Mayflower Development Update - Park City, UT

 

Mayflower Development Update   The MWR Conference hotel has officially started as the general contractor, Jacobsen Construction, and the pile-lagging and soil-nail wall subcontractor have mobilized and started work. The CMA has been executed and three initial trades contracted; soil-nail, the balance of the excavation, and SWPPP. The footings and foundations scoping are complete and the contract award is scheduled prior to the month’s end. The balance of the GMP’s subtrades’ has been revived and re-bidding is in process. The building permit is complete and impacts fee payment released by July 5th. A groundbreaking ceremony was held in mid-June.  Ski Improvements and Associated Services   The connector lift, Lift #3, into Sultan’s Nose base terminal pad was excavated and graded to finish elevation. Ski beach grading and drainage is 35% complete and will be finished by the Fall of 2021. Planning for ski operations continues with a focus on snowmaking engineering and system design as well as skier services programming. Scoping and contractor selection for primary mountain access roads in the process.  2021 key summer initiatives follow: •  Snowmaking •  RFP Skier Service programming •  Lift amended RFP •  Mountain access initiation and roads construction Infrastructure Improvements   Substantial progress on-site work and civil infrastructure:  Water, sewer, storm drainage, and retaining walls are completed in Mayflower Drive and Glencoe Way. In addition, these roads are paved to the southern construction entrance which is roughly 4,000 LF and over 7,000 tons of asphalt.    Five-Star Hotel entry has permitted a borrow-pit and the emergency vehicle access (EVA) road under construction with completion scheduled for the first week of August. Water Tank #2 pad and pumphouse clearing complete and contractor contracted with construction starting mid-July.   Galena Ridge Way and Ski Beach Way roads graded; water is 25% complete and sewer 100% complete, and storm drain pending.    Non-Culinary Water. JSSD’s bids came back high, re-bid will occur in the Fall of 2021 ensuring ample time to complete improvements prior to required delivery. North Frontage Road. Engineering and plan sets are complete and under final review. A bid package was issued with responses pending, construction starting on the north end will begin mid.   Temporary Construction Parking. Engineering was enacted and permits pulled for over 200 temporary parking spaces adjacent to Lot 13. Construction; stormwater, drainage, grading, and asphalt, will be completed by June 25th.   Portals, North and South. UDOT continuing to make progress. They are tracking for a late fall of 2021 completion.   Voluntary Cleanup. The environmental contractor reinitiated work in May and is on track to complete VCP Phase 1, development parcels, by the Fall of 2021. Star and Glencoe mine remediation action plan in the process.

Pioche Apartments. Buildings A, B, and D have footings complete and foundations in process. Building A has the first floor’s post-tension slab poured and second-floor formation in the process. Building C excavation encountered rock and blasting will occur. The site subsurface infiltration system build-out continues and is 55% complete. The GMP buy-out with the general contractor, New Star Construction, is complete and on budget; equity and bank loan in place with leasehold interest closed.    Pioche Proper. Pioche’s estate lots and townhomes are progressing. Engineered infrastructure permit set as well as initial plat remitted to an agency for review. Binding REPSA executed.  Tax Allocation Revenue (TAR) Bonds. In early June, the MIDA board unanimously approved the procurement and issuance of TAR bonds. A public release and offering is anticipated mid-August.  Architectural Designs. 4240 Architecture has been re-engaged on the Skier Hotel, skier services and village core. An RFP was issued for the Select Service.    East Overlook. East Overlook, utility parcel, engineering is in process with key partners, e.g. JSSD, RMP, and Dominion, as numerous system impact studies complete.    Skier bridges. Engineering contracted and pending approved subdivision plans.             Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction. Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.   Ensure that you have the best representation when buying and/or selling Contact Paula Higman Real Estate Park City at 435-602-8228  Connect With Us:

JUST LISTED | Silver Star Development- Steps to the Silver Star lift

 Silver Star - Amazing location - Steps to the Silver Star lift

2 Bedroom 3 Bathroom | Offered at $2,150,000.00

Imagine having all of these amenities just steps away! Ski Lift that takes you to 7,300 acres and 330+ trails, 18 holes public golf course that everyone is sure to love, endless trails for hiking and biking, spectacular views, and Silver Star Café - an award-winning restaurant in Park City, Utah with great food, service, and live music!

This well-appointed single-level Silver Star is Turn-key ready. Designer touches throughout, open living spaces, dining room, and gourmet kitchen have all of the comforts of home. Two bedrooms all en-suite. Two incredible decks take to advantage of different view corridors - perfect for morning coffee or apres ski. Enjoy the private, eight-person hot tub after a long day on the mountain. There is also an amazing community pool, fitness center, and Silver Star shuttle that take you to Historic Park City, Main Street - home to over 200 unique businesses and the trailhead to your mountain town adventure. Visitors can shop among over 100 independent boutiques, dine at 50 one-of-a-kind restaurants, relax at a restorative spa, ride the town lift to play in the mountains, stay in style within a short walk of everything, revel in our spirited nightlife, discover something to treasure from our lively art community, connect with me I am someone who can help you start a life in Park City, or meet within the heart of a mountain town.

