Announcing Opening of Jordan City Office

By Berkshire Hathaway HomeServices Utah Properties
Aug 23, 2016

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Salt Lake City, UT—Berkshire Hathaway HomeServices Utah Properties today announced the opening of its new central Jordan City office building.

Located in the River Park Corporate complex, this modern space provides real estate professionals with a forward-thinking open plan space that is the latest in the company’s succession of growth plans. “With over $1.8 billion in sales, we are the most successful brokerage in Utah,” commented CEO, Steve Roney. “We are opening this new office in the South Jordan area to better serve our business in this growing and critical part of the valley. This is our next growth step, and we are thrilled to be expanding alongside this market.”

The move comes after a series of business successes for the company. In 2014, the company converted from Prudential Utah Real Estate to the legendary Berkshire Hathaway brand and was among the top ten brand brokerages in the country. Further, the company achieved more sales than any other Utah-based brokerage in 2015 and currently represents more real estate developments than any competitor.

On the heels of these achievements, the company has put into motion an aggressive expansion plan, which has resulted in the acquisition of cutting edge office spaces that are ushering in a new level of innovation in northern Utah real estate.

In a statement, Salt Lake branch broker, Kevin Cameron stated: “This new office illustrates our company commitment to meeting the real estate needs of the growing Jordan and South Salt Lake communities. The location provides central access to all key moving real estate neighborhoods. The future is looking bright.”

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the #1 position in Utah’s real estate marketplace and maintains an historic commitment to community-driven service.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway is the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 8 in Fortune magazine’s 50 Most Admired Companies survey; and is No. 18 in Harris Interactive’s reputation study of the 60 Most Visible Companies. Good to know.™

 

 

Browse by Lifestyle, Design Type, Amenities

By Berkshire Hathaway HomeServices Utah Properties
May 24, 2016

One of the many clever new features of berkshirehathawayhs.com is the ability to search for property based on lifestyle interests such as skiing, fishing, schooling, etc...

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Further, you can browse by design features such as modern architecture, stucco, outdoor fire pits, etc...

Screen Shot 2016-05-24 at 1.53.05 PMAll of these new features, combined with the international functionality of the site, allow for you to find EXACTLY what you're looking for...

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Press Release-BHHS Utah Properties Welcomes Will Cooper

By Berkshire Hathaway HomeServices Utah Properties
Apr 13, 2016

Berkshire Hathaway HomeServices Utah Properties

Press Release

Salt Lake City, Utah (April 13, 2016)—Berkshire Hathaway HomeServices Utah Properties announced today that effective now, Will Cooper has joined the firm as President, Business Development.

In this new role, Mr. Cooper will focus on growth strategies including recruiting, coaching, and training throughout BHHS Utah Properties’ market areas of Salt Lake, Summit, Wasatch, Davis and Weber Counties. “We are thrilled to have Will aboard,” commented Steve Roney, CEO and Owner of Berkshire Hathaway HomeServices Utah Properties. “His extensive background in real estate agent development along with his dynamic personality make him an incredible asset to our professionals and company.” Mr. Cooper will be reporting to Mr. Roney in this new capacity.

In real estate’s constantly evolving and competitive landscape, Mr. Cooper will ensure BHHS Utah Properties agents are given the resource support to distinguish their service and offer enhanced quality service to clients. “I look forward to providing guidance to the outstanding family of BHHS Utah Properties agents and employees while strengthening businesses development as a whole under the legendary Berkshire Hathaway brand,” commented Will Cooper.

About William Cooper

Will has enjoyed a distinguished 25-year career in real estate. Most recently, he was a President and an Owner of Stringham Schools, the largest real estate school in Utah. Prior to his time at Stringham, Will was the Principal Broker and Owner of ERA Legacy from 1998 to 2008 and was the CEO of Virtual Agent, now known as Dotsignal, a mobile marketing technology company for Realtors, from 2008 to 2014. He has been a licensed agent in Utah since 1991 and a Pre-License and CE Instructor since 2008.

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah is an independently owned full-service brokerage with offices in Salt Lake City, Park City, Ogden, Bountiful and Heber with a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our firm provides a new level of real estate assistance and maintains a #1 position in Utah’s marketplace and historic commitment to community-driven service. Visit bhhsutah.com.

About Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, has grown to 42,200 agents and 1,211 offices in 47 states since its September 2013 launch. Visit www.berkshirehathawayhs.com.

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway was the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 3 in Fortune magazine’s 50 Most Admired Companies survey. Good to know.™

 

BHHS Utah Tips: Real Estate and Taxes

By Berkshire Hathaway HomeServices Utah Properties
Feb 29, 2016

Tax considerations for buyers and sellers
 

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Buyers and sellers need to be informed about tax considerations before entering a transaction.

If you have purchased or sold a home last year, there are a number of tax deductions for which you may qualify. Here are some important factors to keep in mind:

Profitability: According to the IRS, if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.

Interest: Currently, much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.

Selling costs: Broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and currently may be used to reduce one’s taxable capital gain by the amount of the selling costs.

Refinanced mortgage points: They may be deductible, but not all at once. Homeowners who refinance may be able to immediately write off the balance of the old points and begin to amortize the new points. Interest paid on a home equity loan or similar line of credit may also be deducted.

Points/origination fees: On a home loan, if points or origination fees are paid during the purchase of a home, they are currently generally tax-deductible for the year in which they were paid.

Repairs/remodels: Qualifying capital improvements may be able to be deducted, including costs of a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating or cooling systems and landscaping.

Relocation expenses: If you move because of a new job, you may be able to deduct some of your moving costs. To qualify for these deductions, you must meet several IRS requirements, including that your new job is at least 50 miles farther from your old home than your previous job. Moving-cost deductions can include travel or transportation costs, lodging expenses, and fees for storing your household goods.

Property taxes: Currently deductible from your income. If you have an impound or escrow account, you can’t deduct the money held for property taxes until the money is actually used to pay your property taxes. City or state property tax refund reduces your federal deduction by an equal amount.

First-time buyer credit: For those buyers who took advantage of this credit within the past two years, remember that if within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.

Another important tip for those moving into a new home is to make sure you update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS.

Tax laws change every year, and certain tax deductions become available while others phase out. Speak with a professional tax consultant about these and other considerations.

 

Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

Q4 Park City Real Estate Report

By Berkshire Hathaway HomeServices Utah Properties
Jan 25, 2016

Welcome to our Q4 Market Report.

This report gives a statistical overview of Park City's real estate broken down by neighborhood. We give our clients the information needed to make smart choices with regards to Utah's real estate.

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The Final Walk Through

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

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You found the perfect house, made an offer, negotiated the price, had an inspection and ensured your mortgage. The only thing left is your final walk-through.

Walk-throughs are normally scheduled the day of, or day before the settlement, as the seller should be completely moved out. The object is to ensure that the house stands in the same condition as when you agreed to buy it.

This is not the time to nitpick about nail holes or carpet imperfections. Unless you’ve negotiated allowances for such issues, you’ll have to address them later after you’ve settled.

What could impact the transaction is property or fixtures that the seller agreed to leave behind are missing (e.g., a washing machine, pool table, garage cabinets, etc.) or if the seller leaves things that were supposed to be removed (e.g., paint cans, furniture, etc.).

With your agent at your side, be sure that obligatory repairs flagged during the home inspection are completed to code and satisfaction. If the seller agreed to replace an aging water heater but didn’t do it, this must be accounted for during settlement.

You may be eager to leave the house and get to the settlement, but don’t rush through the walk-through. Run the appliances through a full cycle to make sure they work. Turn on all faucets and showers as well.

Some contracts will specify that the buyer complete a walk-through a week or two prior to settlement followed by a quick meeting prior to settlement to check off any items previously noted. Again, any items or tasks that aren’t complete must be justified at the time of settlement.

Though issues may arise, the majority of walk-throughs go without a hitch as both parties are eager to complete the deal and willing to negotiate any final hurdles.

Everyone Likes Photos of Pretty Homes

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

A Picture Can Be Worth a Thousand Words

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This is even more true when it comes to selling your home. And let’s face it, you want those words to end with a definitive “sold.”

Homes garner more traffic and buyer interest when presented effectively—which means they sell faster. That’s why it is essential that you showcase your home through images in the best way possible.

