Park City Blog

BHHS Utah Listings Now on Wall Street Journal

By Berkshire Hathaway HomeServices Utah Properties
Feb 11, 2015

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All BHHS Utah are now featured on the Wall Street Journal. 

As part of a new partnership between Berkshire Hathaway HomeServices and Wall Street Journal, all of our firm listings now appear in the Wall Street Journal's online Real Estate search section. Search under Utah to view all relevant listings.

We are thrilled with the robust marketing efforts championed by Berkshire Hathaway HomeServices. As one of the most respected brands in the world, BHHS has the gravitas and powerhouse network to ensure every BHHS client benefits from utilizing our services.

As more and more consumers move their property searches online, you can be sure that as a BHHS client your listing is given every advantage in the digital sphere.WSJ Screen shot

The Wall Street Journal is a perfect match for the Berkshire Hathaway HomeServices brand. Accordingly, the brand has negotiated for affiliates to capitalize on all that the Journal has to offer. “We are excited to roll out this program,” said HSF Affiliates VP of Marketing Kerry Donovan. “From online, to print, to listing syndication, The Wall Street Journal reaches the affluent market we target through our brand.”  

In addition to being among the digital listing feed, BHHS has secured long term advertising for the brand in both the print and online edition of WSJ.

Our Market Share

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2015

We're the most successful brokerage in Utah.

With $1.875 billion in sales in 2014, we are Utah's largest brokerage.

We are the leading representative of developments, luxury properties, and clients who value trust and results. It is an honor to represent the community we love--our results indicate more than success; they illustrate how passionate we are about providing the best real estate service in Utah.

In Park City, we hold healthy margins in all key market areas. Our market share supports firm clients by increasing their reach and removing complexity from the intricate process of buying and selling property. Buyers and sellers can be assured that they are dealing with established professionals who are supported by Park City's most recognized and experienced real estate company.

Here's how we stand in Park City:

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In Conversation with Gallery MAR

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2015

In Conversation with Maren Mullin, Owner of Gallery MAR on Main St. 

MAR

1.     What do you find inspiring in art at present?

Artists who take risks and work with media in new and interesting ways. Like many collectors, I love to be surprised.

2.       What art trends are taking place currently? What are some of your current favorite artists and why?

I try to avoid trends at Gallery MAR, and work with artists whose work and careers will continue to have a lasting legacy. We are seeing a resurgence of enthusiastic (wax) work across the board, and one of my personal favorites in the gallery is Bridgette Meinhold, who works in this media and is a local artist. Her paintings are serene and evoke a feeling of being lost among the pines in our beautiful backcountry.

3.       What inspired you to open Gallery MAR in Park City?

I always knew that I wanted to run my own business, and the art world is an always-changing, fascinating business. I love working with artists, and seven years ago felt that the time was right to take a risk and go out on my own. We have an incredible group of female business owners and entrepreneurs here in Park City, and I continue to be inspired and encouraged by them.

4.       How has Park City’s art community developed in recent years? Do you see Park City as an artistic community?

Thankfully, we are seeing more and more destination visitors who are coming to Park City to expand their art collections. Indeed, we ship artwork allover the world. Park City is a town full of creative souls, but most of our artists at Gallery MAR are from all over the country.

5.       What’s your background?

I moved here to live with my husband Matt Mullin and seven years later we got hitched. I grew up in Seattle and lived in LA prior to moving here and was gratefully exposed to fine art and music in my childhood.

6.       How do you think art improves interiors?

I believe that we should surround our selves with beauty -- our decor should all bring us joy and be beautiful. Artwork is a way to express yourself. Artwork improves our interiors, but also our lives. There is no doubt that a household that has been staged with fine art will sell faster.

7.       Which art trends and artists should homeowners buy into that would have the highest return on investment?

I always say, "buy what you love!" and I will continue to. We each have such personal and interesting tastes, and with artwork you should always go with your heart. Very few collectors want to re-sell their artwork in their life time, and instead buy what they love... and move it from house to house as they themselves move on.

If you are just starting your collection, look around and visit our beautiful Park City galleries. You will find a plethora of options, at all price points.

8.       What’s your process when you select artists to showcase in your gallery?

I work with artists whose artwork will fit a contemporary mountain home. We are very careful curators, and only bring in a few new artists every year. Our variety is great, but each artist is highly credible and high quality.

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Rapid Fire Questions:

1.       Park City resident since: December, 2003

2.       Favorite Park City Restaurant: My neighbor, Purple Sage

3.       Favorite thing to do in Park City: You're asking this mid-winter? Spaaaahhhh!

4.       Biggest source of inspiration: My incredible husband

5.       Your passion: My Family; especially my newly toddling daughter Jane

 

2014 Park City Market Overview

By Berkshire Hathaway HomeServices Utah Properties
Jan 28, 2015

market overview

The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.

