Here in Park City the majority of our high-end sales are either cash transactions or the buyer has private financing available. And in looking at sales for the past two weeks, I’ve seen numerous sales in the $2-10 million dollar range, so buyers are obviously able to work around the financing issues. As we transition to our winter season I am seeing a lot of activity for ski properties. With prices just starting to rebound, buyers are definitely taking advantage of this opportunity to purchase their family vacation home. With snow on the ground it’s definitely time to step up the exercise program and get the legs in shape for powder and bump skiing. Make your plans to visit Park City this winter as the lodging is booking up quickly for the holiday seasons. For recommendations on good places to stay or my favorite real estate buys drop me a note by email or better yet give me a call.
Fall update and the government shutdown
In real estate news, the big question that everyone is asking is what effect the government shutdown is having on real estate. For the most part it has not affected us yet as sales are still quite brisk. The question that everybody has been asking is “is the shutdown affecting the ability of buyers to obtain financing?” The area where this becomes tricky is that lenders are required to verify tax returns with the IRS, and with the IRS shut down this is obviously a problem. Most of the lenders that I have spoken with here in town are saying that as long as the borrower is a W-2 salaried employee, they can use that until the IRS reopens and they can get official verification. For self-employed borrowers, financing will be extremely difficult as there is no way to verify income. So for many of our buyers, lenders can work around the IRS issue and successfully close on loans.