Park City Real Estate News

WORKING IN PARK CITY | AN OVERVIEW

By Berkshire Hathaway HomeServices Utah Properties
Oct 03, 2016

In Park City, the mentality is ‘work hard, play hard.’ Here, work-life balance isn’t a goal--it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting, get in a gym session at lunch, wrap-up with some email crunching, and get onto the final funtivity of the day. Far from having just a resort economy, Park City is now home to a diverse business ecosystem that includes powerhouse companies like Skullcandy, Backcountry.com, AvaTech, SnoCru, and others.

The ‘Silicon Slopes’ effect is very much underway in Park City, as well as Salt Lake. It's an exciting time to witness startup growth in our mountain town utopia.

To help grow PC's tech scene, the Park City Angels, a venture capital club, has invested in numerous startups that have matured into successful companies. Whether you are an ambitious millennial, seasoned exec, or keen investor, the local business landscape has a niche with your name one it.

Working in Park City

By Berkshire Hathaway HomeServices Utah Properties
Sep 30, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

Announcing Opening of Jordan City Office

By Berkshire Hathaway HomeServices Utah Properties
Aug 23, 2016

SJ-EXTERIOR-New-sky

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.™

 

 

SILICON SLOPES IS THE PLACE TO BE 

By Berkshire Hathaway HomeServices Utah Properties
Aug 03, 2016

Nature-103

Utah is world famous for having the Greatest Snow on Earth®, but recently, the Wasatch Front has become the home of a rapidly growing tech industry known as “Silicon Slopes”. Technology companies have descended upon the Beehive State spawning exponential growth along the Front. With Tech Giants like Adobe, Twitter and a host of innovative start-ups concentrated in South Salt lake County and North Utah County, residential neighborhoods in Riverton, Bluffdale, South Jordan, Draper and Lehi are bustling with new life.

What was once “small town” and farmland dotting the valley south of Salt Lake City is now the hottest area of growth in the state. The great thing is, several net positives promise to maintain the trajectory.

Location is important and although Utah may seem a bit “out-of-the-way”, it is actually drawing technology companies like no other place. The only state capitol with an international airport, Salt Lake City is a brief hour-and-a-half from the Bay Area and easily accessible to the rest of the world. The city is within minutes of unlimited outdoor activity and world class skiing. Renowned ballet, symphony, theatre and professional sports add to the vibrant community.

Low home prices, competitive salaries, and low operating costs are another draw for business and residents alike. Tech companies relocating from the Bay Area are able to offer their employees better benefits as well as invest more money back into business and product development resulting in better products and a more robust corporate footprint.

The entrepreneurial spirit and capable, willing workforce add to the stability of “Silicon Slopes”. Local universities provide outstanding programs in computer science, engineering and programming. They inspire and supply a healthy work ethic and energize future innovators and executives.

The “Silicon Slopes” area of the Wasatch Front is an exciting place to live and work and its contribution to the state’s economy has solidly secured Utah’s place on the map.

The History of Park City

By Berkshire Hathaway HomeServices Utah Properties
Jul 28, 2016

 

sundance

Park City, a now vibrant community, was once a hard-hat wearing, saloon visiting mining town. Although the town was not incorporated until 1884, Park City’s history began in the winter of 1868 when soldiers climbed over the mountains from Big Cottonwood Canyon and discovered silver. Mining began with the Flagstaff Mine, later renamed Ontario Mine.

The Ontario Mine was one of highest volume producing silver mines in the world, and the success of Ontario helped create a boom-town atmosphere in Park City. To this day, the remnants of the Ontario and Silver King mines, can be seen on the slopes of present day ski resorts.

Until 1898, the town was booming with no end in sight, but a fire that burned down 200 out of 350 structures would put the townspeople, now numbering 7,000, to the test. Miraculously, the town rallied, and the whole town was rebuilt in just a year and a half.

Six years later, in 1904, local businessmen established the Miners Hospital, initially located at the base of what is now Park City Mountain. The hospital was built and furnished entirely through community donations, and it allowed miners to stop traveling thirty miles to a Salt Lake City hospital. For the next decade, the town experienced hard times including landslides, cave-ins, and flooded tunnels. One of the town’s greatest tragedies was the destruction of Main Street’s Egyptian Theatre in 1916.

Mining Fast Facts

From 1875-1982 Park City produced:

  • 1.45 million ounces of gold
  • 253 million ounces of silver
  • 2.7 billion pounds of lead
  • 1.5 billion pounds of zinc
  • 129 million pounds of copper
In 1917, the state of Utah decided to start prohibition two years before the rest of the country; however, in 1921 twenty-six out of twenty-seven local bars were still serving alcohol. Then in 1929, the stock market crashed and local mines lost value; but shortly after the crash in 1931, Alf Engen set a world record on Ecker hill with a 247-foot ski jump. Skiing began to infiltrate the town with the first successful winter carnival in 1936 at what is now Deer Valley, and in 1947, as mining prices dropped even lower, Snow Park installed its first chairlift.

In 1949, all of the mines were shut down until 1952 when some reopened, but Park City became a ‘ghost town’ of only about 1,150 people. The town did not begin to rise again until 1963 when they qualified for a federal loan exceeding one million dollars to develop a ski area. The ski area Treasure Mountain Resort, now Park City Mountain, was established with a gondola, chairlift, and two J-bars.

Skiing began to take off, and in 1968 and 1981 respectively Park West, now Park City Mountain, and Deer Valley were established. Following the growing success of mountain sports, in 1982, mining operations were discontinued, and Park City became a resort community.