2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:

-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012

-October brought more pended sales than any single month since 2006…there may be a correlation between this increase in transactions and the announcement of Vail Resorts’ purchase of Park City Mountain Resort, but it is impossible to determine this with certainty

-We had a robust 4th Quarter with sales up 28% over 2013 and up 40% over 2012: specifically condo sales increased by an astounding 11%

-Absorption rate has been under 6 months for the entire 4th quarter suggesting that inventory is low and our market favors sellers

-Distressed sales are at pre-recession levels

-Several areas experienced significantly increased interest and sales: Jeremy Ranch (+33%) and Sun Peak/Pinebrook/Silver Springs (+33%), both commuter areas saw a huge influx of buyers. This may possible be a result of Salt Lake’s ever growing economy

2014 Prices in Park City Proper

Average Condominium Sale Price: $931,210

Median Condominium Sale Price: $542,450

Average Single Family Sale Price: $1,869,048

Median Single Family Sale Price: $1,300,000

2014 Prices in Snyderville Basin

Average Condominium Sale Price: $395,224

Median Condominium Sale Price: $360,975

Average Single Family Sale Price: $1,121, 922

Median Single Family Sale Price: $775,000

2014 Prices in the Heber Valley

Average Condominium Sale Price: $199,312

Median Condominium Sale Price: $177,150

Average Single Family Sale Price: $470,498

Median Single Family Sale Price: $345,000

A Local’s Guide to Sundance

By Berkshire Hathaway HomeServices Utah Properties
Jan 22, 2015

sundance This photo is the property of BHHS Utah.

Sundance Film Festival has begun, and we’ve got our cameras ready to snap shots of all those famous folk who are mingling outside the places we usually buy coffee. While Sundance brings film, art, and culture, it can also be a bit of a nuisance…especially if you have a car to park. Here are some tips to enjoying the fest and avoiding the hassle.

If you can, ditch the car.

It’s impossible to drive, park, buy gas, etc… during Sundance. For fun, we recommend renting a fat tire bike at White Pine Touring. It facilitates travel, allows you to people watch, makes you feel really good about reducing your carbon footprint, and it’s fun!  Or, utilize Park City’s extensive bus system. While it is possible to walk between many of the theatres, check your theatre location beforehand as some venues are spaced farther apart than others.

For food, explore off-the-beaten-path options.

Chances are, unless you have won an Oscar, you’re not going to be able to get a reservation at any of the Main Street restaurants. Don’t despair! There are several options just outside of town. We love Billy Blanco’s, Spin Café in Heber, O’Shucks at Quarry Village, Park City Bread and Bagel (for lunch and breakfast) and Silver Star Café.  There are also a plethora of foodie havens in Salt Lake. For shopping, Fresh Market – Jeremy Ranch, is only 15 minutes out of town, but tends to avoid the crowds. Fairweather Foods offers an alternative to the lines at Whole Foods and has some great prepared foods for the health conscious.

Couldn’t get tickets? Here are some hacks.

Getting tickets for Sundance can be tough. There are Day of Show tickets available every morning at 8 am. Go to the main Park City Box Office and try your luck….these tickets must be purchased in person. Enjoy Slamdance! This indie film fest happens simultaneously to Sundance and presents more options for scoring tickets.

Still couldn’t get tickets?

That’s ok. Sundance provides high amusement for mere spectators. Walking up and down Main Street, stargazing, and enjoying the general scene can be just as fun. We also recommend checking out the various art and cultural events going on during the fest. Here’s the inside scoop on some non-film fest events taking place: Gallery MAR will host the works of professional climber, National Geographic contributor, and Sundance filmmaker, Renan Ozturk the 24th and 25th. Park City Live hosts a variety of the big name bands and performers. Atticus Coffee House has a line-up of Indie music bands playing…get a fresh cup o’ and enjoy some tunes.

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A Year in Review

By Berkshire Hathaway HomeServices Utah Properties
Jan 05, 2015

Reflecting on 2014.

2014 was momentous for our company.

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Our June transition to Berkshire Hathaway HomeServices was a success and has already contributed substantively to our growth throughout northern Utah. Adopting the most respected brand in the world (according to Barron's famed annual poll) has provided us with the latest in sophisticated market watching and marketing tools. From proprietary digital e-mail systems, advanced market statistic reports, and cutting edge social media monitoring, our clients are given every advantage needed to position themselves successfully and make informed decisions in today's market. 

In 2014, we were also named the largest brokerage in Utah in terms of sales volume, with over $1.8 billion in sales.* It is an honor to be Utah's choice real estate firm, and we look forward to building on our stronghold. Locally, the arrival of Vail with its newsworthy purchase of Park City Mountain Resort and its announced intention to combine Canyons Resort with PCMR has energized the town and the real estate community. As the largest development brokerage in Park City, we look forward to contributing to the responsible growth of our town and market.  

