This last week of February has certainly felt like spring is just around the corner. Temperatures have been in the mid forties and grass is beginning to show on the more exposed areas of town. However, I have lived here long enough to know that the snow is not done. March tends to be a very snowy month, intermixed with warm sunny days. A perfect combination for great skiing.
Thoughts on the real estate market… These are very interesting times as prices are low, inventory is up and seller’s are looking to sell. One would think with these combinations that sales would be strong as buyers would take advantage of their strong position. However, just the opposite seems to be true in that everyone seems to be waiting. I definitely understand that there is a lot on uncertainty and nervousness, but there may never be a better opportunity to make money in resort real estate than there is right now. Interest rates are extremely low but everyone I speak to expects interest rates to start creeping up this summer. While the timing of this buyers market is certainly not the best for some buyers, for others it may present an opportunity that we may not see again for many years.
If nothing else, come and take advantage of great skiing with few crowds. Unheard of during the ski season, several Park City restaurants are offering two-for-one coupons for dinner and lodging companies are offering deals on accommodations. These are normally only found during the off months of May through October. And remember that you can ski free the day you arrive. Go to my website for details. http://www.dennishanlon.com/.
While I would refer to this as an average snow season, we still have a base of nearly 100 inches, most resorts in the country would refer to a season like we are having as epic. So come out, take advantage of the many deals that are being offered in town, and enjoy spring skiing at its finest.
Thursday, February 26, 2009
Thursday, February 19, 2009
Presidents Week in Deer Valley
We are in the middle of Presidents Week in Deer Valley. And while busy, it feels a little slower than normal. Some of this may be attributed to the stormy weather that we have been receiving. We have received between 3-4 feet of snow since Saturday with a couple of sunny day breaks in between. Skiing is incredible. I went out both yesterday and today and when I came back yesterday I announced that it was “the best day of the year”. However, I was wrong. Today is the best day of the year. We woke up yesterday morning to a foot of new snow and then received another foot during the day yesterday and this morning. Some of the resorts here in the Wasatch received over 2 feet of snow yesterday for a storm total of over 3 feet. With 2-3 feet of new snow over the last 48 hours, you can only imagine what the skiing is like. The powder was knee deep here at Deer Valley today and as I classify it, “soft on soft”. What I mean by this is when new snow falls over freshly fallen snow you do not feet the harder snow down deep. All you are skiing on is soft, creamy powder.
As is expected, inquiries into real estate have picked up this week. But not as much as in past years. Buyers are here and they are looking. But no one seems to be in any hurry. Everyone is hoping that the efforts of our new President and government will install some confidence that things will turn around in the near future. Time will tell. In the meantime, come out and ski and enjoy an incredible time here in Park City. The long range forecast is for regular storms through the middle of March.
As is expected, inquiries into real estate have picked up this week. But not as much as in past years. Buyers are here and they are looking. But no one seems to be in any hurry. Everyone is hoping that the efforts of our new President and government will install some confidence that things will turn around in the near future. Time will tell. In the meantime, come out and ski and enjoy an incredible time here in Park City. The long range forecast is for regular storms through the middle of March.
Friday, February 13, 2009
Presidents Week
Today is the start of the Presidents Week holiday. Here in Park City this means the town is full of skiers and visitors. Fortunately, we have been receiving snow about every other day and ski conditions are about a good as they get. Everyone is going to have a fabulous weekend.
In real estate news, we are definitely in a “buyer” market”. This translates to some exceptional opportunities for buyers to obtain a ski property at prices that we may not see again. I read a very interesting article on a buyers market and wanted to share with you some of the thoughts.
“A buyer’s market should be just that--a buyer’s market. It’s not a fence sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot shuffling market. It’s a buyers market. By its very name it means buyers should be doing one thing and one thing only--buying. So where are the buyers and why aren’t they buying?”
“The great irony of a buyer’s market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually it feels like the only thing they are buying.”
“Their reluctance is ironic since not so long ago buyers were incredibly excited about buying--and it was a seller’s market. Prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying, even though the advantage was all to the seller.”
While there is no ringing bells or flashing lights to signal when we have reached the bottom of the market, what we can say with a high degree of confidence, is that in the not to distant future buyers will be looking back to this year and asking themselves why didn’t they buy in ‘09?
While we are having what, for Utah, is an average snow year, the skiing is terrific. Most resorts would classify the snowfall that we have received this year, and our conditions, as exceptional. Come out and visit and find out what skiing Utah is all about. And let me take you on a ski tour of our local resorts.
In real estate news, we are definitely in a “buyer” market”. This translates to some exceptional opportunities for buyers to obtain a ski property at prices that we may not see again. I read a very interesting article on a buyers market and wanted to share with you some of the thoughts.
“A buyer’s market should be just that--a buyer’s market. It’s not a fence sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot shuffling market. It’s a buyers market. By its very name it means buyers should be doing one thing and one thing only--buying. So where are the buyers and why aren’t they buying?”
“The great irony of a buyer’s market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually it feels like the only thing they are buying.”
“Their reluctance is ironic since not so long ago buyers were incredibly excited about buying--and it was a seller’s market. Prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying, even though the advantage was all to the seller.”
While there is no ringing bells or flashing lights to signal when we have reached the bottom of the market, what we can say with a high degree of confidence, is that in the not to distant future buyers will be looking back to this year and asking themselves why didn’t they buy in ‘09?
While we are having what, for Utah, is an average snow year, the skiing is terrific. Most resorts would classify the snowfall that we have received this year, and our conditions, as exceptional. Come out and visit and find out what skiing Utah is all about. And let me take you on a ski tour of our local resorts.
Monday, February 9, 2009
Ski Free in Park City
Did you know that you can ski free at any of the three Park City resorts? The Park City Chamber and Visitors Bureau in partnership with our three resorts, Park City Resort, Deer Valley Resort and The Canyons Resort offer a free lift ticket for guests skiing the same day that they arrive. This is our way of showing just how easy it is to get to Park City and that from just about anywhere in the US, a visitor can leave their home in the morning and be on the slopes of any one of our three resorts that afternoon. To get the free ticket one needs to fill out a questionnaire, show their boarding pass or some other proof of flight arriving that same day, and an out of state drivers license or other ID. To see more details on this, (There are some black out dates) and to get the form to print out, go to my website, www.DennisHanlon.com, and click on the Ski Free button and follow the instructions from there. Utah and Park City are so easy to get to that we want to reward our visitors with this treat.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.
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