Highlights from the 2017 Salt Lake Housing Market Forecast

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Salt Lake County’s residential market had its best year since 2006. Superb fundamental—strong job growth, increased net in-migration, low mortgage rates, and solid wage gains— supported increased levels of sales activity and pushed up single-family and condominium prices to all-time highs. Prices are above pre-recession levels and have finally fully recovered from the Great Recession. The following summary of statistical highlights captures the strength of the 2016 market.

A summary of the county’s 2016 sales statistics show:

• 13,600 single-family sales, an increase of 1.3 percent.

• $4.5 billion in single-family sales, an increase of 10 percent.

• 4,300 condominium, town home and twin home sales, an increase of 12 percent.

• $927 million in condominium, town home and twin home sales, an increase of 20 percent.

• $325 million in residential real estate commissions, an increase of 11 percent.

• $295,000 median sales price for a single family home, an increase of 8.1 percent.

• $203,000 median sales price for condominiums, town homes and twin homes, an increase of 7 percent.

• 13 days for median cumulative days on market (CDOM), a record low CDOM for single-family homes.

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Summit SIR Awards Sales Associates for 2016

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Summit Sotheby’s International Realty agents were recently recognized for their achievement and outstanding performance in 2016. Summit SIR recognized 75 Top Producing sales associates  in Tier 1 & 2 for their real estate production over the past year.

“On behalf of myself and the entire staff, we congratulate these individuals on their outstanding business performance and exceptional results” says Thomas Wright, President and Principal Broker. “These award winners are an inspiration to all of us and greatly contribute to our company’s competitive edge in the Utah marketplace. The entire Summit Sotheby’s International Realty staff and team joins me in celebrating their success”, said Thomas.

Summit Sotheby’s International Realty is proud to continue to be the #1 top selling Real Estate company in Utah.

 

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February 2017 Salt Lake County Market Update

February 2017 Salt Lake County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Salt Lake County for January 2017. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Salt Lake County – Single Family Homes: Active inventory was down 37% from 2016 with 1,499 units on the market and down 21% from the previous month. The median listing price was just under $405,000. The average days on market was down 7% from 46 days in 2016 to 43 days in 2017. The median sales price was just over $300,000. The averages for units sold in the month of December decreased 9% for units sold year over year and decreased 34% decrease month over month with a total of 659 units sold.

Salt Lake County – Condominiums: Active inventory was down 45% from 2017 with 418 units on the market and down 16% from the previous month. The median listing price was just over $250,000. The average days on market was down 9% from 46 days in 2016 to 42 days in 2017. The median sales price was just under $220,000. The averages for the month of December show a decrease of 10% for units sold year over year and down 33% over the previous month with a total of 195 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

February 2017 Greater Park City Market Update

February 2017 Greater Park City Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for January 2017. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Greater Park City Area – Single Family Homes: Active inventory was down 13% from 2016 with 659 units on the market and down 1% from the previous month. The median listing price was just under $1,700,000. The average days on market was down 18% from 108 days in 2016 to 89 days in 2017. The median sales price was $800,000. The averages for units sold in the month of December increased 45% for units sold year over year and decreased 7% decrease month over month with a total of 75 units sold.

Greater Park City Area – Condominiums: Active inventory was down 7% from 2017 with 452 units on the market and down 4% from the previous month. The median listing price was just under $1,100,000. The average days on market was up 21% from 68 days in 2016 to 82 days in 2017. The median sales price was just under $620,000. The averages for the month of December show a increase of 32% for units sold year over year and down 21% over the previous month with a total of 70 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

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Luxury Real Estate Headlines: Second Week in February 201

Highlights from this week’s top news stories on luxury and global real estate, art, collectibles and home.

cabin$3,750,000 USD | Oakley, Utah | Summit Sotheby’s International Realty

Step inside this amazing one-of-a-kind log home and marvel at the grand 64 ft. long 2-story great room with massive stone gas fireplaces at each end. Located just 6.5 miles from Oakley, this beautiful mountain location with year-round access combines the rustic elegance of a custom built 10,931 square foot log home with panoramic views of the private 160 acres. Enjoy a pond and a picturesque creek that meanders only a few feet from the master bedroom deck. The kids will love the indoor slide! The home is constructed with a steel frame and imported logs from Montana. From the lower level 4-car heated garage, you access a uniquely designed mud room. This impressive property is located just 33 minutes from world class skiing in Park City and 56 minutes to Salt Lake City.

