Thursday, April 20, 2023

Homestake development,

 




The planning commission already approved the Homestake development, which will create over 120 housing units in what ‘s now a parking lot behind the Kimball Arts Center and Boneyard Saloon. Homestake is a public-private partnership under which the developer is building on city land.

The commission was tasked last week with approving the development agreement so the project can proceed. But, several commissioners hesitated after getting new information about the Rocky Mountain Power substation next to the property.

The substation has come up in conversation throughout the project’s vetting by the city, particularly looking at electric and magnetic fields, or EMFs, that future residents could be exposed to.

A professional review of EMFs at the site found the readings to be “far below what is widely considered as harmful levels.”

However, a potential future voltage increase there has raised fresh concerns. Dave Gustafson, a project manager with the city’s engineering department, told the city council in February that the number of volts put through Rocky Mountain Power’s site could triple in the future.

“The approval was prior to that information," Frontero said at last week's meeting. "When that information was made available to me, I had some concerns.”

Commissioner Bill Johnson commended the developer, J. Fisher Companies, for researching the topic, but added that he was still uncomfortable.

“So while I don’t love it, they did a great job putting together a backup documentation that covers us somewhat," Johnson said. "I don’t like it, I don’t think it’s safe.”

Commissioner John Kenworthy said that in December, chair Laura Suesser refused to sign the final action letter on the project. That’s unusual; chairs sign such letters as a matter of procedure.

This week, Suesser recused herself from Wednesday’s discussion and did not respond to requests for comment.

The final action letter included in the development agreement is signed by chair pro tem Sarah Hall, who is second in command.

Hall didn’t express concerns about increased voltage when Kenworthy asked her about it at the most recent meeting.

“You don’t find any issue with the fact that we weren’t presented with the increase in the voltage?” Kenworthy asked. 

“Correct,” Hall replied.

Park City Municipal directed questions about the substation to Rocky Mountain Power. A spokesman for Rocky Mountain Power could not confirm that any voltage increase was going to happen at the Park City grid.

Commissioners said increased voltage could prompt more mitigation efforts by the developer, which could look like increased setbacks or infrastructure to serve as a buffer.

A majority of planning commissioners voted to delay a decision on the development until April, in order to do more research on EMFs. Hall and commissioner Christine Van Dine voted against the delay.




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 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.


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Tuesday, April 18, 2023

Are home sellers going on strike?

 

The U.S. housing market has entered into its peak annual spring season where buyers and sellers alike get serious about their moves. 

Only this year there's something off: Not a lot of homes are going up for sale.


According to Realtor.com (see chart below), only 349,284 U.S. homes were listed for sale in March 2023. That's below the 437,270 listed in March 2022—a period that was infamous for its tight supply—and far below the 478,100 listed in March 2019.

What's going on? 

See, if someone was eager to sell their home right now in search of a new property, they'd likely be exchanging their 2% or 3% mortgage rate—one of the biggest financial perks of the pandemic—in for a 6% mortgage rate. The idea of getting a substantially larger monthly mortgage payment has a lot of would-be buyers opting to stay put. Cue fewer homes coming onto the market.

To better understand the nuances of the spring 2023 market, let's take a closer look at the latest data.

View this interactive chart on Fortune.com

That said, this pullback in new listings isn't just felt on the supply side—it's also delivering a hit to the demand side. See, if a particular homeowner decides to hold off on trading up properties, it means there is one fewer home going on the market and one fewer buyer hitting the market.

The best way to describe the housing market over the past year is a fight between tight supply and deteriorated affordability.

So do buyers or sellers have the upper hand?

Unlike the new listing total (i.e. the number of homes going on the market in a given month), the active listing total (i.e. total inventory on the market) is a better indicator for the balance in a market at any given time.

