Rocky Mountain Resort Alliance (RMRA) is an alliance between Realtors from like resort markets in the West.  This group gets together regularly to discuss what is happening in each respective market so that we can all benefit from each others knowledge and also help predict trends. 

Below I've included a PDF of the report of its latest meeting in Winter Park, Colorado, which gives some great insight into what is happening in these other markets and how Park City compares to the rest.

May 15, 2009

First quarter stats for Park City are in, and we are reviewing them to discuss what they mean, and what it could mean for the future.  Other signs in the market, some thawing in lending, historic low rates and more may be pointing toward some improvement.  Look to this site in the next few days for a breakdown.

February 25, 2009

 
It is no secret that during the past 6 months, there have been many changes to the Real Estate Market.  Bargain hunters are everywhere.  The question is; are they finding the bargains?  Or, are they missing the opportunities.  One common mistake made by bottom draggers is that sometimes they drag too deep and miss the best values.  What this market does offer the bold and distinguished Buyer is the opportunity to select, rather than settle.
 
When a market hits bottom, nobody blows a whistle.  However, the savvy investor will know how to differentiate the best value from the cheapest price per square foot.  In today’s Real Estate market, there are more premium properties from which to select, than there has been in years.  Why settle for just a good buy?
 
As part of the process of selecting a premium property, a buyer should make a list of all the amenities that they would include in the ideal property.  If the buyer is looking for a home in a gated golf course community, they should consider the location of the ideal lot.  In the evening, do I want direct sun?  Do I prefer morning sun?  Do I want to be on the golf course and have mountain or ski resort views?  Would I prefer to be close to the clubhouse, or more secluded, but have views of the golf course and mountains?  Just as important is to ask yourself the question, what amenities do I want?  Do I want to be in the Park City School District?  Do I want a community with more than one golf course? Which features are offered that best suite my family’s lifestyle?  
 
If the Buyer is looking for a neighborhood closer to Old Town, Park City, they may want to consider the proximity to schools, ski resorts and recreation facilities. If the interior of the home is dated, what are the possibilities and costs associated with a remodel?  Does the Buyer prefer a large lot or, perhaps a quiet location on a cul-de-sac?  If the Buyer has a young family, which participates in a variety of sports, one should consider how much driving is involved and the distance between locations.
 
For the Buyer considering property ski property, there are many opportunities.  Ask yourself, which ski resort do I prefer?  How high on the mountain do I want to be?  Do I want ski-in-ski-out?  Is the home a primary residence or second home?  What features and amenities are most important?  Do I need to accommodate guests? Will I need 2 master bedrooms?  Should all the bedrooms have en suite baths? 
 
Before jumping at what appears to be a bargain, ask yourself the appropriate questions.  There has never been such an opportunity to select from so many choice properties.

The key is for a Buyer to have a complete picture of their ideal property.  With that in mind, it is essential to have a realtor with local knowledge.  Much like a seasoned art or antique dealer, a seasoned Realtor will know the market and where the hidden gems can be selected.

Park City Market Report November, 7 2008

            Why now may be the best time to buy Park City Real Estate. With the erratic behavior of the Stock Market, and the speculative euphoria disappearing from the oil and commodities market, Real Estate will regain its credibility and appeal as a long term investment.  As Warren Buffet says: “Bad news is an investor’s best friend!” why not apply this advice to real estate?  The Real Estate market certainly was first to receive the bad news- Will it be the first to receive the good news? The Park City Real Estate Market does offer one thing- opportunity.

Golf Course Communities, in particular offer opportunities to purchase homes below replacement cost. In 2007 eleven homes sold for an average price of $ 3, 328,705 or $ 442 per square foot. Since January 1, 2008, 6 homes have sold for an average price of $ 2,526,835 or $ 445 per square foot.  Since its first year of play, the Glenwild Golf Course has been rated the number one course in the State. Glenwild boasts an exquisite private Club House with comforts and all the amenities personal attention expected in a fine Country Club. Glenwild is limited to 195 home sites. This creates a “limited edition” element that in the long term will limit availability and increase demand. Now is an opportune time to find tremendous value in an existing home as well as a prime opportunity to buy a superior lot at a discount. Glenwild is approximately 40-45 % built out. When the supply of vacant lots becomes lower then the number of homes available, expect a related increase in the price of vacant lots, especially the premium locations. When the current supply of existing homes is absorbed, expect a related increase in price. Currently, one of the best values in Glenwild is 7802 Purple Sage Drive.  (Darrick needs to ad verbiage)

Empire Pass- during the year’s 2006 and 2007 Empire Pass saw a flurry of new product. Since there was some speculative buying during those years, the 4^th quarter 2008 and 1^st quarter 2009 should result in an increase in supply of Empire Pass product. It is important to compare the Empire Pass product property by property. There are ? units available in Arrowleaf buildings. When compared to the other units in Arrowleaf- unit 105 appears to be a “best buy”. It has easy ski access, beautiful “down valley views” and a full Talisker Club Membership.  Another glaring value is 605 Silver Strike.  Priced at $2,600,000 this corner residence offers incredible views of Empire Pass spectacular views of Lady Morgan Lift and ski runs and a full Talisker membership.  This condo is currently priced below market and offers the buyer another Warren Buffet opportunity- “to be brave while others are fearful.”

The Park City market can be broken down in to various sub-markets: Empire Pass, Upper Deer Valley, Lower Deer Valley, Park City proper, and the Snyderville Basin. These sub-markets can be broken down further. Overall, the Park City Market shows a 40% decrease in the number of units sold. The good news is that properties are still selling.

The average sold price is down between 3 and 20%, depending on the area. Again there is some good news. Many areas show a decrease in the number of listings and an increase in the price per square foot. Like walking through an antique shop or an Art Gallery and discovering an overlooked hidden treasure; whether it is ski property or golf property, a primary residence, a second home or to land bank an ideally located vacant lot, hidden treasures of opportunity are scattered throughout the Park city Market.