While Glenwild continues to sizzle, Promontory is a bit slower…just as one might think with the cloud of organization hanging over the development.
\Here is a snapshot of Promontory YTD (6/10/08):
-111 lots on the market…which is just an absurd number to say the least.
-2 lots have closed at $310,000 and $705,000-7 lots are pending sale.
The homes and cabins fair a little better with:
-68 on the market at an average price of $2.9m and average price per sq ft of $509…which is still holding up.
-3 sold at $1.7m, $1.8m, and $2.3m and their average ppsf is $518.
-15 under contract at an average of $2.22m and average price per sq ft of $495.
There is a lot of inventory on the market out there, and prices will probably continue to come down this summer.
Hopefully a deal will be in place by the first of the year for how the development will move forward…all signs point to yes, that it will be resolved by then.
With that being said I truly believe that this summer/early fall will be the best time to buy out there since there were no paved roads.
The real estate down turn coupled with the Promontory bankruptcy fiasco, will bring out some golden opportunities in the development.
I am telling people to look now and identify a few lots or homes that they would want to purchase. Maybe wait a month or so, then start putting in offers and see what flies. There will be desperate sellers.
In a few years, we will all look back and wish we would have pulled the trigger. There is a reason that all 3 parties are trying to come up with deals to get the development from the others…Promontory will become one of the best communities in the West after this re-organization takes place, and the market turns back around.
Again Dr. Yun is predicting 30% to 50% appreciation for us in the next 5 years! So contact us if you are interested in getting some information on Promontory real estate. firstname.lastname@example.org or 435.729.0022