According to the National Association of REALTORS,®nearly 90% of all homebuyers begin shopping for homes online. They click through photos and send a list of those of interest to their real estate agent. In fact, homes with few or no photos are often skipped simply for that reason, even if the home’s description matches a buyer’s ideal listing.

Many agents believe that apart from staging, no other marketing investment is as important as professional photography in marketing a property. So to generate more buyer interest, there has been a dramatic increase in the use of professional real estate photographers. As much as we like to think we take great photos, a professional has an eye for seeing the best composition and lighting, plus better equipment to make the photos bright, clear and sharp.

Wasatch Front December Market Update

By Berkshire Hathaway HomeServices Utah Properties
Nov 24, 2015

Active listings (inventory) are down 23% from October 2014, but Pendings are actually up by the same margin of 23% in Salt Lake County--this is perhaps the strongest indicator we have of the health of our housing market. Buyer interest has remained strong even in a slightly limited market. The Ogden and Davis County markets are witnessing even more pronounced versions of the same trend.

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In terms of pricing, the median price for single family homes in Salt Lake County is $245,000, which represents a downturn from this summer. In July, Salt Lake City hit the peak of its market at $257,000 -- to see that number come down suggests that the market is adjusting based on buyer demands. The market seems to have found its ceiling. Similarly, we are seeing almost the same number of sales from last year, giving professionals reason to believe that our market is healthy and growing at a marginal rate that is advantageous to clients.

Salt Lake City Market Update | August

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2015

August Market Overview

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Here's your monthly Salt Lake Real Estate market breakdown. August active listings were down 22% from last year; yet pendings were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pendings. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pendings. Ogden is the hottest market going by the stats.

Median price closed out at $250K, which suggests a slight pricing adjustment from June and July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant.1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).

Summary:  Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.

Park City Compared | Western Resorts

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

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Every quarter the Western Mountain Resort Alliance compares several of the leading western resort town real estate markets. Based on these numbers, the resort market in general looks very strong. Across the board, statistical evidence suggests that resort markets are healthy with measured, steady growth.

One of the more surprising figures to arise in the Second Quarter report was the extent to which Park City leads other comparative markets in terms of sold volume. Total volume sold this quarter in Park City amounted to $461 million. For comparison, Tahoe reported the next highest sold volume with $386 million, and Teton (Jackson) reported $190 million. Our market remains segmented, but there's no doubt that inventory is moving.

On the other hand, our single family median and average sales prices are right in the middle of numbers reported by other towns. Our median single family home sales price of $775,000 sits below that of Whistler ($1.4 million), Teton ($1.2 million), and Big Sky ($873,000) but above that of Steamboat ($478,000), Tahoe ($548,000), and Sun Valley ($449,000).  This suggests that our pricing is stable and reasonable when compared to other resort marketplaces.

Announcing | The Enclave at Sun Canyon

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

Art in Architecture | Contemporary, Built for Living, Surrounded by Nature. 

 

We are thrilled to announce our partnership with Enclave at Sun Canyon. We specialize in developments; and, under the guidance of the Enclave agent team, we will continue to position the Enclave at Sun Canyon as one of Park City's most forward-thinking developments in terms of design, quality of life, and community.

 

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Enclave at Sun Canyon is a community of 33 luxury townhomes and four custom homes, designed to blend with their natural surroundings. Located in the heart of Park City, Enclave is just minutes from three world-class ski resorts, Utah Olympic Park, Redstone Village and Historic Main Street with premier dining, shopping, theater and festivals. The Salt Lake International and private Heber Airports are within 35 minutes of home.

Constructed of stacked stone, floor-to-ceiling glass and a combination of grass and metal roofs, these residences have been designed to capture their mountain surroundings and offer residents a contemporary living space esconced in nature. Both the one acre homesites and the 33 town homes have been carefully situated to take advantage of views, sun exposure and access. Careful architectural guidelines ensure utmost quality and respect for surrounding nature and allow for custom homes ranging in size from 5,000 to 6,000 square feet (the town homes range from 3,500 square feet to 6,500 sq ft).

Life at Enclave includes majestic alpine scenery with more than 60 acres of open space and private trails and an additional 1,000 acres of adjacent Mid-Mountain Trails for hiking, biking, snow shoeing and cross-country skiing.

