Market Update…last week in August

Tonight Rob and I are attending the Gipsy Kings concert at Deer Valley as the second to last chance to take part in the St. Regis Big Stars Bright Nights concert series.  It’s going to be a blast! 

And don’t forget to check out our new blog layout and the new newsletter button we put at the top of the sidebar…if you give us your email address we’ll give you our little newsletter and you know what that includes?….it includes coupons for local businesses here in Park City such as Chloe Lane and Jean Louis…thank us later!  😉

During the past 5 days we have seen 63 properties come on the market, 24 go under contract, 18 close escrow. The high notes are:
 
NEWLY ACTIVE:
-2 sky lodge units at $375,000 and $399,000; both 3 bedroom, fractions (one-eighth ownership)
-Silver Star ski in/ski out at Park City Mountain Resort at $2.625m; 4bd/5ba, 3689sq ft, $711psf….the price per sq ft is not too bad, but we’ll see what happens to some of the flippers.
-Short Sale in Old Town on Park Ave for $698,000; 3bd/2ba, 1582 sq ft, $441psf….If you are looking at a condo around this price point, this could be right up you alley…with no HOA fees.
-Deer Lake Village in Lower Deer Valley at $840,000; 2bd/3ba, 1728 sq ft, $486psf.
-Chatham Hills home at $1.628m; 4bd/5ba, 4089sq ft, $398psf….I like this neighbor for being in town and having great value for the convenience and views!
-2 Glenwild lots at $925,000 and $800,000 inventory is increasing on the lot front.
-Promontory lot at $379,000….good deals are all around at Promontory.
 
PRICE CHANGE:
-Poison Creek Mercantile condo in Old Town down $300,000 to $1.695m; 3bd/3ba, 2209 sq ft, $767psf…now it is priced about right! Great building and location too!!!
-Old Town home down $200,000 to $995,000; 3bd/3ba, 2388 sq ft, $417 psf…not a bad deal for this location.
-In The Trees condo in Deer Valley down $100,000 (in just 25 days) to $1.299m; 4bd/4ba, 2415 sq ft, $537psf….make an offer on this one, it looks like they could go lower and you get good rentals here.
-2 Glenwild lots down $100,000 and $200,000 both to $790,000.
-Mountain Ranch Estates home down $735,000 (over about a year) to $2,100,000; 7bd/7ba, 7670 sq ft, $274psf…they are probably at their bottom line on this one. It is a nice home, but has some odd features…but for a steal it could be right.
-Promontory home down about $2m! This is a must go!!! at $3.5m; 6bd/6ba, 10007 sq ft, $350psf….if you are in this price point this home could be the deal.
 
PENDING:
-Sky Lodge unit at $267,000; 2bd/2ba, 1260 sq ft, one-eighth ownership…good price for this buyer!
-Old Town home at $2.9m; 5bd/6ba, 3465 sq ft, $837psf….they did not get anywhere close to this… as it was supposed to be auctioned, but maybe someone came in a took it before hand. I believe the auction was to start in the mid-$1m’s
-Deer Valley home at $2.495m; 5bd/6ba, 4960 sq ft, $503psf….Deer Valley has had good activity since the spring!
-Thaynes Canyon home at $997,000; 4bd/3ba, 2820 sq ft, $354psf…they got aggressive and lowered the price on this one a few times and got it off the market pretty quick….good buy for the right guy.
-Old Town home at $1.19m; 3bd/3ba, 1766 sq ft, $674 sq ft….good to see some activity on the end of Old Town by the Resort. Things have been slow down there.
 
CLOSED:
-Grand Lodge unit at Empire Pass in Deer Valley for $3.5m; 5bd/6ba, 3264 sq ft, $1072psf….Always over $1000psf in Empire and they have had a relatively active summer.
-Promontory lot at $800,000…..a little activity in these times out there is great news! I think people “in the know” still believe in the development.
-Old Town home at $1.312m; 4bd/5ba, 2591 sq ft, $608 psf….they priced these newly constructed homes to move and they moved them well.

Woooo Hooooo FINALLY a Market Update!

