Steve Bowen

The following article is from www.ParkCityHousingFacts.com .

Nobody Knows Park City Real Estate Like A Park City REALTOR^®

14 February 2008 (Park City) - Old Town, Deer Valley, Park Meadows, Promontory, Snyderville Basin, Kamas and Heber Valley - to a home buyer the possibilities can be overwhelming. To a Park City REALTOR^®, it's all part of a day's work.

Buyers want answers to the questions surrounding their purchase. And whether the issues include water rights, property management fees, environmental concerns or traffic patterns, a Park City REALTOR^® is your best source of information. That's because a Park City REALTOR^® is a licensed professional who knows and lives in the community.

Sellers also demand attention. The Park City Board of REALTORS^® has its own multiple listing service, the only database of its kind which tracks properties for sale exclusively in Summit and Wasatch counties. Buyers come to Park City from around the nation and the world. They rely on Park City REALTORS^® and the multiple listing service to find their next property. In 2007, more than $1.98 billion in sales transactions were executed by Park City REALTORS^®. It was the second best-ever year in total sales volume.

But it is not just about closing the sale. Park City REALTORS^® volunteer and serve on all types of organizations, including city and county planning commissions, education foundations, homeowner associations and with environmental causes.

As a group, the Park City Board of REALTORS^® raised more than $225,000 in 2007 through its Luxury Home Tour and Auction, Building Balance Charity Golf Tournament and through the generous contributions of Park City Board members. Through the Park City Board of REALTORS^® Philanthropic Foundation, the money was donated to The Peace House, Habitat for Humanity, Park City Education Foundation, North and South Summit High Schools and many other local non-profits within the community.

Park City REALTORS^® also pride themselves on a pattern of professionalism and knowledge. Many Park City REALTORS^® have furthered their education before becoming real estate agents. Most agents complete much more education than the standard requirements to renew their real estate licenses. It is that expertise which serves clients in transactions that can range from vacation homes and full-time residences to investment properties and land.

With three premier ski resorts located within minutes of each other, Park City stands alone among the world's elite ski destinations. An array of cultural and entertainment venues create a unique mountain retreat. Second-home purchases are on the rise and Park City REALTORS^® are specialists in negotiating transactions surrounding resort and vacation properties. According to a recent report by the National Association of REALTORS^®, 25 percent of all vacation homes purchased in the U.S. were purchased in the West. In addition, nearly one out of every four vacation homes was purchased at a resort.

Thinking of buying or selling? Nobody knows Park City like a Park City REALTOR^®.

For more information, contact Steve Bowen at www.FindParkCity.com .

The following is an article from www.ParkCityHousingFacts.com

2007 Park City Home Sales Outpace Other Resorts

14 February 2008 (Park City) - Million-dollar properties remain in high demand among the West's premier destination ski resorts. In the greater Park City area in 2007, more than $1.9 billion in total real estate volume was recorded, the second-highest level of 11 ski resorts across the Rocky Mountain West, according to a new report by the Rocky Mountain Resort Alliance (RMRA), an association representing the boards of Realtors of those 11 resorts.

At $2.6 billion, Vail, Colo., ranked No. 1 in total real estate transaction volume.

Driving Park City's high sales volume was its exceptional value. The average sales price of a Park City home in 2007 was $1.1 million, a value that ranked in the middle of the 11 resorts.

Aspen, Colo., Whistler, British Columbia, Telluride, Colo., Jackson Hole, Wyo., and Vail, Colo., each reported higher average home sales prices compared to Park City, according to the report. Steamboat, Colo., Breckenridge, Colo., Sun Valley, Idaho, McCall, Idaho, and Grand County, Colo., reported lower average home sales prices compared to Park City.

Even though the residential real estate market has softened in some parts of the country and media accounts portray a bleak picture, Park City and most Rocky Mountain ski resorts had their second best year on record, according to Dennis Hanlon, founder and president of RMRA. During 2007, the total number of homes, condominiums, land and other real estate properties sold in Park City declined to 2,306 transactions, down 15 percent compared to 2,707 transactions in 2006. Although sales transactions were down, total dollar volume was up 3 percent and the median price of single-family homes sold in Park City during 2007 climbed to $680,000, an 11 percent increase compared to $615,000 in 2006.

