Luxury Real Estate Headlines: Third Week in January 2017

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

$10,900,000 USD | Park City, Utah | Summit Sotheby’s International Realty

“Magnificent multi-generational estate in the gated neighborhood of Bald Mountain is exactly what you dream of finding in Deer Valley. Exquisite finishes, sweeping views and traditional mountain charm radiate throughout this 6 bedroom, 8 bath residence. With direct access to Kimberly ski run and the Crown Point Lift, this location offers the ultimate ski-in/ski-out convenience.”

A Historic Mansion in a Quieter (and Greener) Part of Berlin – Mansion Global

Washington, D.C.’s Most Expensive Home is on the Market for $22 Million – Architectural Digest

Sotheby’s International Realty Brand Expands Presence in California – Sotheby’s International Realty

What it’s Really Like to Live on a Private Island – Cosmopolitan

6 Gorgeous Homes in the Caribbean – The Week 

A Gatsby-Style Mansion in Grand Blanc, Michigan – Mansion Global

Five Homes with Top-Notch Security Features – Financial Times

For Sale: 6 Lovely Homes for Outdoor Enthusiasts – The Week

7 Stunning Private Islands You Could Actually Buy – Cosmopolitan

What Do You Dare Change When Updating a Home by an Iconic Architect? – Los Angeles Times

Mega-Mansions Are Popping Up in Manhattan’s Greenwich Village – Mansion Global

Homes Steeped in Jewish Heritage – Wall Street Journal

With its European Feel, Buenos Aires’ Recoleta is Chock Full of AmenitiesMansion Global

These 12 Color Trends are Dominating 2017 – HouseBeautiful

Alexander Hamilton Documents Fetch $2.6 Million at Auction – The New York Times

web-boardofpostersatsundance

A Local’s Guide to Sundancing Like a Pro

Ahhh Sundance… It’s the time of year where our small mountain town of Park City swells beyond capacity and ski bums are replaced with film makers, actors, and party hoppers from around the world.

While some locals roll their eyes at the thought of the 10-day film festival, I prefer to embrace the visitors and take advantage of the unique opportunity the festival provides to those who seek some fun, culture, and empty ski resorts.

Before I joined the creative crew here at Summit Sotheby’s International Realty, I was at the helm of a local television station which exposed me to not only the business of Sundance but to the social and musical happenings surrounding the festival. Instead of hoarding all of my “insider” (ha!) information, I figure, why not put together a guide on how to navigate Sundance like a pro-wannabe.

So without further adieu I present to you: Tiffany’s Tips For Enjoying Sundance.

  • Leave Your Expectations At Home

The second you leave your house expecting to see Julia Roberts or party with Robert Redford is the second you’re setting yourself up for disappointment. Instead, leave your house excited to walk around and see what the day has in store for you. Truth be known, you’re more likely to see someone famous (if this is a must for you) at the grocery store on Park Ave than you are scouring Main Street acting like a reporter.

  • Driving Is For Tourists

I know… I know… You have a secret parking spot that no one has ever parked in for any event, ever. Don’t do it. You will get towed. In fact, the tow truck company is around the corner waiting for you to get cute. You’ve been warned.

Instead of feeling frustrated in traffic, or worse, paying $45 to park, take an UBER or hop on the free Park City Bus. You can find information on the free Park City bus here. For your app users, download MyStop for an interactive transit guide.

  • Choose to Visit Main Street Opening Weekend

Opening weekend of Sundance is the busiest time for the festival. All of the lounges, gifting suites, and “experiences” are running around the clock. Even though it is busy, this is the best time to go for a walk, enjoy some of the lounges, and even pick up some free swag. If you’re into event merchandise, stop by the Sundance Film Festival store to pick up shirts, hats, etc. as they will be fully stocked with all colors and sizes.

Some lounges, including the festival BaseCamp, require a credential, but don’t let that discourage you, there are plenty of spots throughout the Sundance Village (lower main) and Main Street welcoming all for a warm cup of coffee, a free meal, indie film discussion, or even some live music.