For Sale: 6 Charming Homes in Portland, Maine – The Week

Wyoming Ranch Seeking $53 Million Finds a Buyer – Wall Street Journal

House Hunting in… Barcelona – The New York Times

A Connecticut Home that Lets in the Light – Wall Street Journal

Vintage Details Grace Elegant 1920s Colonial in Altadena – Los Angeles Times

A Classic Seaside Home in Massachusetts – Wall Street Journal

Luxury Warehouse Living Growing in Popularity in Australia – Mansion Global

Traditional House in Encino Puts Forth a Fresh New Face – Los Angeles Times

For Chinese Home Buyers, Seattle is the New Vancouver – Wall Street Journal

Homes that Sold for Around $1.5 Million and Up – The New York Times

Seattle’s Most Expensive Penthouse on the Market Lists for $13.8M – Mansion Global

New Wave of Homebuyers from Russia Increasingly Part of Miami’s Mainstream – Miami Herald

Sotheby’s Goes Risque in First-Ever Erotic Art Auction – Artnet News

RM Sotheby’s Paris 2017 – Auction Results – Sports Car Digest

10 Most Popular Properties of 2016 on SothebysRealty.com

Millions of people visited homes all around the world on sothebysrealty.com in 2016. Back by popular demand, we present the 10 most viewed properties from last year.

Number 10 – New York

10-NY$75,000,000 USD | Wainscott, New York | Sotheby’s International Realty – East Hampton Brokerage

Built in 2000 and published in Architectural Digest, the house was designed by architect Francis Fleetwood with interior architecture by Brian O’Keefe and interior design by Marjorie Shushan. Built with steel frame construction, the house features a double-height entry hall, 200-year-old antique flooring and wide water views from almost every room. The property features five principal bedroom suites plus three additional bedrooms in a self-contained guest wing.

Number 9 – Switzerland

09-SwitzerlandPrice Upon Request | Geneva, Switzerland | Cardis Immobilier Sotheby’s International Realty

The unique property is remarkable for its absolute tranquility, unobstructed view of the Alps and the peak of Mont Blanc, and an exceptional impression of spaciousness. The eight-hectare plot includes a number of leisure areas such as a private nine-hole golf course, a pool with pool house, a tennis court, a bowling court, a playground area in the woods with chalet, a vegetable patch and access to large wooded areas.

Number 8 – Florida

08-Pumpkin Key$95,000,000 USD | Key Largo, Florida | Russell Post Sotheby’s International Realty

Pumpkin Key is an extraordinary private island totaling 26 acres in the tropics of Card Sound Bay located in the Florida Keys. Just 10 minutes by helicopter to Miami’s famous South Beach, the island currently features one main home with three bedrooms, two caretaker’s cottages, and a dock master’s apartment.

Number 7 – California

07-CA$125,000,000 USD | Montecito, California | Sotheby’s International Realty – Montecito – Coast Village Road Brokerage

The magnificent Rancho San Carlos is an approximately 237-acre estate property that, for nearly 100 years, has been under the ownership of one family. A once-in-a-lifetime opportunity to acquire a unique property of unprecedented grand scale, exceptional architecture, and prestigious historical significance. The sprawling hilltop Monterey Colonial manor was designed by noted architect Reginald Johnson in 1931.

Number 6 – New Jersey

06-NJ$48,880,000 USD | Alpine, New Jersey | Prominent Properties Sotheby’s International Realty

This gated estate is approximately 30,000 square-feet built of solid granite and steel infrastructure, with 12 bedrooms, 19 bathrooms, indoor basketball court, movie theatre, 4000 bottle wine cellar, fitness center, three exquisite bars for entertaining, elevator, extraordinary details and ultimate privacy.

