Questions and Answers

You Ask, We Answer

More Q&A

Has the Park City Real Estate market been hit like the rest of the country?

Park City and Deer Valley real estate has held up relatively well compared to other mountain resort towns and the American real estate market in general.  Unlike Las Vegas, South Florida, Phoenix, and parts of California, the market here has not been decimated, but it is off between 20% and 35% from its highs in 2005-2006.  This is in line with most of the rest of the country.  More importantly, the market seems to have stabilized at this level with prices mostly flat for the last year for properties under $2 million.

Why are property pricing reports so far off for the Park City and Deer Valley area?

Utah is one of 7 states in the US which are “non-disclosure” states. This means that there exists no public record of any prices paid for real estate. Unlike other states, where the values are filed with the county or city where the property is located, the sole records which exist in Utah are those in the local MLS system, assuming the home sold through the MLS. Since one of the biggest reporting services, Zillow, does not belong to our MLS, it is estimating prices based on the public assessed valuations by the county, but it has no real “price sold” data.

What are the closing costs a buyer can expect on properties in the Park City and Deer Valley area?

Utah is one of the least expensive states for fees on real estate transactions. A buyer paying cash will have to pay half the fee owed to the title company which generally comes to about $200 for the buyer. Unless there is some other negotiated fee, or in a few cases, a transfer fee owed by a buyer in a couple of developments and neighborhoods, the total closing costs for a buyer is normally limited to that $200. Of course for properties that will have a mortgage, loan fees will be part of settlement costs for the buyer. In Utah, the seller pays the Realtor fees and the Title Insurance fees, unless otherwise negotiated by both parties.

What are property taxes in Summit County?

Property taxes generally run just under 1% of actual value of a property. If the home will be the primary residence of the owner, or will be used for a long-term rental for some other occupants, there is a 40% discount from this amount, and this is regulated by the Utah Homestead Exemption Regulation.

What is the current average discount from the final listed price of a property a buyer can expect to pay?

5% is about the average discount from the last listed price our market has seen for over a year.

What benefits does an owner of property receive from in effect becoming a tax payer?

Most owners enjoy the many options of reduced ski passes, membership in Park City’s Racquet Club, reduced fees for the municipal golf course, and even though it doesn’t have anything to do with being a tax payer, locals also often have access to special restaurant and spa deals in the off season.