Buyers visiting the Park City/Deer Valley area this year are in a great position to find excellent properties and a good value. In 2011, we have over 160 condominiums listed, just in Deer Valley, and over 60 single family homes. This year there is a wide variety of inventory to choose from in all resort locations. Many owners and developers are also offering 'Buyer Incentives' to sweeten the sale.
- Quicker/Better Airport Access - At only 45 minutes to Park City, Delta's Salt Lake City Airport now offers customers 373 peak-day, non-stop flights to 114 destinations, and since June 2005, Delta has added more than 30 new markets, including seven new international destinations. Plus with recent airport renovation, visitors now experience a more spacious, convenient and efficient check-in thanks to state-of-the-art self-service technology throughout Delta's newly renovated lobby.
- Great Selection of Properties - We have over 2,400 active listings in our local real estate market. This means, more ski-in/out properties, more golf and ranch properties, and more new properties to choose from at all area ski resorts.
- No Multiple Offer Bidding Wars - 2007 was a year that buyers were bidding against each other and properties were purchased above listing price. Now in 2011, buyer offers are received with enthusiasm.
- List to Sold price remains constant at approximately 95%- Sellers are not 'rejecting' lower offers, but engaging in a good faith negotiating process of offer and counter-offer.
- No Lotteries for New Developments - In the past, many developers had elaborate lottery systems to get into new projects, and many buyers were shut out. Now many developers are offering 5%-7% discounts for early buyer reservations.
- Inspection and Repair Requests are Honored - In the past, many sellers would sell properties in 'As Is' condition as there were 'back-up' offers. Now, a buyer's request for repairs to a property is honored and completed by the closing.
- Fewer Flippers - It is estimated that 1/3 of all sales in 2005 were to buyers who intended to 'flip' their properties once completed thereby escalating prices. Now we have 'real' buyers, no 'flipper' mentality, and less investor competition.
- Available Financing - With the sub-prime fallout subsiding, and the Federal Reserve rate cuts, low interest loans with near all-time low fixed rates are back. It's a great time to acquire financing.
- Top Agents Available - During the 'intense frenzy' of 2006-07, many part-time agents and new agents swelled the ranks of the real estate profession. Park City had over 1,100 RE agents, or one agent for every 6th person! Many of these agents have left now, and buyers can choose from a more experienced and professional pool of agents.
- Better Real Estate Information Available - The Park City Board of Realtors recently upgraded their Multiple Listing System, allowing buyers and sellers to more readily obtain detailed information for current and past listings. A better informed consumer is a win-win for all parties in a transaction and expedites the real estate process.