Contemporary Homes Blog

Bitcoin and Park City, Utah Real Estate

By Joel Fine
Nov 21, 2017

Well it finally happened.  A real estate transaction closed in Park City Utah using Bitcoin!  A sizeable transaction at that--over $3 million.

Will we see more real estate transactions using Bitcoin or other cryptocurrencies?  Only time will tell!  Should be interesting.

Stay tuned

Extell Development Company and the Stitching Mayflower Parcel

By Joel Fine
Nov 17, 2017

It’s official! Extell Development Company closed on their acquisition of the Stichting Mayflower parcel of land neighboring Deer Valley Resort on November 3rd after an extensive and exhaustive due diligence process. The 2,300-acre parcel in Wasatch County is just south of Deer Crest and west of the Jordanelle Reservoir and Highway 40. This acquisition, coupled with Extell’s Blue Ledge parcel, which consists of 40 acres north of the Mayflower land, is anticipated to provide an unparalleled platform for a new resort village and ski improvements.

“The combination of these two prime parcels, in close proximity to the Deer Valley Resort and the Jordanelle State Park recreational area, offers a unique opportunity to create a year-round master-planned luxury resort destination, including, and perhaps, most importantly a new ski portal and alpine village,” said Van Hemeyer, Vice President of Acquisitions for Extell.

Development of the Mayflower and Blue Ledge parcels is anticipated to occur in multiple phases spanning three decades. “A strategic phased approach will allow us to meet market demands with new inventory and improvements ensuring that we do not outpace absorption, while managing our capital needs accordingly,” said Gary Barnett, President of Extell.”

Extell has been working with Deer Valley Resort® and ski engineering firm SE Group on possible additional mountain improvements, including new ski pods, lifts, day-skier amenities, and dayskier parking. Extell’s master plan will ultimately provide over 1,000 acres of new ski terrain and mountain recreation land.

Deer Valley's own expansion plans call for adding more than 1,000 acres of in bound skiing to the east side of Bald Mountain, below the Mayflower and Sultan Express lifts—which would add more steep terrain to the resort profile and essentially turn nearby Heber into a ski town. As Deer Valley Resort's President and General Manager Bob Wheaton has voiced in several public meetings, "the north facing terrain within the Mayflower parcel will add some of the nicest terrain and glade skiing available."

This winter, Extell will work with Wasatch County planning officials updating and processing the pending development application which encompasses the Mayflower land and includes residential and commercial development on the site. Extell’s planning emphasis will be on a four-season resort focused on first-class outdoor living supported by upscale amenities, utilities, services and access.

For more information contact me at 453-901-2171 and or joel@FineProperty.com

 

10 Things Sellers Should Do The Minute Their Home Goes On The Market

By Joel Fine
Nov 13, 2017

 

1. Adopting The Right Mindset When you put your home on the market you are no longer the home owner, you are the home seller. Sellers must adopt the mindset of the buyer and see the home through a buyer’s eyes.

2. Accommodate Every Showing The perfect buyer could show up at any minute and the more potential buyers who see the home, the better! Some buyers can't and won't reschedule to see your house so try your best to make every showing work.

3. Stay ‘Show Worthy’ The cleaning and tidying up never ends when selling a home. All signs of normal life have to go; this includes kids' toys, items on the counter, and even family photos. Potential buyers need to be able to imagine the house as their own home.

4. Tone Down The Kids’ Rooms It's important to minimize the superhero and princess decor. Bright colored walls, posters, stuffed animals, and even a baby room that is too “precious” can hurt. Keep decor and furnishings as minimal and neutral as possible when selling your home.

5. Turn On The Lights This may sound like a no brainer but buyers decide within 30 seconds if they like a house. Even if you are at work all day, leave plenty of lights on; the cost is low and it could make or break the sale.

6. Turn On The Heat Or AC If you’ve got it, flaunt it. On a hot summer day, the air conditioning might be the feature that gets the buyers to make an offer; and in the winter, a cozy, warm home could do the same.

7. Invite The Neighbors If your agent hosts an open house, the neighbors will come. There's a reason they call them "nosey," but the good news is there's a chance they might know the perfect buyer...so invite them in!

8. Keep Your Stuff Safe It's VERY rare for items to be stolen at a showing or open house, but it can happen. Err on the side of caution and but your valuables, prescriptions, etc in a safe and hidden location.

9. Minimize Risk People can be clumsy. When your house is on the market: get rid of tripping hazards, make sure flooring is not loose or uneven, mark “half steps” that are hard to see with tape or a shiny indicator, use mats or towels when it rains, and shovel ice and snow.

10. Make Yourself Scarce There's a reason you hired your agent. Let them handle the showings and open houses and make yourself scarce. Innocent questions from potential buyers can cost you in the long run. If they ask, “Who cleans your chimney?” you’ll have to admit that you haven’t had it cleaned in the last 10 years. Chatting with buyers is more likely to hurt than help you sell your home.

For more tips reach out to me at 435-901-2171

Park City, Utah 3rd Quarter Real Estate Statistics

By Joel Fine
Oct 27, 2017

October 20, 2017 – The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties. The overall real estate market continues to be healthy, stable, and growing at sustainable rates.

The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year. The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget. The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year. These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid. We have sufficient inventory to meet our client’s needs. Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends. The Summit and Wasatch markets are composed of numerous diverse micromarkets. More granular statistics are shown below. Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

? The number of sales inside the Park City Limits increased by 12% and median price increased 18%. Highlights:

o Park Meadows sales increased 15% and median price increased 21%.

o Old town sales increased 15% and median price increased 11%.

o Lower Deer Valley sales decreased 19% but median sales price increased 8%.

