Park City, Utah | Deer Valley | Real Estate Sales Information Blog

Promontory Ranch Club Real Estate points to growth

timgaebe — Thu, 19 Apr 2012 01:17:53 +0000

Gina Barker, The Park Record The Park Record

Posted: 4/18/2012

ParkRecord.com

There’s a canary in the coal mine, but this time the indications are looking good. Promontory vacant land sales are pointing toward potential growth perhaps a resurgence in home construction or simply a bolster of support in the market as investments in real estate continue to crop up in the area.

According to documents from the Summit County Recorder’s Office, in a single year, more than 40 vacant lots were snatched up by one person in Promontory. A real estate investment company based in California, started picking up lots after the owner decided to settle part-time in Park City. While his number might outpace most buyers in town, the trend holds true to what Realtors are noticing, vacant land is a hot commodity in the Park City area.

“Inventory for homes is starting to shrink,” said Kathy Mears, a Summit Sotheby’s Realtor, “and suddenly there is a lot of interest in vacant land. We’re seeing sales we haven’t seen in a long time.”

In 2011, the number of vacant land sales was up 23 percent from the year before according to the Park City Board of Realtors (PCBR), the largest increase among all property type sales, including home sales and condo sales. More than one Realtor agreed that vacant land prices have seen a bottom and demand is starting to heat up, especially in Promontory.

“If the prices are good, people are going to buy more,” said Mark Seltenrich, the statistician for the PCBR. These numbers indicate that we’ve probably passed the bottom of the market, and that the bottom for lots sales was last year. ”When all is said and done, I believe the median prices will be higher this year than last.” At the same time last year, PCBR recorded the median home prices at $125,000 for vacant land in Promontory. This year, that median price has soared to $202,000, a 62 percent increase.

“It’s easy to see in retrospect, but anyone that has faith in the market would see it was a good deal. Half of vacant land sales fell below $125,000. For what you’re getting, that’s a decent investment.”

Prices for vacant land in 2011 were 70 percent below the peak, Seltenrich said, giving buyers more than a two-thirds discount from only a few years ago. ”It does show that investors are out there looking to get good deals on real estate in general,” Seltenrich added. “We’re seeing a shift in the market.”

Karin Wilson, a member of the Promontory Executive Team, said her vacant land sale numbers don’t seem to be slowing down as interest in the area grows. In 2010, Promontory closed 71 real estate deals. That number grew to 95 last year and continues to add steam. mid-April, Wilson said 17 sales had closed, remarkable because the first few months of the year are considered an untraditional selling season for Realtors.

“Real estate is an investment,” Wilson said. “People came out here, saw some tremendous values and bought a lot of distressed inventory.” ”We have seen a real uptick in building,” she added. “The number of properties that have started building is at 17 or 18 properties now, all under construction. And there are several more going through the design process.”

As vacant land sales continue, more are popping up in some of the least expected places. Mears helped to close two vacant land sales in Hidden Oaks, an area that she said hadn’t experienced a vacant land sale since 2007. Both sales were this year.

“There is a renewed interest in buying vacant lots right now,” Mears said. “The land prices have adjusted to prices that make sense to build. The inventory on available homes has shrunk and opting to purchase and build as opposed to buying an existing property is on the rise.”

Promontory Ranch Club Homes for Sale
Promontory Ranch Club Lots for Sale
Promontory Golf Club

Prudential Utah Real Estate
Tim Gaebe
435-602-0657
tgaebe@Pru-Utah.com

Americans Increasingly Optimistic about Homeownership

timgaebe — Tue, 27 Mar 2012 02:59:51 +0000

New Prudential Real Estate Poll:

Americans Increasingly Optimistic About Homeownership

Park City, Utah – Prudential Real Estate, a Brookfield Residential Property Services company, released a new national survey showing that Americans are significantly more optimistic about homeownership than they were a year ago. According to the second-annual Prudential Real Estate Outlook Survey, a full 60 percent of Americans have favorable views toward the real estate market. That’s up 8 points since last year.

The survey shows that signs of increasing optimism are widespread:

With interest rates at historically low levels, 96% agree or somewhat agree that now is a good time to buy.
A full 70% of respondents have some degree of confidence that property values will improve over the next two years; with an 8 point increase in those very confident or confident compared to last year.
63% believe that real estate is a good investment despite the recent market volatility; that’s up 11 points from last year.

