Park City Blog

WORKING IN PARK CITY | AN OVERVIEW

By Berkshire Hathaway HomeServices Utah Properties
Oct 03, 2016

In Park City, the mentality is ‘work hard, play hard.’ Here, work-life balance isn’t a goal--it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting, get in a gym session at lunch, wrap-up with some email crunching, and get onto the final funtivity of the day. Far from having just a resort economy, Park City is now home to a diverse business ecosystem that includes powerhouse companies like Skullcandy, Backcountry.com, AvaTech, SnoCru, and others.

The ‘Silicon Slopes’ effect is very much underway in Park City, as well as Salt Lake. It's an exciting time to witness startup growth in our mountain town utopia.

To help grow PC's tech scene, the Park City Angels, a venture capital club, has invested in numerous startups that have matured into successful companies. Whether you are an ambitious millennial, seasoned exec, or keen investor, the local business landscape has a niche with your name one it.

Working in Park City

By Berkshire Hathaway HomeServices Utah Properties
Sep 30, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

Announcing Opening of Jordan City Office

By Berkshire Hathaway HomeServices Utah Properties
Aug 23, 2016

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Salt Lake City, UT—Berkshire Hathaway HomeServices Utah Properties today announced the opening of its new central Jordan City office building.

Located in the River Park Corporate complex, this modern space provides real estate professionals with a forward-thinking open plan space that is the latest in the company’s succession of growth plans. “With over $1.8 billion in sales, we are the most successful brokerage in Utah,” commented CEO, Steve Roney. “We are opening this new office in the South Jordan area to better serve our business in this growing and critical part of the valley. This is our next growth step, and we are thrilled to be expanding alongside this market.”

The move comes after a series of business successes for the company. In 2014, the company converted from Prudential Utah Real Estate to the legendary Berkshire Hathaway brand and was among the top ten brand brokerages in the country. Further, the company achieved more sales than any other Utah-based brokerage in 2015 and currently represents more real estate developments than any competitor.

On the heels of these achievements, the company has put into motion an aggressive expansion plan, which has resulted in the acquisition of cutting edge office spaces that are ushering in a new level of innovation in northern Utah real estate.

In a statement, Salt Lake branch broker, Kevin Cameron stated: “This new office illustrates our company commitment to meeting the real estate needs of the growing Jordan and South Salt Lake communities. The location provides central access to all key moving real estate neighborhoods. The future is looking bright.”

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah Properties is an independently owned real estate brokerage dating back to 1976. With offices throughout northern Utah, the company has a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our agency holds the #1 position in Utah’s real estate marketplace and maintains an historic commitment to community-driven service.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway is the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 8 in Fortune magazine’s 50 Most Admired Companies survey; and is No. 18 in Harris Interactive’s reputation study of the 60 Most Visible Companies. Good to know.™

 

 

SILICON SLOPES IS THE PLACE TO BE 

By Berkshire Hathaway HomeServices Utah Properties
Aug 03, 2016

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Utah is world famous for having the Greatest Snow on Earth®, but recently, the Wasatch Front has become the home of a rapidly growing tech industry known as “Silicon Slopes”. Technology companies have descended upon the Beehive State spawning exponential growth along the Front. With Tech Giants like Adobe, Twitter and a host of innovative start-ups concentrated in South Salt lake County and North Utah County, residential neighborhoods in Riverton, Bluffdale, South Jordan, Draper and Lehi are bustling with new life.

What was once “small town” and farmland dotting the valley south of Salt Lake City is now the hottest area of growth in the state. The great thing is, several net positives promise to maintain the trajectory.

Location is important and although Utah may seem a bit “out-of-the-way”, it is actually drawing technology companies like no other place. The only state capitol with an international airport, Salt Lake City is a brief hour-and-a-half from the Bay Area and easily accessible to the rest of the world. The city is within minutes of unlimited outdoor activity and world class skiing. Renowned ballet, symphony, theatre and professional sports add to the vibrant community.