           

 

Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.

Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.

 

Connect With Us:

      

The Cost of Selling a Home

 Perhaps you've seen the signs in front of some homes: "For Sale by Owner." The assumption for most of us is that this seller has decided to avoid paying agent fees and is hoping to pocket those fees. Is this a good idea though?

Agents' fees are just one of the many costs of selling a home. Let's take a look at these and other costs you're likely to encounter when you sell your home.

1. Real estate agent's fees.
   Real estate agents usually charge 5-6 percent of the home purchase price. (Be sure to ask potential agents about the commission fee. Agree on terms in writing.)  Seller's agents are likely to split commissions with buyer's agents, who usually don't charge clients.
   
   If you're thinking about trying to sell your home yourself, be mindful of all the things you'll have to do and all the costs involved: marketing and signs, photography, hosting an open house, and legal representation for paperwork. There's also the real estate agent's extensive knowledge that helps them negotiate the best price. Are you up for all that? Having a real estate agent also opens you up to a wider pool of potential buyers by listing your home on the MLS (multiple listing services). 
   
   
2. Property taxes.
   Sellers owe a prorated share of property taxes. That figure could run from zero to several thousand dollars, depending on the due date of the taxes. You might also face a capital gains tax, depending on how much profit you make for your home. 
   
   
3. Mortgage payoff.
   You'll have to pay off your mortgage but count on the payoff amount is different from the balance due listed on the last mortgage statement because of interest charges. 
   
   
4. Title policy for a new homeowner.
   The seller sometimes pays for a new homeowner's title policy at an average cost of $1000. Also, if a title search reveals a lien on a home, that lien should be settled before you can sell the home. 
   
   
5. Home repairs.
   You may have to shoulder the costs of major home repairs to make the sale go through. Otherwise, you might have to discount the sale price. Another option for an older home is a home warranty, priced from $300-600 for a one-year warranty. This would cover most of the repair costs if something major breaks down after the sale.
   
   
6. Moving costs.
   Even if you pack up your home yourself, there are still costs for materials and movers. The cost of moving will vary, but count to pay on average $1250 for a local move and $4890 for a long-distance move.
   
   
7. Home staging.
   Let's say your home doesn't sell as quickly as you'd hoped. You may want to enlist the services of a professional home stager. These pros will come into your home, assess its best selling points, and advise you or else do the work themselves to present your home to its best advantage. The home stagers will not only rearrange furniture and change the interior but may rent furniture. Costs could be from $500 to $2000.
   
   
8. Miscellaneous buyers' costs.
   While buyers customarily pay for mortgage fees, appraisal expenses, and home inspections, the seller sometimes offers to pay some of these closing costs to seal the deal. This could add up to about 2-5 percent of the selling price.

It's helpful when selling your home to make a list or a spreadsheet of all possible costs you're likely to incur to avoid surprises during the selling process. A good real estate agent will also make the selling process a lot smoother.

        

 

Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.

Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.

 

Ensure that you have the best representation when buying and/or selling Contact Paula Higman Real Estate Park City at 435-602-8228 

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OPPORTUNITY ZONES--- DO YOU KNOW WHAT IT IS?

 Targeted Growth Through Collaboration

Stimulating growth in economically-disadvantaged communities is a provocative aspiration — one that requires collaboration and support from the foremost experts in community development. 

The Federal Opportunity Zones Program is an innovative reinvestment system established through the Tax Cuts and Jobs Act of 2017. Through temporarily deferring taxes on capital gains reinvested into designated Opportunity Funds, researchers estimate that the program may infuse rural and underserved markets with an estimated 6.1 trillion dollars.

Opportunity Zones were drawn from low-income census tracts with poverty rates of at least 20 percent and median family incomes of no greater than 80 percent of the area median income.

The governor of each state nominated up to a quarter of their low-income census tracts to be certified by the U.S. Department of the Treasury as Opportunity Zones.

Additionally, governors were given dispensation to nominate up to five percent of moderate-income tracts that are adjacent to qualifying low-income tracts to be designated as Opportunity Zones.

Opportunity Funds invest at least 90 percent of their capital in qualifying assets in Opportunity Zones. Investors who reinvest their realized capital gains into qualified Opportunity Funds receive the following benefits:

• A temporary tax deferral;
• A permanent exclusion from taxable income of capital gains from the sale or exchange of gains accrued from an investment in an Opportunity Fund; and
• A step-up in basis for capital gains, such that the basis of the original investment is increased by 10 percent if the investment in the opportunity zone fund is held for at least five years, and by an additional five percent if held for at least seven years. Therefore, those with assets invested for at least seven years will have 15 percent of their original gain excluded from taxation.

Real Estate

Opportunity Funds can invest in real estate projects, provided they build new construction or “significantly improve” existing structures.

Businesses

Opportunity Funds can also invest in businesses that perform the majority of their operating activities in Opportunity Zones.

Business Owners and Developers

Local employers have a new source of equity capital to access when looking to fund projects or expansions.

Investors with Capital Gains

Individuals and corporations benefit from deferring and reducing their capital gains tax liability.  

If you would like more information call or text me today.

435-602-8228