*2014 announcement reflects sales volume achieved in 2013 according to MLS statistics. 

2014 Market Recap.
  • Our marketplace remains highly segmented. 2014 illustrated the complexity of our local market place. Given the variety of product and price points in our real estate community, it is not surprising that certain areas such as Old Town and Heber Valley saw intense activity and growth, while other areas like Park Meadows saw erratic price variation. As ever, the assistance of an informed professional remains critical. 
  • Median sale price increased. While vacant land and certain neighborhoods saw stunning price increases, most areas saw a gradual and measured increase of median price. 
  • Inventory remains low. We witnessed limited inventory, particularly in Q2 and Q3 but predict that given the excellent climate for selling, we will see a return of more options in 2015. 
  • The development market has returned. BHHS Utah represents more developments than any other Park City brokerage and can say with authority: the development market is healthy and heating up. From large acreage ranch properties to contemporary luxury builds in Deer Valley, Summit and Wasatch counties are entering a period of intense growth. Investment opportunities abound.  
  • Consumers found their confidence. Consumer confidence returned to pre-recession levels, which had a hugely positive and stabilizing effect on the domestic real estate market. 
  • The market as a whole has normalized. Distressed sales and failed developments are a thing of the past. In 2014, the market returned to pre-2008 levels.

What we expect from the market in 2015.

  • Our market will remain segmented. Park City offers real estate options for every buyer, which makes our jobs here a bit easier. It also means that each neighborhood operates as its own market.
  • Inventory will return. Inventory remained relatively low in 2014 (there was a slight increase from 2013), but it seems likely that sellers will capitalize on the current climate, which will increase inventory gradually over the course of 2015.
  • Vail's purchase will have a positive effect on Park City's market. Vail's creation of the largest ski resort in America is sure to have a positive impact on our market place. We have already seen price increases in and around Canyons Resort and Old Town. 
  • Foreign buyers and visitors will increase. While foreign buyers have historically accounted for less than 1% of local buyers, Vail's arrival and its roster of foreign Epic Pass holders along with Salt Lake's ever growing economy will result in an increase in international visitors and potential foreign buyers. As a global brokerage, we are equipped to meet the needs of and reach a global client base.
  • More development. Summit and Wasatch counties will continue to garner interest from developers, meaning new and different product for buyers to select from. 

January Events:

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12/31 Canyons New Year's Eve Celebration and Fireworks

12/31-1/3 The WHO Show performing "Tommy-the Rock Opera"

1/2-1/4 Park City Film Series - Antarctica: A Year on Ice

1/1/-1/4 The Interview premiers at the Park City Film Series

1/7-1/10 FIS Freestyle Ski World Cup at Deer Valley Resort

1/10 Winter Trails Day at Soldier Hollow

1/17 Park City Institute presents Aiofe O'Donovan at Eccles Center

1/22-2/1 Sundance Film Festival

BHHS Poised to Expand Internationally

By Berkshire Hathaway HomeServices Utah Properties
Dec 30, 2014

Berkshire Hathaway HomeServices kicks off next phase of expansion.

We are thrilled to announce Berkshire Hathaway HomeServices' announcement of its intention to expand internationally in 2015. In Utah, we have seen a notable influx of international visitors, companies, and diplomatic missions, and we believe our brand's expansion overseas will allow us to increase our reach globally and assist with our international clientele.

According to Inman news, who reported on Berkshire Hathaway HomeServices growth:

Having brought nearly all of the brokerages that once did business as Prudential Real Estate under its wing, next year Warren Buffett’s new franchise network will fix its sites set on a new target: independent brokerages and companies affiliated with other brands.

That includes overseas firms, says Gino Blefari, who on Jan. 1 will take the reins of HSF Affiliates LLC, the joint venture that runs the Berkshire Hathaway HomeServices, Real Living and Prudential Real Estate brands.

“2015 is going to be all about growth,” said Blefari, who is replacing Prudential Real Estate veteran executive Earl Lee, 69, as CEO of HSF, a joint venture between Buffett’s brokerage company, HomeServices of America, and Brookfield Asset Management.

The BHHS network has grown to more than 34,000 agents in 47 states. Now, the franchisor is poised to catapult into the global arena and claim its place in the ranks of elite international real estate franchise brands like Re/Max, Keller Williams, Century 21 and Coldwell Banker.

BHHS could add its first overseas affiliate as soon as the latter part of next year, BHHS President Stephen Phillips told Inman.

Asia is among the burgeoning real estate markets BHHS is looking to set up shop in overseas. “The China market is boiling over,” Phillips said.