Sorry it has been a while since the last market update, but we have been working on changing the the layout of this website…it is going to be great when it is complete! So in the last week we saw 76 properties come on the market, 30 go under contract, and 25 close. Here are the high notes:
 
ACTIVE:
-Lower Deer Valley Solamere home at $1.995m; 6bd/5ba, 5050 sq ft, $395psf….under $400psf is not too bad for Solamere and I have a feeling that they will go lower.
-Newly constructed Lookout townhome in Upper Deer Valley at $4.45m; 5bd/6ba, 6182 sq ft, $720psf…this is one of the best units in the development.
-Little Belle condo in Upper Deer Valley for $2.55m; 4bd/4ba, 2812 sq ft, $906 psf….the price per sq ft seems very high! I have not been in the unit yet, but this one might sit on the market for a while….$906psf will get you Empire with a Talisker membership.
-Glenwild lot for $610,000….there are some good deals on lots at Utah’s #1 golf course, Glenwild. I believe the cheapest is $475k.
-Promontory home at $14.5m, 6bd/9ba, 12,340 sq ft, $1175psf….this is not a typo! There is not a more beautiful home at Promontory folks, however with the current situation homes are hardly selling at half that price per sq ft. It might take a while, but for the right buyer this one is a gem… Only 11 homes have ever sold in Park City over $8m and they are all ski in/ski out!
 
PRICE CHANGE:
-Shooting Star unit at Deer Valley’s Empire Pass dropped $100,000 to $1.895m for 3bd/4ba, 1745 sq ft, $1085psf….I have a feeling this one will fall a little further, but still a good deal for Empire Pass at Deer Valley.
-Tuhaye lot down $20,000 to $475,000…..It is my feeling that lots in all the golf course communities is still a bot over priced. But what will happen first, the market coming back or seller’s getting real? Some seller’s have slashed prices and there are some good deals to be had (i.e. a few in Glenwild and Promontory), but looking at the market overall the prices still need to come down a little for vacant land.
-Tuhaye home dropped $80,000 to $2.795m; 4bd/4ba, 4188 sq ft, $667psf…beautiful home!
 
PENDING:
-Grand Lodge at Empire Pass at $3.985m; 5bd/6ba, 3264 sq ft, $1220psf….Empire Pass is still demanding strong numbers per sq ft.
-Ontario Lodge at $1.13m; 3bd/4ba, 2059 sq ft, $548psf….great views and under $550psf is not bad.
-Park Meadows home at $2.448m, 5bd/6ba, 5912 sq ft, $491psf…high ppsf in Fairway Meadows, but somebody liked it.
 
CLOSED:
-Promontory lot at $507,000….a fairly nice deal for someone
-Old Town home at $1.5m, 4bd/5ba, 2601psf, $538psf…another good deal for the buyer!
-Pinnacle unit at $900k, 4b/5ba, 3530 sq ft, $254psf….a screaming deal! especially the way these rent and a downhill unit!
 
Stay tuned folks for a Promontory update, and a Deer Valley report.

Interesting mid-year report from Park City "proper"

While the number of sales has fallen off 39% in Park City proper (in-town), the other vital statistics have not changed much and we have seen an increase/appreciation in condo and lot #s:

SINGLE FAMILY HOMES:

2007 stats from 1/1/07 to 7/14/07
-Ave Sales price $2,376,000
-Ave PPSF sold $496psf
-Ave Days On Market 185

2008 stats YTD (though 7/14/08)
-Ave Sales price $2,349,000
-Ave PPSF sold $478psf
-Ave Days On Market 187

CONDOS:
2007 stats from 1/1/07 to 7/14/07
-Ave Sales price $1,183,000
-Ave PPSF sold $590psf
-Ave Days On Market 203

2008 stats YTD (though 7/14/08)-
-Ave Sales price $1,348,000
-Ave PPSF sold $603psf
-Ave Days On Market 215

VACANT LAND:
2007 stats from 1/1/07 to 7/14/08
-Ave Sales price $1,306,000
-Ave Days On Market 193

2008 stats YTD (though 7/14/08)
-Ave Sales price $1,728,000
-Ave Days On Market 112

So we have seen the number of sales fall off about 40%, but the other numbers are still holding strong. The percentage off of asking price that a property sells for has not change much either, it is still in the 3% to 7% range. Our market has slowed, however when compared to the rest of the nation I believe we are still holding our head above water. This can be attributed to the fact that our market is more insulated than the sub-prime markets, and there are still good deals in the area when compared to other Rocky Mountain Resort areas.

