Park City Information and Real Estate News

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.

 
 
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