Low home prices, competitive salaries, and low operating costs are another draw for business and residents alike. Tech companies relocating from the Bay Area are able to offer their employees better benefits as well as invest more money back into business and product development resulting in better products and a more robust corporate footprint.

The entrepreneurial spirit and capable, willing workforce add to the stability of “Silicon Slopes”. Local universities provide outstanding programs in computer science, engineering and programming. They inspire and supply a healthy work ethic and energize future innovators and executives.

The “Silicon Slopes” area of the Wasatch Front is an exciting place to live and work and its contribution to the state’s economy has solidly secured Utah’s place on the map.

The History of Park City

By Berkshire Hathaway HomeServices Utah Properties
Jul 28, 2016

 

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Park City, a now vibrant community, was once a hard-hat wearing, saloon visiting mining town. Although the town was not incorporated until 1884, Park City’s history began in the winter of 1868 when soldiers climbed over the mountains from Big Cottonwood Canyon and discovered silver. Mining began with the Flagstaff Mine, later renamed Ontario Mine.

The Ontario Mine was one of highest volume producing silver mines in the world, and the success of Ontario helped create a boom-town atmosphere in Park City. To this day, the remnants of the Ontario and Silver King mines, can be seen on the slopes of present day ski resorts.

Until 1898, the town was booming with no end in sight, but a fire that burned down 200 out of 350 structures would put the townspeople, now numbering 7,000, to the test. Miraculously, the town rallied, and the whole town was rebuilt in just a year and a half.

Six years later, in 1904, local businessmen established the Miners Hospital, initially located at the base of what is now Park City Mountain. The hospital was built and furnished entirely through community donations, and it allowed miners to stop traveling thirty miles to a Salt Lake City hospital. For the next decade, the town experienced hard times including landslides, cave-ins, and flooded tunnels. One of the town’s greatest tragedies was the destruction of Main Street’s Egyptian Theatre in 1916.

Mining Fast Facts

From 1875-1982 Park City produced:

  • 1.45 million ounces of gold
  • 253 million ounces of silver
  • 2.7 billion pounds of lead
  • 1.5 billion pounds of zinc
  • 129 million pounds of copper
In 1917, the state of Utah decided to start prohibition two years before the rest of the country; however, in 1921 twenty-six out of twenty-seven local bars were still serving alcohol. Then in 1929, the stock market crashed and local mines lost value; but shortly after the crash in 1931, Alf Engen set a world record on Ecker hill with a 247-foot ski jump. Skiing began to infiltrate the town with the first successful winter carnival in 1936 at what is now Deer Valley, and in 1947, as mining prices dropped even lower, Snow Park installed its first chairlift.

In 1949, all of the mines were shut down until 1952 when some reopened, but Park City became a ‘ghost town’ of only about 1,150 people. The town did not begin to rise again until 1963 when they qualified for a federal loan exceeding one million dollars to develop a ski area. The ski area Treasure Mountain Resort, now Park City Mountain, was established with a gondola, chairlift, and two J-bars.

Skiing began to take off, and in 1968 and 1981 respectively Park West, now Park City Mountain, and Deer Valley were established. Following the growing success of mountain sports, in 1982, mining operations were discontinued, and Park City became a resort community.

With the Kimball Arts Center, operating since 1976, playing an increasingly large role in the community, the town embraced the arts, and Robert Redford established a film festival in 1981, which would become the annual Sundance Film Festival. With a permanent residence of around 7,800, Park City is a small community that was voted “Best Town in America” by Outside Magazine in 2013.

 

Approximate Skier Days per Year Total skier days 1987-1988 to 2012-2013
Park City 1,700,000 31,086,233
Utah 4,000,000 85,832,877
 

 

FAQ: What is it like to work in Park City?

By Berkshire Hathaway HomeServices Utah Properties
Jul 26, 2016

Park City is a great place to live and do work. People love the mountain life where the mentality is ‘work hard, play hard.’ Here in PC, work-life balance isn’t a goal, it’s a given.