The survey confirms that despite the recession, homeownership remains a central part of the American Dream. Eight in 10 respondents said homeownership is very important to them; only 15% said the economic downturn made homeownership less important.

“Respondents nationally and locally told us what our sales professionals see every day, that despite recent market volatility, homeownership remains integral to the dreams of most Americans and that consumer confidence in the housing market is returning,” said Steve Roney, Chairman and CEO of Prudential Utah Real Estate. “This is good news for home buyers and sellers in Utah. As more people look to take advantage of historic interest rates and prices, we believe the foundation for a sustainable recovery is in sight.”

The survey also highlighted strong ties between homeownership and community: 77% agree that homeownership strengthens a sense of community with 87% agreeing or somewhat agreeing that neighborhood comprised of homeowners have a stronger sense of community than neighborhoods made up mainly of renters. This is critical in an environment where two in three respondents believe community feelings in America are declining.

Among the generations, 94% of respondents believe that finding the right home and community are crucial to helping their family be happy. Only a small minority of older Americans said the recent housing crisis made homeownership less important to them. Nearly half Gen Y respondents said it made homeownership more important. Gen Yers are particularly optimistic about the road ahead with 72% expressing favorable views about the residential real estate market.

The survey also highlighted consumer caution in a recovering real estate market: 93 percent of respondents said that the housing crisis reminds them that they must be more careful about buying and selling property. More than 90% of respondents said a good real estate sales professional can help them make the right choices about homes and communities; and 71% believe good agent representation is more important than ever, up 4% from last year’s survey.

Methodology: Interviews with 1,251 Americans who are “in the market” to buy or sell a home were conducted online by Palisades Media Ventures and Penn Schoen Berland, between Feb. 10 and 20, 2012. Respondents are aged 25-64 with a household income of at least $50,000, and either recently bought/sold a home or are considering buying/selling a home. The margin of error is ± 2.8% for all respondents and higher for subgroups.

Tom Roney
Director of Marketing & Communications
Prudential Utah Real Estae

Park City 2011 Real Estate Update

timgaebe — Fri, 17 Feb 2012 01:59:26 +0000

For Immediate Release
February 2, 2012

(The Park City Board of REALTORS® (PCBR) is a trade association of nearly 900 members composed of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.)

Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board of REALTORS® show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continues to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.

A few highlights from the update include:

Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the state of Utah. For the Park City area, tourism, resort industries and a nationally ranked public school district continue to draw both primary and secondary home buyers.
Median sold prices in 2011 were down 13% for our overall market, although single family homes continue to be the strongest part of our market with a 1% increase. Condo median prices were down 16% and vacant lot median prices were down 13%. While the percentages improved in the second and third quarters, they are still well below where they were predicted to be at the beginning of the year.
The number of closed sales in the Park City area in 2011 was up substantially over 2010. Home sales increased by 19%, condo sales were up 10% and vacant land sales were up 23% in 2011 compared to 2010.
Single family home prices may be stabilizing. Although certain neighborhoods are still seeing declining prices, other neighborhoods are experiencing increased prices.
As in 2010, foreclosures continued to be a significant part of our market in 2011.
It appears that prices have now corrected in virtually all parts of our market, and although price increases will probably be slow, future sizable declines seem unlikely. It continues to be a buyerâ€™s market, but choices are declining as the distressed properties are being purged from the market.
The bottom for home prices has probably already past, and that may be true of lot prices as well. Condos are probably nearing their low point or will reach that point in 2012. There continues to be strong buyer interest and activity, and hopefully the number of sales will be similar in 2012 to what they were in 2011. Properly priced properties will continue to sell, while properties that are priced too high will languish.

Read the entire article

Search Park City Real Estate

Silver Baron Lodge Deer Valley condo for sale

timgaebe — Wed, 25 Jan 2012 02:31:22 +0000

Silver Baron Lodge features exquisite rustic elegance and an ideal location, in the Snow Park area of Deer Valley, approximately 1/3 mile from the ski lifts. The Silver Baron Lodge features a sophisticated combination of rustic materials while maintaining historical mining elements.

