PARK CITY REAL ESTATE

Breathtaking Lake and Mountain Views from this Deer Vista Home Site

– Architectural plans Included –

View this beautiful lot with tons of space and fresh air in the Jordanelle area of Park City, Utah. If you are interested in building, speak with Jensen and Company about obtaining a construction loan for this incredible piece of property. In the meantime, read up on construction loans below. Our friends at Intermountain Mortgage Company are a great resource for construction loans, condo financing options, and more.

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1X Close Construction Loans – What’s the deal?

1X Close Construction Loans are primarily what you hear about today when you start to discuss construction financing. So what is a 1X Close, and how is it different than a 2X Close? What are the pros and cons?

The 2X Close:

Traditionally a construction loan has been a stand-alone loan that is not the 30-year mortgage with principal and interest payments that we are all familiar with. The 2X Close Construction Loan is just the loan for the construction. When the home is done, and the Certificate of Occupancy (C of O) is received, the owner must get a refinance loan to pay off the construction loan. This is the 2nd loan in the process, thus the 2X Close. The refinance would then be the 30 years fixed mortgage (or ARM, or whatever product the owner chooses). The refinance loan doesn’t come in place until the home is done which leaves the owner open to qualification issues that could arise during the construction period.

The 1X Close:

A 1X Close Loan is when the construction loan is issued at closing AND the long-term 30 years fixed mortgage is also issued at the same closing, prior to even starting the construction. At C of O a simple and automatic modification is recorded and the construction loan balance “terms out” into the 30-year principal and interest payment. No second closing occurs and the entire loan process is done up front when the construction loan is obtained.

The Benefits:

The 1X Close Loan has a number of benefits over the traditional 2X Close. In fact, there are really no downsides and almost no reason to do a 2X Close Loan anymore unless the project is Spec Construction or an Investment Property which may not be allowed under the 1X Close guidelines. Below is a brief explanation of the main benefits:

• Close once = lower costs. Inherently closings require title fees and other closing costs. Closing once limits these expenses to one time and can save thousands of dollars in comparison to closing twice.
• Rate lock – the rate on a 1X Close loan is locked prior to construction of the home and is fixed for the entire construction term, which can be as long as 24 months. The SAME rate is applied to the long-term 30-year mortgage. The rate is not “floating” and is not subject to increases in the rate market if rates go up. In a rising rate environment, this can be an enormous benefit to the owner as it is essentially a two-year rate lock.
• One qualification – the 1X Close goes through underwriting once when the construction loan is applied for. That includes the appraisal (based on the plans and materials list), credit report, and employment verification. There is NO additional underwriting at closing, NO additional appraisal, NO credit report, and NO employment verification done. Think about what can happen over one or two years. An owner could change careers and have diminished income, identity theft can occur and credit scores can plummet, home values could fall meaning a new appraisal would not support the loan. All of these concerns are mitigated with the single upfront underwriting process of a 1X Close.
• Payments during construction – payments during the construction process are interest-only payments based on only the amount of the loan used to date. The rate is the same as the long-term rate, there is never any increase in rates. The construction loan is like a line of credit. It starts at $0, and as the builder starts to build and draw on those funds the line increases until the home is complete and the entire loan is drawn. Monthly payments naturally increase as the building gets closer to completion, and then the payments will “term out” and become the 30 years fixed mortgage (or whatever product the owner has chosen).

Not all 1X Close Loans are the same:

Many companies advertise a 1X Close Construction loan but very few actually deliver on a true 1X Close. Some will require a new appraisal at completion, or pull a new credit report on the owner. Some will even require new underwriting documents on income and employment verification at the time of completion. And some companies will require that the rate “floats” during the time of construction, meaning the rate is not locked at all and if the rates are higher when the home is done the long-term mortgage will be based on a higher rate.

Intermountain Mortgage Company offers a true 1X Close Construction Loan. We’ve closed millions of dollars of 1X Close Loans and helped countless clients build homes in the greater Salt Lake City and Park City area. Please reach out to us anytime to discuss a construction project or for lot financing if you are just getting started on the purchase of land. We are happy to consult on construction financing scenarios whether you are building in a few months or not for a few years.

