How to Use RSS Feeds…(starting with ParkCityWire ;)

It’s so hard to keep up with all the news and information you crave…RSS feeds are a great way to tackle this and if you’re not familiar, here’s a quick video which gives the details in a fast and easy way…so go ahead try it!  Why not start with ParkCityWire!

Park City Summers Take the Cake!

red rocks in Utah

Rob and I just got back from a great trip to Southern California for the wedding of our good friends Brian and Brittney.  Brian is that friend of ours who provides most of the great scenic photos we post here.  Brittney is his new lovely bride.  Brittney and I met while working at Chloe Lane, a local boutique here in Park City which sells the most forward, fun and stylish clothing in the entire state of Utah.

We had a great time in Laguna Beach where they held the amazing wedding of the century on the sprawling lawn of the St. Regis Monarch Beach.  The cliffs and beaches which make up the coast in that part of California are breathtaking.  Rob and I thoroughly enjoyed our time there, lazing on the beach and partying it up with Brian and Brittney’s families….There was one thing that really struck us both though as we headed to the airport to fly back to Salt Lake City and come home to Park City….even in one of the most desirable locations in the country….even while spending time at a top rated exclusive resort…we couldn’t help but realize that Park City still remains our favorite place to be.

It’s a terrific realization to come to that you live in a place, so wonderful, so scenic, so happy and full of interesting, open-minded people that even when you go to a place like Laguna Beach, California…you still can look around at the end of a weekend and say to yourself, “yeah, this is pretty nice…but Park City is one hundred times better and I can’t wait to get back there!”.

Rob and I love writing this blog and sharing the goings on in the Park City Real Estate Market.  We also love sharing local events and news with other local readers and people who are interested in this unique and wonderful place we call home.  Park City’s breezy, dry summers with eighty degree weather and green mountain scenes are the ingredients for the best May through August months I’ve ever had.  No Chicago summer at the Lake Michigan beach or Orange County Pacific surf getaway can even come close to the perfect setting and fabulous community of friends that Park City has offered us….and I just had to share this point with our readers….

So – if you’re interested in judging for yourself just how splendiforous Park City summers can be, you still have time.  Book a trip to Park City ASAP and make a point to let Rob and I know you’re coming….we’ll be happy to show you around!  There are still plenty of great concerts to take-in at the Deer Valley Amphitheater (Gipsy Kings and Bob Dylan to name a couple) and we are happy to provide some good locally available wine suggestions or restaurant deals to any of our friendly readers….

Speaking of friendly readers…and getting back to that terrific store I mentioned at the beginning of this post – Chloe Lane – don’t forget to check out www.mychloelane.com for your own Chloe Shopping Experience from where ever you are…I’m friends with the fashionable owners of that store and I hear that there are some coupons offers I’ll be able to offer to our readers very soon….I’ll keep you updated! 

That’s all I have for today…check back tomorrow and hopefully Rob will have one of his handy Real Estate Updates for you!

Glenwild Report – Year to Date

Glenwild report YTD:
 
We have seen some nice activity in the Glenwild housing market in 2008, and the opposite for the vacant land market at Utah’s #1 golf course.
 
As of today (8.14.08) here is where we stand at Glenwild for 2008:
 
HOMES
Active homes:
-13 homes on the market
-Prices range $2.385m to $5.995m with $3.85m being the average
-Price per sq ft range from $514psf to $705psf with the average coming in at $557psf.
-The average days on the market is 127.
 
Sold homes:
-5 homes have sold in 2008
-Ranging from $1.7m to $3.255m coming it at an average of $2.5m
-Price per sq ft range from $392psf to $535psf  with an average of $478psf
-Average days on market was 173 days
 
Pending home:
-1 pending (along with the $5.995m home in contract negotiations)
-$2.695m
-5690 sq ft working out to $473psf
-On the market for 321 days
 
LOTS
Active:
-38 on the market
-Ranging from $495,000 to $1.99m averaging out at $899,710.
-On the market for an average of 259 days
-Size ranges from .59 acres to 42 acres
-All 3 lots right around an acre
 
Sold:
-3 sold
-From $695,000 to $849,000 with an average at $781,000
-On the market for an average of 306 days
 
Pending:
-1 pending
-For 1.175m
-10 acres
-On the market for 81 days.
 
As we have said before, the housing market at Glenwild is strong, and we continue to see buyers flocking to the community. There are some great deals on lots, so start looking!

How About a Mid-August Market Update!?!

Rainbow Over Solamere

Since late last week we have seen 69 new properties come on the market, 25 go under contract, and 20 close. The high points are:
 
ACTIVE:
-Silver Star ski in/ski out at Park City Mtn Resort come on the market at $1.5m; 3bd/3ba, 1986 sq ft, $755psf….this is not too bad for a 3bd/3ba ski in/ski out.
-Pinnacle at Deer Valley at $955,000; 4bd/4ba, 3530 sq ft, $270psf…under $300psf is good in my book, especially for a downhill unit that will have great rental revenue!
-Promontory home at $2.5m; 4bd/7ba, 8500 sq ft, $294psf…again under $300psf is a steal! This one very well might be priced just above construction cost.
-Tuhaye home for $3.5m; 4bd/6ba, 5400 sq ft, $648psf….kind of a ridiculous ppsf for this one. Especially since the spec home inventory at Tuhaye is not exactly jumping off the market! I love the Talisker development, but not a home for $648psf.
-Another Tuhaye home at $2.75m, 6bd/6ba, 4940 sq ft, $556psf…that is a little more reasonable.
 