We look forward to welcoming our affiliates overseas. Utah has always been an international destination--we believe in the coming years it will also become a popular place among global real estate investors and home buyers.

Park City’s Market post-Vail Purchase

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2014

At BHHS Utah we are tracking the effects of the Vail purchase with keen interest. While it's too soon to predict all the implications from this major change, we feel comfortable in saying that Vail’s presence will be very positive for our marketplace. There are several plots of land now owned by Vail that are available for new development, which will add substantially to Park City’s future real estate growth potential.

We are not the only ones who see this acquisition as a beneficial thing.  Immediately after the sale was made public via press releases from both Vail and Park City, Vail’s stock shares jumped 12% in value. Stocks have continued to trend upwards, especially after it was announced that Park City Mountain Resort would be added to the Epic pass this coming season (2014-2015). Locals and visitors can now ski both mountains as part of the same pass, providing a uniquely affordable way to experience Park City’s legendary snow.

Going forward, we have begun to monitor our marketplace and in the future will have good idea as to how our market has been affected by this change and how it is likely to contribute to trends in the future. While Vail has yet to discuss or share its intentions with regards to new lifts, renovating the base of Park City Mountain Resort, or consolidating its Park City holdings, we look forward to seeing its vision for the largest resort in America.

We are hesitant to make any claims at this point with regards to real estate, but it is likely that property values will go up due to increased interest in Park City stemming from this newsworthy transition. Areas and neighborhoods that abut the two resorts have already garnered increased attention from buyers and are experiencing elevating median prices. In other words, now is the ideal time to invest in Park City real estate holdings. 

Want to know how the Vail purchase affects your property's value or real estate goals? Call your BHHS Utah real estate professional today. bhhsutah.com

Contemporary has arrived in Utah

By Berkshire Hathaway HomeServices Utah Properties
Sep 08, 2014

Steel. Concrete. Elegant angles. Escher-esque interiors. Slab marble. Scandinavian Design.

It’s happened. Contemporary has arrived in Utah.

1385666_Master-Suite_800x600 Photo courtesy of Don Miller and BHHSUtah

1385653_Kitchen_800x600 Photo courtesy of Don Miller and BHHSUtah

With land sales on the rise in a major way, we have seen a thriving influx of contemporary designers and builders looking to realize their visions in Utah. This adoption of the cutting-edge is in no way piecemeal or unique to Utah’s real estate sector. In the last 5 years, Utah has garnered tremendous attention from economists, major financial and news publications, federal institutions, and even foodies for its booming state economy, gastronomic flare, cultural offerings, second-to-none scenery, and always-growing tech sector. Given that our state has been named the best state to do business, the most digitally advanced, and the best place to start a career (among other cool accolades)…it’s no wonder that locals, new residents, and second homeowners have acquired a taste for the modern…even futuristic.

In Salt Lake, you’ll see more glass and minimalistic interiors. In Park City, the dark woods of “mountain modern” are being swapped out for exposed concrete, steel, and geometric tile work. Developments that have elected to adopt New York inspired lines and designs, like the Stein Eriksen Residences, have seen unprecedented success in pre-sales (there are still a few left…but not for long). Modern builders with a thorough working knowledge of new steel treatments, energy-saving green systems, domestic hardwoods, and Italian dark marble are in high demand.

SER-4 Photo courtesy of Don Miller and Stein Eriksen Residences

821020_Exterior_high Photo courtesy of the Gardner Group

While the cost of building has gone up, so has demand. (You know…in accordance with basic market behavior.) As Utah continues on its unprecedented trajectory of growth, Berkshire Hathaway Utah looks to further cement its position as the #1 Utah brokerage to champion contemporary. We look forward to continuing to represent forward-thinking developments, internationally renowned designers and builders, and our best-in-the-biz professionals.

841508_Master-Suite_high Photo courtesy of the Linda Secrist Team

841496_Great-Room_high Photo courtesy of the Linda Secrist Team

 

Our talented team of dynamic real estate reps have played a crucial role in bringing the spirit of Frank Lloyd Wright to Utah by matching builders with vacant land, and finished homes with buyers. Reach-out for more info on the new and exciting in Utah’s real estate market.

 

 

 

Davis County Fall Events

By Berkshire Hathaway HomeServices Utah Properties
Aug 08, 2014

 

August 9: Bountiful Summerfest

August 13-16: Davis County Fair

August 11-September 6: Peter Pan at the Centerpoint Legacy Theatre

August 8-September 3: Third Annual Davis County Photography Exhibit

Thursdays, August 14-October 9: Bountiful Farmer’s Market

August 16: Davis County 5K

August 16: Junior Ranger Program at Antelope Island

August 23: Bountiful Concert in the Park-Endless Summer

September 6: Tribute to Patsy Cline

September 13: Bountiful City Arts Festival

 

 

 
 
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