"Park City's sales numbers remain strong," said Hanlon, a Park City resident. "People still want vacation homes. They still want vacation properties and have the means to purchase them. Our owners tend to be financially strong and enjoy the use of their properties."

Hanlon said Park City's proximity to an international airport and its wide variety of homes and condominiums makes it attractive to resort buyers.

"Compared to other Rocky Mountain Ski Resorts," Hanlon said, "Park City has a broader range of different property types and better price ranges for people looking to purchase."

Park City ranked No. 3 of the 11 resort areas in the number of homes sold in 2007. It also ranked No. 3 in the number of condominiums sold. When measuring the number of land transactions, Park City ranked No. 1.

For more information, please see www.FindParkCity.com .

An recent article in the Salt Lake Tribune is reporting that Utah leads the country in home price gains for the 5th straight quarter. A report released by the Office of Federal Housing Enterprise Oversight is reporting that Utah had a 9.27%gain from the 4th quarter of 2006 to the 4th quarter of 2007. Other parts of the country are not doing as well with California reporting the worst numbers. California reported a statewide decline of 6.65% from a year earlier.

Hopefully, this will be encouraging news for those considering a purchase in Park City or Deer Valley. Our states overall economy is still thriving!

Recently, the Park City Board of Realtors published a press release regarding the sales figures for 2007 Park City Real Estate. Following are some excerpts:

2007 Park City Real Estate Transactions Reach Nearly $2 Billion

Home Prices Show Double Digit Appreciation

30 January 2008 (Park City) - Big homes, big condos and big transactions led to a big year in 2007 for Utah's premier destination ski area.

In the 12 months ending December 31, 2007, Park City Real Estate transactions reached $1.98 billion, an increase of 3 percent compared to $1.92 billion in volume a year earlier, according to a report released today by the Park City Board of Realtors.

"Our total volume in 2007 was the second best-ever year in real estate in Park City" said Tyler Richardson, president of the Park City Board of Realtors. "I don't think Park City real estate prices have peaked if we look at what has gone on in other resort destinations in the Rocky Mountains."

The median price of single-family homes sold in Park City during 2007 climbed to $680,000, an 11 percent increase compared to $615,000 in 2006. Condominium sales in 2007 reported a medium sales price of $559,750, a whopping 31% rise compared to $427,000 a year earlier. The median sales price of vacant land also climbed in 2007 to $549,000 up 17 percent compared to $470,000 in 2006.

"The fundamentals for the Park City market are very good, " said Lincoln Calder, president elect of the Park City Board fo Realtors. "The Park City real estate market has never been focused primarily on investment speculation. People buy in Park City because it is a place where they want to be and a place they want to bring their family and friends."

Richardson indicated that the Park City area was less prone to the wild investment speculation that gripped many regions of the country, artificially driving up demand and prices. "People buy homes in Park City because they've got the income and they've got the ability to do it and Park City is the place that they want to be," Richardson said, "They are making a lifestyle purchase, a family legacy purchase."

"The demographics point to an increase in second-home ownership," Calder said. "Park City has a lot of great things going for it. It is very easy to get to and from anywhere in the country. Delta Air lines is adding an international flight from Salt Lake City to Paris this year. In addition to Park City's world class resort facilities and year round recreation opportunities, our community offers a wide range of cultural events including the Sundance Film Festival, Kimball Arts Festival, Park City Jazz Festival, the summer concert series and Eccles Center events just to name a few. There are a lot of great reasons why Park City is a great place to be."

We have had massive snowfalls at Park City and Deer Valley resorts this week! Just last night, Park City Mountain Resort reported 23 inches of new snow and it will still snow all day. This snow storm follows a storm on Wednesday that gave us a few feet of fresh snow and another huge storm is expected in a few days. The Park City School District cancelled school on Wednesday for the first time in 10 years due to the snowfall!

Hopefully, the national attention of record snowfalls will once again focus attention on how Park City, Deer Valley, and The Canyons is a tremendous value for a ski vacation or second home purchase. Our proximity to Salt Lake International Airport and our easy highway access continues to strengthen our position as a year-round resort. With only a 30 to 45 minute highway ride to the airport, Park City is becoming widely known as the easiest resort to reach in a short period of time. There are very ski resorts where you can fly in the morning and be skiing by the afternoon!