Silver Baron Lodge – Unit 6202 – MLS #9991202

2219 Square Feet, 3 bedroom 4 bath
Quiet Corner Unit In The Rear of The Building
Three Separate Luxury Bedrooms Lock Off Independently
Luxury Kitchen with all appliances
Sold Fully Furnished
Views of Deer Valley Ski Resort, Mountain and Pool from on deck Private Hot Tub
Heated Underground Parking, Meeting Facilities, On-Site Management
Bellman & Concierge Services, Complimentary Breakfast Buffet,
On Bus Route or use complimentary Shuttle Service to Ski Hills and Town
Close Proximity to The Slopes of Deer Valley
Short Distance to Park City’s Historic Main Street

VIEW LISTING DETAILS

Real Estate Median Home Prices

timgaebe — Wed, 25 Jan 2012 02:13:59 +0000

In the process of updating some older charts, I stumbled across this gem, and couldn’t resist posting it. It shows the inflation-adjusted price of existing single-family homes, and very clearly depicts the “bubble” in housing prices which began around 1997 (when Clinton cut the capital gains tax on home appreciation), and the deflating of that bubble which is now complete, with prices having fallen fully 39%—in real terms—from their 2005 high.

But maybe you think that prices will have to go all the way back to 1968 levels, in which case there is still another 20% decline waiting in the wings.

As a counter to that, I would note that mortgage rates today are lower than they were in 1968, and real personal incomes have increased 250% since then. Do housing prices really need to decline further? I seriously doubt it—prices are incredibly cheap by almost any measure you care to come up with. The bubble has popped, and it’s time to think about how much it might inflate again.

Tim Gaebe
Accredited Buyer Representative, ABR ®
Prudential Utah Real Estate
(C) 435-602-0657
tgaebe@Pru-utah.com
www.ParkCitySecondHome.com

Park City Powder Alert

timgaebe — Wed, 25 Jan 2012 02:03:50 +0000

Park City received over 3 feet of snow in the past week making it a great time to ski the “Greatest Snow on Earth.” The Resorts are all busy opening new terrain, but everyone was treated to a spectacular “powder day” on the mountain. Just check out the video below from Sunday’s blue-bird powder day at Park City Mountain Resort.

VIDEO: Park City Powder Alert – January 22, 2012

Park City Ski Resorts open for the ski season

timgaebe — Wed, 30 Nov 2011 02:35:38 +0000

The 2011-2012 season kicked off Saturday, November 19 at Park City Mountain Resort as First Chairs departed PayDay, First Time and 3 Kings lifts at exactly 9 a.m. MST. Six inches of Utah powder fell Friday night, making an already festive day even more exciting. Even Olympic gold medalist, and Park City native, Ted Ligety had his spot in line when PayDay lift began running

The next week, Canyons Resort opened their mountain to skiers and riders to work off that Thanksgiving turkey on Friday, November 25th. It was another exciting day with lots of enthusiast skiers and riders ready to hit the slopes.

Deer Valley, ranked the #1 resort in North America by readers of SKI Magazine an impressive 5 years in row, will open on Saturday, December 3rd. No other ski resort has earned this prestigious ranking more than three times in a row in the past.

Are you ready to plan your winter ski vacation? We’re here to help you with assistance with finding lodging and planning that perfect ski trip. Be sure to check out the Park City Chamber’s website for plenty of vacation planning info at www.visitparkcity.com

Thinking about what it would be like to be walking down Main Street in a snowstorm? Now you can by view our Park City live webcam.

Glenwild Golf Club Lot for sale

timgaebe — Sat, 03 Sep 2011 01:59:24 +0000

Glenwild is an exclusive, luxury golf community located just 15 minutes to downtown Park City and just 40 minutes from Salt Lake International Airport. This fabulous, luxury gated Park City golf community is home to the Glenwild golf course, a Tom Fazio designed golf course, and also has been rated the Top Golf Course in Utah by Golf Digest. Residents will enjoy the 37,000 square foot clubhouse, offering a spa as well as casual, formal dining, fitness center and year round outdoor heated swimming pool. The trail system at Glendwild is a favorite among hikers and bikers alike.

The Glenwild development was started in 2000 by the DMB and Greyhawk of Scottsdale Developers. The first home was completed in 2001, and all developer lots have been sold. There are a total of 203 lots in Glenwild with 50% already built.