Ian Poor,

Lending Manager,

NMLS #1040177

Phone:   435-649-6660

Mobile:  435-200-3161

Email:  ian@greatlender.com

Intermountain Mortgage Company

2029 Sidewinder Drive, Suite 200

Park City, UT 84060

www.greatlender.com

NMLS #74889

 

The real estate world can be full of specialized lingo which can be tough to unravel without a trustworthy real estate agent like Brad Jensen to help you. One such term you may have come across is fiduciary duty.

Defining Fiduciary Duty

To start, we want to define what fiduciary means. Fiduciary is defined as a legal relationship of trust, with one individual entrusted to oversee and maintain the interests of the beneficiary.

So, when it comes to working with a real estate agent, the agent is the fiduciary and the client is the beneficiary. To properly perform their fiduciary duty, the realtor will represent the best interests of the seller or buyer they are working with, keeping the beneficiary’s information confidential the entire time.

What A Real Estate Agent’s Fiduciary Duty Provides

To help clarity what an agent’s fiduciary duties are, the National Association of Realtors (NAR)—of which Brad is a member—has identified clear obligations.

Loyalty

An agent’s fiduciary duties are all based on loyalty to their client, whether that person is a buyer or seller. For an agent to be considered loyal, they will always act in the best interest of their client, avoiding any potential conflicts of interest or divisions of loyalty.

Confidentiality

Once contracted, a real estate agent has an obligation to keep the information of their client private, so that their negotiation position is not weakened in any way. For example, an agent will not share that a seller is willing to sell below the list price if the agent is acting for the seller. An agent acting for a buyer also will not share that a buyer is willing to pay more than the offered listing price.

Important to note, that while an agent is obligated to keep information confidential, they are not required to misrepresent for their client. The NAR states, “This duty of confidentiality plainly does not include any obligation on a broker representing a seller to withhold from a buyer known material facts concerning the condition of the seller’s property or to misrepresent the condition of the property. To do so would constitute misrepresentation and would impose liability on both the broker and the seller.”

Obedience

An agent is obligated to follow the instructions of their client, so long as they are lawful. To act for a client in an unlawful manner, such as misrepresenting the condition of the client’s property, would breach the loyalty duty of the agent.

Disclosure

While balancing their other fiduciary duties, an agent will need to practice disclosure. These disclosure duties can be broken into two categories—disclosure to seller and disclosures to the buyer. The NAR defines the duties of a real estate agent representing a seller must tell their seller:

“ – All offers to purchase the seller’s property.
– The identity of all potential purchasers.
– Any facts affecting the value of the property.
– Information concerning the ability or willingness of the buyer to complete the sale or to offer a higher price.
– The broker’s relationship to, or interest in, a prospective buyer.
– A buyer’s intention to subdivide or resell the property for a profit.
– Any other information that might affect the seller’s ability to obtain the highest price and best terms in the sale of his property.”

As for the agent representing a buyer, the NAR states that the agent must tell their buyer:

“ – The willingness of the seller to accept a lower price.
– Any facts relating to the urgency of the seller’s need to dispose of the property.
– The broker’s relationship to, or interest in, the seller of the property for sale.
– Any facts affecting the value of the property.
– The length of time the property has been on the market and any other offers or counteroffers that have been made relating to the property.
– Any other information that would affect the buyer’s ability to obtain the property at the lowest price and on the most favorable terms.”

Accounting

A real estate agent is duty-bound to ensure all of their client’s money and/or property which has been entrusted to them is fully accounted for the duration of their working relationship. This duty means an agent will keep documents, money, deeds or other things which related to their client’s private information safe.

Reasonable Care and Diligence

An agent is contracted to practice the reasonable care and diligence expected from a competent professional realtor. They are to practice this care and diligence by putting their skills and knowledge to use to help the agent’s client achieve their goals. Agents are expected to investigate potential information and other avenues which will help their client.

Here at Jensen and Company, we take our fiduciary duty seriously. If you want to work with a trusted realtor who has decades of experience to buy or sell real estate in Park City, contact us. We are looking forward to working with you to achieve your goals.

The winter holidays are a wonderful time to build memories and family traditions, as everyone gathers together to celebrate. As your local Park City realtor authority, Jensen and Company wanted to share six things you can do to create special memories this holiday season in Park City.

