This graph shows increased sales in the greater Park City area including Deer Valley over 2008 and 2009. However; sales prices are down about 30% from 2008. Buyers are taking advantage of the lower prices and the number of sales are increasing.
Is That Your ARM?
Fixed rate vs. Adjustable Rate Mortgage: Which one is best for you? With a fixed rate, you know what you’re getting, year after year. With an ARM, the rate will change periodically, usually as a reaction to an index, making payments go up or down.
It’s a trade off - with an ARM you get the lower initial rate, but you also run the risk of the rate going up in the future.
Ask yourself the pertinent questions before you make a decision on whether or not to go the ARM route.
Is it worth it, even with my income, to have to cover higher mortgage payments if the rates go up substantially?
What about my other debts? Will new purchases affect it?
Is this “the” home for me or will it become a second vacation or holiday home?
Will I be making additional payments or do I want to pay the loan off early?
Keep in mind, your financial institution will contact several lenders and that they’ll be looking for the best deal for them, not you, unless you’ve contracted with them to act as your agent.
It is hard to believe that summer is already winding down and school has officially started again. With only a few weeks left of warm temperatures Park City is buzzing with many activities to take advantage of before the snow starts falling. Here is what is going on this weekend!
Friday August 27th:
Monthly Last Friday Gallery Stroll: Members of the Park City Gallery Association offer a free monthly gallery stroll showcasing Park City's exciting art scene. It gives locals and Park City visitors the opportunity to enjoy light refreshments while exploring all the artists, special exhibits, and art events on Main Street. It goes from 6pm to 9pm and a free gallery guide can be picked up at any of the participating galleries. This week the Meyer Gallery will host an opening reception for artist Douglas Aagard whose work focuses on Utah landscapes. The Kimball Art Center will host an artist event with Brent Godfrey and display works by the Professional Artists' Association on the patio.
"Now/Here" film premiere: Absinthe Films is making the world premiere of "Now/Then" at the Egyptian Theatre in Park City tonight at 8:30pm. Doors will open at 8pm. Tickets are $10, with $2 from every ticket being donated to Recycle Utah and the Protect our Winters Foundation. Some of the best snowboarders in the world will be there signing autographs, and to talk and hang with the crowd. Bjorn Leines, Bode Merrill and Nicolas Muller will all be at the screening. Prizes, free gear, and snowboard giveaways will also take place during the event.
For more info go to www.absinthe-films.com.
Saturday August 28th:
Summit Challenge Bike Ride: Riders choose from 15, 50, and 100 mile courses around the Wasatch Back. All proceeds benefit the National Ability Center. For more info go to: www.SummitChallenge100.org.
The Canyons Saturday Concert Series: The Canyon's presents Chuck Prophet this Saturday from 6 to 8:30pm. This is a free concert at the outdoor stage in the Resort Village. Chuck Prophet has appeared on David Letterman, and Last Call with Carson Daly as well as written songs for many artists ranging from Solomon Burke to Heart.
SnowSports Film Festival:The Egyptian Theatre hosts the Park City SnowSports Festival through Sept 5th. For screening times and ticket info visit: www.parkcityshows.com.
Sunday August 29th:
Park Silly Sunday Market: This weekly event that features vendors on lower Main Street in Park City has a special guest this weekend. Chase Baird an accomplished jazz saxophonist will be performing at 10am. Chase just released his debut CD "Crosscurrent" with a group of other musicians. Baird is a Park City resident but resides from Seattle. He decribes his music as classic sound with modern jazz concepts. As always the Park Silly Market is free and goes from 10am to 5pm. Go to eat yummy food, here live music, and find unique gifts or souvenirs.
Have a great weekend and we hope you have a chance to come enjoy Park City!
Canyons, a Talisker mountain destination, has been busy this summer gearing up for the upcoming ski season in Park City. They announced this week that they have made many improvements to the already huge ski resort.