This is just for Park City “proper”, which is all of Deer Valley, Old Town, Aerie, Park Meadows, Thanyes, and Prospector. Tomorrow we will look at the outlying areas like the Canyons, Old Ranch Rd, Kimball, Promontory, Glenwild, and Tuhaye.

Happy 4th and a little market update.

So as we prepare for the Forth of July, and all the festivities Park City has to offer on one of the greatest days to be a Parkite….here is a little market update:

We have seen 39 properties come on the market this week so far, 23 close, and 24 pending. The high notes are:

ACTIVE:

-Portico unit on Deer Valley Loop for $699,000; 3bd/3ba, 1600 sq ft…this units are super cool and close to everything
–Glenwild home at $4.2m; 4bd/6ba, 6454 sq ft, $651 psf….let’s see another sell in Glenwild!
-2 lots in Promontory, both at $1.4m

PRICE CHANGE:

–Jordanelle home for $1.395m; 5bd/6ba, 6200 sq ft, $225 psf is a good deal!
-Oaks in Deer Valley lot for $899,000….there are only a hand full of these that are available each year.

PENDING:

-Aerie home at $1.895m; 5bd/5ba, 4399 sq ft, $431 psf…this one went quick.
-Empire Pass home (by Christopher Homes) at $6.312m; 5bd/7ba, 5780 sq ft, $1092 psf…Empire Pass continue to plug along.
-Promontory lot for $399,000…still some activity out there.

CLOSED:

-2 Tuhaye lots at $415,000 and $695,000.
-2 Silver Star units at $1.2m each for about 1900 sq ft, around $600 psf

Have a happy 4th! We will be enjoying a great Park City parade, golf, concerts in the park, fireworks, BBQ’n, and family….hope you have a good one!

Also, please let us know if there is something you would like to see us research/blog about in the future. THANKS!

Canyons finally closes!!!

Talisker just closed on the Caynons deal. The Toronto-based developer, also developing Empire Pass, announced its intentions to purchase The Canyons from Park City-based American Skiing Company last July. Talisker completed the sale June 30 by paying ASC $123 million, a document filed Monday with the Securities and Exchange Commission states. The proceeds were received in the form of $51 million in cash and $71 million “in secured senior notes,” the SEC document states. Talisker has tried to close the sale since 2007. American Skiing Co. intends to use proceeds from the sale “in accordance with its plan of dissolution, which was approved on June 20, 2007,” according to the SEC report. But land at The Canyons is still controlled by Wolf Mountain Resorts, which will be Talisker Canyons Finance Company’s landlord at the resort….this should be interesting! I would like to think that Talisker will do a good job operating the ski resort, as all of there operations in Park City have been first class so far. The Canyons might actually realize its full potential!!!

Empire Pass is rolling along and no real news from the Talsiker/Canyons deal

Yet again Talisker failed to close on the Canyons. They did put up an additional $5m, to bring their total non-refundable deposit to $25m. Talisker officials were “unavailable” for comment…we’ll keep our ear to the ground to see what is going on behind the scene…stay tuned.

Here is an Empire Pass at Deer Valley year to date update:

Single Family homes

-7 are on the market at an average price of $6.7m; 5531 sq ft and averaging out at $1,255psf
-2 homes have sold for and average of $5.975m; 4525 sq ft and $1320psf
-7 homes are pending for an average of $6.46m; 6044 sq ft and average of $1054psf

Condos

-76 are on the market for an average of $3.167m and $1436psf. Of the 76 unit, 28 are in the new Flagstaff launch. That leaves us with 48 on the market not in Flagstaff and the majority of those are resales, and there are good deals to be had in comparison with what else is selling.
-19 have closed at an average of $3.177m, and $1208psf….some of the resales I spoke of are under $1050psf.
-11 condos are pending sale at an average of $2.96m, and $1384psf!