Click for site plans, FAQs, and details on the residences.

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Down to the Details

From natural grass roofs, to stone counter tops, to heated floors (the heated floor are only in the bathrooms, the rest of forced air), and contemporary interiors, the residences meet the highest standards of modern aesthetics and amenities, offering owners an unparalleled living experience.

Outstanding features include:

  • Stone and cedar siding with reclaimed heavy timber accents
  • Combination corrugated metal, rock and natural grass roofs
  • Open metal railings and staircases
  • Heated driveways
  • Heated flooring in bathrooms
  • Stone slab countertops
  • Euro-style frameless shower doors
  • Dual vanities
  • Adjacent walk-in closet with washer/dryer
  • High-efficiency, forced-air heating and air conditioning
  • Unique gas fireplaces in great rooms and masters
  • Wood and natural stone flooring
  • Floor-to-ceiling glass windows and doors
  • Metal-clad wood frames
  • Built-in Thermador kitchen appliances
  • Granite and quartzite countertop options
  • Kohler faucets, toilets and shower heads
  • Hydrotherapy tub option
Click for a complete list of features.

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For secluded mountain modern living, Enclave offers residents seamless natural living with all of the features, down to the truly detailed, that make life in Park City a dream.

Summer Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Jul 07, 2015

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We're midway through the summer and the market is just heating up. From mountain biking and water sports, we hope you're enjoying all our mountain town has to offer. Over the last few years, our summer market, which picks-up up in July, has seen a robust increase in activity. More and more folks seem to fall into the category of "came for the winters, stayed for the summers." 

Overall, our market is busy. Inventory is moving quickly but your Realtor can help you find options and make a strategic moves within Park City's complicated market. Here's information you can trust as you begin to look at our summer market. 

Market snapshot. 

  • Current Days on Market for Single Family in Park City Proper: 59
  • Current Days on Market for Single Family in Snyderville Basin: 17
  • Average Single Family Sale Price in Park City Proper: 1.86 million
  • Median Single Family Sale Price in Park City Proper: 1.6 million
  • Average Single Family Sale Price in Snyderville Basin: 1.49 million
  • Median Single Family Sale Price in Snyderville Basin: $963,000
  • Average Condominium Sale Price in Park City Proper: 1.2 million
  • Median Condominium Sale Price in Park City Proper: $680,000
  • Average Condominium Sale Price in Snyderville Basin: $534,000
  • Median Condominium Sale Price in Snyderville Basin: $393,000
  • Average Vacant Land Sale Price in Park City Proper: 1.17 million
 

Choosing a Neighborhood

By Berkshire Hathaway HomeServices Utah Properties
Jun 29, 2015

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Location, Location, Location. 

When you begin the searching process for your new home, it's best to start with neighborhood. Take into account everything from where your friends are, bike lanes, commute time, food scene, access to health care, etc...

Investigate the surrounding area: Good schools boost your property value. Research the closest parks and community centers and consider how busy streets impact the neighborhood. Check out stores and restaurants in the area. Let's be real, distance to the nearest place to buy milk or work-out is of critical import.

Take the temperature of the area: Is the average resident young, married, settled professionals with kids...? Are you looking for urban energy or quiet with big yards and wide sidewalks? It's important to think long term. Is this an area that will work for you in 5 years?

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Research the Homeowner’s Association: What are the regular fees? Are there lawn or construction restrictions? Knowing these things can really make an impact.

A good real estate agent can furnish you with a wealth of local information and take you on a tour of the closest commerce centers, restaurants and shops. A little groundwork will help ensure that your dream house is surrounded by a dream neighborhood.

We Believe in Print Marketing

By Berkshire Hathaway HomeServices Utah Properties
Jun 11, 2015

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Brand Recognition Matters to our Clients--so we cast the widest net.

We don't view advertising as an obligation; it's part of our value proposition. Our listings, agents, and brokerage name circulate widely throughout Utah and Park City publications. If there are buyers looking at properties, they're going to find our listings and developments.

From being the most widely advertised brokerage in the Park Record, to being the only brokerage with a marketing relationship with the State of Utah Chamber, we support our clients and professionals through our print relationships.

