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AT LONG LAST, THE MARKET FOR LUXURY REAL ESTATE IS COMING BACK TO LIFE

Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.....With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy. Prices are way down -- 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters -- and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: "We've seen an uptick in buying in just the last couple of months."...MORE

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TOP HONORS FOR GRANDVIEW LODGE IN PARK CITY, UTAH

Green Build Home Of The Year

One Of America’s Most Impressive Ski Homes By CNBC

Best Of Show At 2009 Park City Area Showcase Of Homes


PARK CITY, Utah  (Feb. 3, 2010) – Sitting atop White Pine Canyon in the private gated community of The Colony in Park City, Utah is the GrandView Lodge. The Lodge is nestled into the mountains of The Canyons world class ski resort and is surrounded by spectacular scenery and abundant wildlife. The Jaffa Group Design Build was awarded the winner of the Green Build Home of the Year for this unique property.

“I design each home to specifically enhance the view of the surrounding areas. The natural beauty of the landscape is considered an essential factor in each home's layout,” said Scott Jaffa, owner of Jaffa Group Design Build. “We went a step farther with 162 White Pine Canyon to incorporate green build elements to make this home environmentally friendly.” The Green Build Home of the Year award is based on exterior architectural design, interior design and appeal, creative use of interior space, floor plan and function, certifications such as NAHB Green Certification, LEED points, Energy Star, Thermwise and the use of sustainable materials on this project.

This estate was also named one of America’s Most Impressive Ski Homes by CNBC. Realtors across the country were surveyed and ranked America’s most spectacular ski homes from Colorado to Vermont. These impressive homes allow their owners to live in luxury while enjoying some of the best ski runs in the country. “We’ve listed this 9,683 square foot home for sale for $8.495 million. The home offers a massive first floor great room, gourmet kitchen, five bedrooms, eight bathrooms, lower level family room, pre-wired theatre room, game room, wine room, exercise room and most importantly the ski room,” said Shane Herbert of Summit Sotheby’s International Realty who represents the home. “Portions of the home feature two-story windows peering out on pine forests and onto the ski runs. The future owner will enjoy coming home to this estate.” The home was also awarded “Best of Show” in the 2009 Park City Area Showcase of Homes in Park City. The Tour presents 15 new luxury homes with Park City mountain views all designed with a meticulous passion for beauty and a sense of calm, relaxed sophistication.

NEW HEAD OF SOTHEBY'S: RECOVERY WILL TAKE TIME

Thomas Wright was recently named president of Summit Sotheby's International Realty for the six Utah offices. Co-founder Bruce Shannon has elected to focus more attention on the Heber office. Wright was previously the managing broker for the Salt Lake City office. As president, Wright said his recent experience on the front lines of the real estate industry as an agent and broker make him well-equipped to understand and address the challenges facing members of the company today. He understands the importance of the Internet in today's marketing strategies, he said.

"It's easy for me to connect to the agents and brokers and adapt to the changing economic climate we're in," he added. That changing climate is something everyone needs to adjust to, if they haven't already, he said in an interview Monday. Some people got into real estate during the boom and have a false idea that that was normal. Right now isn't normal either, but it's important to understand that a healthy market will likely end up somewhere in between, he explained.

"We went from one of the biggest booms to one of the biggest busts; literally overnight we went from one to the other," he said. The harsh reality of the moment is that sellers are competing against distressed inventory and toxic assets that are driving prices down. "Buyers right now are out for blood. they're asking for the best prices they aren't shy," he said. "They're looking for spectacular value on their money. A buyer with that mentality is going to find the best inventory for the best price."

Park City homeowners wanting to sell now must compete in that market and the result is a decline in prices. "For the short term, this is going to be the new reality we all need to adjust our businesses within the environment that exists," he said. As negative as that sounds, he pointed out that real estate is still a solid investment despite the periodic swings and corrections. It's just a matter of clearing out a surplus of inventory and it's never been a better time to purchase, especially with the low interest rates. "Once this correction is over, homeowners will see a modest appreciation again," he said. "Recovery on prices will be year-over-year that could take an extended period of time." But that surplus of supply isn't necessarily anyone's fault, Wright added. Home builders were building according to demand and when demand dried up because of the financial crisis, many of them were stuck in tough situations as well. "We embraced what they were doing. Everyone has to adjust to the new reality and home builders are as well it's not as profitable as it once was," he said. 

by Andrew Kirk, OF THE RECORD STAFF
Posted: 12/15/2009 04:26:44 PM MST