Slight Rate Cut & An Update Of Course

Since Friday we have seen 69 properties come on the market, 29 close, and 18 go pending.

Of note:
PENDING:
-30 acre residential lot in Silver Creek for $2.4m…nice views from this horse property.
-Aspen Spring Ranch home at $1.45m; 5910 sq ft, 5bd/4ba…only $245ppsf!
CLOSED:
-4 different cabins at Promontory ranging from $1.582m (2015 sq ft & 2bd/3ba) to $1.996m (4850 sq ft & 4bd/4ba). The lowest ppsf was $404 and the highest was $781.
-2 Red Ledges lots at $465,000 and $550,000.
-A Larkspur town home at Empire Pass in Deer Valley at $4.605m; 3614 sq ft , 4bd/5ba…that’s $1274 psf.
-A Paintbrush home also at Empire Pass in Deer Valley at $6.1m; 4633 sq ft, 5bd/6ba….that one is over $1300 psf!!!
-2 Christopher Homes at Tuhaye closed as well. They were $1.4m (3112 sq ft, 4bd/3ba) and $1.535m (2337 sq ft, 3bd/3ba)…I believe views played a role in the price differentiation here.

As expected the Fed cut rates by a quarter of a point today, which was a less aggressive move then seen earlier in the year. Most saw the cut coming and believe it will be the last for a while, unless economic threats get worse (let’s hope not….but it could happen i.e. oil, food, the dollar, etc…). The cut means slightly lower borrowing costs throughout the economy as banks reduce their lending rates. However, the practical effects of the central banks 7th straight cut might be minimal to you and I. The rate of a 30 year mortgage seems to be settled at around 5.9%. The biggest question is whether lenders will start lending again. That is all for now. Please contact us with any questions.

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Filed under deer valley, promontory, rob and rachel

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