1. Celebrate The Season With Park City Holiday Spectacular and Sing-Along

No matter the age, everyone can enjoy the Park City Holiday Spectacular and Sing-Along at the Egyptian Theatre. With a rotating showcase of local talent, the whole family can get into the Christmas spirit and enjoy singing along with carols being performed. This event runs from December 14-16, so be sure to catch it while it’s available.

2. Meet Santa With The Family

On December 15 at 5:30 pm, Santa will make an appearance in the Town Lift Plaza in Park City, perched on the Town Lift with his sleigh! This magical moment will be sure to delight the children in your family, and Santa will be happy to take photos with children. This free event is open to the public, with cookies and hot chocolate to keep everyone warm and full of holiday cheer.

Also, after meeting Santa, feel free to drive around the festively lit historic downtown of Park City with the whole family. The lights are well worth the drive.

3. Enjoy The Torchlight Parade

For a stunning display of lights and coordinated athleticism, catch the Torchlight Parade held on December 24 around 5:30 pm at Park City Mountain Village. Torchbearers will light the way for twinkle light-wrapped skiers as they make their way down the mountain. Free hot chocolate and cookies will be available to keep things merry.

4. Catch Snowfest At Park City Mountain

Along with the Torchlight Parade, Park City Mountain will be hosting Snowfest from December 22-January 6. Your whole family can enjoy the live music, meeting the avalanche rescue dogs, and tons of activities ranging from cookie decorating to photo booth fun.

5. Try The Unique Viking Yurt Experience

From start to finish, the Viking Yurt is a holiday experience to remember. The experience starts with a sleigh ride, which is the only way to reach the yurt. Once there, your whole family will enjoy a unique fine dining experience while listening to beautiful piano music.

If you have young children with you, consider carefully before choosing the Viking Yurt experience. There is no way to leave early, and the Viking Yurt does not offer discounts for groups or children. However, if your family is old enough to enjoy this unique dining experience, it is one you should strongly consider this winter.

Hit The Slopes As A Family

Whether skier or snowboarder, veteran or newbie, the Park City mountains has something for everyone to enjoy. So, build up some memories and new traditions as you take the whole family up into the mountains for a day of fast-paced winter fun.

Also, if you plan on spending a lot of time on the slopes in Park City, you may want to check out the Epic Pass and Ikon Pass to see if these ski resort passes can help you save on your snowy adventures.

To learn more about Park City, from its amenities to the stunning homes, be sure to contact Jensen and Company.

When Park City Mountain Resort in Park City, Utah merged with the Canyons Resort in 2015, it became the largest ski resort in the United States. That designation alone carries a significant wow factor. Park City Mountain owner Vail Resorts, however, has made some significant investments to ensure the amenities at the resort match up to its sprawling size.

You can look for a few key renovations to make their debut in the upcoming 2018-2019 ski season, which kicks off on November 21.

New High Meadow Family Fun Zone Beckons Beginning Skiers

Improvements to be unveiled this winter include the High Meadow Family Fun Zone at Canyons Village. Beginning skiers and snowboarders of all ages will reach the Fun Zone via a high-speed four-passenger lift. This new lift will shorten chair rides by 70 percent and also reduce time spent waiting in line in the chilly air.

The area will be cushioned via additional snowmaking, making the gentle slopes of the High Meadow Family Fun Zone the best learning terrain in Utah. To enhance the fairytale atmosphere, a Candy Cabin has been set up near Fun Zone where skiers can enjoy a break and a sweet treat.

Park City Mountain Dining Options Have Been Expanded

The dining experience at Park City Mountain will also be enhanced this season with renovations to three of the resort’s favorite restaurants.

Mid-Mountain Lodge

The Mid-Mountain Lodge is Park City Mountain’s most iconic dining spot, serving up hearty lodge food along with spectacular views from its ample deck.

Originally a miner’s boarding house, the more than 120-year-old lodge is being renovated just in time for the upcoming ski season. Its decor will provide a luxurious ambiance, while the dining experience will be improved through a new high-quality menu and a full-service bar.

Cloud Dine

The mountaintop bistro Cloud Dine will be expanded by 200 seats, allowing for an additional 60 percent guest capacity. Offering spectacular views of the Wasatch Range, Cloud Dine serves healthy and hearty made-from-scratch snacks and meals. It’s also a favorite destination in the morning, where skiers can fuel up with fresh-made Cloud Dine donuts.

