SUMMIT SOTHEBY'S INTERNATIONAL REALTY

Jensen And Company, Park City, Utah

Real Estate Newsletter

October 2015

I hope that this note finds you all doing well and getting ready for the upcoming ski season. Fall is in the air and the mountains are beautiful. All of the resorts are gearing up for a big winter. Pray for Snow!!!

The market has been very active for the first three quarters of this year. We have seen an increase in the number of sales in all categories over last year for the same time period.

Single family home sales saw the largest increases in both the number of units as well as price increases. Home sales increased from 690 sales in 2014 to 755 sales in 2015. This is a 9% increase in the number of units. The average price per home also increased from $944,098 to $1,041,977 which is a 9% increase as well. The median price per home went from $591,000 to $688,879 for a 14% increase.

Condo sales have also been brisk. In the first three quarters of 2014 there were 566 condos sold and in 2015 there have been 662 condos sold so far. The average sold price per condo dropped by about 2% from $651,097 to $635,985. The median price went from $409,563 to $432,323 for a 5% increase.

The number of home sites or vacant land sales has gone from 375 sales through September of 2014 to 390 sales in 2015. This is a 4% increase in the number of units. The average price dropped from $409,089 to $392,732 which is about a 4% decrease. The median price went from $210,000 to $245,000 for a 14% increase.

**The total sales volume to date in 2015 is just over $1.36 billion which is a $187 million increase over 2014.**

In addition, according to an article in most recent issue of the Park Record, there have been 747 new building permits issued in Summit County thru September 30. This is a 40% increase over last year. Many of these building permits are for infill in existing neighborhoods and remodels of existing residential units.

The market feels healthy in most areas. There has been steady growth for the past two and a half years. Inventories are still healthy though they are decreasing and prices are rising steadily. Interest rates have remained low through this period which is certainly a factor.

If you have questions regarding the real estate market in your area, please feel free to reach out to me. I welcome comments and discussion.

Thank you for reading my newsletter.

Best Regards,

Brad Jensen

Jensen And Company

www.jensenandcompany.com
(435) 901-8333

North Fork Meadows, Eden, UT>>

3100 E 5225 N, Eden, Utah 84310

Enjoy serenity and incredible views from your North Fork Meadows home site. Surrounded on the south side by open space and the North Fork of the Ogden River, the North Fork Meadows community includes protective covenants and access to a community park and neighborhood trail. Minutes to skiing at Powder Mountain, Snowbasin and Nordic Valley ski areas, boating and water sports on Pineview reservoir and hiking and biking on the vast trail system throughout Ogden Valley.

Address	Lot	Price
3176 E 5225 N	1	$100,000
3194 E 5225 N	2	$100,000
3210 E 5225 N	3	$120,000
3232 E 5225 N	4	$110,000
3248 E 5225 N	5	$120,000
3259 E 5225 N	6	$160,000
3247 E 5225 N	7	$140,000
3229 E 5225 N	8	$140,000
3201 E 5225 N	9	$140,000
3177 E 5225 N	10	$130,000
3151 E 5225 N	11	$120,000
3123 E 5225 N	12	$110,000

Extraordinary Angles: Inspired By Views

The Sotheby's International Realty brand presents "Extraordinary Angles", the lifestyle video series showcasing unique properties and lifestyles from around the world. In this episode, host Mark Thomas showcases breathtaking views from some of the world's most exquisite homes in Utah, California, Nevada and Arizona.

Click here or the photo above to view video

Announcing the 2nd Release at Deer Vista>>

Highway 248 / N Deer Canyon Drive, Park City, UT

Deer Vista is a gated, private residential community, conveniently located on the North East shores of the Jordanelle Reservoir just a few minutes east of Park City via SR 248. With large estate lots overlooking the lake, every home site in Deer Vista enjoys a breathtaking panoramic view of the surrounding mountains mirrored in the lakes reflection. Take in the expansive vista of the Deer Valley� ski runs all the way to the highest peak in the Wasatch.

Deer Vista has a perfect location with competitively priced lots offering quick and easy access to the arts and recreation that Park City and Deer Valley� are renowned for. Located minutes away from Deer Valley Resort�, the lake access or nine spectacular public golf courses for year round recreation. Deer Vista is an incredible value for full time residents and second home owners alike.

Take advantage of an early buyer $25,000 gift of tree's shrubs and other plants that will fulfill all your landscaping requirements. The developer has paid the water bond in full and infrastructure is complete which represents a saving of between $18,000 to $22,000 dollars for lot purchasers up front compared to other nearby communities.
Be a part of our new community. Come take a look at

Deer Vista.

Lot #	Address	Acreage	Price
18	13554 N Deer Canyon Drive	1.05	$ 385,000
19	13574 N Deer Canyon Drive	1.15	$ 360,000
21	13610 N Deer Canyon Drive	1.16	$ 380,000
27	13555 N Deer Canyon Drive	1.05	$ 395,000
30	13633 N Deer Canyon Drive	1.06	$ 395,000
31	13645 N Deer Canyon Drive	1.09	$ 390,000
32	13661 N Deer Canyon Drive	0.93	$ 385,000
34	13795 N Deer Canyon Drive	1.10	$ 475,000
35	13830 N Deer Canyon Drive	2.35	$ 525,000
40	13821 N Deer Canyon Drive	0.97	$ 350,000

Click for

ADDITIONAL INFORMATION

Is it Time to Downsize your Home?

A recent study by Edelman Berland revealed that of homeowners who are contemplating selling their house in the near future 33% plan to scale down. Let's look at a few reasons why that would make sense to many Americans.

In a recent blog post, Dave Ramsey, the financial guru, discussed the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

A smaller home means less space, but it also means less time, stress and money spent on upkeep
Let's assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1-1.6 million in the bank to get you through your golden years.
Use the proceeds from selling your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! If you can't pay cash, aim for a 15-year fixed rate mortgage and put at least 10-20% down on your new home. Apply the $500 you saved from downsizing to your new monthly payment. At 3% interest, you could pay off a $200,000 mortgage in less than 10.5 years, saving almost $16,000 in the process.

Realtor.com also addressed downsizing in a recent article. They suggest you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.

Q: What kind of lifestyle do I want after I downsize?

A: "For some folks, it's a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and you'll be able to better narrow down your housing options."

Comments: Many homeowners are taking the profit from the sale of their current home and splitting it to put down payments on a smaller home in their current location and a vacation/retirement home where they plan to live when they retire.

This allows them to lock in the home price and mortgage interest rate at today's values. This makes sense financially as both home prices and interest rates are projected to rise.

Q: Have I built up enough equity in my current home to make a profit?

A: "For most homeowners, the answer is yes. This is if they've held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home."

Comments: A recent study by Fannie Mae revealed that only 37% of Americans believe they have significant equity (> 20%) in their current home. In actually, 69% have greater than 20% equity. That equity could enable you to build a life you have always dreamt about.

Bottom Line

If you are debating downsizing your home and want to evaluate the options you currently have, meet with a real estate professional in your area who can help guide you through the process.

How is the Real Estate Market?

Thank you for your Support!

As our business is often referral based, we sincerely hope you will tell your friends, family, neighbors and co-workers about our service. We love referrals and appreciate your continued support.

Thank you Brad & Crystal
JENSEN AND COMPANY

Park City Nightly Rental

Lower Deer Valley

Fawngrove Condo

VRBO Listing #245533