White Pine5

Most Parkites engage in some version of the following scenario: bike up a mountain before heading in for a morning product development meeting; then get in a gym session at lunch. There is a feeling of both accomplishment and empowerment that easily transitions from the play side of life to the work side of life, and those feelings enable business-people to feel like they can conquer the challenges that may lie ahead.

A huge advantage that local businesses have is a close proximity to the ‘silicon slopes’ of Salt Lake City, a hub of technological innovation. Another great advantage of Salt Lake City is the convenient airport access that allows truly global businesses and businessmen to live and work in Park City. Multiple global, multi-million dollar companies are based in Park City, and they use the surrounding areas for the benefits of their business and their employees.

Perhaps Park City’s most attractive feature for local businesses, the Park City Angels invest millions of dollars into startups with promising futures based in and around the local area. Founded in 2008, the Angels have around fifty members who have sixty-five active projects, and they have invested fifty-five million dollars since their founding. Whether you are interested in joining the Angels or need help from the Angels to launch your company, the local business landscape is great for everyone.

Second Quarter Park City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2016

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Sales Volume

Sales are up 12% in Park City and 35% in Heber

The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

Quick Takeaway: Sales volume is up. 

Closings

There have been roughly 400 closings this year in Park City, roughly the same as last year. . There were close to 300 closings in Heber Valley, a 35% increase from last year. 

The number of closed properties in Park City showed a recovery from a slight downtick in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Heber Valley, on the other hand, has experienced tremendous activity.

Quick Takeaway: Number of Sales are steady and have been for the last four years in Park City. Heber Valley and surrounding areas have seen increased interest. 

Listings

Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Quick Takeaway: Listing inventory has remained steady at around 1,000 active listings for the past 2 years.

Absorption Rate

The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

Quick Takeaway: The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point. 

Pricing

Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market.

Quick Takeaway: Prices are increasing, but a gradual rate.

Wasatch Front Upcoming Events

By Berkshire Hathaway HomeServices Utah Properties
Jul 06, 2016

JULY EVENTS

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M,Th,F            Mobile Greens Farmers Market

Tues               Outdoor Summer Concert Series

F,S                  Soda Row Concert Series 2016

7/1                  Venture Out! For Pure Adrenaline

7/1                  Arrival - The Music Of Abba

7/1                  Raiders of the Lost Ark

7/1-2,4            Western Stampede Rodeo

7/1-16             Footloose: The Musical

7/2                  Utah National Guard 23rd Army Band

7/2                  Stadium Of Fire 2016

7/2,4               Liberty Days - July 4 Celebration

7/2,22             July 4 And July 24 - Racing And Fireworks

7/4                  Sugar House Arts Festival

7/4                  Family First Mondays At Station Park

7/6                  Wild Wednesdays: Red, White And Blue: A Special Independence Day Program

7/6,15,27,29   2016 Sundance Institute Summer Film Series

7/7                  Corps Encore

7/8                  Electronics Recycling, Hhw Disposal Collection

7/8                  Two Weeks Notice - Music In The Park

7/7-8               Piff The Magic Dragon

7/9,16,23,30   Peter Pan

7/10                Urban Flea Market

7/13                Last Summer On Earth Tour With Barenaked Ladies, Omd, Howard Jones

7/14,21,28      Thursday Nights Rock The Park Concert Series

7/15                Food Truck Fridays

7/15                Antelope By Moonlight Bike Ride

7/16                Wild West Roundup

7/19-20           Days Of ’47 Rodeo

7/20                Classic Cars & Couture

7/20                Styx

7/21                James Taylor - Before This World Tour

7/21-23           The Adventures Of Tom Sawyer

7/22-23           Annual Pioneer Day Concert - Mormon Tabernacle Choir

7/25                July 24 Celebration - Salt Lake City

7/30                Van’s Warped Tour 2016

UTAH'S HISTORY OF INNOVATION

By Berkshire Hathaway HomeServices Utah Properties
Jun 05, 2016

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Innovation and entrepreneurship are absolutely necessary in the technology and medical industries to be globally competitive. Even traditional industries have found that they must be more innovative to remain successful. With rapid growth occuring on the Wasatch Front, it is vital that Utah be creative and innovative in creating jobs, relieving traffic congestion, and planning for the future. Thankfully, Utah has a long tradition of both innovation and entrepreneurship.

