GOOD DEALS in Park City…Market Update

somewhere over the rainbow...in Park City

Over the past few days we have seen 33 properties come on the market, 11 go under contract, and 20 close. The high notes are:
 
ACTIVE:
 
-Sky Lodge condo (one-eighth fractional)at $267,000; 2bd/2ba, 1260 sq ft…these units seem to be coming down in price dramatically.
-Old Ranch Road home for $1.495m; 3bd/3ba, 3400 sq ft, $440psf….great views and not too bad of a deal for a home with room to expand.
-Short Sale at Promontory for $980,000; 3bd/6ba, 5339 sq ft, $184psf….if you want to be in Promontory and believe in the long term vision, this is a great steal!
 
PRICE CHANGE:
 
-Old Town home down to $1.499; 4bd/5ba, 2400 sq ft, $625 psf….down $450,000 from the original price. This area of Old Town is getting beat up! There are 3 auctions and dramatic price reductions….if you like being close to PCMR and have some cash, you can find an unbelievable deal.
-April Mountain reduced to $1.625m; 5bd/3ba, 3420 sq ft, $475psf…it is down over $150,000 from its original price and will probably come down more (see below in the closing section the April Mtn home that just closed for $1.15m).
-Promontory home down to $1.9m; 4bd/5ba, 5335 sq ft, $356psf….down $700,000 from its starting point and they are probably at the bottom line. A good value if you like Promontory.
-Tuhaye home down to $1.99m; 3bd/4ba, 3601 sq ft, $555psf…this one has come down $550,000 and looks like a great home. The problem is when in a golf course community you have to follow the “four-some” rule when building a house. The “four-some” rule states when designing a home in a golf course community, ask yourself how many golfers are in a four some and then you need at least that many bedrooms…..This is a good looking home, but they might have to come down some more.
 
PENDING:
 
-Sky Lodge unit (one-eighth ownership) on Main St at $240,000; 2bd/2ba, $1260psf….looks like some folks are doing some bottom fishing and getting good bites!
-Deer Crest home at $6.99m; 7bd/9ba, 10071 sq ft, $695psf….great home!!! someone will really enjoy this beast!
-Park Meadows home for $1.379m; 4bd/4ba, 4505 sq ft, $306psf
 
SOLD:
 
-Deer Valley townhome in Deer Lake Village at $1.05m; 4bd/4ba, 2035 sq ft, $516psf…a pretty good deal for the buyer on this one….seller probably made a few bucks too!
-April Mtn townhome at $1.15m; 5bd/3ba, 3420 sq ft, $336psf…for all the buyers out there, this is a good comp! I like these homes for the right prices….you are in town but removed, good views, good neighborhood, great location!
-Promontory home at $1.75m; 4bd/5ba, 4628 sq ft, $440psf….a little activity in Promontory….not too far off the norm at $440psf.\
-Promontory lot at $635,000…some more activity….maybe people are starting to wise up and realize the deals that are available out there!