There is a lot going on in Park City these days. Sundance was a huge success again this year. More people come to enjoy the movies and the stargazing every year. The city is more organized than ever though and it didn't seem as congested as in past years. I think that Sundance and the city have become much better at planning and logistics over time.

Vail has unveiled their plans for the new connector gondola which will join Park City Mountain Resort and Canyons Resort. This new lift will go in this summer along with other infrastructure improvements.  Deer Valley has indicated that they are going forward with their Mayflower expansion and they have purchased Solitude Resort.  One Wasatch is in full discussion and all of the resorts are at the table.

All of this is important news but most of all Park City has become more than just a ski resort town. It is a year around community with a heart and a soul. It is a vibrant art community, a world class mountain biking venue, a road biking training ground and the site of many stages of the Tour of Utah. It is a place where people come for the summer because the weather is so delightful and the performing arts are abundant. The culinary diversity is savory and exciting. It is the home of the US Winter Sports Team.

In short, Park City is a great place to live, full or part time.

The real estate market is very healthy.  There is a lot of activity and inventories are shrinking. There are still a lot of good opportunities to purchase. Interest rates are at an all time low. It is a great time to purchase with financing or to refinance an existing mortgage. Please call me or send a note if I can ever be of assistance with your real estate needs.

I hope that you are all doing well and that I will see you soon on the slopes.

Until then, Happy Skiing.

Brad Jensen

Jensen And Company

www.jensenandcompany.com
(435) 901-8333

 

A couple of years ago, Mark Muro, a fellow at the Brookings Institution, noticed, along with some of his colleagues, that when politicians and businesspeople debated how the U.S. could be more economically competitive, the conversations tended to focus on promoting certain innovative industries. But, more often than not, the discussions said as much about who held the microphone as they did about what mattered for growth; that is, people kept talking about the industries in which they were involved, instead of figuring out what the most innovative industries had in common and how their successes could be replicated. "The manufacturing people promote manufacturing," Muro told me. "There is a separate energy discussion. And meanwhile we have a vivid, sophisticated, but somewhat disconnected 'high-tech' or digital discussion ongoing." So Muro and his colleagues at Brookings' Metropolitan Policy Program identified a few simple traits that are associated with innovation, and grouped together the industries that share those traits to come up with what Muro describes as a "super-sector." Then they set out to learn where this super-sector of advanced industries exists in the United States, and what lessons could be gleaned from those places.

Quality photography and videos, extraordinary lifestyle, and distinctive homes are at the foundation of our creative marketing execution. Our 2015 media strategy is designed to deliver over 1 billion impressions in an effort to drive brand awareness and direct buyer leads to our sales associates. From targeted print advertising vehicles to exclusive digital marketing offerings to exposure via our network of global offices, the property advertising opportunities offered by the Sotheby's International Realty® network include an array of unique and individualized options to successfully market a home. This year we are introducing new additional media partners such as Dwell and MansionGlobal and expanding our partnerships with New York Times, Wall Street, Architectural Digest, and Financial Times to increase exposure to our brand and exclusive listings.

The Wealth-X and Sotheby's International Realty Global Luxury Residential Real Estate Report forecasts that the ongoing shift in the wealth creation cycle from the West to the East, and the growing significance of inter-generational wealth transfers will have significant consequences on the luxury residential real estate market - with a noted emphasis on new developments and a change in investment grade cities. 

Below are other key findings from the inaugural report:

• The value of UHNW-owned residential real estate assets increased by 8% globally in 2014.
• On average, UHNW individuals own 2.7 owner-occupied residences.
• As of 2014, over 7% of the world's UHNW population made their wealth through real estate, up from 5% in 2013.
• Ultra affluent women value real estate assets more than their male counterparts, holding 16% of the net worth in such assets, on average, compared to less than 10% for men.
• Luxury residential real estate is an asset class typically favored by UHNW individuals with inherited wealth: these individuals hold 17% of their net worth in such assets, compared to just under 9% for self-made UHNW individuals.
• UHNW individuals with net worth between US$30 million and US$50 million typically keep their primary residences for over 15 years and their secondary residences for over 10 years.
• Billionaires change one of their four properties, on average, once every three years.
• Secondary residences are typically 45% more valuable than primary residences; twice the square footage and have 10 acres of land.
• At 83%, Monaco has the highest density of foreign-owned UHNW residences.
• Over 6% of the world's UHNW population have relocated their primary residence to a different country from which they were born - these individuals often keep a secondary residence in their home countries, and India is the leading country in this respect.