So, what are Utah's innovations and who are Utah’s famous entrepreneurs? Here are a few inspirational notables:

• Alan Ashton developed the world’s first word processing software.

• Alvino Ray invented the electric guitar

• Don Carlos Edwards created fry sauce.

• Frank Zamboni invented... well, the Zamboni.

• Harvey Fletcher invented the hearing aid.

• James Fletcher invented the car stereo.

• Jonathan Coon founded 1-800 Contacts while a student at BYU.

• Dr. Joshua Shiffman is currently pioneering research to discover a cure for cancer.

• Lester Wire invented the electric traffic light.

• Mario Capecchi discovered how to “turn off” genes.

• Nolan Bushnell developed PONG, the first computer game.

• Philo T. Farnsworth invented the television.

• Robert B. Ingebretsen invented the DVD.

• Robert K. Jarvik invented the artificial heart at the University of Utah.

• Walter Frederick invented the Frisbee

• The ACP gene, involved in colon cancer was discovered at the Huntsman Cancer Institute.

• The first interactive graphics program as well as the computer animation technology used by Pixar were developed at the University of Utah.

• Kentucky Fried Chicken opened its first restaurant in Salt Lake City

• The Utah Genome Project along with the Utah Population Database is assisting in medical innovation.

• Utah State University, Known as “Space U”, has built and sent the most satelllites into space.

Browse by Lifestyle, Design Type, Amenities

By Berkshire Hathaway HomeServices Utah Properties
May 24, 2016

One of the many clever new features of berkshirehathawayhs.com is the ability to search for property based on lifestyle interests such as skiing, fishing, schooling, etc...

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Further, you can browse by design features such as modern architecture, stucco, outdoor fire pits, etc...

Screen Shot 2016-05-24 at 1.53.05 PMAll of these new features, combined with the international functionality of the site, allow for you to find EXACTLY what you're looking for...

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Berkshire HathawayHS.com Goes Global

By Berkshire Hathaway HomeServices Utah Properties
May 18, 2016

Berkshire Hathaway HomeServices is expanding globally and our website is making the change, too.

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The new website features language, currency and measurement options for prospective buyers both in the U.S. and abroad whose native language may not be English. Global consumers accessing BerkshireHathawayHS.com may search for homes in any city or state serviced by our franchisees. What they’ll find they can’t get anywhere else: full MLS data containing all listings in their search area, including our own Berkshire Hathaway HomeServices listings in their language of choice. Berkshire Hathaway HomeServices . . . Good to Know. ®

To complement our international platform, Berkshire Hathaway HomeServices now sends your listings to over 35 countries throughout the world!

Utah-One of the lowest property tax rates in the country

By Berkshire Hathaway HomeServices Utah Properties
May 06, 2016

According to the National Association of Realtors:

The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team.

Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent.'

“While higher median tax rates are seen primarily among states in the northeast, a notable exception is Texas, which has a median property tax rate of 2.17 percent,” CoreLogic reports. “Typically, the states with the highest property tax rates, with the exception of Illinois, have multiple levels of tax collection. Conversely, the majority of states with low median tax rates have a single level of collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region and southeastern states.”

Owning a home is one of the best ways to increase your personal equity and with a property tax rate of .75%, Utah is one of the best places to start that process.

Reach out for more information.

We’re All in this Together

By Berkshire Hathaway HomeServices Utah Properties
Apr 29, 2016

Bob Wheaton & Bill Rock on how their respective resorts and the city all work as one

 

From Park City Municipal News

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Park City Municipal Community News Interview Park City Municipal Corporation: Our three entities—the two resorts and the city government—are part of one ecosystem. How do the two of you work together?

Bill Rock: Bob has been an incredible partner, and I’d like to thank him personally. He’s been very helpful in introducing us to the Park City community, at both the personal and company levels. This is what makes Utah skiing really special: everybody sees the big picture and understands that when we all do well we all do well. Bob has been a fantastic proponent of this, and it’s been great working together.

