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As Summer Changes To Fall More Sellers Are Becoming Landlords

  The Park City housing market is still lively, but perhaps there are some changes occurring, as the season changes. That's the word from the President of the Park City Board of Realtors.

In his regular report to KPCW, Todd Anderson said that sellers are making some decisions as the summer blends into fall.

"Starting to see maybe a few more price reductions as people who maybe had an aspirational price starting the summer decided its time to move that. Seeing a few things maybe move from the for-sale market into the rental market as we move toward Winter.” Anderson explains, “It’s one of the things that keeps our prices where they are oftentimes. People can look and say, I can’t rent it and hold onto it, I don’t have to sell. We get to see that a lot in our marketplace. A lot of these owners will sell if it works out for them but if they don’t they’ll look and say I’ll put a renter in it and I’ll be just fine with it or I’ll just keep using it.”

We asked Anderson if prices are up to the same level as 2007, right before the crash.

"It still depends a little on where.” Anderson continued, “There are still some of the resort properties that aren’t quite back to that number in its smaller pockets. As we look at the single family, primary residence, those prices are definitely far above the prices that we saw before the downturn.”

He said sales may be down, but what's occurring instead are new-built houses, reserved for sale before they're even constructed.

"Most of the new product that we’ve seen especially down at the Canyons Village area.” Anderson said, “That area has full reservations before they’re going to contract. We’re just now seeing things change over from that reservation process into ok we’ve got an actual contract on it and it’s long before its ever built. I think that’s having an impact on some of the sales that we might see on the physical product that’s already built slowing down a little.”

Andersons added that the small units at the Canyons, called "yotels" are also attracting interest.

"We’re seeing a couple more products coming to line in there that will again take up potential buyers and move them into that new product that might not be ready for another two-years.” Anderson says there is interest in these yotels that are about 600 feet with murphy beds priced around $300,000 “They showed great interest right from the start and I think that as we get through the process out there you’ll likely see them at better than 80% sold through before they ever put a shovel into the ground. Which will happen very quickly. They’re very close to ski-in-ski-out. I think you’ll see that area expand into some of their lifts and some of their access capabilities to make that better for all of the product that’s over there.”

On a related topic, he said the Board of Realtors isn't taking a position on the city's proposed $48 million bond for Treasure Hill and the Snow Ranch Pastures. He said their position is to get informed on the issue.

"Be educated and listen, read, dig around and come with your own opinion, but be educated about it.”

Park City Board of Realtors President Todd Anderson. He also said they have hired a new executive director, Jamie Hoppe. Anderson says Hoppe is from Nashville previously.

Known for getting all the facts right, as well as his distinctive sign-off, Rick covered Summit County meetings and issues for 35 years on KPCW. He now heads the Friday Film Review team.
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