At first glance, it might be easy to assume that active listings/inventory (see chart below) is simply a measurement of supply, however, it's also very much a measurement of demand. See, if buyers pull back, and homes sit on the market longer, that can increase inventory levels (currently up 59.9% on a year-over-year basis) even if new listings (currently down 20.1% on a year-over-year basis) decline.

What's active listings/inventory telling us right now? The fact that active listings/inventory continued to decline through March suggests that sellers are once again gaining power over buyers. At least relative to the second half of 2022, when inventory was on a somewhat speedy uptick (more on that below).

View this interactive chart on Fortune.com

While buyers have seen an increase in power relative to the frenzied spring 2022 market, it doesn't mean we've shifted into a buyers' market. One of the reasons is, after all, this inventory jump hasn't taken us back to a balanced market.

In fact, we're far below pre-pandemic inventory levels: The 562,565 active listings on Realtor.com in March 2023 were 49.5% below the 1.1 million active listings in March 2019.

View this interactive chart on Fortune.com

In theory, a market with inventory above pre-pandemic levels has seen the power dynamic shift dramatically in buyers' favor. Markets with inventory levels far below pre-pandemic levels, on the other hand, have seen less of a dramatic shift.

The searchable chart below provides active listings/inventory data for the nation's 400 largest housing markets.

View this interactive chart on Fortune.com

Among the country's 400 largest housing markets, just 14 are back to pre-pandemic (i.e., 2019) inventory levels. That includes overheated markets like Idaho Falls and Logan, Utah. Meanwhile, 386 major markets are still below 2019 inventory levels.














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.

 

Insure 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 For a property tour and more information about Heber City and the surrounding areas.



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Tuesday, April 11, 2023

Guide To Jordanelle Reservoir Area | Homes & Land For Sale | Paula Higman Real Estate

 



Jordanelle Reservoir —Elevation 6,166 feet

Jordanelle State Park is a beautiful reservoir only minutes from Park City. Filled primarily by the Provo River, Jordanelle recreational areas provide everything you may need for your day at the lake: an 8-lane boat ramp, personal watercraft ramp, dry storage, a marina store, and more. Jordanelle is big enough for some fast-paced boat excursions, while calming enough for a relaxing ride of bird watching. Jordanelle is one of the most beautiful areas nestled to the north of Heber Valley and the entrance fees are as little as $10 for a day pass, depending on the recreational area! This lake is one of the few locations in Utah that has real estate for sale surrounding the lake on all sides just outside of Park City, Utah. 



Deer Creek Reservoir —Elevation 5,400 feet

Though farther south, Deer Creek is a fun place for boating with its incredible views of Mount Timpanogos. Deer Creek is the main feature of the Provo River and is a common place for water activities; on a given day, one can see boating, water skiing, tubing, sailing, or windsurfing. And, with picnic areas, campsites, and pavilions, your boating day doesn’t need to end once you leave the water! It’s a popular spot for exciting activities with young families or groups, as well as a beautiful sunset location for a romantic dinner at the restaurant right on the lake. Summer day rates start at $15/vehicle on weekdays. Located within the Heber City Valley on the way to Provo. 




Rockport Reservoir —Elevation 6,000 feet

Rockport State Park is the perfect location for swimming, boating, water skiing, and even fishing! On the east side of the reservoir, the launch ramp is the best place to launch your boat. However, there are activities on all sides of the lake, from camping facilities to a 3D archery range to year-round fishing (anyone for winter ice fishing?. Rockport has a wide range of boat and toy rentals for your day at the lake. Additionally, Rockport is home to a great variety of wildlife, including deer, jackrabbits, marmots, raccoons, weasels, foxes, cottontails, and more! Daily entrance fees start at $15.


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 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.


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Thursday, April 6, 2023

Structures collapse at multiple residences due to heavy snow and Ice

 According to a statement from the Park City Fire District, a garage collapsed on Gorgoza Drive, and a chimney collapsed on Norfolk Avenue.

No injuries were reported at either location. The PCFD is encouraging residents to look around their homes for snow and ice buildup.



