Real Estate Blog

BY JONATHAN CHENG

Hopes that lawmakers in Washington will reach an agreement on taxes and spending gave investors new confidence and drove stock indexes to their best day in two months.

Investors have spent a tense few weeks since the election watching for smoke signals out of the nation's capital for indications that Democrats and Republicans are nearing a compromise. On Monday, they found reason for optimism.

President Barack Obama said he was "confident" an accord could be reached with lawmakers, and congressional leaders have said they are making progress.

New data Monday also showed existing home sales climbed last month and builder confidence rose to the highest level in 6½ years.

For investors, the stakes are high. If no deal comes to pass by

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If the first snow of the season was any indication of the rest of the year, Park City is on a great footing.  Park City Mountain Resort opened last Saturday, Canyons on November 23rd, and Deer Valley is set to open December 8th.

Park City is reporting 42" of snow YTD with a 24" base already.  Check out this view from the mountain over town.

Park City real estate mountain view of skiing

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The Wall Street Journal reports that housing starts have risen nationally to a seasonally adjusted annual rate of 894,000, or 3.6% from September, indicating that the housing market is continuing to improve.

Evidences of this are bearing out in the Park City real estate, and Wasatch Front real estate markets, with increased existing home sales, reduced inventory and dramatic increase of inquiries from home buyers.

Contact us today for more information on what is happening in your specific area of interest.

WSJ.com - Housing Starts Rise to Highest Level in Four Years - November 20, 2012

Housing Starts Rise to Highest Level in Four Years

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30-year mortgage rates continue to stay low spurring home purchases and refinancing, Freddie Mac has reported.  With a rate currently at 3.39% for a 30-year loan and 2.70% for a 15-year loan they are just marginally above record lows.

With home prices rising in almost all Utah real estate markets, call your Realtor to learn how these low rates may impact decisions to buy or sell a home.

Source: The Salt Lake Tribune - "Average U.S. rate on 30-year loan dips to 3.39 percent " November 1, 2012

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Prudential Utah Real Estate is proud to announce that it has remodeled and moved into a new office at 2 South Main Street, Suite 1-C in Heber City, Utah. With the resurgence now underway in the Heber Valley real estate market, this new location will offer a convenient location for agents specializing in the Heber market as well as those Park City agents who devote a share of their efforts to this growing market. Long time resident and expert in Heber Valley real estate, Chuck Zurcher, will be the Branch Broker of the new office. Chuck can be reached at chuckz@pru-utah.com or 435-901-1765
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MINNEAPOLIS, MINN. (Oct. 30, 2012) HomeServices of America, Inc., a Berkshire Hathaway affiliate, and Brookfield Asset Management, announced today that they have partnered to introduce Berkshire Hathaway HomeServices® a new franchise brand that joins the existing brands and affiliate networks of Prudential Real Estate and Real Living Real Estate.

Berkshire Hathaway HomeServices® combines the financial strength of both organizations coupled with the operational excellence of HomeServices and superior real estate franchising experience of Brookfield.

The combined networks of more than 53,000 Prudential Real Estate and Real Living Real Estate agents generated in excess of $72 billion in residential real estate sales volume in 2011, and operate across more

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The Wall Street Journal is reporting that more luxury home buyers are putting more cash down for their home purchases to reduce interest rates.

"As luxury-home sales take off, some home buyers with deep pockets are using cash to dodge large mortgages. Some are making massive down payments in exchange for a smaller loan with a lower rate. Others are sticking to all cash... Why the change of heart? With yields on deposit accounts at record lows and concerns about future returns on equities..."

With luxury home sales increasing in the Park City real estate market, a sound strategy to maximize savings becomes critical.

Source: Wall Street Journal, October 25, 2012

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With a reduction in Utah real estate inventory, and more interested buyers entering the market, Utah and particularly the Salt Lake real estate market is seeing its second quarter of increases in median home prices.  There has been an 11% increase for the third quarter of 2012, as compared to the same period last year.

In addition, Utah's foreclosure activity dropped 60% in the third quarter, as compared to the same time last year.

Source: Salt Lake Tribune, October 25, 2012

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More and more signs seem to indicate that the housing market is continuing to strengthen, both locally in Utah real estate and nationally.  The Associated Press reports that, "Sales of new U.S. homes jumped last month to a seasonally adjusted annual rate of 389,000, the highest level since a homebuyer’s tax credit boosted sales in April 2010... Home prices are rising, builders are more confident and are breaking ground on more homes and sales of previously occupied homes have increased in the past year."

Source: Salt Lake Tribune, October 24th, 2012

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Alpine ski race wins usually come by the hundredths of a second.

Ted Ligety won the opening World Cup race of the 2012-13 season Sunday on the famous Rettenbach Glacier in Sölden, Austria, by a crazy 2.75 seconds.

It was, as he put it afterward, a “once-in-a-career margin.”

It was also a demonstration of, as U.S. head coach Sasha Rearick put it, Ligety’s “complete ability and confidence in himself.”

Even on the best days, there is nothing inherently fair about alpine racing. And conditions Sunday were, in a word, godawful. “It was a tough day for everybody,” Ligety said, adding, “I just fought and maybe took more risk than it was worth – than was maybe smart.”

That’s just modesty talking — the guy from Park City, Utah, who posed for photos after the

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