Looking for an incredible location for your dream home? Don’t miss this 1.78 acre lot with spectacular mountain and golf course views of Glenwild and the surrounding area. You’ll enjoy it’s convenient location close to the main gate, with rock outcroppings and trees as a backdrop. List price is $575,000

VIEW GLENWILD LOT LISTING DETAILS

Check out the photos and Virtual Tour of this lot. http://www.spotlighthometours.com/us/29745

Looking for your dream home. Take a look at this luxury Glenwild home. This beautiful 4 bedroom/5 bath, 5,000 sq.ft brand new construction mountain home is located in the, private, gated golf community of Glenwild and perched on a ridge overlooking the 6th green and offers fabulous views of all three Park City area ski resorts.

GLENWILD LUXURY HOME

Call 435-602-0657 or EMAIL Tim Gaebe to receive more information on this listing or request more details on this or any other listing or development in Park City, Utah.

View more Park City Real Estate information.

Promontory Ranch Club brisk sales lead to new clubhouse – The Shed

timgaebe — Mon, 18 Jul 2011 16:26:45 +0000

Promontory Ranch Club, a family-friendly, luxury real estate development in Park City celebrated its 10^th anniversary with the announcement of its latest creative amenity. Bolstered by a flurry of sales activity, Phoenix-based developer Pivotal Group this week broke ground on the construction of a 15,000-square-foot family activity center dubbed “The Shed.”

With its whimsical title, the upscale Shed will be a “kick-back place, located at the western edge of Promontory’s Ranch Club Compound, the hub of community activity. The Shed will offer yet another dimension to the 7,500 acre award-winning private community. It will act as the Promontory Ranch Club’s “unofficial headquarters” for casual fare and fun, including:

Relaxed family dining with a soda fountain
Billiards and game arcade
A 50-seat movie theater
Two lanes of bowling
Gymnasium for indoor sports
Arts & crafts studio
Outdoor amphitheater with seating for 500
View deck with panoramic views of Deer Valley
and Park City ski areas
Private dining

Francis Najafi, CEO of Pivotal Group noted, “From the beginning, Promontory was designed to offer an array of amenities unrivalled by any other recreational community in the nation. We look forward to completing The Shed in time for a Grand Opening next summer. The Shed will complete our Ranch Club compound and add dramatic new
energy and variety for our members and buyers who seek a well-rounded club
lifestyle.”

In a time when the Park City real estate market is recovering from the jitters, the sheer volume of sales at Promontory is an indication that smart buyers are active and focused on quality investments. Year-to-date at Promontory there is already over 100 closed and pending transactions, representation nearly 20% of all the sales in the entire Park City and surrounding area. Park City has been one of the nation’s strongest mountain resort real estate markets this year, with the highest number of Q1 2011 sales, significantly more than Vail or Tahoe.

This market rebound indicates the success of Promontory’s strategy, adhered to over the last three years: be a responsible market maker, don’t undercut the resale market, and
focus on attracting those buyers who will become new and active members of our
community. As a result, the total number of Promontory resale properties on the market has dropped dramatically in the past year while prices stabilize and continue to gain ground.

“With just the right mix of on-site recreational amenities, golf, equestrian, trail sports, fishing, swimming, tennis fitness, and now The Shed, Promontory is the right community for today’s family-focused second-home owners,” said Rich Sonntag, Promontory’s managing director.

VIEW PROMONTORY LOT LISTINGS – Starting at $75,000 (as of 7-9-2011)
VIEW PROMONTORY HOME LISTINGS - Starting at $799,000 (as of 7-9-2011)

Contact Tim Gaebe at 435.602.0657 or email tgaebe@pureutah.com

Summer in Park City Utah at Deer Valley Resort

timgaebe — Mon, 11 Jul 2011 15:05:22 +0000

Summer is one of the best things about visiting and living in Park City, Utah!

Park City, Utah is the perfect place to relax and sight see, enjoy the beautiful scenery or discover more outdoor activities than you have ever imagined! Full of history, Park City, Utah will offer you historical districts from the days of the mining boom,and with three, unique, year-round resorts – Park City Mountain Resort, Deer Valley Resort, and Canyons Resort. There are endless activities for everyone, whether your idea of active is sipping drinks on the patio at one of our over 100 restaurants or exploring some of our over 400 miles of trails on foot or by bike.