  • Don’t Freak Out Over Getting Tickets

Every year I hear about people having epic meltdowns over Sundance Film Festival tickets. Don’t be that guy or girl. While some films enter the festival with tons of hype and a purchase agreement, the festival plays host to more films than you could watch in a weekend of a Netflix coma. Keep an eye on Facebook Marketplace, twitter or on the Park City Yard Sale Groups. Locals sell tickets constantly and as the festival progresses you can often find tickets for free just by staying calm. Alternatively, there are films screening in Provo and Salt Lake City that often offer easier access.

Pro tip from Anelise (ad manger): Waitlist tickets.

  • Bust out a 20 Spot and Get Tickets to the New Frontier

The New Frontier is always my favorite part of the festival. Virtual reality, tech-centric filmmaking, and user experiences abound for those who enter the New Frontier. While it is a popular spot, you can secure tickets for an hour experience for $20-$25 depending on the date in which you choose to attend. Tickets are available via sundance.org.

  • Go Skiing

For those of you who know me, it isn’t any secret that my goal in life (outside of changing the world through creative media and redefining the way real estate is marketed) is to ski as often as possible. Skiing during the Sundance Film Festival resembles that of owning your own resort, with you and handful of your friends being the only skiers or snowboarders on the mountain. With some snow in the forecast, plan on taking a break from the festival’s chaos with some pow turns at either of Park City’s world class resorts.

  • Watch In The Can

So I’m a little biased, but rightfully so. If you’re a film buff and want the true insider look into the business of Sundance and the filmmaking process, tune your TVs to Park City Television from 9-10am daily. Each day hosts Terry and Wendy interview the famous, the unknowns, the darlings, and the boundary pushers who make Sundance the film festival to rival all film festivals.

So, that’s it. A little bit of insider information packaged with some good ole’ common sense. So get out there and have a good time. I look forward to seeing your photos, celebrity selfies from Dan’s, and film reviews. Happy Sundancing, Park City!

St. George Area Parade of Homes 2017

The 2017 St. George Area Parade of Homes is no ordinary Parade. It is the largest Parade in the state featuring 28 new homes full of the extraordinary.

This event has a long-standing tradition of displaying a variety of spectacular homes and introducing exciting new trends to attendees across the state. The homes are set among breathtaking landscapes only found in Southern Utah.

General Information

  • Parade of Homes Dates February 17 – 26, 2017
  • 28 New Homes Open 10 am to 7 pm daily. Closes at 5 pm on February 26, 2017
  • Scattered home site event throughout Washington County, Utah
  • Self-guided tour. Take up to all 10 days to view homes.
  • Wear comfortable easy to remove shoes. You will need to remove your shoes. Please wear socks and carry your shoes with you.
  • Presented by the Southern Utah Home Builders Association and Zions Bank
  • For questions, call 435-674-1400 or send email to suhba@suhba.com

Tickets & Map

Tickets are $15 each, no discounts for children or seniors. You can purchase tickets through this website or beginning February 16th at 5 pm at the Red Cliffs Mall (1750 E. Red Cliffs Drive, St. George in center court) or Lin’s Markets (St. George, Hurricane, Washington & Cedar City).  NO TICKETS WILL BE SOLD AT THE HOMES. When you purchase a ticket on-line, a map with home addresses will be emailed to you on Thursday, February 16, 2017. We do not release the map or addresses earlier because the contractors are working hard to finish the homes. A magazine with the map included will be available at the homes (must show proof of purchased ticket).  Red Cliffs Mall ticket hours are 9 am to 8 pm, except Sundays 10 am to 5 pm.

Ticket entitles visitor admittance to each of the homes once during the 10-day event. The ticket has an additional benefit allowing two repeat admittances to two of your favorite Parade homes. Visitors must purchase a new ticket if re-entry exceeds more than two homes.

Etiquette

Please do not bring large bags into the homes. If booties are provided by the contractors, please do not wear them outside. Some contractors prefer not to use booties in their homes. If a room is roped off, please stay outside that area. Please do not sit on the furniture or turn on any water faucets or shower heads.

