The Fisher Group
Park City Real Estate Blog From The Fisher Group at Summit Sotheby's

As the world faces a sudden pandemic and drastic economic changes across the globe we are frequently being asked about how this will affect real estate within the Park City area. We are in a unique situation in that our market is significantly different than larger metro markets as we hold a significant amount of vacation property and rental property throughout the area which changes the dynamics we will see compared to a majority of the country. For instance, almost 2/3 of the transactions in the Park City market are cash purchases and not financed transactions. Wealth levels for property owners in the area are significantly different than even the Salt Lake City real estate market so the responses will be quite different from one another. 

As of

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Even though Deer Valley Resort is a long established and successful ski resort community there are still opportunities to find some parcels left being developed for new construction residential dwellings. Much of the lower portions of the mountain, specifically around Snow Park Lodge, have all been developed but there are new opportunities throughout the Upper portions and into Empire Pass with new builds happening.  We've compiled this page as a resource to continually update with the latest inventory of new construction real estate developments so you can always find what is being built all in one place. 

Mayflower Area Upcoming Expansion

While I won't dive too deep into this development as much of it is unknown at this time it is something to

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As one of the fastest growing resorts in North America, Park City Resort is seeing significant growth within the Canyons Village area of the ski resort formerly known as "Canyons Resort". Now owned and operated by Vail Resorts, the rapid expansion of the Canyons Village is taking place at a staggering pace with multiple construction projects ongoing and many more planned to come in the next few years. Keeping track of the newest and latest developments in the area is almost impossible to grasp from afar. With numerous new developments, hotels, townhouses, and more all on the market at any given time it takes an in-depth look at the area to figure out the pros and cons of each new location being released. We're seeing many new high end hotel brands coming

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As we enter the 2019 season it is important to understand how the real estate market in Park City changed from 2018 compared to the previous year. We have seen a very healthy and active market for a number of years now but has 2018 proved to be the same as previous years? LEt's take a look at some of the interesting numbers below to take a look at where we stand after another full year of data to review. 

As you can see in the chart above we saw a slowdown in transaction volume in 2018 compared to 2017 with sales slipping 7% from the previous year. The exception to this would be the high demand for vacant land at the moment from many buyers deciding to purchase land and build instead of buying existing homes or condos. We've seen land prices appreciate

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 The Park City area, which is home to Park City Resort  and Deer Valley Resort, contains some of the best ski/mountain real estate available in the Western US. Compared to other resort marketplaces, Park City consistently comes in as one of the more affordable ski resort areas to own luxury real estate in. That said, every year we have a good number of sales in the market occurring over the five million dollar mark with some even hitting eight figures. 2018 has been an incredible year for the luxury market here as we saw 36 properties with list price OVER five million dollars selling throughout the year. This number is up over 10% from the year prior with buyer continuing to pick up some of the nicest real estate the Park City area has

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1X Close Construction Loans are primarily what you hear about today when you start to discuss construction financing. So what is a 1X Close, and how is it different than a 2X Close? What are the pros and cons?

The 2X Close: Traditionally a construction loan has been a stand alone loan that is not the 30 year mortgage with principal and interest payments that we are all familiar with. The 2X Close Construction Loan is just the loan for the construction. When the home is done, and the Certificate of Occupancy (C of O) is received, the owner must get a refinance loan to pay off the construction loan. This is the 2nd loan in the process, thus the 2X Close. The refinance would then be the 30 year fixed mortgage (or ARM, or whatever product the owner

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The 2018/2019 ski season in Park City, UT has some notable changes from years past offering skiers visiting the area a number of options for a season or punch pass type of ski pass during their visit. With Vail Resorts entering the market a few years ago and Alterra Mountain Co acquiring Deer Valley Resort this year, visitors now have multiple options to choose from depending on how they want to utilize the areas resorts.  

Ikon Pass

This is the newest option for those visiting the Park City area who are looking to ski Deer Valley Resort and even Solitude Resort. If you only plan on skiing Deer Valley for 7 days or less, the Ikon Pass could be the perfect option for you. Many will find they can spread the ski days during a trip out a little

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Warrantable v Non-Warrantable: Which is which and how this affects financing

Park City and the surrounding areas offer a wide variety of condominium projects, everything from multimillion on-mountain units to one bedroom apartment style units out of town. Financing the purchase of a condo is not necessarily difficult but there are a few factors that should be taken into account. The following details can help prospective buyers and realtors alike as they evaluate different condo projects and the amenities they offer.

Deer Valley Condo Financing

 

Warrantable:

Warrantable is a designation that is given to condo projects by Fannie Mae when the project meets their guidelines. Warrantable condos are relatively easy to finance and allow for most existing types of

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As the most popular tourist attraction in the Park City area, real estate sitting right on Main Street in Old Town next to the stores and shopping in the area is difficult to come by. With limited space for property and very few loft style units available, the choices can be sparse for those buyers looking to be in the middle of the action and want something larger than a small condo unit. Thankfully, there are now multiple opportunities to own some price space right on the most desirable street in the city. 

1. Sky Silver

Situated on the corner of Main Street and Heber Avenue, Sky Silver is the transformation of the old Silver Queen Hotel. The location is unbeatable compared to almost any other location on Main Street due to it's central

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One of the most common buyers we personally deal with here in the Park City and Deer Valley areas is the Deer Valley condo buyer looking for a vacation property or investment rental. Many will approach us with questions like "Where can I get the best condo for under 1M in Deer Valley?" or "What is the best development for ski-in ski-out access with great value?" and we can narrow down a particular search to a few buildings and/or areas. When searching this area it is easy to split ones search into four different locations that offer a unique value proposition for owning in the Deer Valley area. 

Lower Deer Valley

This area encompasses everything around the main Snow Park Lodge ski area of Deer Valley and everything below it. You'll find some of

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