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The minutes from the Fed’s last meeting will be released on Wednesday. According to Lisa Lundquist at Veritas Funding, “If the minutes show even more signs of a Fed that is moving toward an even more dovish stance, rates could take another small stance downward”.

Lisa Lundquist's Weekly Mortgage Newsletter

Today, February 2nd, the Priority Reservation Program moves into high gear for the Pendry Residences Park City. Pendry is pleased to announce that residence specific pricing and all floor plans are now live on their website. Fully furnished and designed for entertaining and family gatherings, Pendry Residences feature expansive windows and open living spaces that connect residents to the outdoors and to one another. With a variety of residence sizes in three distinct buildings, pricing for studio to four bedroom residences range from $395,000 to $3.65M

 LAUNCH TIMELINE

Accepting Residence Specific Reservations Now through February 25, 2019  

Residence Selection Day February 28, 2019 

Firm Contracts Written April 2019 

Private VIP Ski Days Now – March 13

Construction Start Summer 2019

Construction Completion Winter 2021

Visit the Pendry website to be the first to view residence specific floor plans and final pricing.

For questions and further inquiries, please contact Mary at mary.leader@sothebysrealty.com.

There are so many opinions out there regarding the future of real estate not only locally but nationally. According to an article by Jeff Andrews on January 10, 2019 on Curbed, these questions have gotten louder in recent months as rising interest rates and tariffs have wreaked havoc on the stock market, which had been hitting new all-time highs on a regular basis. One of the most reliable tells of an impending recession—the dreaded Treasury bond yield curve inversion—occurred earlier this month between 2-year and 5-year Treasury bonds, leading some economists to sound their alarms.
The United States has enjoyed one of the largest economic expansions in its history since the 2008 housing bust brought the global economy to its knees. But with each passing year, the recovery gets a little longer in the tooth, prompting questions about if or when a cyclical recession might take place.   ATTOM Data Solutions, a leading real estate data provider, looked at home prices during the five recessions since 1980 and found that only twice—in 1990 and 2008—did home prices come down during the recession, and in 1990 it was by less than a percent. During the other three, prices actually went up. See chart below.
https://cdn.vox-cdn.com/thumbor/SoKZC4sjyItJMzvpBpa4Pi1aOH0=/0x0:3000x3700/1720x0/filters:focal(0x0:3000x3700):no_upscale()/cdn.vox-cdn.com/uploads/chorus_asset/file/13626483/HomePricesInfoGraphic_12.13.jpg
Link to complete article click here.

Promontory Club is now slope-side at the First Time Lift.  At the PC Lodge, one will be greeted inside a warm, cozy day lodge at the reception desk. Members and their guests will find ample seating in our 6 distinct gathering spaces. View the fireplace, enjoy the sports TV area, the sunroof sofas, dining tables or chairs with windows to the slopes.

The interiors have been carefully thought out by Vallone design to give Members a sense of open space coupled with cozy gathering spots for family groups. The warm woods and walls of glass create a magical sense of space integrated into the adjacent ski slopes.

Promontory Outfitter, Sean Smith, will be arranging ski outings with Members during the season. Lessons, lift tickets and other services at Park City Mountain can be explored with help from our PC Lodge concierge at the reception desk.

Promontory at a Glance – November 2018

The blue sign, classic branding and a worldwide network backed by the 273 year heritage of the Sotheby’s Auction House. Twice monthly I feature on my blog articles of interest from the Auction House. Sotheby’s is honored to present property from the estate of Barbara Sinatra across a series of auctions November 27th to December 7th in New York. Lady Blue Eyes: Property of Barbara and Frank Sinatra will offer a rare window into the personal lives of the famed couple, through a selection of works that Barbara and Frank assembled and lived with together throughout their 22-year marriage. Drawn primarily from the Sinatras’ residences in Palm Springs, Los Angeles and Malibu, this sale will offer artwork and objects from their homes, in addition to her dazzling personal collection of jewelry and accessories. Together, the auction will illuminate the two worlds that the Sinatras occupied: the fashionable lifestyle of a beloved entertainer and philanthropist, and the home life where the couple surrounded themselves with the people and objects they loved. Visit http://www.sothebys.com. to browse the Sinatra artwork and objects from their home that will be auctioned.

 

Introducing Pendry Park City

Modern luxury on the mountain.