Red Tail Grill

Located in Canyons Village, the Red Tail Grill is a family-friendly restaurant with taphouse fare. The al fresco seating area on the large outdoor deck is being upgraded and enhanced.

It’s exciting to see Park City Mountain Resort changing for the better, allowing for better snow season skiing and dining as well as year-round recreation amid the Wasatch Range— truly a jewel amid the Rocky Mountains.

Brad Jensen has been helping buyers and sellers in the Park City area for nearly three decades. If you’d like to make time spent in this scenic mountain locale a lifestyle rather than just a vacation, contact Jensen and Company with any questions.

Winter is finally coming and with it is the reminder that you need to prepare for winter season sports. Once you have your Park City vacation home or other lodgings in order, it’s time to purchase your mountain pass to adventure.

This year, you can choose between two major resort mountain passes—the Epic Pass and Ikon Pass.

Why Purchase A Winter Ski Resort Pass

If you are planning to spend more than 5-6 days engaged in winter sports this season, then a winter mountain resort pass is a must. Not only will it save you money as you enjoy the slopes, but you can also receive discounts on:

• Local lodging
• Restaurants
• Experiences
• Gear rental and purchase

There are even some summer benefits attached, like the ability to use the lift system to reach various mountain biking and hiking trails.

Comparing Epic Pass VS Ikon Pass

When it comes to finding a premier winter mountain resort pass, Epic Pass has dominated for years, offering A-list mountain resorts like Park City Mountain, Vail, Breckenridge, Beaver Creek, and other world-class mountains. This year, the Ikon Pass is attempting to challenge the Epic Pass and offer an array of mountain resorts for you to enjoy this winter.

Below is the Epic Pass vs the Ikon Pass current cost breakdown:

Pass Holder	Epic Pass	Ikon Pass
Adult (Ages 13+, 18+)	$949	$1,049
Teen (Ages 13-17)	–	$869
Child (Ages 5-12)	$499	$599
Child (Ages 0-4)	–	$29
Military (Ages 18+)	$149	$719
Active/Retired

These costs are subject to change as the winter season progresses. Be sure to keep an eye on the winter season pass of your choice to pick it up at the best price. Also, both of these winter resort passes have pared-down versions available for lower rates, with the Epic Pass still offering the more affordable passes.

Which Pass Is Better For Park City Winter Sports

The Epic Pass allows you to travel to 65 resorts worldwide for your winter sports, while the Ikon Pass has 36 worldwide destination resorts available. If you are looking primarily for skiing, snowboarding, or other winter sports in Park City in particular, these passes offer you access to different resorts.

Epic Pass	Ikon Pass
Park City Mountain	Brighton
	Alta
	Snowbird
	Deer Valley

Technically, Brighton, Alta, and Snowbird are outside of the Park City limits. So, if you are looking to compare only resorts within the limits of Park City, Epic Pass offers access to Park City Mountain and Ikon Pass provides access to Deer Valley Resort.

No matter what pass you choose to help you save this winter in Park City, make sure you also have your housing needs squared away, so you have somewhere warm and inviting to go back to after a long day on the slopes. Contact Jensen and Company to learn more about Park City real estate and find your dream winter home.

As we move into the season where being thankful is the focus, many people look for how they can give back. Those that live in Park City and are looking to show their thankfulness for the beautiful town they live in can participate in the upcoming Live PC Give PC on November 9, 2018.

What Is Live PC Give PC

Live PC Give PC is a 24-hour period dedicated to raising funds for various nonprofits located in Park City. These nonprofits span a range of interests from supporting the arts to animals.

This event is spearheaded by the Park City Community Foundation. The foundation’s mission is to develop an enduring philanthropic community for all those who reside in Park City. Their mission came about as the founding members looked for ways to support the Park City community through supporting local nonprofits who provided services to the area.

Aside from the Live PC Give PC event, the Park City Community Foundation works with nonprofits year-round, helping them locate grants and donors so the Park City community can be kept vibrant and strong.

