- Through Q3 2013, the PC/DV market is showing great strength: consecutive months of year-over-year gains in both number of sales and median price.... Read More
- Two important notes in the current market: (a) inventory is way down, lowest in several years; (b) the market continues to show great segmentation.... Read More
|Panoramic Views - Preserve426 Deer Hill Road|
MLS 9994808 More Info
|Glenwild Home7994 Glenwild Drive|
MLS 9997571 More Info
|Beautiful Home in The Oaks / Deer Valley3335 SunRidge Drive|
MLS 9997299 More Info
|Colony Residence - Incredible Design97 White Pine Canyon Road|
MLS 9989825 More Info
|Ecker Hill, Home with Outdoor Space3538 Big Spruce Way|
MLS 9997815 More Info
|Large Ski Condo on Park AveEmpire Coalition Unit 206|
MLS 9997108 More Info
|West Ridge - Views!2550 Lupine Lane|
MLS 9993832 More Info
|Great Home featuring Panoramic Wasatch Views2574 Silver Cloud Court|
MLS 9988929 More Info
|Stunning Architecture - Big Views3200 Mountain Top Drive|
MLS 9992957 More Info
|Remodeled Heber City Bungalow556 S 100 W Heber City|
MLS 9989066 More Info
Questions and Answers
You Ask, We Answer
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.