Updates on Big Park City Developments

Yesterday we had terrific snow and today we had delightful sunshine!
It’s the second day of another wonderful week in Park City.
The news on TV just keeps yammering on and on about the down market and the never ending supply of bad news…..but here in Park City, Utah we have plenty of other interesting topics to discuss…..

-Talisker is scheduled to hear back from the city on their proposed Park City Heights project, which would provide over 200 work force housing units on 240 acres at Quinn’s Junction. Over 70% of the project is to remain open space. The biggest hurdle here seems to be the impact of traffic on Hwy. 248. If the employees had to ride the bus in to town and there was a general store on site for daily goods, some of that traffic might be relieved.
-Promontory developer and Pivotal Group CEO Francis Najafi is scheduled to meet privately with Promontory members on Friday afternoon (4/11/08), to give his side of the Promontory bankruptcy fiasco. There should be a lot of fireworks out there! If we hear any explosions we will let you know. Most members feel Najafi is using the bankruptcy as leverage to get out of the development, where he has supposedly pocketed over $100m. The word around the membership is that the club was not in financial distress, and is getting a black-eye from Pivotal bailing out.

-We have seen a lower Deer Valley home come on the market at $2.495m (5100 sq ft, 5bd/5.5ba).
-4 bedroom Ironwood unit in Upper Deer Valley’s Empire Pass close at $4.455m (3852 sq ft, 4bd/7ba)
-Larkspur town-home also in Empire Pass closed at $4.265m (3615 sq ft, 4bd/5ba)
-Enclave unit in Deer Valley’s Silver Lake area closed at $995,000 (1712 sq ft, 2bd/3ba)
-A 5 bedroom new home in Old Town Park City on Woodside Ave. closed at over $1200 ppsf.

That is all for now. Please let us know if you have any questions regarding Park City real estate.

*****Please note that the opinions listed in this post are strictly that and if you’d like additional specific information on the topics listed feel free to contact us*****


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Filed under deer valley, glenwild, promontory

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