The market is heating up a bit and Promontory news

Just before the long weekend, the bankruptcy court approved dip financing that will continue operations at Promontory through January 2009. Pivotal (the current developer of Promontory, who was forced into Bankruptcy in March) provided the financing from one of their other Pivotal company…the judge ruled that the two companies, Pivotal Promontory and the other Pivotal company that provided this financing, were separate enough where this is not a conflict….hmmm??? Got me there.
This is good news for the membership, and should give everyone enough time to reorganize. There are a number of hypothesis’s and rumors flying around about how it will shake out, but a large consensus believes that it will shake out like the Credit Suisse/Highland Capital deal at Lake Las Vegas.
Most everyone beleives that Promontory will emerge stronger after the bankruptcy black eye wears off in a year or so….there are some good deals there know and they are starting to get snatched up. See the market report below…
Since the long weekend we have seen 43 properties come on the market, 26 close, and 24 go under contract! Busy weekend!!! Of note are:
ACTIVE:
-Calednian unit on Main St at $875,000; 1175 sq ft, 1bd/2ba, $744psf is not a bad deal for a ski in/ski out on Main…..with 1175 sq ft, I wonder if you could make a 2nd bedroom somewhere. We’ll have to go check it out.
-Glenwild home at $3,850,000; 5bd/7ba, 7282 sq ft, $529psf…the price is right at Glenwild folks.
PRICE CHANGE:
-6 Glenwild lots dropping their prices
-3 Tuhaye home dropping in price
-2 Promontory home dropping their price.
PENDING:
-Promontory home at $1.699m; 4bd/5ba, 4628 sq ft, $367 psf…some activity out there is noce to see
-Promontory lot at $800,000
-2 April Mountain units at $1.649m and $1.35m; both 5bd/3ba, and 3420 sq ft….those great townhomes were starting to pile up on the market.
-2 lots at Red Ledges for $640,000 and $740,000
-Tuhaye lot at $650,000
-Victory Ranch cabin at $1.82m; 3bd/4ba, 2605 sq ft, $699psf…that is a good deal considering their lease back options. This is one of my new favorite areas.
-Snow Flower unit that is ski in/ski out at Park City Mt Resort for $749,000; 2bd/2ba, 1195 sq ft, $626psf…these always move well and rent great too!
-Lodges at Bear Hollow at $349,990; 3bd/2ba, 1330 sq ft, $263psf…this area is a locals favorite, rents well, and offers great amenities
CLOSED:
-12 Red Ledges lots ranging from $465,000 to $750,000
-Mountain Ranch Estates home at $1.195m; 4bd/4ba, 3673 sq ft, $325psf for these views is a good deal in my book.
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