Lodging & Relocation

Hurry and reserve your lodging accommodations as early as possible. The Parade of Homes begins on President’s Day Weekend and rooms sell out quickly. For lodging accommodations, see https://utah.com/hotels/st-george. Now is a great time to purchase a home in beautiful Washington County. Search for SUHBA members to find qualified Builders and Realtors to meet your needs.

 

On the Move: In a hot residential real estate market, challenges still linger

Nearly a decade has passed since the housing market crash implanted longstanding nightmares in the minds of realtors and homebuyers everywhere. Across the country, scars from the crash still remain—in the confidence of those wanting to sell their homes, in millennial and first-time homebuyers, and even in unemployment rates in those areas of the country hardest hit.

In Utah, with its strong economy, low unemployment, high (and young) marriage rate, and increase in population—the state’s population hit 3 million in 2016 and is ranked as the fastest-growing state in the nation by the U.S. Census Bureau—the housing market has thawed from its freeze in 2007-08. In fact, it’s done more than thaw: With inventory at historic lows and homes flying off the market, Utah’s residential real estate market is practically reaching a boiling point.

Heating up

Across Utah, the residential real estate market is enjoying great success. Mortgage loan company Freddie Mac ranked Utah as one of the strongest housing markets in the nation, due to the strong economy in the state. For major metropolitan markets, Ogden was ranked No. 3, Provo No. 5 and Salt Lake City No. 6 in its Multi-Indicator Market Index, which shows the improvement of housing markets across the country.

“We’re having a great year,” says Chris Nichols, president of the Utah Association of Realtors. “At the end of the third quarter, our sales were up 2 percent over 2015, when you compare them to each other over a rolling 12 months. 2015 was a record year, and 2016 should break that record.”

“We’re performing as good or better than any other market in the state right now,” echoes Vardell Curtis, chief executive officer of the Washington County Board of Realtors. “That’s a good indication of our recovery from what happened in 2008-09, 2010-11. There were five to six years of horrible market conditions. Currently in the market right now, we’re are 100 percent fully recovered and starting to see home values appreciate in value.”

Curtis laughs as he points to an “unscientific” marker to partly explain how well the market has been fairing in the past few years. His organization has a base of dues-paying members, he says, like a chamber of commerce. In 2005, at the peak of the market, he says his membership in Washington County exceeded 1,600 members—which, while small potatoes in contrast to the seven or 8,000 members on the Salt Lake City board, was still a high for the region. In 2008, the number of members went into a freefall. Curtis lost nearly 800 agents. As the market began to heal, so did the members’ numbers—now, he says, the number is back up over 1,100.

“Very unscientific,” he laughs, “but it’s an indicator of confidence and how resilient the market is right now.”

While Curtis’ methods may be unscientific, they’re similar to what others in the industry are seeing in their own practices. Marisa Bentley, a realtor at Berkshire Hathaway Home Services, says a big facet of her business in the past decade has been dealing with bank-owned or foreclosed properties—investment properties, she says, that people simply walked away from.

“It was huge in 2009,” says Bentley. “Every year it’s getting smaller, and I can gauge the success of the industry based on the percentage it is of my business.”

Analytical data backs up the observed changes, too. Analytics and business intelligence company CoreLogic reported that Utah foreclosures are down 28 percent from last year and the Utah foreclosure rate is less than .5 percent—one of the lowest foreclosure rates in the country.

Homes, says Nichols, are selling like hotcakes. “How long it takes to sell a home is down significantly. It used to take 51 days and now it takes 44 days, on average, to sell a home. That’s across the state—it’s a state average. If you look at Salt Lake City, the average is 31 to go under contract. Many homes are going under contract within the first day or even hours,” he says.

The most competitive market is for homes priced under $500,000. Buyers looking for homes in the $500,000-750,000 range have “more room,” Nichols says, and the market for over $1 million is slower still—but the time it takes to sell a house is still significantly shorter than it was before.