Bob Wheaton: Well, thanks Bill. I agree. It’s been easy for me—for us—because one good thing about the ski industry is it’s a pretty small deal. Everybody knows everybody, so you can get to know people over time and watch their progress. Bill and I have known each other for years through the industry, so, like I said, it’s been easy for me.

PCMC: How about working with the city?

Wheaton: I’ve never been in another ski resort community that functions nearly as well as Park City, in terms of the relationships among the municipality and the resorts.

Rock: Our guests come to Park City as a destination because it’s a complete experience. There’s a reason why our resort’s tagline is “There’s only one”: there’s only one Park City. It has all the right ingredients: airport access, Utah snow, Park City Mountain, Deer Valley, Main Street. These are all components of the vacation. Collectively it’s the most compelling ski destination in the U.S., as far as I’m concerned. The fact that people can sample two different ski experiences is a huge advantage, and I haven’t even mentioned the resorts on the front of the range.

Wheaton: It’s this very thing that brought my wife and me to Park City 36 years ago. Park City is great, and it’s kind of the epicenter: Snowbird, Alta, Brighton, and Solitude are all close by, as are Snowbasin and Powder Mountain. Bill, I haven’t told you this story before, but one of the highlights of my previous ski season was bringing Solitude online. One day I rode the lift at Solitude with three guys who were visiting for a long weekend.

They had skied the day before at Park City Mountain, and they could not stop talking about the terrain. They said, and this is almost an exact quote, “There is no way that we could have skied every lift but we tried to hit all of the areas.” I asked if they were able to make it back to their car, and they said, “Oh no, there was not enough time to do that.” They had parked at Canyons, but ended up on the Park City side. So they said they took the bus back and it was great. This is just a great example of integration and cooperation of everyone involved.

If those guys had had a great time on the mountain but a crummy time getting back to their car, it would have spoiled their entire day. And I might add they had a great day at Solitude.

PCMC: What do you think, then, about the One Wasatch concept?

Rock: I think it’s a great idea. When we linked our two resorts, we essentially made the first connection. We’ve seen firsthand what a connection can do and how people respond to it.

Wheaton: I agree. And the resorts in each of the two canyons on the front of the range— Brighton and Solitude and Alta and Snowbird— are already connected. So it’s really just a matter of canyon-to-canyon at this point.

PCMC: Could Deer Valley and Park City Mountain be easily connected?

Wheaton: Yes, and that’s not by accident.

PCMC: How did that come about?

Wheaton: It was the same year that Empire and McConkies went in. Phil Jones was my counterpart at PCMR, and Billy Gray was their heavy-equipment operator. Chuck English was—still is—our director of mountain operations. The four of us spent a lot of time up on that ridge (where the two resorts abut) because we did not want to design ourselves out of the possibility of connecting in the future. This is why all those lifts are laid out the way they are. Once we put in Empire Canyon (or Empire Express) and PCMR put in McConkies, we actually had to adjust the property lines a little bit so that we could put the lifts where they really belonged, from a mountain-user standpoint. We designed it so that—with half a day and a decent-sized dozer—we’d be connected. It goes back to the whole idea of cooperation—it didn’t just start with Bill and me.

PCMC: How did your resorts do this past season, numbers-wise?

Rock: Park City Mountain had double-digit growth, double-digit skier day growth.

PCMC: What about Deer Valley.

Wheaton: Same deal.

PCMC: That’s pretty impressive. To what do you attribute it?

Rock: The return of good snow conditions certainly helped. We also spent $50-million over the summer to create the largest resort in the country. I think that message resonated around the world, and people wanted to come check it out.

Wheaton: I just want to pick up on something Bill said that’s kind of ironic: the return of “good” snow conditions. We ought to keep in mind that this past year’s snow was average. Average is not something either resort strives for, but when it comes to snow conditions…

Rock: We’ll take it.

