Park City Real Estate News

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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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.

 

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.

Echo Spur - Modern, Sustainable Living in Old Town

By Berkshire Hathaway HomeServices Utah Properties
Jul 20, 2015

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In our latest tour of Echo Spur, Old Town’s seven home, mountain modern development on Rossie Hill, we were blown away by the comprehensive and seamless integration of sustainable features into some of the finest contemporary architecture we have ever seen.

Home building technology has changed rapidly over the past decade: “Sustainable” and “Green” have become the mantras of modern homes, but the systematic integration of these features sets these homes apart. The developer’s research into sustainable technologies focused on energy efficiency features that improve quality of life and - here’s what’s new – result in significant cost savings in operating the home.

The savvy homebuyer understands that the cost of purchasing a home is separate from the cost of owning a home (mortgage, utilities, maintenance, etc.).  Echo Spur’s sustainability strategy is optimized to reduce the cost of ownership by driving down the utility bills. That said, Echo Spur is designed from the ground up with the very best of proven green features from around the world. These single family homes boast cisterns, green roofs, super insulation, tank-less toilets, etc...  Homebuyers will pay 80% less than the average Park City homeowner on utility bills, while benefiting from the significant health benefits of green features.

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Echo Spur’s team (GoWest Development, Lacroix Design, and Heliocentric) have given thought to every detail and woven-in tech capabilities that are simple to use but provide a significant improvement in quality of life. For example, the heating and cooling system is paired to a weather app and automatically begins a warming cycle in response to an approaching storm. You don’t do anything—you just enjoy the perfect temperature.

Beyond the green and smart home amenities, we can’t say enough in favor of the design of these single family homes. Open floor plans with walls of glass, folding glass doors that open onto spacious decks, functional kitchens, expansive gathering spaces, smartly planned closet spaces: these homes are just done right. And, the views are killer.

Buyers get the highest building quality attainable, the satisfaction that “going Green” means saving money as well as carbon energy, and the innumerable financial benefits  that come with owning a sustainable home. Beyond their unique features, these homes offer luxurious contemporary construction in the heart of Park City’s Old Town, walking access to Main St., and some of the best views in the town.

Reach-out for more information on one of Park City’s most forward-thinking modern developments.

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
 

BHHS UTAH NAMED A TOP 100 POWER BROKER

By Berkshire Hathaway HomeServices Utah Properties
Jun 30, 2015

The Results are In

Berkshire Hathaway HomeServices Utah Properties was named among the Top 100 Power Brokers in RISMedia's Annual Power Broker Report. Our firm achieved the highest sales volume in Utah, with over $1.8 billion in sales.

We are thrilled to continue to perform among the best real estate firms in the country and would like to sincerely thank our clients.

Stacking-up in the industry is more than a pat on the back, it's a sign that we have traction among the communities we serve. We love our state, and we feel that real estate decisions are some of the most important choices people make. Thank you for trusting us. We look forward to leveraging our success to further assist you.

RISMedia's Annual Report provides excellent insight into the mindset of Real Estate's leaders and the broader trends we are seeing across the board. Here are some take-aways:

-In 2014, 88% of top brokers reported an increase in home prices. 

-The most commonly listed challenges to business were lack of inventory, lingering economic uncertainty, and rising interest rates. 

-82% of brokers categorized their market as stable or growing.

-The general consensus seems to be: Consumer confidence is up. People are buying homes again. The housing market has recovered. 

-Broker leverage matters. Inventory constraints and the ever-changing financing landscape make it crucial to work with a professional full-service agency. 

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 Changes in Park City

By Berkshire Hathaway HomeServices Utah Properties
Jun 03, 2015