? Snyderville Basin sales increased 9% and median sales price increased 2%. Highlights:

o Sales in The Canyons increased 14% and but median price decreased 26%.

o Sales in the Silver Springs area decreased 6% but median price increased 4%.

o Pinebrook sales were flat but median sales price increased 13%.

o Jeremy Ranch sales increased 27% and median sales price increased 5%.

o Promontory Sales increased 13% and median sales price decreased 12%.

? Jordanelle sales increased 15% and median price increased 34%.

? Heber Valley sales decreased 9% and the median price increased 4%.

? Kamas Valley sales increased 32% and the median price decreased 5%. Highlights:

o Kamas and Marion sales increased 135% and median price increased 7%.

o Oakley and Weber Canyon sales increased 5% and median price decreased 10%.

? Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%.

Year-Over-Year Condominium Sales

? Sales inside Park City Limits increased 28% and the median price increased 21%. Highlights:

o Old Town sales increased 28% and the median price increased 9%.

o Lower Deer Valley sales increased 7% and the median price dipped 3%.

o Prospector sales decreased 4% and the median price dropped 3%.

? Snyderville Basin sales decreased 9% and the median price increased 6%. Highlights:

o The Canyons sales decreased 13% and the median price dipped 1%.

o Kimball sales increased 6% and the median price increased 10%.

o Pinebrook sales decreased 16% and the median price increased 3%.

? Jordanelle sales increased 17% and the median price dropped 5%.

? Heber Valley sales increased 10% and the median price increased 21%. Conclusions: Clearly each micro-market has its own character and story. Simply reviewing the numbers is not sufficient to understand the big picture. Individual markets can be influenced by a number of factors including specific sales that can skew the statistics. In addition, amenities, property condition, location, and new construction impact the numbers. The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.

Updating Your Garage

By Joel Fine
May 16, 2017

Reprint from Jeremy Powell Eagle Home Mortgages
A garage door used to be a plain vinyl or wooden roll-up door that looked like every other garage door up and down your street. But it doesn’t have to be that way! Fancied-up garage doors are hot in 2017 — and so is using your garage for more than storing cars, barely used tools, and holiday decorations.

Dressing up your garage door can add instant curb appeal at a relatively low cost. There are so many choices now in materials and styles that your garage door can be a complement to the overall look of your home. You can match your garage to the style of your home, or go for a stylish, custom look that turns your garage into a feature. Choose doors that open outward with the touch of a button, or stick to a rollup but in a different material. Windows can be ordered in different sizes, shapes, and layouts, using clear or frosted acrylic.

If you’re looking for more bang for your buck, think about simply adding decorative hinges and handles!

Insulation Insulated garages have become less expensive and more efficient. We often think of a garage as something of an outdoor space but really, they aren’t – or don’t have to be. An insulated garage makes the entire house more energy efficient and if you live in an area with extreme weather conditions, insulation makes the garage usable in the summer or winter months.

Easy Upgrades If you only use your garage for storing your cars and general miscellany, it’s still a great idea to seal the floors, paint the walls, and keep it well-organized. These updates can even help your garage last longer.

Electrical outlets, new lighting, and attractive flooring are easy to add to an open space like a garage, which often already has electricity and water running through it. If you have a hobby or spend a lot of time tinkering in your garage, you can even consider a garage screen door, a man door, or to create a lighter, more comfortable space, a window so you can enjoy your hobby and some fresh air!

If you're looking to make upgrades on your home that provide a great return on your investment, modernizing and prettifying your garage are great places to start. Even if you’re not considering the resale value of your home, replacing your garage door or repurposing the whole garage are two great ways to make changes that enhance the pleasure you receive from your own home.

These are the best cities for a fresh start

By RealCove
Apr 30, 2018

If you’ve ever had to move to another city for a job, you’ll know just how difficult relocating your life can be.

But some parts of the country may be better suited for a fresh start — places like Buffalo, New York; Minneapolis; Salt Lake City; and Austin, Texas; are among some of the most receptive, a new study by online lending exchange LendingTree indicates.  Read more on inman.com >

Red Butte Concert Series

By RealCove
Apr 17, 2018

Concert season is upon us, here is Red Butte's Concert Series line up for 2018 > 

These are the states with the highest paid millennials

By RealCove
Apr 17, 2018

Are you a millennial? Looking for a new place to live? Well, you may want to consider the following cities.

Personal finance site WalletHub put together an analysis of the top cities for millennials (Pew Research Center defines millennials as being born from 1981 to 1996) based on rankings that didn’t include which cities have the best avocado toast or the most Instagrammable neon signs.

The study looked at job earnings, unemployment rates, voter-turnout rate and affordability (the cost of a Starbucks latte was factored in) as well as education and health. So which states got the best ratings?  Read more on theladders.com > 

Here is the best place to live in Utah

By RealCove
Apr 17, 2018

A new report from Niche, which ranks the best and worst places to live across the country, identified the Greater Avenues neighborhood as the No. 1 spot to live in the Beehive State.

Park City finished second on the list, followed by Yalecrest (located on the east bench of Salt Lake City), Kaysville and North Logan.  Read more at deseretnews.com >

A Quick Guide to Home Buying

By RealCove
Apr 17, 2018

A great article in Rismedia about Home Buying >

 
 
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