Here's where we focus our print marketing efforts:

-Park Record Newspaper

-Real Estate Monthly

-Park City Magazine

-Mountain Express Magazine

-Heber Valley Guide

-Wasatch Wave Newspaper

-Life In Utah

-Salt Lake Magazine

-Prestige

-Unique Homes

-LIVING Residential Guide

-LOCAL Neighborhood Guide

Spring Forward, Community Service

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

In a recent survey, over 90% of BHHS Utah agents reported active involvement in non-profits and community engagement organizations. Real Estate occurs very much in our local neighborhoods, and our company feels passionately about playing its part.

Spring is always a good moment to take a breath, impose order, and do some cleaning. As a company, it's when we re-commit to our community partners. We offer assistance to everything from arts and culture organizations, to 5k fundraisers, to hospitals. We wouldn't be in real estate if we didn't believe there was something special about Utah.

Here are some organizations we encourage you to get involved with. Join us in improving our neighborhoods!  re6

Earnest Money Deposit

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

Buyers today understand they need a sizeable down payment and a strong credit score to secure a conforming home loan. They must hold liquid funds for another financial obligation—an earnest money deposit—to be paid when they make an offer on a home.

Earnest money is handed over to the seller’s agent or the title company when a purchase contract is signed. This demonstrates that the buyer is serious about the transaction and is backing it up with cash.

Without this, buyers could simply make offers on many homes, essentially taking them off the market until they choose a favorite. Sellers rarely accept offers without it.

There is no set amount for an earnest money deposit, so it’s negotiable. If there are multiple bidders, the seller may ask for up to 3% of the asking price as earnest money. Assuming the transaction results in an accepted offer, earnest money goes toward the buyer’s down payment and closing costs. If the transaction falls through, the buyer may have to forfeit a nominal cancellation fee or more.

Be sure the purchase agreement outlines the refund process. Remember, a buyer can lose earnest money through default, which happens when he or she does not perform according to the terms stipulated in a purchase and sale agreement.

Work carefully with your agent to ensure a clear understanding of all terms and obligations.

Formal Spring Park City Market Review

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

 

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Overview

The total number of closed sales, including single family homes, condominiums, and vacant land, within the Greater Park City Area, for the first quarter of 2015 was 11.5% higher than Q1 of 2014 and 18.5% higher than Q1 of 2013. With another strong quarter in condominium sales, the number of closed transactions for the first quarter of 2015 marked the highest number of first quarter sales since Q1 of 2007. The total dollar volume for the first quarter was 17% above that of 2014 and 37% higher than 2013, according to statistics released by the Park City Board of REALTORS®. The median sales price for the Greater Park City Area, including all property types, seems to be trending up at a gradual pace – 5.7% higher than the first quarter of last year, but still below that of 2010.

Single Family Home Sales

The number of single family home sales for the entire market area at quarter end was 180, which is 11% higher than Q1 of 2014. Despite low inventory impacting the number of sales in some neighborhoods, several areas experienced an increase of activity. Comparing the last four quarters with the previous four quarters within the Park City Limits (84060), Old Town was down 13% in quantity sold but up 7 % in median price to $1,180,000. Park Meadows continued to average one sale per week, flat in the number of sales compared to last year, but up 16% in median price reaching $1,450,000. A four quarter comparison in the Prospector area shows a 31% increase in the number of sales along with a 21% price increase to $700,000, but sales were down in the first quarter of 2015 compared the first quarter of 2015 due to lack of inventory.

Comparing year-over-year numbers within Snyderville Basin, areas with the highest number of sales include Glenwild/Silver Creek – up 38 % in quantity sold with a 5% median price increase to $1,175,500, Promontory – up 30% in sales with a median price of $1,550,000 (flat to last year), The Canyons – up 20% in sales with a median price of $5,507,489 (up 36%, largely due to sales at The Colony), and Sun Peak / Bear Hollow – up 45% in sales with a 2% median price increase to $852,500. Though quantity sold is down compared to last year, the median price increased in Trailside ($615,000), Pinebrook ($772,500), and Silver Springs ($780,000).