PRICE CHANGE:
-Old Town home down $425,000 from its original price to $1.725m; 4bd/4ba, 3106 sq ft, $555psf is a good deal in Old Town and the trend says this one will get better in due time…this is a nice home with room to grow, due to the fact it occupies almost 3 lots!
-Thaynes Canyon home down $200,000 to $997,000; 4bd/3ba, 2820 sq ft, $353psf….not a bad deal for a home with unobstructed golf course and ski run views….not to mention a motivated seller!
-Lower Deer Valley home down $200,000 to $1.695m; 4bd/4ba, 4305 sq ft, $393psf…this could end up being a good deal in Hidden Meadows.
-Deer Crossing lot at Promontory down $120,000 to $650,000…there are some good deals to be had at Promontory….they will probably get better up until the first of the year. So start looking now, let the seller bleed until November, then make an offer!
-Tuhaye home down $150,000 to $3.45m; 4bd/6ba, 6200 sq ft, $556psf.
 
PENDING:
-Old Town home at $1.045m; 4bd/3ba, 2074 sq ft, $503psf
-Bear Hollow town home at $499,000; 3bd/4ba, 2128 sq ft, $234psf…good deal in my book….with 3 resale townhomes pending in Bear Hollow over the past few weeks, maybe we are starting to see a bottom at that development.
-Park Meadows town home – Last Sun at the Cove for $2.25m; 4bd/4ba, 4345 sq ft, $517psf.
-Mountain Ranch Estates home at $1.449m; 5bd/5ba, 5048 sq ft, $287psf…not a bad deal either!
 
CLOSED:
-Glenwild lot at $625,000….people might be starting to see the value in land at Glenwild.
-Old Town condo at Towne Point for $899,000; 3bd/3ba, 1627sq ft, $552psf
-Old Town home on King Rd at $1.975m; 4bd/5ba, 4600 sq ft, $429psf…this one was a steal! Not the best finishes, but the location is great and what you could do to this home in the future is amazing.
-Tuhaye cabin at $1.8m; 5bd/5ba, 3567 sq ft, $504psf….looks like that ppsf is a little more reasonable for Tuhaye!

Market Update for Your Hump Day

Summer in Park City! View from the ski lift at Deer Valley in Park City, Utah

In the past five days we have seen 59 properties come on the market, 24 go under contract and 25 close. Of note:

ACTIVE:

-Old Town home at $2.1m on Lower Norfolk Ave; 3bd/2ba, 2635 sq ft, $767psf….seems a little high for 3bd/2ba.
-3 Old Town lots for $2.4 on Park Ave….only if these were on Main St would this price make sense. Once you build out all your profit is gone….this does not pass my “Buy versus Build” proportion…in order for land to start moving again, the price of land must proportionately be below what it cost to buy a new home compared to what it cost to buy and build and spend hundreds of hours of your own time.
-Aspenwood condo in Deer Valley at $850,000; 3bd/3ba, 2010 sq ft, $422psf…I just went through this one and if you do not mind the stairs it could be a great deal. Considering it started on the market around $775,000….so we already know they will go below that!
-Arrowleaf in Deer Valley’s Empire Pass at $2.499m; 3bd/4ba, 1986 sq ft, $1258psf…For 3 bedrooms up at Empire Pass this is not a bad price to start at.
-Promontory home at $2.79m; 4bd/5ba, 5200 sq ft, $537psf….good price per sq ft here too. Most of Promontory seems to be hovering around $500psf.

PRICE CHANGE:

-Silver Star unit at Park City Mtn Resort reduced about $150,000 to $1,174,000; 2bd/3ba, 1464 sq ft, $802psf…Some of these speculators will have to drop a little more!
-Tuhaye lot lowered to $795,000….great lot though.
-Promontory home lowered to $1.699m….these guys are getting close to the price they bought the home. They must need to ditch it! It is a nice home for being in the Homesteads.

PENDING:

-Old Town home on Park Ave at $1.275m; 2bd/3ba,1713 sq ft, $744psf…I really liked this home, because it is on a lot and a half so you could buy it for round $1m today and expand it over the years to over 3000 sq ft.
-Deer Valley Courchevel condo at $474,500, 1bd/2ba, 912 sq ft, $520psf.
-Bear Hollow Village townhome at $589,000; 4bd/4ba, 2757 sq ft, $214psf!…there are some good buys in this development!
-Willow Creek home at $2.997m; 5bd/6ba, 7222 sq ft, $415psf….good to see some activity in that area.
-Promontory lot at $635,000….looks like they had to fire sale this one, but good to have some action in Promontory too! This one fits into the “Buy v. Build” proportion.
-2 Red Ledges lots at $730,000 and $485,000….they have been active out there this summer.

CLOSED:

-Deer Valley Boulder Creek condo at $735,000; 3bd/4ba, 1900 sq ft, $387psf
-Upper Deer Valley Sterlingwood for $835,000; 2bd/2ba, 1900 sq ft, $439psf
-Colony lot for $1.795m
-Tuhaye cabin at $2.255m; 5bd/5ba, 3834 sq ft, $588psf….a little high on ppsf, but with the views it is not too bad.
-Red Ledges lot at $430,000….this development is rolling along this summer.

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.

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.

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