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June marks the beginning of summer in Park City. With the opening of summer resort operations, visitors and locals can make the most of world class downhill biking, chairlift hiking, rides and mini golf at the bases. With our award-winning trail system, blue bird weather, and championship golf options, we are truly an all-season community. Not-to-miss events include the mouth-watering Savor the Summit dinner, when Park City restaurants come together to line Main Street with tables for an evening of communal fine dining that draws the whole town. Also, be sure to get your Oakley Rodeo tickets--one of our favorite events of the year.
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MARKET UPDATE : MILLENNIALS
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It's official - Millennials, those born post 1980 through the early 2000s, have surpassed the baby boomers as the largest living generation. According to a recent PEW report, there are 75.4 million millennials which has exceeded the 74.9 million baby boomers. Why is this important to the current real estate market?
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Millennials make up
42% of all homebuyers and
56% of America's first-time homebuyers
Millennials are now moving out of their parent's homes and forming their own households. "Millennials are showing especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time homebuyers," said Doug Duncan, senior vice president and chief economist at
Fannie Mae. This strong sense of financial gain and confidence in the real estate market bode well for the continuing trend of millennials settling down and purchasing homes.
- Millennials are the most enthusiastic generation about the real estate marketRecent studies show that millennials are optimistic about the real estate market as a whole and would rather invest in real estate over stocks and bonds. Many millennials experienced, first hand, the greatest economic downturn since the Great Depression. During that downturn, numerous millennials graduated from college and entered the job market, at that time finding a job proved to be exceedingly difficult. Although it is common knowledge that the housing bubble contributed to the decline of the stock market in the late two thousands, many millennials are turning to real estate investment as the damaging effects of the stock market seem to have stuck in their minds. They believe real estate to be a more profitable investment.
- Millennials expressed a sense of urgency to buy homes before mortgage rates rise
One in five millennials are concerned about mortgage rates and express a desire to buy a home before rates increase. 68% of prospective millennial homeowners say they feel a sense of urgency to buy a home now that interest rates may rise. Overall, they recognize the benefits of entering the market now vs. waiting and watching.
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MARKET SPOTLIGHT : GOLF COMMUNITY SALES
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Summit and Wasatch counties are popular amongst golfers, and the number of vacant land and single family home sales in our golf communities gives strong evidence of this trend. With over 300 sales in the past twelve months in Glenwild, Promontory, Hideout, Tuhaye, Red Ledges, and Victory Ranch, buyer demand remains strong and will likely continue, especially during the summer months. With a wide array of price points, new build options, and ample community amenities, it's no wonder that many second home buyers are investing in these neighborhoods.
With courses now open, make the most of our local golf options and explore your living options in these highly sought after micro-market areas. Reach out for more information on our local golf communities.
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WHAT IS YOUR PARK CITY
HOME WORTH?
Find out today, in just a couple clicks,
with no obligations.
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PINEBROOK, JEREMY RANCH & SUMMIT PARK
Nestled beneath the beautiful slopes of the Wasatch range and just minutes away from Park City's Main Street and Salt Lake, the communities of Pinebrook, Jeremy Ranch, and Summit Park offer perfect single family home and condominium options for commuters and outdoor enthusiasts.
With out-the-door access to Flying Dog and other legendary Park City trail systems, these communities offer some of the best recreation in the area. As for amenities, Pinebrook is home to numerous restaurants, yoga studios, and grocery stores, which create a strong sense of community among these adjacent neighborhoods. Jeremy Ranch also offers golf via its private club and manicured full course.
In terms of real estate: Jeremy Ranch is known for spacious single family homes that are bathed in sunlight and feature dramatic views. Pinebrook consists of a wide array of entry, custom and luxury home options that make this neighborhood popular among Millennials. Just up Parley's hill from Pinebrook, Summit Park offers secluded homes encompassed by mountain wilderness and numerous trail systems that award adventurers with stunning views of the Salt Lake Valley.
For anyone looking to be within easy driving distance from Salt Lake and all the recreational options Park City has to offer, be sure to look at Pinebrook, Jeremy Ranch, and Summit Park real estate.
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"I thought I would take a moment to send you a quick note of appreciation for all you have done for me the last 4 years representing my property sales in Deer Valley. The real estate market was sometimes tough over that time but you and your team always knew how to keep my home In Deer Crest and my condominium In the St Regis Deer Valley very marketable. The fact that I received very near my asking price for each of those properties bears that out. Thank you for your professionalism, for always placing me first in all our dealings and especially treating me as much a friend as a client."
Robert and Margaret Franco
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IF YOUR SUMMER DREAMS INCLUDE ITALY...
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In
Pre-Roman, historic San Gemini, listed as one of Italy's most beautiful villages, the dominant residence is "PALAZZO SANTI TERZI".
This luxurious, 13,531 SF private estate, with its lovingly renovated structures in the heart of the village, features two dominant towers surrounded by hanging gardens and stately trees, stone terraces and pools, and breathtaking views of hillsides drenched in warm sunlight. Only one and one-half hour from Rome's Fiumicino and Ciampimo Airports, San Gemini is a few km away from Spoleto, Todi, Orvieto and Perugia, with Assisi a bit more than an hour. Currently operated as an accommodation business and private residence, Palazzo Santi Terzi is the ultimate dream property in southern Umbria.
13,531 square feet * 27 rooms * 16 Bedrooms * 15 Bathrooms
PRIVATE PARKING * HEATED POOL
2,950,000. € | $3,288,800
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