Wheaton: When we’re talking about snow conditions, average is just fine.

PCMC: Do you each have a personal highlight from the past season?

Rock: Mine was cutting the ribbon on all the improvements, particularly the gondola. That day was really special. Our whole team took a lot of pride in it, and it was a fun day.

Wheaton: I have two highlights—one at each end of the spectrum. The first was the amount of powder days that we had and just the great ski season overall. The other was the windstorm during President’s Day week. Thousands of trees were downed—from one end of the resort to the other, across ski runs and everywhere else. My highlight was watching the staff focus on guest service, and observing the cooperation and integration among all the departments. We were able to fire some of those lifts back up by 2:00 pm. It was incredible to watch—it really was.

PCMC: The City has recognized three critical priorities of the community: housing, transportation, and energy (reduction, renewables, and net-zero carbon emissions). How do these align with your resorts’ goals and operations?

Wheaton: These are three of our highest goals as well. And we need to recognize that the best solution for any of them is a collective one— between Summit County, Park City, Park City Mountain, and Deer Valley. If the community can unify behind them, we can make a hell of a difference.

Rock: We’ve rolled out several company-wide initiatives that align with the city’s priorities. Housing is, for sure, front and center in our planning. We have very limited employee housing, and we’ve pledged $30-million across our mountain communities for potential housing projects. We’re in the process of identifying partners here in Park City to help us effectively deploy the money. And we’re already working closely with the city and county on transportation. The resorts’ parking staff and city transportation staff did things they’d never done before this past season to collectively address the issues. And I think it made a huge difference. We’ve also developed solutions specific for our employees—remote parking, shuttles, transit, you name it. In terms of energy reduction, we set a companywide reduction goal of 10 percent, which we met in 2011, so we launched another program called the Next Ten. We’re focusing on everything from fuel use to making our infrastructure more efficient.

PCMC: Summit Community Power Works, a local nonprofit, has made a big push to have businesses and residents switch out their light bulbs for LEDs. Are you doing this in your operations?

Rock: Yes, we’ve done pretty aggressive LED switch-outs. We also launched a program supporting SCPW and their goal of meeting the Georgetown Energy Prize. We partnered with Rocky Mountain Power to provide each employee with four free LEDs. We’re also helping fund smart thermostats: between the manufacturer rebate and our rebate, our employees can purchase them for less than halfprice.

Wheaton: The LED switch is a great program. The bulbs cost money upfront, but with all of the incentives through Rocky Mountain Power, they become affordable. And that’s not even considering the labor savings—especially for businesses with larger facilities. In bigger buildings, it’s not just a matter of standing on the floor and reaching up to change a bulb. You often need a ladder or lift, so doing it once and forgetting about it for 20 years is attractive. And the energy savings are immediately noticeable and trackable: that’s what makes them a prudent investment.

PCMC: Your single biggest use of energy is probably snowmaking, but this is essential to the customer experience.

Rock: Absolutely. One of the things our guests look forward to is consistency, especially with conditions. The good news is that snowmaking technology has gotten very efficient, so a key part of our energy-reduction plan is upgrading our equipment to keep pace with the state-of-the-art technology. Bob’s the real expert on this.

Wheaton: Snowmaking technology has just boomed, especially in the last five years, so new equipment will be our single biggest capital investment this summer.

PCMC: How has the technology improved? Wheaton: Both inputs—gallons of water and kilowatts—have gone down, which means the guns can create more cubic feet of snow with the same amount of energy. Beyond that, pumping efficiencies and compressed air technology in the guns themselves have also come such a long way. And the engineering has improved so much that the water particle actually explodes: you get more cubic feet of snow per particle of water. This means you get a bigger snowflake, which means better ski conditions. The more efficient guns are a sound business decision, but they are also the right thing to do for the environment.

PCMC: Some people worry that snowmaking wastes water.

Rock: This is a common misconception: it actually keeps the water in the watershed longer, releasing it back over an extended period of time.

Wheaton: It essentially acts like a reservoir. Folks should also remember that we are making snow before the occupancy rates in town spike, so it isn’t as if we’re diverting water that would otherwise be used to do dishes or wash laundry.