Low rates, low inventory

With mortgage rates still low and the population rising, a strange sort of conundrum has arisen in the state. While homebuyers scurry to snatch up homes that may be on the market for mere days, sellers hem and haw about whether they should sell. According to Nichols, the average tenure in a home was seven years before the recession. Now that number has stretched to nine and a half years. It’s not a question of sellers getting their asking price: Nichols says that in 2016, sellers were averaging 97 percent of their asking prices. Home values, too, have improved since the recession. But still, across the board, the number of homes for sale has fallen 22 percent from last year—that’s approximately 3,900 fewer homes from 2015.

“If realtors didn’t list any additional properties, it would take us 3.2 months to sell through those homes. At that rate, it’s one of the most competitive markets we’ve seen for buyers,” says Nichols. “A balanced market is six months of inventory, so we’re three months below what we considered a balanced market.”

Why is the inventory so low? Part of it has to do with those remaining scars from the market crash, says Bentley. Many would-be sellers look around the real estate market and know they could sell their house for their asking price—but those same sellers are less confident they could turn around and buy something else with those gains.

“Never in recorded history have we run into a situation where our inventory is this low,” says Bentley. “Because rates are low, because we’ve got these home prices that are still somewhat reasonable, and because of the cycle of rates going up …  you’ve still got buyers who are ready to jump in. When you have a lot of buyers and you have sellers saying, ‘If I were to sell, where would I go? What would I buy?’ then people hold back their inventory, unless they have a mitigating factor that makes them sell. Our prices tend to increase, and with the threat of interest rates rising, buyers are spurred on to continue to look for homes because they want to get in while rates are still good.”

The rates won’t be this good for buyers forever, which feeds into the desire for people to buy homes while they’re still low. Bentley says rates have been held artificially low for so long that buyers have gotten too used to them and feel pressure when they see them rise.

“When I purchased my first home, our interest rate was at about 6.5 percent. I was thrilled … Nowadays, people would say that’s asinine,” she says. “When our parents purchased homes, they were looking at 10, 12, 14 percent interest rates. You look at what that would do to affordability! When my buyers are frustrated with rates where they are, because they’ve gone up a quarter or half percent since when they started looking, it does mean that they do need to jump in now.”

“If the health of the country is good, interest rates will start to go up. Homebuyers will see that they need to make a decision now,” agrees Curtis. “’It’s going to cost me more, I better make a decision.’ So I think, as bad as it sounds, interest rates going up will be a real stimulus.”

Affordability concerns

It’s basic economics: the crunch on inventory has driven up home prices. Nichols says during the prior housing cycle, the median home value peak was about $200,000 prior to the recession. Currently, that number has grown to $249,000, which is up $20,000 compared to last year. And while he says affordability hasn’t become a huge concern for the industry yet, it is something to keep an eye on.

“An average Utah family with the median household income, they have 129 percent of the income for a median-priced home. That’s good. However, it’s down from 135 percent from last year,” says Nichols. “While affordability is still OK, it has come down 6 percent, which concerns us a little bit. Home sales would increase if there was inventory and buyers had more options.”

The National Association of Realtors is projecting an increase in home construction, which Nichols says will help the market stabilize. In Washington County, Curtis says construction, which all but disappeared from Southern Utah during the recession, has made a comeback.

“[Home construction] is almost exactly where it was 10 years ago. It was a tough ride. Construction took a big hit, but everything that I can see right now suggests to me that the only thing holding construction back right now is the trades—the plumbers, the roofers, etc. It raises the price. The ones that are here can charge more for their services,” says Curtis. “But construction is very healthy and is only going to get stronger.”

Inventory and affordability concerns are prompting some companies to take action by considering what non-traditional construction developments they could offer first-time buyers. Recently, real estate analytics company Trulia released data showing that almost 40 percent of young adults nationwide continued to live with their parents or other relatives last year, a percentage that rates as a 75-year high in this country. CodeLogic ranks Utah as the No. 1 state for millennial homebuyers, but companies like Oakwood Homes want to ensure that the demographic most likely to be influenced by higher rates and low inventory will continue to have options to buy in a seller’s market.

