Berkshire Hathaway HomeServices Utah Properties have been pre-approved for a complimentary lifetime membership in 3RD HOME, valued at $2,500. Additionally, you will be upgraded to the President’s Club level for 1 year — a total savings of almost $3,000! Sign up at www.bhhsutah.3rdhome.com/signup.

WHAT IS 3RD HOME?

Thailand-Sensational Samujana

3RD HOME is a private club for the owners of luxury second homes. With an average property value over $2.4 million USD, over 5,300 properties and growing, and endorsements from the top luxury residential and resort brands, 3RD HOME enables vacation home owners to travel the world staying in premier places without paying rental rates ever again.

It was created to fill a need expressed by second home owners to find a safe and trustworthy way to “expand” the use of their second homes without the hassle or expense of renting them out. 3RD HOME enables you to exchange time in your home for stays at other premier luxury destinations worldwide. By depositing weeks at your vacation home into the club, you can reserve another great home any time in advance or at the last minute.

There are hundreds of desirable destinations to choose from. The scale and quality are unprecedented. Many homes even come from the top branded destination clubs and real estate developments that endorse 3RD HOME for their owners.

WHAT MAKES 3RD HOME UNIQUE?

Residence 2309 Victor, West Virginia

• There are over 5,300 luxury properties in 74 countries to choose from with an average value of $2.4 Million USD.

• Access to homes in over 1,000 different cities.

• We are affiliated with many of the world’s leading luxury residential developments in addition to private homes

valued at up to $30 million USD.

• You’ll be a lifetime member with NO annual dues!

• No direct or simultaneous exchanges with other members are required as with traditional home exchanges.

• The proprietary Keys system gives our members immediate access to every available property.

• Our secure web platform allows 24/7 booking of reservations and notifications on properties you are watching.

• The ‘Request a Week’ function expands availability beyond what is listed on the site.

• Pre-screening of member homes, plus host and guest feedback on every trip, ensures a premium experience.

Viceroy Anguilla - Anguilla

HOW DOES IT WORK?

Keys are the currency of 3RD HOME. When you list your residence on our site, we take into account your homes current market value, with an adjustment made based on location and the home itself. You’ll earn Keys by depositing weeks at your residence into the club for other members’ use. Plus, you will earn Double Keys when you deposit a Peak week, and Triple Keys when you deposit a Super Peak week!

When you join 3RD HOME, you’ll list your own private vacation home on the site indicating its value, location, adding pictures and other details. Next, you’ll select weeks that you agree to make available exclusively for other members. 3RD HOME will credit you a number of Keys for each week(s) that you choose to deposit based on the desirability of those weeks.

BOOK YOUR TRIP

CostaBaja - La Paz, Mexico

Ready to take a trip? Trade your Keys for a stay at another member’s property! You can begin booking immediately– simply select an available week at any of our luxurious properties, pay the nominal exchange fee ($395- $995 USD), and receive immediate confirmation. There are no rental fees for any property on the 3RD HOME site!

Local Business Love: Julie Nester Gallery

By Berkshire Hathaway HomeServices Utah Properties
Feb 10, 2016

JN Blog6Park City may be a small ski town, but it has a full-fledged cultural scene that includes a diverse family of art galleries. Perched in a warehouse space just off of Main, Julie Nester Gallery houses contemporary art pieces that range from photography to oil paintings.

Expertly curated by the Nesters, longtime art aficionados who have been doing their best to keep Park City’s taste as elevated as its altitude, this gallery remains one our favorite haunts when it comes to padding out our spaces with beauty.

The bright space is ideal for taking a moment and thinking high-and-mighty aesthetic thoughts. From a designer’s standpoint, the gallery offers a wide array of mediums and artists, but all fall under the general umbrella of modern.

We’re pretty outspoken fans of bringing contemporary design trends to our neck of the woods; so, it’s no surprise that we’re quite fond of Tor Archer’s sculptures, Audra Weaser’s mixed medium acrylics, and Nine Francois’ charming animal portraits. Each featured artist truly differs from the next, and this gallery sets the bar in terms of bring cosmopolitan creations to our mountain setting.JN Blog5

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Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

Summit and Wasatch County Show Steady Growth

By Berkshire Hathaway HomeServices Utah Properties
Jan 29, 2016

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Park City, Utah – January 26th, 2016

Summit and Wasatch County property prices rise at a steady market pace in 2015

At the end of the fourth quarter of 2015, the year-end statistics reported by the Park City Board of REALTORS® indicated a slow but consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties. The total dollar volume for 2015 was up 10% over 2014, reaching $1.85 billion, with single family homes sales accounting for the highest dollar volume by property type.

Single Family Home Sales

Within the City Limits (84060), the median sales price of a single family home was 17% higher than the year before, reaching almost $1.52 million, but the number of closed sales decreased by 12%. By neighborhood, Old Town had the highest number of closed sales with a total of 52 with a 6% increase in median sales price to $1.31 million. Thaynes Canyon had the highest jump in median sales price – up 46% from 2014 to $1.82 million with a total of 11 closed sales for the year. Park Meadows had seven fewer sales than last year but the median sales price was up 11% to $1.44 million. In Prospector, the median sales price increased 6% to $740,000, but there were only 11 closed sales for the year (down 39%), which demonstrates how low inventory of active listings can affect the number of sales in certain neighborhoods. “Higher median prices of homes within City Limits and lower number of unit sales is reflective of demand outpacing inventory. In this case a decrease of home sales from the previous year is not a sign of a weakening market. In our current cycle, single family homes listed for less than the median sales price are in very short supply,” says Rick Shand, President Park City Board of REALTORS®.

