Frequently Asked Questions

Below are some frequently asked questions and answers regarding deed restricted homes at Park City Heights:

1.  What will HOA fees be?
HOA fees for deed restricted homes are  currently estimated to be $115/month. 

2.  When will the project begin?
The project is well underway with six single family homes and four town homes completed and four more town homes being built.    

3.  When will sales begin for the deed restricted homes? 
General market rate sales are expected to launch summer of 2016.  We plan to begin sending applications to the interest list for the deed restricted homes around October of 2016.  I will keep you posted regarding timing and number of units available via this blog. 

4.  How do I apply for a deed restricted home? 
When available, please fill out a Park City Heights deed restricted application and simultaneously begin the loan approval process. 
A link to the deed restricted application will be posted on this blog once pricing is determined with the city. 
You may finance the home through the lender of your choice.  To use our preferred lender, please contact Steve Carlson with Veritas Funding at 801.209.1365 and/or scarlson@vfund.com. 
To return your application (once application is posted) to purchase a deed restricted home at Park City Heights:
1.  Email directly to me (preferably) at troygoffpch@gmail.com
2.  If you do not have access to email, please mail to:
Ivory Homes
ATTN: Troy Goff
978 Woodoak Lane
Murray, UT  84117

4.  How many homes will Ivory build per year?
The project is estimated to complete in about eight years.  Our goal is to build approximately 20-30 high quality homes per year.  We plan to build approximately ten deed-restricted homes per year at this time but this plan could change at any time.    

6.  Do I get to select a floor plan and options?
All deed restricted homes will be pre-designed by an Ivory Homes designer including interior finishes.  Each selected applicant will be able to select whatever home is available at the time assuming they financially qualify for the purchase price as well. 

7.  How do I know if I've been selected for a home or not? 
Once we have ranked all applications for the first phase, we will contact applicants in order of ranking.  Applicant may accept offer to purchase or decline.  We will go through the list in such a manner.  We will keep you posted via this blog once we begin reviewing applications and once we begin contacting people.  If we do not contact you, you have not been selected for the first phase but your application will be held for subsequent phases and re-ranked per phase.  Please feel free to contact me as well at troygoffpch.com when needed. 

8.  Do I need to sell my current home now?
You cannot own another improved property or land at the time of closing on your Park City Heights home.  You may be given a limited amount of time to sell your other property before closing on the Park City Heights home, but this time limit, if any, will depend on market conditions at the time of sale. 

9.  What schools will Park City Heights be zoned for?
Park City Heights is in Park City proper and therefore will always remain in the Park City School District boundaries.  Currently, the community is zoned for McPolin Elementary, Ecker Hill Middle School, Treasure Mountain Junior High School and Park City High School. 

10. What will be the selling price of the homes?
Prices have not yet been finalized.

11. Can I rent the home?  
No, please see previous post for list of deed restrictions.  

12.  Can I sell my unit at a later date? 
Yes.  All subsequent buyers must qualify to own and occupy under the same guidelines.  The terms and conditions of a future sale, including the restriction for the allowed maximum sale price, are described in the unit's deed restriction. The formal deed restriction documents that you must agree to at closing will be included in a future post in the next few weeks.   

13.  If our household income increases during the time we own our home, could we be asked to sell?
No.  These homes do not have income restrictions at time of purchase or thereafter.  The city is targeting median income earners for these homes with sales prices that reflect those earnings.  

14.  What will Ivory Homes require as a deposit to purchase the home? 
Ivory Homes will require a deposit to secure the home that will go towards your down payment.  That amount is to be determined.  I will update this blog as information becomes available. 

15.  What other expenses should I consider with homeownership at Park City Heights?
A call to the County Assessors office may help you estimate your property tax - www.summitcounty.org.  HOA fees are estimated to be $115 per month for the deed restricted homes as of right now.  

16.  What are the sizes of the homes? 
For the first release, town homes will range from approximately 1558 total square feet (1111 finished)  to 1895 total square feet (1367 finished).   Single family homes in the first release will range from 2670 total square foot (1737 finished) to 3263 total square feet (1911 finished). 

17.  When can I see floor plans?
Floor plans will be available upon release of questionnaire.

** Please note that this information could change at any time without notice as the community has not yet released for sale and we are still finalizing plans and pricing.  Plans and pricing on deed restricted homes may also change in the future as market conditions and interest rates fluctuate according to city guidelines.**




 
  

Do You Qualify for a Deed Restricted Home?

