In the past week, I have overheard three different discussions about capital gains when someone is selling their Park City home. Capital gains on the sale of a primary residence is often misunderstood and because I'm not a CPA, tax advisor, etc I must say it's best to consult a licensed professional regarding any proceeds when selling a property. 

Here's what the IRS has to say about the sale of your home: "If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home, provides rules and worksheets. Topic 409 covers general capital gain and loss…

1192 Views, 0 Comments

Midway Utah Homes for Sale 

Midway Single Family Homes in the Past 365 Days | Market Update

- 233 total single family homes for sale
- 45 Midway homes currently for sale
- 110 Midway homes have sold in the past year
- 40 homes did not sell
- 7 homes are currently in escrow
- 31 were taken off the market before they sold or expired
- Average Midway Home Price is $538,370
- The median home price is $447,000
- It took an average of 85 days for the home to sell
- Four homes over $1,000,000 sold
- No homes sold in the $900,000-$1 Million sold
- Ten homes sold in $800,000's
- Four homes sold in the $700,000's
- Eleven homes sold in the $600,000's
- Twenty-three homes sold in the $500,000's
- Twenty-nine homes sold in the $400,000's
- Eighteen homes sold in the $300,000's
- Six homes sold in the…

1111 Views, 0 Comments

Largest Home to Sell in Park City & Deer Valley, Utah

The largest home that has ever sold in Park City, Utah was a ski-in ski-out home at the base of The Canyons' Ninety-Nine Ninety and Peak Five chair lifts.  69 White Pine Canyon is 33,000 square feet, 5+ acres, 14 bedrooms, 22 bathrooms, 12,500 square feet underground heated garage, swimming pool, it was sold fully furnished.  

This home sold in The Colony on 1/21/2021.

Click Here View The Luxury Homes of Park City, Utah

Largest Home To Ever Sell In Park City Utah

1747 Views, 0 Comments

How to Negotiate Luxury Real Estate Deals

The golden rule of negotiation is to remember there are people and emotions involved when negotiating real estate transactions.  There are times for hard-nosed negotiation and other times where a little bit of compassion works best for everyone - know your situation!

I've recently been running into more and more transactions in the Park City area where the buyers or sellers don't care what the other side thinks about their offer.  For some real estate transactions, it's strictly about numbers but I'm estimating that is for less than 5% of transactions in today's market.  

Buyer: As a buyer, you should remember that the sellers loved their home and in most cases, they have made many good memories and…

2258 Views, 1 Comments

Who Buys Real Estate in Park City, Utah

Below you will find the ranking, location, number of owners, and percentage of homes owned are from that purchase a property in Park City, Utah.  The numbers below come from local statistics delivered by county title records.

The percent of ownership appears to be what I would expect except for Florida being at number three and Hawaii being in the top ten. There is often talk about how important marketing globally is for Park City real estate sales but our international sales only account for 1.02% of the market and Mexico is 40% of the international market share. The fact that Mexico owners are 40% of the international owners in Park City is surprising to me because in the past year I've worked with more…

1556 Views, 0 Comments

Verify Before You Wire!

Wiring funds before closing is very important.  If funds are not wired on time, it could delay your closing and possibly create a breach of contract situation.  Below you will find the common items to wire money.  Please remember that every situation and financial institution could have a different set of rules so it is best to ask twice and wire once. 

Visit your bank or credit union and provide the following information.

  • Your name and address
  • Your account number
  • Valid Identification
  • Contact information for the institution of where you are sending the funds (you may be asked for a SWIFT code)
  • Routing number and account number for who will be receiving the funds
  • Often financial institutions will ask the…

1508 Views, 0 Comments

What does Vail Coming to Park City do for Real Estate Values?

Original Writeup - December 11th, 2014: We have known that Vail would be heavily investing in The Canyons and Park City Mountain Resort for quite some time and we have seen condo and single-family homeowners hold firm on their asking price over the past twelve to eighteen months.  There have been stories that after the news of Vail’s $50 million investment owners increased their asking prices by 10% but that is not the norm in Park City.  Many property owners in Park City see this as a great opportunity for real estate appreciation but are worried about losing the small-town feel of Park City.  Park City has seen change and development growth over the past thirty, forty, and even fifty…

1340 Views, 0 Comments

Park City - Vail Resorts Inc. has proposed a plan to create the largest ski resort in North America by linking Park City Mountain Resort with The Canyons ski resort.  The new resort will go by the name Park City Mountain Resort and the planned upgrades will include an eight passenger high speed gondola that connects from the base of Silverload Lift at the Park City Mountain Resort to The Canyons Flatiron lift.  The plan for the King Con chairlift is to increase the capacity to a 6-person high speed lift which will provide for the ability to handle higher capacity and keep the lift line wait times reasonable.  The $50 million will also be used to  build a new Snow Hut Restaurant and upgrades to the Summit House Restaurant.  We are told that there will be a…

1530 Views, 0 Comments

How to Value Investment Properties in Park City & Deer Valley

This article provides five different ways to value investment properties in the Park City and Deer Valley area.  If you would like to learn more about the top investment properties in Park City, Utah please review our Guide to Investing in Park City & Deer Valley Real Estate. 

1) Income Value from Rents

In six easy steps, I'll show you how to calculate the value of a Park City rental property. 

  1. Determine your required rate of return / what percentage you want to make
  2. .Calculate the net income of the property.
  3. Calculate the expenses of the property. *Note: Since a buyer may require a mortgage and interest rates fluctuate every day the cap rate does not account for mortgage…

3284 Views, 0 Comments