“Please be aware of roof avalanches. Don’t take chances, keep your home and surroundings safe by clearing away the snow and ice accumulation,” said Chief Pete Emery with the PCFD.




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 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.

 

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Wednesday, March 29, 2023

House Hunting with Pets

 House Hunting with Pets


Nearly 68% of U.S. households own pets. Pets share our living spaces and sometimes run our lives more than we’d like to admit, so there is a lot to consider when shopping for a new home that you will share with your furry/scaly/feathery friend. Here are some tips for house hunting with a pet in mind.

Inform Your Agent
The first thing you need to do is inform your real estate agent about your pet and what home features are important for your specific pet. That way your agent can inform you of any local ordinances or restrictions, and they can help filter your home search to properties and neighborhoods that are pet friendly.


If you have a pet that enjoys the outdoors, you should pay close attention to several home and neighborhood features when looking at homes.

  • Yard - Does the yard size give your pet enough room to roam? Do you have easy access to the yard, i.e., will it be easy to let your pets in and out? If the home has a pool, it should come with a gate or cover. Is there any vegetation that would be harmful to your pet? How are the sightlines - can you see your yard from your kitchen or living room?
  • Fencing - Does the yard have a fence? How high is it (for jumpers)? How private is it (for barkers)? Do the gates properly latch? If there is no fence, how much would it cost for you to install one for that lot size?
  • Neighborhood - Are there any busy roads nearby? Are the streets well-lit? Are there sidewalks, parks, or other suitable walking areas nearby? If your dog gets loose or your cat likes to prowl at night, will it be safe?
Check the Rules and Guidelines
If you intend to search for a home in a neighborhood that's managed by an HOA, you should identify what guidelines they have in regard to pets. It's possible that there will be a limit on the size or number of pets that can be in one household.

When rules are in place, violations can result in substantial fines, which is why it's best that you find out this information before making an offer. Many communities are pet friendly and include on-site services that are beneficial for pets.

Consider Interior Features
The interior of the home you're interested in should also be considered. For instance, does the house have a bay window or large window ledges where a cat can sit? Does the bathroom have a shower or tub that will accommodate pets for baths/grooming? As for flooring, carpets will stain easily and attract pet dander and fur. Hardwood and tile floors are preferable.

Numerous factors will play a role in your final decision when searching for the right home. As long as you inform your realtor and make sure that the neighborhood doesn't have restrictive rules against pets, you should be able to find a home that your pets love.







Tuesday, March 28, 2023

Mountain Living Redefined in Herriman Utah


This could be your perfect home.



 Herriman, Utah in my opinion, is poised to become one of Salt Lake Counties' most desirable and well-thought-out communities! I love to show buyers' properties in Herriman and now some of the road construction projects are completed with access to and from Herriman has improved to a mild commute to downtown Salt Lake. Draper, Sandy, and South Jordan are easy commutes. Herriman is in close proximity to Southbound I15 into Utah Co. 

Homes and subdivisions in Herriman are well thought out and the small acreage neighborhood parks are fabulous ideas and make a great match for the trail system Herriman as put into place. The City has a small-town feel that has attracted many young families. Great sporting and youth programs, and even a community man-made lake and beach

As a GLOBAL LUXURY REALTOR in Salt Lake County, I appreciate the value I have found in single-family homes for sale. New construction with upgrades included can be found in Herriman for 75 sq. ft and even less for not-so-new. 3 car garage and a rolling landscape seem to be the norm. Great open spaces with many homes backing parks or green areas. As Herriman's new construction and landscapes mature, Herriman will blossom. 

I believe Real Estate in Herriman will soon compare to Homes in Draper as the city of choice for many buyers. Contact me for an Updated list of Herriman fabulous properties including luxury Real Estate, Executive homes, horse properties, large acreage, townhomes, and condos located near great shopping districts. Herriman has it all!. If you are a homeowner in Herriman, contact us about selling your home

We find buyers and love what Herriman has to offer our clients!