Famous for its pristine snow, summer wildflowers, and charming historic downtown, Park City, Utah is a town of alpine dreams. It’s here you’ll discover a new Pendry resort rising at the base of Park City Mountain Resort in the heart of the revitalized Canyons Village.

Opening winter of 2021, Pendry Park City will be the ideal base for outdoor adventures in every season. Our prime ski-in/ski-out location offers 7,300 acres of exceptional terrain paired with all of the services of a luxury resort, including ski valet, Spa Pendry, fine dining and a rooftop bar and pool. During the warmer months, hiking, mountain biking, and outdoor concerts are equally enticing endeavors.

A modernist take on a traditional alpine lodge, the resort will feature 150 guestrooms and suites, along with fully serviced Pendry Residences Park City ranging in size from studios to four-bedroom homes. Pendry Park City beckons with views of the Wasatch Range, clean design and the coziest of beds. A mere 35-minute drive from Salt Lake City International Airport, this stunning mountain getaway is easily accessible from either coast.

Please contact Mary for more information.

Released October 31st, 2018 by The Park City Board of REALTORS®.

PARK CITY, UTAH — At the end of the third quarter of 2018, housing statistics revealed slowing demand and an increase in median sales price. Year-over-year, the number of single-family home sales in the Greater Park City Area decreased by 4.5%, while the condominium sector was down 9% compared to last year’s numbers, as reported by the Park City Board of REALTORS®.

Single-Family Home Sales
The number of single-family home sales within the City Limits was relatively flat (off less than 2%) and the median price of $1.95 M remained the same to 12 months ago. By neighborhood, Old Town had the highest number of sales – up 10%, while there were 30% fewer sales in Park Meadows.

The median sales price climbed to $1.2 M – up 22% in the Snyderville Basin, and although there was a slight decrease in the number of sold homes, the Basin saw more than twice the number of sales than the City Limits. In Silver Creek sales were up 53% and up 43% in median sales price – reaching $1.2 M. By neighborhood, Promontory had the highest number of sales, with 63 sold homes in the last 12 months. Activity in the Tuhaye / Hideout area had a sizable increase in the number of sales with a 28% median price increase – reaching $1.06 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 27% median price increase to $525,000. There were nearly twice as many homes sold in Red Ledges compared to last year, with a median sales price of $1.17 M. Midway continued to thrive with 107 closed sales and a 14% median price increase over last year reaching $573,000.

“New growth continues to move eastward and southward to areas that still have developable land. The dramatic rise in construction costs is fueling the median sales price increases seen in the outlying areas, but active listings are still well below in-town Park City prices. The introduction of new developments will enhance this trend for the foreseeable future. As areas develop, much of what we now consider as “outlying areas” will feel like another extension of town,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 8%, though the median price climbed 21% reaching $440,000. The number of sales in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas dropped, while the median price increased 20% to $427,000.

Condominium & Townhome Sales
Year over year, the number of condo sales within the City Limits was down 5% but up 8% in median price to
$820,000. The Snyderville Basin reported essentially the same number of sales as last year with 291 units sold and saw a median price increase to $525,000.

Anderson commented, “The difference between these two larger areas may be attributed to the completion of localized developments versus the reserved or pending status of to-be-built product. Expect to see continued large fluctuations as projects are completed. Canyons Village and Deer Mountain both have the potential for enough new construction to influence future statistics in our market area.”

The number of closed sales dropped 25% in the Jordanelle, possibly due to lack of inventory, as new construction projects in this area have been completed and sold leading to fewer units available, but there was an 18% increase in median price.

Vacant Land Sales
Park City Limits saw 13 more lot sales than last year and a 25% median price increase to just over $1M. By neighborhood, Promontory had the highest number of land sales within the Basin with 82, and the median price continued its upward climb reaching $450,000. Canyons Village saw increased sales activity and a 28% median price increase to $2.37 M.

Conclusion
Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back, but the current trend of sales volume is changing and we are seeing a continued upward tick of inventory which has not been seen for some time. This trend may signal a coming price change, although in some of the most desirable neighborhoods, a shortfall of for-sale properties will be scarce and the median prices will remain strong.

Rob Reed, Forbes Contributor, published the article “10 Reasons To Live (The Dream) In Park City, Utah” on Monday. The list highlights quality of life advantages including ski opportunities, school system, property value appreciation and the close proximity to an international airport. Click here to read the full article.