Park City is a city in Summit County, Utah, United States. It is considered to be part of the Wasatch Back. The city is 32 miles (51 km) southeast of downtown Salt Lake City and 20 miles (32 km) from Salt Lake City’s east edge of Sugar House along Interstate 80. The population was 7,558 at the 2010 census. On average, the tourist population greatly exceeds the number of permanent residents. After a population decline following the shutdown of the area’s mining industry, the city rebounded during the 1980s and 1990s through an expansion of its tourism business. The city currently brings in a yearly average of $529.8 million to the Utah Economy as a tourist hot spot, $80 million of which is attributed to the Sundance Film Festival. The city has two major ski resorts: Deer Valley Resort and Park City Mountain Resort. Both ski resorts were the major locations for ski and snowboarding events at the 2002 Winter Olympics. Although they receive less snow and have a shorter ski season than do their counterparts in Salt Lake County, such as Snowbird resort, they are much easier to access. In 2015, Park City Ski Resort and Canyons resorts merged creating the largest ski area in the U.S. In all, the resort boasts 17 slopes, 14 bowls, 300 trails and 22 miles of lifts. Additionally the city is the main location of the United States’ largest independent film festival, the Sundance Film Festival, home of the United States Ski Team, training center for members of the Australian Freestyle Ski Team, the largest collection of factory outlet stores in northern Utah, the 2002 Olympic bobsled/skeleton/luge track at the Utah Olympic Park, and golf courses. Some scenes from the 1994 film Dumb and Dumber were shot in the city. Outdoor-oriented businesses such as backcountry.com, Rossignol USA, and Skullcandy have their headquarters in Park City. The city has many retailers, clubs, bars, and restaurants, and has nearby reservoirs, hot springs, forests, and hiking and biking trails. In the summertime many valley residents of the Wasatch Front visit the town to escape high temperatures. Park City is usually cooler than Salt Lake City as it lies mostly higher than 7,000 feet (2,100 m) above sea level, while Salt Lake City is situated at an elevation of about 4,300 feet (1,300 m). In 2008, Park City was named by Forbes Traveler Magazine as one of the “20 prettiest towns” in the United States.] In 2011, the town was awarded a Gold-level Ride Center designation from the International Mountain Bicycling Association for its mountain bike trails, amenities and community.
Nestled in the Wasatch Mountains, Park City, Utah offers all the benefits of resort living, with the conveniences and opportunities that can only be provided by a major metropolis. At 7,000 feet above sea level, Park City (Pop. 7,500) is a short 35 mile drive from the Salt Lake International Airport, enabling it to remain one of only a handful of resort destinations, worldwide, that can provide such accessibility advantages. As some locals like to point out, “it is possible to leave New York City in the morning and ski the fresh powder of Park City by noon!” The convenience, accessibility and most importantly the lifestyle of Park City living are the reasons people live here, but I will get to that in a minute. Park City was originally a mining town. In an effort to bring non-Mormons into the Utah Territory, Colonel Patrick E. Connor of Fort Douglas commissioned a search to explore the mountains surrounding Salt Lake City for mining opportunities. As records indicate, the first mining deed recorded within the Park City Mining District was the “Young American Lode” in December 1869. By the mid-1870s, production within Park City had begun in earnest, fueled by the discovery of a large vein of silver ore in what would later become the Ontario Mine. At its peak, the mine was considered the largest and most productive silver mine in the world. In May of 1872, an early settler, George Snyder, brought his family to the mountainous area that is now Park City. Inspired by the beautiful wildflowers, lush vegetation and picturesque setting, he appropriately named the area, “…Park City, for it is a veritable park.” In 1884, Park City was incorporated. By the late 20th century Park City had changed into a resort community. The Park City Ski Area had opened and the old mines had begun to operate as museums for tourists, school children, and locals. As a tourist hot spot, the city currently contributes an average of $529,800,000 annually to the Utah Economy. Since the rise of the skiing and tourist trade, Park City houses more tourists than residents. It has become a place of fame through the 2002 Winter Olympics. The Sundance Film Festival is another drawing card and affords more recreational and employment opportunities than ever before. Park City is small with a population of 7,500. The average number of tourists in Park City is 600,000 per year. Park City is located in Summit County, Utah and is considered to be part of the Wasatch Back. The Wasatch Mountain Range, with its towering 12,000 ft. peaks is widely considered to have the “Greatest Snow on Earth”. Its light fluffy texture is a result of the areas low humidity, its ideal temperatures, and its geographic location relative to the mountains. This unique marriage of weather conditions truly provide for an unparalleled skiing and snowboarding experience that is known the world over. So what’s it really like to live in Park City? Read on to learn how locals adapt to this unique area.
Owning a Home
Park City consistently ranks as one of the wealthiest areas of the country and continues to attract people from every corner of the United States. It naturally follows, that real estate is reflective of this, not only in the type of homes that are built, but in their cost as well. Homes within the Park City area range in price from the low $300’s to well in excess of $20M, and the average price of a home falls in the mid $700’s. Park City has not been immune to the recession of 2008 – 2009, and has experience a 10%-15% overall decrease in home values during that period. Home prices stabilized by the second quarter of 2010 and have remained stable ever since, according to Sheila Hall, an Associate Broker and Realtor with Equity Real Estate Luxury Group. “Overall sales volume has been up 24% during that same period of 2010, as compared with the second quarter of 2011. Sales of distressed properties remain a significant part of our market, but have dropped to 27% of all sales, down from 35% at the end of the first quarter 2011. It is interesting to note, that our second quarter sales are the highest we have seen since the fourth quarter of 2007.”