This summer, there is even more lift-served mountain biking, hiking and scenic chairlift rides at Deer Valley Resort. Aside from running both the Silver Lake Express (from the resort base) and Sterling Express chairlifts (mid-mountain), Deer Valley Resort will also run the Ruby Express chairlift from the Empire Canyon Lodge area. “The Road to Ruby” is a three-to-four connecting trail from Bald Mountain to the Flagstaff mountain area, perfect for the intermediate mountain biking or casual hiker. The Ruby lift make easy access for guests and owners staying at the Montage Deer Valley and other Empire Canyon lodging, including Flagstaff and Arrowleaf condominiums. Summer operations are open 7 days a week though Labor Day, with extended days based on weather.

Bringing the kids to Park City, Utah? The Summer Adventure Camp at Deer Valley Resort operates a state-licensed Children’s Center in the Snow Park Lodge and welcomes both local and visiting children from two months to 12 years old for day camp. Activites include music and movement, art and water wonders, nature discovery studies, swimming, mountain biking to name just a few activities. The camp runs through August 19, 2011.

Deer Valley Resort has built much of its award-winning reputation on its fine cuisine. The Deer Valley Grocery-Cafe open last fall with extended summer hours to enjoy dinner on the lakeside deck, or grab picnic items for the day. The hub of the summer dining scene is Royal Street Cafe, adorned wtih awnings for shared and colorful flower boxes, not to mention the spectacular views of the surrounding mountains. Favorite dishes include the maple bacon BBQ bison burger, grilled tuna tacos, and a complete assortment of summer salads.

Summer wouldn’t be the same without the Deer Valley summer concert series. Whether it’s a nationally touring act, a local band or the majestic Symphony, Deer Valley’s Snow Park Outdoor Amphitheater has become a much enjoyed summer tradition in Park City. Enjoy free Community concerts presented by Mountain Town Music every Wednesday or the St. Regis Big Stars, Bright Nights Concert series or the famous Deer Valley Music Festival with the Utah Symphony.

Looking for a second home or planning a move to Park City, Utah? Let me know how I can assist you.
Tim Gaebe – 435-602-0657 or tgaebe@pureutah.com or visit www.parkcitysecondhome.com
Prudential Utah Real Estate/Accredited Buyer Representative, ABR

DEER VALLEY SUMMER EVENTS CALENDAR
July 13 Mountain Town Music Community Concert Series ~ Park City Divas
July 16 Deer Valley Music Festival ~ The Music of the Eagles with the Utah Symphony
July 20 Mountain Town Music Community Concert Series ~Joy & Eric
July 22 Deer Valley Music Festival ~ The Von Trapp Children with the Utah Symphony
July 23 Deer Valley Music Festival ~ Chris Botti with the Utah Symphony
July 25-29 Deer Valley Gravity Gauge: Free Ride & Gravity Skills Mountain Bike Camp (M,W,F)
July 26 UCI World Cup Short Track
July 29 Deer Valley Music Festival ~ Summer Pops with Keith Lockhart and Time For Three

July 30 Deer Valley Music Festival ~ Idina Menzel with the Utah Symphony
July 31 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ Rosanne Cash
August 3 Mountain Town Music Community Concert Series ~ The Patwa Reggae Band
August 5 Deer Valley Music Festival ~Holst’s The Planets
August 6 Deer Valley Music Festival ~ Broadway Rocks!
August 7 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ Playing For Change
August 10 Mountain Town Music Community Concert Series ~ Sideshow Ramblers
August 12 Deer Valley Music Festival ~1812 Overture!
August 13 Deer Valley Music Festival ~ Music of Queen with the Utah Symphony
August 14 Guided Historic Hike
August 17 Mountain Town Music Community Concert Series ~John Flanders & Double Helix
August 18 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ The Goo Goo Dolls with special guests Michelle Branch and Parachute
August 20 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ Melissa Etheridge
August 24 Mountain Town Music Community Concert Series ~ The Soul Sensations
August 28 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ Little Big Town
August 31 Mountain Town Music Community Concert Series ~ An Evening with LMNOP
September 3 St. Regis Big Stars, Bright Nights Outdoor Concert Series ~ Civil Twilight with Katie Herzig
September 3 Park City Point 2 Point Mountain Bike Race
September 10 Mid-Mountain Marathon
September 11 Guided Historic Hike
September 18 Tour des Suds Mountain Bike Race
October 9 Guided Historic Hike

Schedule subject to change without notice