Vacant Land

-5 lots are on the market, which average about an acre for $4.115m! These are for the deep pockets!
-2 have closed for an average of $4.8m
-2 are pending at an average of $4.55m

As you can see, Empire Pass at Deer Valley is pulling very strong numbers even in the midst of this slow down. There are still some good deals that the flippers must sell quick. Give us a call or email to find out more 435.729.0022 or robalday@yahoo.com

Market update

Well since Tuesday we have seen 60 properties come on the market, 15 go under contract, and 13 close. The high notes are:

ACTIVE:
-Glenwld lot for $895,000….I would imagine they have some wiggle room here on the price!
-Fox Point at Redstone condo for $420,000; 2bd/3ba, 1302 sq ft, $322 psf seems a little high…there are some great deals at Kimball Junction if you are looking to buy.
-Park Meadows home for $12.9m; 6bd/11ba (2 bathrooms for everyoneJ), 11,000 sq ft, $1173psf is ridiculous for Park Meadows! This home will take a special buyer for sure….it is on 7 acres for whatever that’s worth (not $12m). I must say though I have not been through this home yet, so maybe it will be spectacular.

PRICE CHANGE:
-April Mtn home down to $2.995m;4bd/6ba, 5290 sq ft, $566psf….maybe they are getting more realistic.
-Empire Ave home in Old Town Park City from $1.9m to $1.575m; 4bd/5ba, 2400 sq ft, $656psf is a good deal in Old Town…all along Empire and Lowell they are having trouble selling. Nice time to pick up a deal there.

PENDING:
-Sky Lodge fractional for $269,900, 2bd/2ba, 1260 sq ft, and 8 weeks of use right on Main St is not too bad if you are into the fractional thing.
-Ranch Place home at $949,500; 5bd/4ba, 3666 sq ft, $259psf.
-Commercial building in Prospector for $1.25m

CLOSED:
-Fox Point at Redstone for $363,000; 3bd/2ba, 1258 sq ft, $289psf…that’s a little more like it! Take note buyers of what the one the one above was just listed for and what it should sell for.
-Glenwild home $2m; 3bd/5ba, 4017 sq ft, $498psf is a good deal at Glenwild…..where things in the home market are still hot!

A Quick Little Promontory Update

Promontory update:
There is no real news to speak of on the Promontory hearings, as the judge said that she should have a decision on July 3. Supposedly Credit Suisse, the first lien holder, does not want Pivotal, the current developer, to continue developing or operating the club. Hopefully, we will know more on the 3rd of July…..it could be a happy 4th depending on the decision!

Look for the market update tomorrow and a Empire Pass YTD summary.

Market Update…not too shabby

Since the beginning of the weekend we have seen 65 properties come on the market, 15 close, 13 go under contract.

Here are the high notes:
ACTIVE:
-Promontory home at $3.795m; 6500 sq ft, 5bd/7ba, $584psf…this one looks like a great home, but I have not been through it yet. Seems a little high on the ppsf, however I know the lot is great & maybe the finishes are killer too. We’ll keep you posted when we see it.
-Promontory cabin at $2.375m; 4175 sq ft, 4bd/5ba, $569 psf seems high too, but these cabins are getting good numbers & people seem to love them as they are walking distance to most of the amenities.
-Lower Deer Valley home at $1.75m; 3966 sq ft, 6 bd/4ba, $441 psf….Lower Deer Valley has been fairly active since March, and is an area that is still coveted!
-Park Ave home near the City Park at $1.65m; 4382 sq ft, 5bd/4ba, $377psf…these guys seem like they really want to sell as this has been on and off the market numerous time & they are moving the price a good bit.

PRICE REDUCTION:
-Quarry Mtn Estate home at $3.48m from $3.9m; 6100 sq ft, 5bd/6ba, $570 psf.