First they have added two new ski lifts that are the first of its kind in North America. They have heated seats and are enclosed by a bubble for increased visibility, safety, and comfort. The new lift is steps from the Grand Summit Hotel and takes you to mid-mountain Lookout Peak then continues uphill to the end which is just south of the current Sun Peak lift. The lift will increase the uphill capacity by an amazing 47%. Even more important is that it will only take 9 minutes to get to the top of the mountain, must faster and more fashionably then before.
Second, a new direct gondola connection has been created right across from the village center that transports you right to Red Pine Lodge. This will create a must simpler and smooth process for skiers coming on and off the mountain. Cabins have also been upgraded.
Third, Utah's largest ski resort is getting even bigger! The southern part of the Canyons will see the addition of another new detachable quad lift, which will provide access to an additional 300 acres of terrain. Ten runs, ranging from intermediate to expert will bring the total number of runs to 176.
Fourth, Canyons is building a 20 million gallon reservoir to ensure consistent snow surfaces during the early and late stages of the season. This will more then double their already massive snow making capabilities.
Lastly, they have added a Ski Beach located between the base terminal of the new direct-connect gondola and the new state-of-the-art quad lift. Headed by Talisker's culinary team, Canyons will provide guests with the option of breakfast to an apres ski drink in the fantastic setting looking up the mountainside. It will also be a remarkable setting for concerts and other events year round.
For more information on all the new things going on at Canyons go to: www.howdoyoumountain.com.
Earth, Wind, and Fire played to a sold out crowd at Snow Park Lodge Amphitheatre in Deer Valley. They kept the crowd dancing all night!
The chart below shows the median price for homes and condominiums in the Park City and Deer Valley area over the past 12 months. The median price for homes has dropped from $1.7M to $1.35M, and for condos from $800,000 to approximately $495,000 since September 2009. However the sales volume and number of sales is up over 110% as buyers have been taking advantage of these low prices and interest rates. To see additional charts on Park City and Deer Valley homes and condominiums; click the link below this chart.
The Secret to Buying
An old secret to buying a new home is one Realtor’s have known for years. Don’t buy the most expensive property in the community.
It’s a tried and true tactic that makes for a successful investment in your home and your future selling possibilities. Buying in a well established community, with homes that are perfectly maintained and well kept with meticulously manicured lawns is a great investment, but what happens if the market softens? What do you do if your house is worth $3 million while the neighbors’ are worth $1 million?
Your ability to sell your own perfectly maintained, well kept home will be infringed upon, even if your home has the best amenities, the most modern, upscale conveniences. Your neighbor’s less expensive homes, however, will gain by yours. The difference of the $2 million will, when doing a market evaluation, quite possibly have a negative effect.
Yes, a home is an investment and with the right information and education, you as a buyer, along with your Realtor, can make an informed, well thought out decision as you buy that dream home!
This weekend Park City offers a plethora of things to do for locals or visitors. With a sunny forecast and perfect temperates this is perfect weekend to get out and explore.
Friday August 20th:
Pogopalooza 7 - Did you know that there are extreme pogo athletes? Well, there are and they will be showcasing their talents at Redstone Center from 3pm to 7pm. This is the qualifying round for Big Air, Tech, High Jump, and Best Trick competition. The finals will be held Saturday down at the Gateway Center in Salt Lake. Go see what it takes to be an extreme pogo athlete world record holder!
The Egyptian Theatre Presents: Awesome 80s Prom, an interactive show that brings the audience to the prom at Wanaget High in 1989. Show starts at 6pm with the doors opening 30 minutes prior. Tickets are $18 in advance, or $20 at the door with shows at the same time on Saturday and Sunday.