A common solution for many looking for a home in the hot Utah market has been to simply “drive until they can buy,” says Michelle Byrge, director of marketing at Oakwood Homes. “But what if you could stay closer to where you work? What if you could stay in the area you want to stay in, and not spend $310-330,000?”

Oakwood Homes’ solution is to build shared-driveway detached townhomes in a courtyard setting. The homes are closer together, but with carefully-planned details to keep the feeling of privacy alive: for instance, making sure that none of the windows have sightlines directly into each other’s homes. The homes all have what Byrge calls “wow features,” such as islands, open floor plans, flex spaces and bonus rooms.

“This buyer is an active buyer, so it’s low-maintenance living. It’s single-family living with low-maintenance. The front yards are taken care of, and the back yards have livable space but aren’t high maintenance,” she says. “They can enjoy their weekends, the outdoors, and not have to put the time in for maintenance. They want home ownership.”

Oakwood Homes has debuted one such community in American Fork, called South Point. The company is going to start offering these floorplans in multiple counties throughout 2017, says Byrge. She says the company is confident and encouraged by the response so far to their communities.

“It’s such an exciting time in housing in the Salt Lake City market,” she says. “The economics of the entire city is so strong. You have a young median age with a strong median income. It’s so exciting to be here right now.”

Experts tackle growth, regulation in 2017 St. George real estate preview

St. George City as seen from the Dixie Rock/Sugarload formation at Pioneer Park, St. George, Utah, July 2016 | Photo by Mori Kessler, St. George News

ST. GEORGE Real estate development in Washington County is trending toward positive growth but still faces challenges such as rising construction costs and prohibitive impact fees.

Thursday’s St. George Area Economic Summit included breakout sessions previewing residential and commercial real estate development in Southern Utah. The presentations highlighted how population growth, vacancy, regulation, construction costs and inventory are shaping the area’s real estate landscape.

Population and inventory

As Utah leads the nation in population growth, Southwestern Utah leads the state in growth, according to the Kem C. Gardner Policy Institute at the University of Utah. Since 2010, the county has grown by 22,000 people and is projected by the Governor’s Office to reach a population of 200,000 by 2020.


Southern Utah Home Builders Association Executive Officer Mari Krashowetz speaks at the 2017 St. George Area Economic Summit, St. George, Utah, Jan. 13, 2017 | Photo by Joseph Witham, St. George News

“I will tell you it’s been my experience looking at some of the population projections provided by the state, they’re almost always less than what reality is,” Washington County Board of Realtors Vardell Curtis said.

With the spike in population growth, housing vacancy rates have shrunk to their lowest numbers in decades, with rental vacancy at less than 1 percent and single family homes at around 3 percent for the St. George area, according to research by NAI Excel.

The vacancy rates are exacerbated by a relatively low supply of inventory. As of the third quarter of 2016, housing supply was projected to last only 36 months.

“We definitely are running into a shortage, and that can bring up the price of homes,” Southern Utah Home Builders Association Executive Officer Mari Krashowetz said.

Housing and employment

“Unemployment has dropped to 3.2 percent in Washington County. That is pretty much full employment. Anybody that wanted a job has a job,” Curtis said.

Residential real estate is currently ripe with buyers, creating an ideal seller’s market.

Housing is key to continued economic development,” Krashowetz said. “When we build a thousand average single family homes in our community that creates just under 3,000 jobs and generates about $111 million for government – local, state and national.”

Housing will need to keep pace with some of the major economic developments in the area, including the expansion of Dixie Regional Medical Center and Dixie State University. Thousands of jobs are expected to be added to the economy as a result of these developments.

Regulation and construction costs

“When the 115th Congress convenes, there are some things that need to happen specific to real estate,” Curtis said. “Specifically, policy makers need to reform the regulatory process.”

Chief among regulations that create prohibitive real estate development conditions are impact fees.