PCMC: Are you planning to relax in these few short weeks before things ramp up for summer?

Wheaton: We’re both going to Nashville next month for the NSAA—National Ski Areas Association Conference. Shelbyville, which is the center of the Tennessee walking horse community, is only about an hour away. My wife and I are going tack on a few days to go horse shopping.

Rock: And I think I’ll tour the Jack Daniels Distillery while I’m there. PCMC: Horses and whiskey—two things Tennessee and Park City are both famous for. I can’t let you leave without asking what your favorite locals runs are.

Rock: Now that we’ve combined, people tend to gravitate toward the center of the resort, but I like skiing off Condor—it’s fantastic. And with the Mother Lode lift being fast now, people are realizing that all that terrain under there had been under-appreciated. It’s really good skiing. It’s been especially fun for me as a newcomer, but I think everyone can rediscover some runs that may have been hard to access. Wheaton: For me, it depends on the day. On a powder day, I like Red Cloud lift. And, as far as groomers go, Stein’s Way.

PCMC: Well, you can’t go wrong on either mountain.

Park City Current Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FIRST QUARTER

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Greater Park City Area

Single Family Homes Sold this Quarter: 180

Average Single Family Sale Price: $1.3 million

Median Single Family Sale Price: $722,000

Condominiums Sold this Quarter: 151

Average Condo Sale Price: $800,000

Median Condo Sale Price: $500,000

Wasatch County

Single Family Homes Sold this Quarter: 58

Average Single Family Sale Price: $584,000

Median Single Family Sale Price: $434,000

Condominiums Sold this Quarter: 35

Average Condo Sale Price: $429,000

Median Condo Sale Price: $355,000

Reach out for a comprehensive overview of Park City's market and your neighborhood's trends.

Park City May Events

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FOR TRAVEL -- Summer Winter Mountains -- Park City, UT -- Homestead Crater CREDIT: Re Wikstrom with Park City Yoga Adventures FOR TRAVEL -- Summer Winter Mountains -- Park City, UT -- Homestead Crater CREDIT: Re Wikstrom with Park City Yoga Adventures

All Month Ritual Chocolate Factory Tours

All Month Geothermal Standup Paddleboard Yoga in the Homestead Crater

All Month Park City Film Series

5/1 Egyptian Theatre Park City Follies

5/5 Peace House Annual Spring Luncheon

5/11 Summit Land Conservancy 2016 Breakfast

5/13-5/14 Egyptian YouTheatre presents Junie B. Jones

5/20-5/22 Egyptian Theatre presents Peter Yarrow

5/20-5/21 Heber Valley Horse Sale, Rodeo, and Tack Auction

5/26 Latino Art Festival

5/27 Park City Gallery Stroll

5/28 Wasatch 360 MTB race

Utah ranked No. 1 Best State for Business for 2015—the fifth year out of the last six

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

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From the Governor's Office of Economic Development: 

When you think of the nation’s greatest sports dynasties, you might think of the Boston Celtics, New York Yankees or Green Bay Packers. Now think “economic dynasty”—and Utah should come to mind. Forbes magazine once again ranked Utah as the No. 1 Best State for Business for 2015. This marks five out of the last six years in the top spot.

“We’ve enjoyed years of success but have also learned a very important lesson: it’s much harder to stay on top than it is to get there,” said Governor Gary R. Herbert. “It’s always exciting to earn top accolades, but it’s even more meaningful that this is our fifth win from Forbes. It means that all of our work to maintain a winning business environment is working. It means we’re continuously building a champion state.”

Utah has been ranked No. 1 for economic outlook every year since 2008. Everyone from the Washington Post and Fortune magazine to The New Yorker has been talking about Utah, trying to discover the Beehive State’s secret to success. Collaboration is one of the state’s not-so-secret strengths.

