Park City talks real estate
Recent news from Aspen, Colo., indicated that its economy is in recovery mode. However, Seltenrich clarified, “our high-end homes just aren’t as expensive as Aspen,” he said. In Aspen, a number of high-endsales of property worth more than $10 million happened within the last five months, he explained.In 2010 the number of land sales was 222 throughout the year. Seltenrich explained that this year, that number is already outpacing that figure, with 72 lots sold in the first quarter. “The real estate market is like the weather right now. You think it’s never going to change, but each month it goes along eventually it will change,” Seltenrich said. Rick Klein of Wells Fargo Bank tracks notices of default in the Park City area, “Foreclosures remain elevated, but for future homeowners and those who are in trouble, that number is improving,” Klein said. A notice of default is the first step in the foreclosure of a home. Notices of default are down 13.6 percent from the fourth quarter of 2010. However, Klein remains realistic about the influence of foreclosures, “Park City will continue to feel the impact of foreclosures for a least the next two quarters,” Klein explained. The owner and CEO of Prudential Utah Real Estate, Steve Roney, projects that the number of distressed properties will be the same as last year. “The lack of significant success in loan modification programs has contributed to the high level of distressed sales,” Roney said. The market is seeing an increased percentage of sales that reach closing, which Roney sees as recovery. “Absent external influences beyond our ability to predict or control, I’d expect continued improvement in real estate activity for the balance of 2011,” Roney said.

Things to Consider...
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