See the homes that topped last year’s list

Number 5 – New York

05-NY$50,000,000 USD | New York, New York | Sotheby’s International Realty – East Side Manhattan Brokerage

This home is a five-story red brick and limestone mansion that stands as a superb example of Neo Georgian revival architecture in America. Prominently positioned on the very lovely and quiet, tree-lined block of 69th Street between Fifth Avenue and Madison Avenue, the residence has the good fortune of being situated amidst a number of architecturally noteworthy neighboring houses. Erected in 1881 by Charles Buek & Co. and then purchased in 1900 by Alice Gwynne Vanderbilt, the house was redesigned in 1929 for Edwin C. Jameson, a prominent insurance executive, and then finally acquired by the English-Speaking Union in 1956.

Number 4 – Cayman Islands

04-Cayman$39,950,000 USD | Grand Cayman, Cayman Islands | Cayman Islands Sotheby’s International Realty

Without doubt Castillo Caribe is one of the finest beachfront estate homes in the world offering every luxury for modern day life with all the lifestyle options one would expect from the Cayman Islands and the Caribbean. Although the Cayman Islands enjoy year-round sunshine and a temperate climate, this benefit is eclipsed in most people’s eyes by the Islands’ offshore status. The Cayman Islands are well known as a financial center on the world’s stage and provide the highest quality of lifestyle available in a tax neutral environment, making it very appealing to people of high net worth to seek residency here.

Number 3 – France

03.FrancePrice Upon Request | Cannes, France | Côte d’Azur  Sotheby’s International Realty

Belonging to a collection of exclusive and legendary properties on the French Riviera, the ‘Castle of la Croix des Gardes’ is at once the largest estate in the area, and unequivocally the most outstanding.’La Croix des Gardes’ is positioned just a few minutes from the port of Cannes and the ‘Palais des Festivals’, and proudly stands overlooking the historic region that resonates with the glorious 19th century heritage of the French Riviera.

Number 2 – Turks & Caicos

02-TCI$25,000,000 USD | Providenciales, Turks & Caicos | Turks & Caicos Sotheby’s International Realty

Turtle Tail Estate is a dynamic, spectacular compound to completely fall in love with and is without peer on Providenciales, Turks & Caicos Islands. The newly completed estate combines the personalization of a custom home with the amenities of an ultra-luxury resort, elevated on a magnificent private over four-acre peninsula all its own.

Number 1 – New York

01-NY$70,000,000 USD | New York, New York | Sotheby’s International Realty – East Side Manhattan Brokerage

This spectacular 14-room duplex apartment is situated high atop the prestigious Pierre Hotel on Fifth Avenue. Featuring a meticulous triple mint renovation and boasting extraordinary 360 degree views of Central Park and the Manhattan skyline, this elegant trophy residence is absolute perfection.

Discover luxury real estate from around the world on sothebysrealty.com

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Significant Sales | Volume I – Issue X

SigSalesHeaderFrom a waterfront retreat in Nantucket, to a glamorous East Side Manhattan townhouse, this issue of Significant Sales also showcases homes from throughout the United States, Italy, South Africa, Taiwan and the Dominican Republic.

01 - Maury People$15,000,000 USD | Massachusetts, USA | Maury People Sotheby’s International Realty

Discreetly nestled in a natural landscape on over two acres, this is one of the most extraordinary and rare waterfront settings on Nantucket. Bordering 68 acres of conservation land, this 10,000-square-foot home exudes warmth, elegance and sophistication, and includes 300 feet of waterfront and private beach stairs. An elevator services all three finished floors, showcasing the outstanding craftsmanship of this gracious home with five bedroom suites, a formal living room with replace, dining room, dramatic cathedral kitchen with replace, large butler’s pantry, wine tasting room, 500 bottle wine cellar, home theater/media room, and a dog bathing room. You can watch all boating activity coming and going from the grounds as well as enjoy magnificent Nantucket sunsets.