What Factors Cause Foreclosure Costs to Vary?
How much a lawyer charges will certainly be a factor in the cost of a foreclosure. However, there are many other considerations ultimately determine how expensive the process will be. Below is a general lay out of the costs typically associated with home foreclosure:
• Type of Foreclosure – The cost of a foreclosure can vary largely on whether the mortgage loan has just recently fallen into default and the homeowners are willing to surrender the property, or if they are going to attempt to reinstate the home loan or otherwise defend against the foreclosure process.
• Costs – It is not uncommon for a loan servicer to assess additional charges against a borrower in default. Default-related fees include:
• Property inspection and preservation costs
• Foreclosure costs and fees, including: Filing fees, notice and certified mailing costs, where a loan is reinstated, and potentially the lender’s attorney’s fees.
• Corporate advances
• Attorney’s Fees – Generally, each party will be responsible for their own costs. However, there are some instances where the lender may seek to have the borrower pay for a portion or all of their foreclosure fees. Moreover, these fees may vary depending on how complicated the defense will be and how long the foreclosure will take.
The primary reasons for the large disparity in the cost of a foreclosure are:
• The type of foreclosure defense strategy
• The lawyer’s fee structure
Generally, foreclosure lawyers either bill through a flat fee or by the hour. If a lawyer charges a flat fee, expect to pay $1,000-$4,000. There is a common misconception that a lower fee may indicate a low quality legal representation; however nothing could be further from the truth. A lower fee is simply an assessment of what work the lawyer expects to do with respect to the difficulty of the case. Thus, if a foreclosure is going to be quick and relatively straight forward, a lawyer will likely charge a lower flat fee. By contrast, if the borrower is adamant about continuing to live in the house, or is otherwise putting forth difficult foreclosure defenses, the fee will likely be higher.
Hourly rates typically vary depending on the skills and time restraints of the lawyer. Expect to pay $300-$500 an hour for a lawyer’s time. Remember, similar to a lower flat rate, a lower hourly rate is in no way indicative of the quality of representation. In fact, the opposite may be true; a lower hourly rate may reflect the lawyer’s analysis that a case will be long, and with several complicated defenses, meaning many, many hours will be required to reach result that is favorable to their client. Thus, charging a “lower” hourly fee is simply taking into account how costly the overall case may be, and a lower fee may be the only way to ensure a case remains affordable for a client. A lawyer who works on an hourly rate may also require the payment of a retainer. A retainer covers a set amount of a lawyer’s time, and after the retainer is expended, a standard hourly rate will apply. For example, if the lawyer requires a retainer of $3,000, and bills at a rate of $150 an hour, then that retainer will cover 20 hours of the lawyer’s time. With an hourly fee structure, it is not uncommon for legal bills to get into the $10,000 – $15,000 range quickly. Thus, this type of billing system is most common where a complicated foreclosure defense will be employed, or where a home is quite valuable and the owners do not want to lose it.
The best fee structure is the one that best suit your needs, and real estate lawyers understand that. It is always a good practice to learn more about what you are paying for, and having a better idea of what a foreclosure will cost you when you go in for an initial consultation will better situate you to start a dialogue with your lawyer about their fee structure and why they use the one they do.
the foreclosure lawyer you want
When you buy a pair of shoes, you know exactly what you are getting. When you buy an attorney’s services, you start out with only a few vague assurances. The person, who hires a lawyer he does not trust, or is suspicious of, is certainly not making the best use of his money.
How can you know you are getting your money’s worth?
To begin, it is up to the client to establish his or her comfort level of trust and confidence in the lawyer to be hired for the task.
How long has he or she been representing clients in foreclosure?
What percentage of their practice is dedicated to defending foreclosures, or helping clients successfully reach alternatives to foreclosure such as mortgage modification or loan workouts, short sales or deeds in lieu, or renegotiation of a second mortgage?
Is the lawyer sophisticated in assisting clients with serious debt problems? Do they work diligently with clients to find debt relief solutions so they can really manage their debt and get on a secure financial track once more? After the trust factor is settled, the other sure way to get your money’s worth out of your attorney is to tell him honestly and completely all the facts of your case. Hold nothing back. A seemingly trivial detail may be pivotal to your case. Reasonable legal fees paid to a good foreclosure lawyer will substantially benefit you. For clients who succeed in defending the foreclosure or avoiding foreclosure via alternative measures, the benefit of retaining a highly experienced foreclosure law firm is clear. Sometimes the client is not able to keep the home. Even in this situation, proficient legal counsel will protect your rights with solutions much more favorable that foreclosure, as well as protecting you from the liability associated with foreclosure, and keeping you clear of risks and scams.
When you need a Park City Utah Lawyer for Foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506