Saturday August 21st:
2010 Larry H. Miller Tour of Utah: The Tour of Utah is a five-day, 300 mile plus professional bike road race along the Wasatch Range. The Fourth Stage will be held here in Park City right in downtown. This is a criterium race that involves a circular course through Old Town with a set time of 90 minutes. The pro race begins at 4:30pm and will last until about 6pm. Auxiliary events will run from 9:30am to 4pm along Main Street. All main streets in Old Town including Main Street, Heber Ave, and Swede Alley will be closed starting at 6am. Big crowds are expected to watch some of the best cyclists in the world. Free shuttles will be available from Park City Mountain Resort, Deer Valley Resort, and schools on Kearns Blvd. For more information go to: www.tourofutah.com.
The Canyons Saturday Concert Series Presents: Dangermuffin, a trio playing American roots music. The concert is free and is from 6 to 8:30pm. You can take the Cabriolet lift starting at 4pm from the lower parking lot at the Canyons.
Silver Queen Fine Art Re-opening Celebration: Silver Queen Fine Art is celebrating the grand opening of their new location at 577 Main Street Suite C. The event starts at 6pm and is open to the public. High West Distillery and Saloon will provide food and drink. Sculptor Tim Cotterill will be personalizing sculptures from 6 to 9pm.
Sunday August 22nd:
Park Silly Market: Experience live music, performance art, local organic produce, and many vendors at this street festival. Located on Lower Main Street from 10am to 5pm this free event is fun for everyone. Food booths and beer garden are also available. For more info visit: www.parkcitysillysundaymarket.com
St. Regis Summer Sundays on the Mountain Terrace: The St. Regis in Deer Valley features live music by modern acoustic duo Joy & Eric from 3:30 to 6:30pm at their Mountain Terrace patio. Enjoy the incredible views, great food, drinks, and music at this beautiful Resort. For more info go to: www.stregis.com/deercrest.
Have a wonderful weekend!
Park City has so many great restaurants to choose from, sometimes it is hard to decide! Today we will be featuring the great Italian restaurant Ghidotti's. Ghidotti's is the brain child of Executive Chef Bill White who also has 4 other very successful Park City restaurants: Grappa, Chimayo, Wahso, and Windy Ridge. When visitors come to town and ask where to dine one of Bill White's restaurants will undoubtedly come to mind. Ghidotti's is a bit different in that it is located at the Red Stone Shopping center near Kimball Junction. All of Bill White's other restaurants are located in the Old Town section of Park City. Mr. White describes Ghidotti's as "tradition Italian cooking in New World ambiance." The cuisine is inspired from his Mother's traditional Italian cooking. Ghidotti's offers affordable food in a family friendly yet beautiful setting. I suggest ordering a pizza for an appetizer, it is delicious! They are also known for their excellent homemade Italian desserts. During the summer season Ghidotti's offers $5 Thursday's where they have $5 entees and $5 glasses of wine! No reservations are excepted on Thursday so go early to get a seat! That is a deal that can't be beat especially for such great food. Also on Thursday before or after dinner you can catch the free concert at Newpark (just a around the corner) from 6pm-8pm. If your feeling like a movie the Red Stone Cinema is right next door. Red Stone also offers several great shops to frequent if you desire.
For info on Ghidotti's visit their website at: http://www.ghidottis.com. Happy dining!
Our best buy property of the week is Arrowleaf unit #211 located in the Empire Pass subdivision of Deer Valley. This is an unbelievable deal for a 3 bedroom 3.5 bath ski-in ski-out condominium. This beautiful unit has reclaimed wood floors, large rock fireplace, and big Empire Canyon views. This property is bank owned and listed for $1,207,300. That is almost a million dollar price reduction from what the unit first sold for in 2006! It is the lowest priced 3 bedroom unit at Arrowleaf. Arrowleaf offers great common area amenities including a large gathering room with game tables, sitting areas, fireplace, and coffee bar. There is also an option to purchase a Talisker Club Mountain Membership.
For more details please email me at delia@deervalleyspecialist.com or give me or Craig a call at 1-800-533-4666. I have included some more pictures below. Don't let this deal pass you b
y!