02 - Bridgehampton$13,000,000 USD | New York, USA | Sotheby’s International Realty – Bridgehampton Brokerage

Steps from the ocean, close enough to feel the ocean breezes, this cutting-edge 12,000-square-foot modern home constructed on three levels features an elegant façade with a glass entrance opening to an expanse of space and light. The house includes eight bedrooms, nine-and-one-half baths, a large home theater, bespoke wine cellar and three-car garage.

03 - San Francsico$11,742,500 USD | California, USA | Sotheby’s International Realty – San Francisco Brokerage

The approximately 4,600-square-foot Grand Penthouse A is commandingly sited atop the iconic Four Seasons Hotel & Residences in San Francisco. Illuminated by large-walls of glass facing East, North and West, the triple-mint Grand Penthouse features panoramic “sunrise to sunset” views of landmarks such as the San Francisco Bay, SFMOMA, the Financial District, Alcatraz and City Hall. Elegant and thoughtfully designed, the Grand Penthouse oor plan enables elevated daily living and lavish entertaining. A dramatic Foyer and Gallery connect public and private spaces. An extraordinary great room with metropolitan views blends living, dining and library areas. Southwestern views and sunlight ood the eat-in kitchen neighboring a spacious, adjoining family room.

Browse past editions of Significant Sales

Noteworthy Sales from Around the World

Dominican RepublicPrice Undisclosed | Dominican Republic | Sergio Llach Sotheby’s International Realty

Upon entering this palatial home you will enjoy the ocean view through the double height ceilings overlooking the pool and Dye Fore golf course. From the grand entry foyer and the polished travertine marble floors, to the large open kitchen equipped with the finest appliances and granite countertops, every possible luxury has been thought of and well executed within this refined residence. With a total of six over-sized bedrooms, two of which are master suites and both boasting expansive ocean views and a large private balcony, space is in abundance in this grandiose home. With over 17,222-square-feet of construction set atop a large home site, this contemporary villa is spacious enough for the grandest festivities or intimate enough for the most important of family events. The property combines sophistication, comfort, warmth and spectacular ocean and golf views to create a wholly unique experience.

Lew GeffenR 7,000,000 ZAF | South Africa | Lew Geffen Sotheby’s International Realty

Situated just over the hill from Sedgefield, this home is nestled amongst nature on a 37-hectare property and extends right down to the water’s edge. The property is easily accessed by a wide, redbrick road which leads to the expansive north facing home. A beautifully paved parking area, which can accommodate a number of parked vehicles, has access to four extra-large garages. The terraced garden leads down to a central covered courtyard which has a water element and stained glass insets in the ceiling. It is secured with handcrafted and ornate steel perimeter. The courtyard flows out to a separate, gourmet-styled, industrial-sized kitchen with granite counter tops and a serving hatch that gives you access to the dining room through stained glass doors.

Luxury Real Estate Headlines: Last Week in January 2017

Highlights from this week’s top news stories on luxury and global real estate, art, collectibles and home.

$500,000 USD | Salt Lake City, Utah | Summit Sotheby’s International Realty

” A sleek American Towers Condo featuring an open concept with walls of windows to enjoy the breathtaking views of the valley. The interior boasts of new hardwoods, an open kitchen concept with bar, spacious master suite, and plenty of room to entertain. American Towers is located perfectly to take in the entertainment, restaurants, and amenities downtown Salt Lake City has to offer.”