PENDING:
-2 Red Cloud lots high atop Empire Pass and Deer Valley ski runs. One is $4.3m and one is $4.8m for these ski in/ski out gems at Deer Valley….and only 2 acres! As we have stated before, Empire Pass seems to still be rockin’, especially with new product. The funny thing is that the people who bought new product 2 years ago and are trying to flip it when the unit is complete are having trouble and there are some good deals in that area.
-Solamere home at $3.495m; 6663 sq ft, 5bd/7ba, $525psf…see my comments above for how Lower Deer Valley is doing….strong in this market!

CLOSED:
-Empire Pass Shooting Star condo at $2.2m; 2114 sq ft, 3 bd/4ba, $1041psf….still over $1000 psf in Empire!
-Old Town home on Rossi Hill at $2.1m; 5700 sq ft, 5bd/5ba, $368 psf for a new home in Old Town was a good pick up for this buyer.
-Resort Center condo at Park City Mtn Resort at $825,000; 1670 sq ft, 3bd/3ba, $494psf seems high, bt they got it.
-Thaynes Canyon home at $3.195m; 6700 sq ft, 6bd/7ba, $477psf…this was a gorgeous home with great views and worth every penny.

Market Update – Happy Friday!

MARKET UPDATE:
Over the past week we’ve seen 55 properties come on the market, 32 close, and 31 go under contract.

Of note:
ACTIVE:
-Fantasically priced home in what has turned out to be a hot Lower Deer Valley market. It comes in at $1.883m; 4660 sq ft, 5bd/4ba, $404 psf.
-Great deal on an income generator in Upper Deer Valley’s Silver Lake Village at $1.199m; 2368 sq ft, 3bd/4ba, $506 psf…it could use an update, but for these views and this location you can’t beat it.
-Arrowleaf unit in Deer Valley’s Empire Pass priced at $2.495m; 1779 sq ft, 3bd/4ba, $1402 psf…it is amazing, but that is what we have been seeing in Empire Pass.
-Promontory home in Waptit Canyon, on the golf course, and ski resort views for $2.9m; 5096 sq ft, 4bd/4ba, $588 psf….pretty good deal.
-Best deal at Deer Mtn. at $699,000; 2825 sq ft, 4bd/4ba, $247 psf….they must need to ditch this one!
-2 Red Ledges lots at $845,000 and $730,000….contact us for Red Ledges specials! robalday@yahoo.com
-Last but not least notably, the old Imperial Hotel came on at $3.2m for 6000 sq ft on Main St. I think this could be a great opportunity for a mixed use building or a small fractional/botique hotel type project. It has been totally gutted, so you know what is behind the walls. Apparently, the guys that were trying to open a restuarant could not pull it off and need to get rid of it. A GREAT MAIN ST. OPPORTUNITY!

PRICE CHANGE:
-Lookout at Deer Valley has dropped the price $1,000,000!!! to $3.995m. It looks like an out of towner trying to flip bought it at $3.05m and his flipping is not looking good. This could be a good steal. 5bd/7ba, 5717 sq ft, awesome veiws, and nice ammenities.
-April Mtn. townhome reduced $100,000 to $1.395m; 3420 sq ft, 5bd/3ba….this is a good deal on an in-town property with great views.

CLOSED:
-7 Silver Strike condos in Empire Pass with an average of about $1200 psf!
-Deer Crest Village at $1.7m; 2800 sq ft, 4bd/5ba….$607 psf for ski in/ski out is not too bad.
-Silver Star at $2.225m; 3932 sq ft, 4bd/6ba.
-Glenwild at $2.9m; 7000 sq ft, 6bd/7ba…$471 psf at Glenwild is a great deal.

PENDING
-Cabin at Victory Ranch at $1.995m; 3169 sq ft, 3bd/4ba, $607 psf
-Empire Pass condo at Shooting Star for $2.35m; 2114 sq ft, 3bd/4ba, $1111psf
-Promontory lot in Northgate Canyon for $649,500….even with the cloud over the development some properties are still moving.