Within the Snyderville Basin (84098), there were seven more home sales at year-end than 2014’s number, with an 18% jump in median sales price reaching $912,500. The median sales price shot up 23% in Jeremy Ranch to $874,000 and was up 25 % in Silver Springs to $960,000, though both neighborhoods were slightly down in the number of sales. The highest increases in the number of sales occurred in Glenwild / Silver Creek (up 77% with 39 sales), Pinebrook (up 30% with 48 sales), and Jordanelle (up 85% with 37 sales). With new construction in Promontory, there continued to be an upward trend in the number of sales, ending the year at 60, with a median sales price of $1.67 million, as well as, in the Jordanelle area, with 37 total sales – up 85% from last year, and a median price of $900,000.

According to Carol Agle, Statistics Chair for the Park City Board of REALTORS®, “In and around the Jordanelle Reservoir we are seeing increased interest from both primary and secondary home buyers. There were 135 condo sales in Jordanelle at an affordable median price of $375,000, and 37 home sales at a median price of $900,000. Contrast that with the rest of Wasatch County ending the year with only 25 condo sales, but 241 single family home sales with an 8% increase in the median sales price to $369,000. We are definitely seeing a dual market then in Wasatch County, with the focus on the Jordanelle area for the newer condos.” In the Kamas Valley, there was a 10% increase in the number of sales with a 4% increase in median sales price to $310,500.

Condominium Sales

Within Park City Limits, the number of condominium sales was down 13% from 2014 but up 11% in median sales price reaching $605,000. Neighborhoods with increased closed sales include Lower Deer Valley Resort (up 25%), Upper Deer Valley Resort (up 23%), and Prospector (up 38%). The median sales price for a condo was up 9% in Lower Deer Valley to $780,000, down 35% in Upper Deer Valley to $995,000, down 24% in Park Meadows to $585,000, up 15% in Old Town to $450,000, and up 27% in Prospector to $155,000. “Once again we see the relative affordability in surprise sectors within Park City. The 55 condo sales in Prospector saw a remarkable $155,000 median sales price. Old Town and the base of Park City Mountain saw 108 condo sales at a median price of $449,000,” Agle adds.

The overall Snyderville Basin condo market was up 35% in the number of sales with a total of 361 sales, or one a day, at a median price of $400,000. The strongest condo market was at Kimball Junction and Jordanelle which each averaged a sale every two and a half days with 135 units sold at the median sales price of $375,000. The quantity of units sold in the Sun Peak/ Bear Hollow neighborhood was 71% higher in 2015 than 2014 with a median sales price of $394,000. Jeremy Ranch was up 36% in the number of sales and 15% in median price to $574,000. At the Canyons, the median sales price of $401,000 and 84 closed sales were both flat compared to last year’s number.

Vacant Land Sales

Vacant Land sales account for the smallest volume of the market by property type, though for the total market area, the quantity of lots sold was 9% higher than last year; median sales price was 13% up, and total dollar volume was 8% up. Within the City Limits, there were 13 fewer land sales than last year, a 33% decrease, but the median sales price was up a solid 18% reaching $677, 000. The median price for a lot in Park Meadows was up 19% to $970,000, and in Old Town it was up 35% to $575,000.

In the Snyderville Basin, there were 170 lots sold, which is the exact same number as 2014. The Glenwild / Silver Creek area saw increased activity with 42 units sold and a 19% median sales price increase to $443,000. The two neighborhoods with the highest number of vacant land sales were Promontory up 31% to last year with a total of 72 units sold and a median sales price of $305,000, and Jordanelle up 92% with a total of 69 lots sales and a median price of $250,000. Though the number of sold lots dipped slightly in both the Heber and Kamas Valleys, the median sales price increased 15% in both areas reaching $205,000 in Heber and $101,000 in Kamas.

Looking Ahead

The gradual increase in dollar volume, median sales price, and number of closed sales in Summit and Wasatch Counties indicated strong and steady growth in 2015, though the market is not back to the highs of 2007. The median sales price continued to rise slowly at a pace of 4.7% this year, which fits the upward trend we have been seeing annually since 2011. There is still affordable property to be found within Park City Limits and the Snyderville Basin. While new construction continues to be in high demand, buyers must pay the premium costs for it.

“Over the past five years, our market has continued to post solid gains. Changes in the overall market have been steady and for the most part, headed in the right direction. Demand appears to be increasing and as more buyers focus on our area for family, work, retirement and lifestyle, inventory will be an issue, particularly in popular areas. Our community will continue to grow and with that, we hope there will be a variety of housing opportunities for a wide range of buyers,” says Shand. Our market continues to be highly segmented with micro-markets dividing product by price, property type, and demand, so it is best to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

- See more at: http://www.parkcityrealtors.com/newsroom#sthash.BTOzTRmB.dpuf

 
 
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