Such fees range from $8 to $10 per square foot for commercial real estate projects.

It feels like a tax on the landowners … they can’t sell the land for the price they really want to sell for because new construction doesn’t pencil when you fill in that big chunk of impact fees,” Andrew Sorensen, director for Cushman & Wakefield Commerce, said.

Getting these fees reduced will require legislative action.

Krashowetz mentioned President-elect Donald Trump’s claim that 25 percent of home building costs are due to regulation, a number he said he’d like to see reduced to 2 percent.

Construction costs are projected to go up as worker’s wages increase and immigration laws tighten.

“Those considering new construction, again, be aware that there may be some additional costs, especially if ‘the wall’ gets built and so the trades go back,” Curtis said in reference to Trump’s proposed wall along the U.S.-Mexico border.

Projects in the works

Despite looming challenges, several major commercial and residential real estate projects are already under construction or slated to begin this year.

On the residential end, some of the bigger projects include:

  • St. George Downtown City View, a $30 million mixed-use development, including a hotel, 100-unit apartments and 10,000 square feet of retail.
  • 300 new twin homes and new Hampton Hotel at SunRiver.
  • 120-140 condos and 30-40 homes by Bloomington Country Club.
  • 244 multi-family apartment units in Rivers Edge at 501 S. 2200 E.

Some large commercial projects are already in the works.

  • 3,600-acre area off of Interstate 15 exit 2. This is a 20-year State Institutional Trust Lands Administration project that includes residential, resort, commercial and education developments.
  • Dixie State University expansion.
  • Dixie Regional Medical Center expansion.
  • Ridge Top Complex.

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Southern Utah Key Developments to watch in 2017

Southern Utah is Changing Fast….. Major new multi million dollar projects are either underway or about to break ground across the region, including the largest construction project in St. George’s history, a massive new hospital expansion.

New housing developments are pegged across the St. George region, with more move-ins expected to join the already fast-growing local population in developments downtown, in the Little Valley and Washington Fields areas, near Tonaquint and Green Valley and elsewhere.

New commercial development is expected to give residents and visitors alike more places to stay, shop and recreate, with large-scale shopping centers moving in at places like the new Mall Drive Bridge in St. George and along south River Road, with multiple new hotels and permits taken for new buildings along Red Hills Parkway.

Real estate experts anticipate more of the same in 2017, with new commercial space in the works along south River Road, along State route 9, in the Sun River area and elsewhere.

In Cedar City, a new Deseret Industries is set to open this spring on Providence Center Drive. Other major commercial projects include a Sportsman’s Warehouse on south Main Street and a Ross Dress for Less also on south Main.

Lines of Transportation……A series of new projects are planned to both accommodate more vehicles and encourage more residents to use bikes, buses and other forms of transportation.

The Utah Department of Transportation is nearing completion of a mile-long road widening along Interstate 15 through St. George, including a new underpass near Mall Drive that should ease congestion at two nearby interchanges when it opens later this month. Once that is complete, the agency will turn its attention further south, with additional I-15 lanes scheduled to be built between the Dixie Drive and Bloomington freeway exits. The City of St. George is also looking to add lanes to ease congestion around the I-15 corridor, with a widening project scheduled to go in between 900 East and 1000 East along St. George Blvd to ease traffic along the nearby freeway interchange and intersection with River Road and Red Cliffs Drive.

New Schools and Education Buildings……A number of new schools buildings and other education facilities are expected this year as well. Construction continues on the new Dixie Applied Technology College building, a $45 million facility easily visible from much of St. George atop a black mesa west of the city center.

Dixie State University officials are hoping to earn state funding this year to move forward with a new health and human performance center and have additional plans for new student housing and parking facilities.

