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:

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Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.

        

 

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:

      

What the Future Indicates for Buyers

 Ever since interest rates decreased at the beginning of the pandemic, the real estate market throughout most of the country has heavily favored sellers. When interest rates decrease, more buyers enter the market to secure mortgage loans with low-interest rates. High buyer demand means that sellers oftentimes receive multiple bids.

The combination of low-interest rates, extremely quick sales, low inventory, and rapidly increasing price gains, has the housing market favoring sellers by a considerable amount. While this is still true today, market conditions may be set to change in the near future.

What the Future Indicates for Buyers

Over the past six months, interest rates have been steadily increasing. While rates averaged around 3.05% towards the end of 2021, they have since increased to an average of 5.10% as of May. Even though there are still a high number of potential buyers on the market, the higher interest rates have allowed the market to stabilize somewhat.

Keep in mind that home values rose by upwards of 20% over the course of 2021, which means that buying a home today may be somewhat more expensive than it was just one year ago. If you're set to buy a home, the housing market pivoting away from sellers is highly beneficial.

While home prices may have been lower one year ago, the increased buyer competition in the market made it difficult for many buyers to make bids that were high enough to satisfy the seller. Once demand decreases among buyers, a home inventory will increase, which means that you may find it easier to purchase a home without needing to make an offer that's far higher than the listing price.

In general, you should expect demand to still be relatively high and housing inventory to be relatively low. However, both of these metrics have improved in recent months, which means that the market shouldn't be as intense as it was in 2021. Home prices are also expected to rise this year but shouldn't come close to the 20% increase that occurred last year.

What the Future Indicates for Sellers
If you're looking to sell your home but worry that the market may not be favorable for doing so, the truth is that the housing market still favors sellers. The main difference is that there may not be a lengthy bidding war when you list your home on the market. However, sellers still hold ample amounts of negotiating power when an offer is made. If you want to make sure that your home is sold without delay, perform any necessary upgrades and repairs before placing your home on the market.

While it's unlikely that the housing market will shift completely to favoring buyers, it's looking increasingly likely that the market will be more balanced over the next year or so. A balanced and healthy market is great for buyers and sellers alike.

Paula Higman | Direct 435-602-8228 | paula@paulahigman.com

1153 Center Drive, G-200, Park City, Utah 84098 

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 

Connect With Us:

      

Luxury is Universal

 

When your home is marketed through international luxury websites and a global office network in 40 countries and territories, it attracts affluent buyers everywhere

• The Paula Higman Real Estate brand markets your home directly through 2,900 offices and 96,000 independent agents worldwide.
• Paula Higman Real Estate Global Luxury^® properties are syndicated to hundreds of websites, plus an additional 50+ international sites targeting high-net-worth consumers.
• Exclusive Paula Higman Real Estate luxury-focused websites have a language translator and cater to an international clientele.

Give your home a global audience.

Contact me today. +1 (435) 602-8228

         

 

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 in Park City. 

Contact Paula Higman Real Estate Park City at 435-602-8228 

Connect With Us:

      

UPDATED HOME VALUE

  HOME EVALUATION:

A few of months ago you inquired online as to the value of your home. I sent you a market value report for the property, but I have not gotten any feedback from you on it. Since so much time has passed, it’s very likely your valuation has changed. I’m happy to put together a new valuation based on today’s current market if that would be helpful. Just let me know. Thanks!

        

 

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:

      

Things That Will Lower A Home Values

 

Do you know some of the things that will decrease a home’s value? Considering that your home is probably one of (if not the) biggest investment you own, it only makes sense to do what you can to preserve its value.

But if you are like most homeowners, you may not be aware of everything that can lower your property’s value. Some are obvious; some are less so.

Many things that will lower a home’s value can be found in and around a property. It is important to understand how these factors can influence the long-term value of a home.

Sometimes buyers get so caught up in the excitement of a home’s interior appeal that they forget that the house is an investment as well. External factors can significantly influence a property’s value.

For this reason, it is essential to do due diligence in real estate. You not only want to know the history of a house but all of the surroundings and potential items that can influence the property value.

It’s too late when you conclude later on that you’ve bought a lemon nobody wants. Here are some things to consider when deciding how to select a neighborhood to live in. Understand what people want and don’t want!

For More Information Call or Text me today (435)-602-8228.