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.

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.

Greatest ski season ever, other news & notes, and a market update

Ski Utah reported that the 2007-2008 ski season was the best ever (in numbers and snowfall!!!), and a record breaker for the fifth year in a row with 4.3m skier days! Earlier estimates show that it might have been a record breaking year for the nation as a whole with somewhere around 60 million skier days. Utah gained 4.3% over the previous record setting year of 2006-2007, which beat the Rocky Mtn. average increase of 2.3%. Despite a slow start to the season, Utah’s snow totals reached epic proportions well surpassing 500 inches at many resorts and reaching more than 700 inches at others. The Utah ski season began Nov. 16 and continued through June 15 with additional skiing still being considered…maybe skiing and fireowrks on the Fourth???

Cafe Rio, the famed Mexican restaurant, opened at Newpark Hotel late last week….the residents of that area seemed to be pumped! In addition Steven Maxwell, of Fat Kid Pizza, is opening a restaurant in the same area in just a few weeks, and about 2 blocks away a Japanese steakhouse is coming too. Rumor has it that a Best Buy might be coming….Newpark/Redstone is taking off and giving us a lot more dining and entertainment options.

Park City developer, Talisker, has still not closed on their deal to buy the Canyons. They missed another deadline to close on the deal on Friday, which was the third deadline they have missed.
Attorney’s for Talisker have stated that they intend to close on the deal very soon. Talisker is also being criticized for their plans to put workforce housing in Old Town. In addition, rumor has it that they may have missed 2 payments on the Tuhaye project….not the best time to be Talisker.

Over the weekend we saw 37 properties come on the market, 13 go under contract, and 22 closed. Of note:

ACTIVE:
-Home on Deer Valley Drive (next to the roundabout) at $4.75m, 4bd/5ba, 5700 sq ft, at $833 psf that is asking a lot for a busy locations. However, I have not seen this one yet….maybe it is worth it.

PENDING:
-2 Red Ledges cabins, which were both around $345 psf (4bd/4ba for $1.25m and 2bd/2ba $990,000)….not a bad deal. This place in going to be a great golf course community in the future. Too bad that the developers launched it in a slower market, but they do have a great product to sell!
-Sunrise at Escala at the Canyons studio condo at $300,000; 0bd/1ba, 348 sq ft, over $850 psf

SOLD:
-10 lots at Red Ledges ranging from $375,000 to $615,000…looks like th mid level lots are moving there.
-Promontory Cabin at $2.15m; 4bd/6ba, 3572 sq ft, just over $600 psf is higher than the homes selling at Promontory.
–Solamere home for $1.1m; 4bd/4ba, 3295 sq ft, $334 psf is an awesome deal for a Deer Valley home with these views!
-Silver Star unit at $1.175m, 3bd/4ba, 1945 sq ft, $604…they are still showing some strength at the Park City ski in/ski out project….it will be interesting to see what happens over the summer with there.

PRICE CHANGE:
–Glenwild home from $3.65m to $3.25m, 5bd/6ba, 5800 sq ft, now at $560 psf you would think they would get a lot more action in the hot market out there.
-Promontory home from $2.299m to $1.795m; 4bd/7ba, 6538 sq ft, $274 psf is a screaming deal….looks like these speculators might need to bail!
-Mountain Ranch Estates home lowered $30k to $1.269m; 4bd/4ba, 3673 sq ft, at $345 psf this is not a bad deal either…especially when you consider the unobstructed lot that the home sits on (probably worth $700k on its own!) Great views of all 3 ski resorts!