Ready for a credit score change?

Interesting news from the lending world; your credit score could be going up thanks to changes by the Consumer Financial Protection Bureau (CFPB). Whether you are waiting for your score to improve to qualify for a loan, or if you are looking to take advantage of a little bit better rate when you leverage your money, this is good news. Here is some information from a local lender, Justin Coleman at Fairway Independent Mortgage.

As of April 16th all three credit bureaus have removed tax liens and judgements from credit files. This was in response done by the CFPB to rectify erroneous credit items that nearly 90% of Americans face under the system. Many borrowers will see a significant jump in their credit scores. As much as 50 points.

On the surface this seems to be a really good thing, especially for those that are challenged when it comes to paying taxes. If you had tax liens prior that prevented you from obtaining a mortgage, they will not show up on your credit. However, mortgagees have the ability to search public records without a credit file and they are doing just that. And that is also a good thing. If Lenders were not able to discover these items, the cost of credit would have to be increased to cover the risk – resulting in higher rates for all.

Goldener Hirsch Residences, pt VIII

They are getting very close to finalizing many of the details. It’s a condo hotel project (like St. Regis or Stein Eriksen Lodge), which adds another layer of details to iron out. For instance, they need to select who the property manager will be, and once that’s done they can make decisions about common areas and rentals and operations, and once that’s figured out that will inform the final unit sales pricing. New construction is always a lot of moving parts.

In addition to the property management component, the architect and interior designer are finishing the design and renderings for the common areas and the definition of the condos below the rooftop pool area. They are hoping to get all of these things figured out because they want to avoid anything other than subtle changes between reservation and contract.

They’re now thinking early July for a product release, and by that time they hope to have a draft copy of the CC&Rs, bylaws, condo hotel Rules and Regulations. At the product release they plan to have everything ready: here are the units, here is the price schedule, here are the finishes and furniture. Then they are considering a period of 3 weeks for you to review all the info. At the end of those 3 weeks they plan to start accepting reservations.

A lot of the dirt work has been done; here is what the parcels look like today:

GH_6_6_2017

If you are interested in this project, let me know right away. Where we don’t know exactly what the reservation process will entail, I want to make certain you have every opportunity possible to own in this exclusive development.

The marketing is also a fluid concept; this link will always bring you to the most recent version of the sales brochure (but right now it hasn’t been updated since March 1).

Click here to sign up for updates as soon as they’re released.

Park City Open House Tour: 6/7/17 In Town

Open house tour day! Here is the interactive tour with photos and maps:

View Interactive Tour

Remember that all the open houses will show up on this list if you’re not careful, so be sure and note the date and times on the left side of each listing or click the drop down menu in top middle of the page under my contact info and select today’s date. Also attached are printable reports for this week only if you’d prefer. Let me know if you have any questions or see anything you’re interested in.

PDF: Open_House_Client_Tour

Want to receive the tour schedule in your inbox every week? Click here to sign up.

Goldener Hirsch Residences, pt VII

Exciting news up at Goldener Hirsch: the site is fenced off and they have begun digging.

Even more exciting is that the development team estimates that they are about two weeks out on releasing pricing, and looking at probably early June to begin the reservation process.

GH_5_11_17

If you are interested in this project, let me know right away. Where we don’t know exactly what the reservation process will entail, I want to make certain you have every opportunity possible to own in this exclusive development.

The marketing is also a fluid concept; this link will always bring you to the most recent version of the sales brochure.

I’ll let you know as new information develops! To catch up on previous updates, you can view my blog posts about the project by clicking here.

Goldener Hirsch Residences, pt VI

As the 2016-2017 ski season comes to a close (although we had a good storm last night, Snowbird is reporting 17″), we should be seeing more updates, more news, and more changes at the site of the new Goldener Hirsch Residences.GH_4_3

The site is fenced off and there is heavy equipment moving snow; digging should start any day now.gh_4_2017_2

Even more exciting is that the development team estimates that they are about 30 days out on prices, and looking at probably early June to begin the reservation process.gh_4_2017_1

They have also brought on Todd-Avery Lenahan as the designer for the project.gh_4_2017_4

Palettes look interesting so far; they’re trying to offer a fresh design but still keep with the European feel of the original Goldener Hirsch.gh_4_2017_5

If you are interested in this project, let me know right away. Where we don’t know exactly what the reservation process will entail, I want to make certain you have every opportunity possible to own in this exclusive development. As always, it’s in the details, relationships matter, and luck favors the prepared.

The marketing is also a fluid concept; this link below will always bring you to the most recent version of the sales brochure.
ghbrochure

I’ll let you know as new information develops!

Sign up to receive news on Goldener Hirsch Hotel and Residences as it is released. 

Park City Statistics: 1st Quarter 2017

Just came out of our Year over Year Period Comparison Report — 12 Month Rolling and as usual, more information than I can digest at one time. Here are some initial observations from the committee:

Watch out when looking at Upper Deer Valley’s condo sales, price appears to be up over 130% but that is because Stein Eriksen Residences began to close.

Trends suggest that the number of sales in the first quarter is always low; the number of sales this quarter is up 22% in number of sales over last year, so we might expect the next three quarters to increase as well.

Anything in the Kamas valley that is reasonably priced is under contract in under 2 weeks. There is also a huge rental demand.

What was perceived as far away is no longer perceived as such. Red Ledges is a terrific value. The competition for Empire Pass is Promontory. Buyers are younger (heyooooooo) and looking for gated communities with lots of amenities.

Single family home sales in Old Town is very stable, but just because some condos are listed at $1,100/sq ft (and not selling) doesn’t mean every Old Town house is–or even many of them are–worth $1,100/sq ft.

Lower Deer Valley condos were hot, now it’s houses and a continuation of what we saw last quarter. People see the value and there is some flipping happening.

One of our local lenders, Rick Klein, compiles an excellent report that includes this fabulous graph (which does have some formatting issues).
Stats-Committee-Q1-17-9

If you list a condo in area 1-9 (Old Town to Park Meadows), for under the median sales price of $705,000, the stats show the absorption rate at 3.4 months. If you list for over that median, the stats show the absorption rate shooting up to 14.3 months. For single family homes in areas 1-9, if you list under the median price of $1,850,000 the stats show your absorption rate at 4 months. Whereas over that median price the stats show the absorption rate changes to 16.7 months.

For areas from 10-23 (Canyons out to Jordanelle), for condos up to the median price of $484,615 the stats show 1.5 months, and over the median price the stats show an absorption rate of 5.7 months. For single family homes up to the median price of $982,000 the stats show an absorption rate of 1.9 months, and over that median, the stats show an absorption rate of 10.1 months. (Absorption rate is calculated by taking the number of properties sold per month and dividing that out by the number of properties on the market.)