At Southern Utah University, officials plan to break ground this summer on a $17 million business building at the site of a parking lot adjacent to the Sharwan Smith Center along University Blvd.
Source: Spectrum

Luxury Real Estate Headlines: Second Week in January 2017

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

german chateau$1,250,000 USD | Springville, Utah | Summit Sotheby’s International Realty

“Perched high on the east bench of Springville, where the views of the valley and Utah Lake are sublimely unmatched, this German inspired chateau stands as a beacon to all things picturesque and beautiful. This private gated estate has an eight foot high wrought iron fence encompassing all 9.7 acres. The magnificence of the property increases dramatically as you drive up the tree-lined private road to the home. ”

Majestic Minimalist Mountain House in Telluride Asks $6M – Curbed

Celine Dion Cuts Price of Jupiter Island Estate to $38.5 Million – Wall Street Journal

A Waterfront Italian-Style Villa in Florida’s ‘Cultural Capital’ – Mansion Global

House Hunting in… Auckland, New Zealand – The New York Times

You Can Live a Block from Both the Obamas and the Trumps for $5.75 Million – Bloomberg

A Modern Tropical Oasis on Maui – Mansion Global

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

For Sale: 7 Amazing Penthouses – The Week

Gothic Tudor Mansion, Once Owned by Nicholas Cage, Asks $12 Million – Curbed San Francisco 

D.C.’s Most Expensive Home Hikes Price, Now Asking $22 Million – Mansion Global

Dock Your Yacht in the Front Yard at These Multimillion-Dollar Homes – Bloomberg

A Lake District Estate Where Peter Rabbit Roamed – The New York Times

An Enclave of India’s Capital City Popular with Business Tycoons and Politicians – Mansion Global

Alexander Hamilton’s Letters to be Auctioned in NYC – Chicago Sun Times

January 2017 Salt Lake County Real Estate Update

January 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 December 2016. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Single Family Homes – Active inventory was down 33% from 2015 with 1,695 units on the market and down 26% from the previous month. The median listing price was just over $395,000. The average days on market was down 18% from 45 days in 2015 to 37 days in 2016. The median sales price was just over $293,000. The averages for units sold in the month of December decreased 14% for units sold year over year and decreased 13% decrease month over month with a total of 914 units sold.

Condos – Active inventory was down 40% from 2015 with 463 units on the market and down 15% from the previous month. The median listing price was just over $256,000. The average days on market was down 43% from 54 days in 2015 to 31 days in 2016. The median sales price was just under $210,000. The averages for the month of December show a decrease of 5% for units sold year over year and down 11% over the previous month with a total of 273 units sold.

To find out more about all our local real estate markets, contact your local Summit Sotheby’s International Realty sales associate.

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January 2017 Greater Park City Real Estate Market Update Video

January 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 December 2016. 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 16% from 2015 with 638 units on the market and down 18% from the previous month. The median listing price was $1,590,000. The average days on market was down 5% from 126 days in 2015 to 102 days in 2016. The median sales price was $670,000. The averages for units sold in the month of December decreased 2% for units sold year over year and decreased 2% decrease month over month with a total of 79 units sold.

Greater Park City Area – Condominiums: Active inventory was down 5% from 2015 with 454 units on the market and up 2% from the previous month. The median listing price was just over $1,060,000. The average days on market was down 35% from 111 days in 2015 to 72 days in 2016. The median sales price was just over $535,000. The averages for the month of December show a increase of 29% for units sold year over year and up 35% over the previous month with a total of 88 units sold.

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

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Salt Lake County Monthly Update for 2016

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About Salt Lake County, Utah
As of the 2010 census, the population was 1,029,655, making it the most populous county in Utah. Its county seat and largest city is Salt Lake City, the state capital. The county was created in 1850. Salt Lake County occupies the Salt Lake Valley, as well as parts of the surrounding mountains, the Oquirrh Mountains to the west and the Wasatch Range to the east (essentially the entire watershed of the Jordan River north of the Traverse Mountains). In addition, the northwestern section of the county includes part of the Great Salt Lake.

Salt Lake County Monthly Market Reports
Want more in-depth information? A property evaluation? Connect with your local Summit Sotheby’s International Realty sales associate for up-to-the-minute market information and expert knowledge and experience.

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