With the Kimball Arts Center, operating since 1976, playing an increasingly large role in the community, the town embraced the arts, and Robert Redford established a film festival in 1981, which would become the annual Sundance Film Festival. With a permanent residence of around 7,800, Park City is a small community that was voted “Best Town in America” by Outside Magazine in 2013.

 

Approximate Skier Days per Year Total skier days 1987-1988 to 2012-2013
Park City 1,700,000 31,086,233
Utah 4,000,000 85,832,877
 

 

FAQ: What is it like to work in Park City?

By Berkshire Hathaway HomeServices Utah Properties
Jul 26, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

White Pine5

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

Second Quarter Park City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2016

Entry_800x600_2343775

Sales Volume

Sales are up 12% in Park City and 35% in Heber

The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

Quick Takeaway: Sales volume is up. 

Closings

There have been roughly 400 closings this year in Park City, roughly the same as last year. . There were close to 300 closings in Heber Valley, a 35% increase from last year. 

The number of closed properties in Park City showed a recovery from a slight downtick in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Heber Valley, on the other hand, has experienced tremendous activity.

Quick Takeaway: Number of Sales are steady and have been for the last four years in Park City. Heber Valley and surrounding areas have seen increased interest. 

Listings

Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Quick Takeaway: Listing inventory has remained steady at around 1,000 active listings for the past 2 years.

Absorption Rate

The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

Quick Takeaway: The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point. 

Pricing

Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market.

Quick Takeaway: Prices are increasing, but a gradual rate.

Wasatch Front Upcoming Events

By Berkshire Hathaway HomeServices Utah Properties
Jul 06, 2016

JULY EVENTS

CWP-112

M,Th,F            Mobile Greens Farmers Market

Tues               Outdoor Summer Concert Series

F,S                  Soda Row Concert Series 2016

7/1                  Venture Out! For Pure Adrenaline

7/1                  Arrival - The Music Of Abba

7/1                  Raiders of the Lost Ark

7/1-2,4            Western Stampede Rodeo

7/1-16             Footloose: The Musical

7/2                  Utah National Guard 23rd Army Band

7/2                  Stadium Of Fire 2016

7/2,4               Liberty Days - July 4 Celebration

7/2,22             July 4 And July 24 - Racing And Fireworks

7/4                  Sugar House Arts Festival

7/4                  Family First Mondays At Station Park

7/6                  Wild Wednesdays: Red, White And Blue: A Special Independence Day Program

7/6,15,27,29   2016 Sundance Institute Summer Film Series

7/7                  Corps Encore

7/8                  Electronics Recycling, Hhw Disposal Collection

7/8                  Two Weeks Notice - Music In The Park

7/7-8               Piff The Magic Dragon

7/9,16,23,30   Peter Pan

7/10                Urban Flea Market

7/13                Last Summer On Earth Tour With Barenaked Ladies, Omd, Howard Jones

7/14,21,28      Thursday Nights Rock The Park Concert Series

7/15                Food Truck Fridays

7/15                Antelope By Moonlight Bike Ride

7/16                Wild West Roundup

7/19-20           Days Of ’47 Rodeo

7/20                Classic Cars & Couture

7/20                Styx

7/21                James Taylor - Before This World Tour

7/21-23           The Adventures Of Tom Sawyer

7/22-23           Annual Pioneer Day Concert - Mormon Tabernacle Choir

7/25                July 24 Celebration - Salt Lake City

7/30                Van’s Warped Tour 2016

UTAH'S HISTORY OF INNOVATION

By Berkshire Hathaway HomeServices Utah Properties
Jun 05, 2016

shutterstock_34077796-sm

Innovation and entrepreneurship are absolutely necessary in the technology and medical industries to be globally competitive. Even traditional industries have found that they must be more innovative to remain successful. With rapid growth occuring on the Wasatch Front, it is vital that Utah be creative and innovative in creating jobs, relieving traffic congestion, and planning for the future. Thankfully, Utah has a long tradition of both innovation and entrepreneurship.

So, what are Utah's innovations and who are Utah’s famous entrepreneurs? Here are a few inspirational notables:

• Alan Ashton developed the world’s first word processing software.

• Alvino Ray invented the electric guitar

• Don Carlos Edwards created fry sauce.

• Frank Zamboni invented... well, the Zamboni.

• Harvey Fletcher invented the hearing aid.

• James Fletcher invented the car stereo.

• Jonathan Coon founded 1-800 Contacts while a student at BYU.

• Dr. Joshua Shiffman is currently pioneering research to discover a cure for cancer.

• Lester Wire invented the electric traffic light.

• Mario Capecchi discovered how to “turn off” genes.

• Nolan Bushnell developed PONG, the first computer game.

• Philo T. Farnsworth invented the television.

• Robert B. Ingebretsen invented the DVD.

• Robert K. Jarvik invented the artificial heart at the University of Utah.

• Walter Frederick invented the Frisbee

• The ACP gene, involved in colon cancer was discovered at the Huntsman Cancer Institute.

• The first interactive graphics program as well as the computer animation technology used by Pixar were developed at the University of Utah.

• Kentucky Fried Chicken opened its first restaurant in Salt Lake City

• The Utah Genome Project along with the Utah Population Database is assisting in medical innovation.

• Utah State University, Known as “Space U”, has built and sent the most satelllites into space.

Need More Information?

Name (required)
Email (required)
Phone
Question


 
 
Existing user sign in: 
Forgot Password?