Ivory Homes is working closely with the city of Park City to offer local median income earners a chance to own a gorgeous new home at a reduced price.  The city mandates that every new development in Park City proper offer a certain percentage of deed restricted homes to meet the needs of the median earning Park City household. This will be a smaller percentage of the community and these attractive single family homes and town homes will be in high demand.  How do you know if you are eligible to purchase one?  What are the restrictions associated with owning a deed restricted home?  Please see current requirements from the city of Park City below regarding who is eligible to purchase.

Who Is Eligible to Purchase a Deed Restricted Home?

• Households who do not own property or land elsewhere.  You do not have to be a first-time homeowner, however any other improved property or land must be sold before closing escrow on Park City Heights home. 
•  Households with - at a minimum - one person working full time (30 hours of employment per week) at an entity, business, nonprofit, or government agency with offices located in Park City School District boundaries. 
• Ranking of qualified buyers:

a)   For up to 28 units, Intermountain Health Center employees will have first ranking
b)  The balance of equally qualified buyers shall be ranked in accordance with how long an applicant has been employed within the Park City School District boundaries.
c).  Length of time as an active Park City community member. 
c)  After all of the above rankings have been offered a home, if there is more than one household per a specific home - a lottery must be held. 

• You must be able to show that you financially qualify for the home at time of offering by providing a pre-approval letter or proof of cash per Ivory Homes. 
• The city may change these requirements at any time and without notice prior to buyer going under contract with Ivory Homes. 

What are the Restrictions Associated with Owning a Deed Restricted Home?

• The restrictions will be recorded at title and passed to a future buyer preserving affordability in Park City.
• The home must be your primary residence for at least nine months of the year.
• You must sign and notarize a compliance form annually. 
• Appreciation on the home is limited to 3% annually. 
• Approved capital improvements of up to 7% of the purchase price may be added to the base maximum resale value.
• Upon resale, City has first right of refusal. 
• Property may not be rented unless approved by the City for limited extenuating temporary circumstances such as military service or mission assignments. 

Ivory Homes works with a preferred lender to ensure a seamless closing process.  Through years of working together and thousands of customers utilizing their services, Veritas Funding is excellent at meeting your lending needs while ensuring that your loan will be ready when your home is.  This saves you money, stress and time. Financing with Veritas Funding is not a requirement to purchase an Ivory Home.  You may finance your home with the lender of your choosing.  To begin the loan pre-approval process with Veritas Funding, please contact:

Steve Carlson, Loan Officer NMLS #494873

Veritas Funding

Cell (801)209-1365

Office (801)747-7403 

scarlson@vfund.com





Park City Heights Community Overview

Ivory Homes is proud to announce the upcoming release of Park City Heights, a brand new community featuring tasteful contemporary design and a warm neighborhood feel. 

Park City Heights is located just across Kearns Boulevard from the Intermountain Health Care Hospital and the National Ability Center, just west of the 40, south of the 248 (Kearns Boulevard) and south of Richardson Flat Road. Residents will enjoy easy access to the historic "Rail Trail,” miles of new and existing hiking and mountain bike trails, a 5.7 acre community park, a swimming pool and hot tub, a modern large-scale club house and many other unique amenities.

This 239 acre community will feature 211 beautifully designed single family homes and 28 elegant town-homes. Ivory Homes is proudly committed to construct every home in Park City Heights in accordance to the Green Certification by the National Association of Home Builders or LEED Silver Certification.

Ivory Homes has carefully designed four plans with various exterior styles to choose from for the "cottage" home sites seen throughout the community.  The larger "homestead" home sites will be an appealing mixture of fully custom designed homes and larger modified versions of the four existing approved plans.  These two offerings will comprise of a total of 160 home sites. 

In accordance with requirements for new communities within Park City proper, Ivory Homes is also proud to offer 79 deed restricted homes for primary residents of Park City that also work full time in Park City, do not currently own a home and meet various other city requirements.  These homes are intended for median income earners living and working in Park City and will include 51 gorgeous, fully designed single family homes and 29 elegant town homes.  The city mandates new communities to provide homes targeted towards median income earners to help keep Park City a place for full-time residents as well as second homeowners.  Ivory Homes is excited to build high quality and beautifully designed homes for Park City residents living and working locally.