“Sports dynasties don’t happen because of one star player or a single miracle play,” said Val Hale, executive director of the Governor’s Office of Economic Development. “They happen because of focused strategy, tireless effort and—perhaps most importantly—teamwork. The same goes for Utah’s economy. This is the result of continued partnership between Utah’s greatest in business, government, education and our communities. Team Utah has built an incredible economic dynasty.”

The Forbes ranking comes just days after the U.S. Chamber of Commerce’s latest research titled “Enterprising States: States Innovate.” Utah took top marks in all six measured categories, including business climate and high-tech performance. The state won the No. 1 spot for innovation and entrepreneurship, garnering the label of “most fundamentally sound state” from the Chamber.

One point in the Chamber’s study is reminiscent of 2013—the one year in the past six—that Utah ranked a still noteworthy No. 3 rather than No. 1 with Forbes. One area for improvement in the “States Innovate” report is talent pipeline. Utah barely missed the top ten for the category taking the No. 11 spot.

Like any hall of fame team, Utah’s overall success lies in a proactive focus on the fundamentals: reduced regulation, spending within means and, when necessary, implementing “cross-training” and “conditioning” to perfect our economic play.

Just last month, an unprecedented collaboration between government, industry and education leaders produced the Utah Aerospace Pathways (UAP) program. The program is designed to place high school students on the fast-track for aerospace careers, landing them in high-paying jobs right after high school graduation. UAP serves as a pilot for similar education programs for other industries—such as the IT and software sector—along with incumbent worker training programs. Coupled with other endeavors such as the STEM Action Center’s grant programs and teacher trainings, all hands are on deck for tackling workforce development. The idea is to create sustainable economic development.

“Our job as part of Team Utah is to work with companies that are considering Utah for expansion, so we see the business site selection process regularly,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Receiving the Forbes Best State for Business ranking again in 2015, and for the fifth time in six years, confirms what we hear from companies every day: no one else does economic development like Utah. The model we have in this state, with industry support, local community participation and leadership from the Governor’s Office—it is uncommon and remarkable.”

Local Business Love: Exchange Etc...

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

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Exchange Etc...

1755 Bonanza Drive

435-649-3726

We're big fans of bobbles, belts, and boots. Exchange Etc...is an adorably curated consignment shop that ranges from sparkly flapper dresses to authentic cowgirl boots. Even the space is right out of dreams of LouLou de la Failaise's boudoir. Lounge about on velvet Roman couches whilst dangling some pearls on under a fabulous floppy hat.

Part vintage treasure chest, part hippy clothing swap, part costume closet...it's just pretty fun with a romantic flair. So, stop in, change up your personality, get inspired for a theme party, and find that dream pair of Chanel block heels you never thought you could afford.

We love the businesses that keep Park City colorful. Thanks, Exchange!

 

 

Salt Lake City Spring Market Update

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

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March 2016 active listings (inventory) was down 32% from March 2015; yet, pending sales are up 8% in Salt Lake City County. This trend of low inventory by high pendings has occurred consistently for the last year. Bottom line: demand for housing remains strong, and inventory remains constrained.

Utah county has slowed slightly as far as pendings and Davis County has the lowest number of listings. The county is down 45% in inventory when compared to the same time last year. Once again, Davis county has more pending deals than they do active inventory.

Weber County is showing the same signs of frantic buyer interest with inventory down 37% from March of last yet, but pending sales are up 9%.

Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015, with a 10% increase in median sales price this year.

Median price closed out at $255,000 in SLC county, which is up from January by almost 7%!  Pricing is skyrocketing in the affordable price range; for Wasatch front, anything under $500K is seeing rapid appreciation. Median price in SLC may reach over $260K for all unit types and could surpass $300K for single family homes. That's a ceiling we've never even gotten close to in Salt Lake City.

Remember it's a seasonal market and this is common.  If we remove the seasonality and just compare March 2015 to Feb 2016 median price is up 7%. This conveys that the market ceiling is really being challenged.  On one hand, there is nothing to buy because inventory is low; but, at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015.

Our take: The market will remain hot with more inventory coming to market over the next 90 days and likely will still see strong appreciation until inventory gets back to normal market levels.