Larry Johnson’s Former North Carolina Home is on the Market for $1.5 Million – Architectural Digest

Guinness Heir Asks $30 Million for Historic Irish Manor – Wall Street Journal

The 25 Most Expensive Homes for Sale in the U.S. Right Now – Curbed

Baseball Star Ted Williams’s Longtime Home Seeks $4.2 Million – Wall Street Journal

Hot Property: Postcard Vistas Await in Bespoke Nob Hill Townhome – SF Gate

Midcentury Hilltop Jewel Box with Lake Views asks $800K – Curbed

Properties for Putters – Wall Street Journal

A New Seaside Dubai Villa that Pays Homage to Traditional Arabic Architecture – Mansion Global

House Hunting in… Los Cabos, Mexico – The New York Times

Homeowners’ Quest for the Best Schools – Wall Street Journal

Manhattan Buyers Showing Increased Interest in Condos Over Co-Ops – Mansion Global

Piermont, N.Y.: A Small Place with Outsize Appeal – The New York Times

Real Estate Agents Roll Out the Red Carpet for Chinese New Year – News.com.au

Bermuda Luxury Home Prices Fell 25% in 2016 – Mansion Global

Auction Preview: Sotheby’s Fine Jewels, New York, Feb 1 – Blouin ArtInfo

Lifestory Research Reports: Sotheby’s International Realty Recognized as 2017 America’s Most Trusted Residential Real Estate Brokerage in the United States

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NEWPORT BEACH, Calif., Jan. 23, 2017 /PRNewswire/ — Sotheby’s International Realty ranks highest in trust among residential real estate brokerage brands according to Lifestory Research America’s Most Trusted® 2017 Residential Real Estate Brokerage Brand Study released today.  The study, based on 6,299 consumer surveys, tracks how trust impacts the evaluations of residential real estate brokerage brands by home shoppers.

As the 2017 Lifestory Research America’s Most Trusted® Residential Real Estate Brokerage Brand, Sotheby’s International Realty produced the highest Net Trust Quotient Score, followed in order by (2) Berkshire Hathaway Home Services, (3) Better Homes and Gardens Real Estate, (4) ReMax, (5) Keller Williams Realty, (6) Prudential Real Estate, (7) Century 21, (8) Realty One Group, (9) Coldwell Banker, and (10) ERA. Visit www.lifestoryresearch.com for index scores and study details.

“Trust is at the forefront today in how people judge brands, products and companies,” said Lifestory Research President Eric Snider. “Trust is a foundational need that people have when looking for a new home and Sotheby’s International Realty is a brand that home shoppers trust.”

America’s Most Trusted®, in its fifth year, is a designation awarded to brands that garner the trust among those they serve. Awards are based upon the collection and evaluation of thousands of consumer opinions. Product categories included in the 2017 research program include: home builders, active adult resort home builders, faucets, HVAC systems, kitchen appliance brands, laundry appliance brands, paint, and residential real estate brokerages. Trust is measured through a Net Trust Quotient Score in which brands are divided into three categories: “advocates,” customers who feel a significant trust toward the brand; “neutrals,” those who trust a specific brand, but do not see a specific brand as standing on the shoulders of other brands; and “antagonists,” who are skeptics with little, if any, trust in a specific brand.

About Lifestory Research

Lifestory Research is a trusted national independent market research firm passionate about customers, employees, brands and the science of influence. America’s Most Trusted is a registered trademark. Learn more at www.lifestoryresearch.com

No advertising or promotional use of this information allowed without prior written consent of Lifestory Research. Media use allowed with statement identifying Lifestory Research and study.

Greater Park City Market Update | 2016

SSIR  2016 Year End Market Update

We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area for 2016, comparing current year with previous years. This update also provides market data for Summit County, Wasatch County, 84060, 80498 and individual Park City MLS areas.

Greater Park City – Single Family Homes – All MLS: The number of single family homes sold was up 14% year over year with 1,153 units sold and sales volume was up 20%. The average days on market was 94 days representing a 12% reduction year over year. The average sale price was up 6% to $1,123,767 and the average price per sq. ft. was $271.

Greater Park City – Condos – All MLS: The number of condos sold was down 2% year over year with 868 units sold while total sales volume was up 10% at $613,507,073. The average days on market was 80 days remaining the same year over year. The average sale price was up 13% to $$706,805 and the average price per sq. ft. was $388.

Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

No matter where you are in the real estate process of buying or selling, understanding the real estate trends is essential to your success in the local housing market so please contact your local Summit SIR sales associates for help!