Year-over-year, the Jordanelle area saw a 25% price increase reaching $858,132 with a 13% decrease in quantity sold. The Heber Valley has experienced increased activity with a 19% increase in number of sales and a 2% median sales price increase to $341,500. Statistics Committee Chair, There were 11 more single family home sales in the first quarter of this year compared to last in the Heber Valley. The Kamas Valley was also up 11% in sales and 3% in median price to $299,500.

Condominium Sales

By property type, there has been a growing proportion in the number of sales and dollar volume within the condominium market. The number of condominium sales for the entire market area at quarter end was 184, which is 10% higher than Q1 of 2014, with an 11% overall increase in median price.

Comparing year-over-year, the number of condominium sales within Park City Proper was flat to last year with a median price of $552,500 which was 8% higher than last year’s number. By area, the number of sales in Old Town was down, but the median price increased 14% to $415,000. Other areas of interest include Empire Pass up 37% in quantity sold with a median price of $3.08 million, Lower Deer Valley up 55% in sales with a median price reaching $732,375, and Prospector up 12% in the number of sales and 41% increase in median price to $134,000.

The Snyderville Basin showed increased activity in the condo market, up 11% in number of sales and 9% in median price reaching $364,600. Comparing year-over-year by area, the highest number of sales occurred in the Canyons neighborhood (up 27%) with a median sales price of $371,250. The number of sales in Sun Peak/ Bear Hollow was slightly down, but experienced a 20 % median price increase to $477,500. Other areas with an increase in activity include Pinebrook, up 29% in number of sales with a 17% median price increase to $395,726, and the Jordanelle area, up 13% in number of sales and 15% in median price reaching $412,671.

Vacant Land Sales

Vacant Land sales for the entire market area were 6% higher than Q1 of 2014, with a median price increase of 18%. By area, Old Town had an 88% increase in sales and a 38% increase in median price to $465,000. The median price for a lot in Park Meadows was $775,000 though sales were flat compared to the previous four quarter number. In the Snyderville Basin area, the number of land sales was slightly lower than the previous year, but increased 7% in price to $320,000. A few hot spots for vacant land sales include The Canyons area with a 35% increase in number of sales and a 19% increase in median price to $1.6 million and Pinebrook with seven more lot sales than the year before and a 29% price increase reaching $168,900. The number of sales in the Trailside area was 25% higher over last year’s number with an 18% increase in price to $235,000.

Looking Ahead

Gradual price increases seen in most of our market area and property types could be viewed as a stable market trend. Low inventory has been a consistent factor in our market area since the third quarter of 2012 and as of May 12, 2015, there were only 1,884 active listings compared to 1,940 at the end of Q1 2014. Though January and February were, as historically expected, slow months in the number of closings, March finished strong, and it looks like April, May and June will follow.

ANNOUNCING NEW SALT LAKE FLAGSHIP OFFICE

By Berkshire Hathaway HomeServices Utah Properties
Apr 27, 2015

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Salt Lake City, UT—Berkshire Hathaway HomeServices Utah Properties today announced the opening of its new central Salt Lake office building.

Located in the Old Mill complex, this modern space provides real estate professionals with a forward-thinking open plan space that is the latest in the company’s succession of growth plans. “With over $1.8 billion in sales, we are the most successful brokerage in Utah,” commented CEO, Steve Roney. “We wanted a building that would provide our agents with room to build on that track record. We are thrilled.”

The move comes after a series of business successes for the company. In 2014, the company converted from Prudential Utah Real Estate to the legendary Berkshire Hathaway brand and was among the top ten brand brokerages in the country. Further, the company achieved more sales than any other Utah-based brokerage in 2014 and currently represents more development than any competitor. On the heels of these achievements, the company has put into motion an aggressive expansion plan, which has resulted in the acquisition of cutting edge office spaces that are ushering in a new level of innovation in the local real estate industry. In a statement, Salt Lake branch broker, Kevin Cameron stated: “This is the premier space for real estate professionals in the Valley. The location provides central access to all key moving real estate neighborhoods. The future is looking bright.”

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the #1 position in Utah’s real estate marketplace and maintains an historic commitment to community-driven service.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway is the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 8 in Fortune magazine’s 50 Most Admired Companies survey; and is No. 18 in Harris Interactive’s reputation study of the 60 Most Visible Companies. Good to know.™

 
 
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