Which Park City Charities Benefit

As awareness of the Live PC Give PC event rises, more Park City charities have started to participate. If there is a particular type of nonprofit you would prefer to support, you can filter your search to find a charity that matches your interests. The current nonprofit categories are:

• Animals
• Arts & Culture
• Children & Family
• Community
• Economic Development
• Education
• Emergencies
• Environment
• Faith
• Humanitarian Aid
• Ideas
• International
• Medical
• Memorials
• Science, Tech & Business
• Sports
• Travel
• Volunteer
• Wishes

You can also sort for matching grants and volunteer opportunities, as well as if the nonprofit is a fundraiser, fundraising team, or nonprofit organization. If you are looking to claim your donation as a tax write-off, be sure to check that the nonprofit you choose is a 501(c)3 charity or your donation will not be eligible for a tax deduction.

Last year in 2017, the Live PC Give PC was able to connect 107 Park City nonprofits with over 4,000 donors and 30 sponsors. In the 24-hour period, $2,026,917 million was raised to build up the Park City community. This year, Live PC Give PC has even more nonprofits participating and backing sponsors.

By choosing to make a difference in Park City, you will preserve the culture and beauty this city has to offer. To learn more about Park City and the surrounding real estate, contact Jensen and Company.

Homebuyers are often encouraged to exercise due diligence when they are considering investing in real estate. Simply put, when it comes to real estate, due diligence means you have done all you can to learn about your future property before concluding the escrow process and purchasing the real estate.

To assist you with your real estate due diligence, Park City realtor Brad Jensen has key recommendations that can save you from making an unfortunate purchase.  

Investigate Real Estate Investments Carefully

During the escrow process, carefully investigate the real estate you are interested in purchasing. Many homebuyers rely on the inspector’s report to tell them everything they need to know about a property, but there are many other things to consider. So, as you investigate, do these things:

• Receive multiple quotes for homeowners insurance. They can tell you a lot about the property you are interested in, as problematic real estate will generally have higher rates.
• Re-walk the real estate. If you are doing a new build, it is essential that you get a feel for the land you want to build on. For an existing home, a thorough walk-through will help familiarize you with the layout of the home, and you can detect problems that a well-lit photo can disguise or that you missed when you initially looked at the home.
• Check to see if there are any liens or other encumbrances on the property. The Utah real estate purchase contract stipulates that the seller will convey marketable title to the property to the buyer at closing by general warranty deed. It also states that the buyer shall agree to accept title to the property subject to the contents of the commitment for title insurance. requires you use a title company, which will complete a search for you.  However, it is recommended you read the title report thoroughly and understand the differing levels of coverage because it would be terrible to go through the entire process, only to find out a costly encumbrance will delay or completely end your deal.
• If you are planning a new construction, look into local zoning laws. As Park City is a natural gem, it is important to abide by building guidelines and laws to preserve this beautiful area. While it may be natural to assume that if the seller accepted your offer that you are in the clear to build, that is not necessarily the case. They are only agreeing to sell you the plot of land and are not in charge of what happens to it after the sale.  
• Look into if the property has an HOA, and what their bylaws are if there is one. Jensen and Company have several available properties in private communities, and it is crucial that you understand any rules that may apply to your future property.

It can be hard to keep all these considerations in mind as you search. To help, we recommend using a buyer’s due diligence checklist.

Read The Property Inspector Report Thoroughly

It may seem ridiculous to commission a property inspector to perform an in-depth report but not read it, but many homebuyers barely skim the report they receive from their property inspector. It is vital that you ask the inspector questions. We highly recommend that all buyers attend a walk-through with the inspector at the end of their inspection, so that they understand the report fully.

So, Once you receive the report, and you find problems were discovered, it is vital that you address them with your agent and the seller before completing the escrow process. Otherwise, you are agreeing to buy the property as-is.

The due diligence discovery process can be extended to ensure that you don’t buy real estate with issues you don’t know about. If there are critical problems discovered, speak with your realtor. This is why having an experienced agent is so important. They can negotiate repairs or credits in your behalf and if necessary request an extension to the due diligence discovery process to make sure you don’t buy real estate with issues you don’t fully understand.

Brad has been helping buyers purchase real estate in the Park City area for almost 30 years and has the expertise you need. To help you in your Park City real estate search, feel free to contact Jensen and Company with all your questions and concerns.