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 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.

 

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Monday, March 27, 2023

How to Prepare for Spring Selling Season

 How to Prepare for Spring Selling Season


Spring is believed to be the busiest season of the year in the real estate market. For sellers, listing in the spring provides an opportunity to take advantage of the notable increase in buyer demand. As for buyers, there's much more inventory to select from in the spring. Here are a few tips on how to prepare for the spring selling season.




How to Prepare as a Buyer

Once the spring season rolls around, you'll discover that there are more homes to choose from, which increases your chances of finding your dream home. However, the competition among other buyers will also be stronger, which is why preparation is necessary. First things first, find out how much you can afford and get pre-approved. Your lender can run the numbers and help you determine what you can afford. Don’t have a lender? Ask your real estate agent for a referral. Having a pre-approval letter ready when you start looking for homes means you are prepared to make an offer when you find the right home.

Next up, figure out your requirements. Before the spring season arrives, research local neighborhoods, schools, and amenities to determine your areas of interest. Then make your wish list. Start browsing homes online, and pay attention to the details, so you can make a list of all the features you do and don’t like. By narrowing your search early on, you'll have a better idea of what you’re looking for, and you can avoid wasting time and energy visiting properties that don’t meet your needs.

How to Prepare as a Seller

If you've decided to sell your home, your main goal when preparing for the spring season is to get everything ready for the listing and home-selling process.

First up, price it right. You should work with a me to discuss your selling timeline and determine the right price for your home so that your home doesn’t sit on the market too long or sell for too little.

You should also have your home professionally photographed to attract more buyers to the listing. Make sure it’s clean and tidy before those photos are taken. Nothing is more unappealing to buyers than a cluttered and messy property. Cleaning and decluttering your home now will prepare you for showings later. Minimizing the number of photos, toys, and other personal items in your home also makes it easier for buyers to envision themselves living there.

Consider cleaning the exterior as well. Your home's exterior is the main source of its curb appeal. You can boost your home's curb appeal by planting flowers, trimming shrubs, and removing leaves and debris.

How to Prepare if You're on the Fence

If you're on the fence about buying or selling a home, you should conduct ample research before the spring selling season arrives. Even though spring is a busy season, it's not the only time of the year when you can buy or sell a home. Consider your financial situation and think more about what you want in the near future. Reach out and we can talk about what makes the most sense for your situation.

Once the temperatures warm up and the scenery becomes more picturesque, the real estate market also begins to heat up. Whether you want to buy/sell or are currently on the fence, preparing for the selling season now should help you avoid feeling rushed when it gets here.







Thursday, March 16, 2023

The Trend Report 2022

 

The Trend Report 2022






The Trend Report curates insights from our exclusive Coldwell Banker Global Luxury/Censuswide survey, the Institute for Luxury Home Marketing, Wealth-X, and outside experts to spotlight the major trends guiding the luxury real estate market now and in the future.


What’s inside:

  • Market in Perspective – with Michael Altneu, Vice President of Global Luxury, Coldwell Banker Real Estate LLC
  • An Unconventional Buyer’s Market – with M. Ryan Gorman, Chief Operating Officer, Coldwell Banker Real Estate LLC
  • Smaller Footprints – with Liz Gehringer, President of Affiliate Business, Coldwell Banker Real Estate LLC
  • Reconsidering Relocations – with Diane Hartley, President of the Institute for Luxury Home Marketing
  • Searching for Stability – with David Marine, Chief Marketing Officer, Coldwell Banker Real Estate LLC
  • Moving Beyond Borders – with Ashley Dembowski, SVP Growth & Affiliate Services, Coldwell Banker Real Estate LLC
  • Creative Financing – with Shant Banosian, Executive Vice President, Guaranteed Rate
  • Future in Perspective









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