Park City Real Estate First Half 2008 Statistics - 07/07/08 02:19 PM
The Park City Board of Realtors statistics for the First Half of 2008 indicate that Gross Sales Volume was down to $610M, a decrease of 39% from the same Half of 2007, prices increased 8%.  
 
Gross Sales for Single Family Homes were $260M, down 45% from 2007 and prices were approximately even.
 
Condominium Gross Sales were down 24% to $259M, which prices rising 17%. Old Town Condos saw a 24% price increase and Kimball Junction Condos sales volume increased by 131%  primarily with the Newpark Hotel, with prices up 19%.
 
Gross Sales of Vacant Land (Lots) decreased … (0 comments)

Pivotal Financing Approved for The Promontory Club in Park City, UT. - 07/06/08 03:11 PM
On July 3rd, 2008, Judge Judith Bolden of the Utah Bankruptcy Court approved the Pivotal DIP (Debtor in Possession) Financing Plan for $25 Million in interim financing for The Promontory Club. Credit Suisse, Wells Fargo and the Promontory Owners Management Group all objected to the Plan.
The day before the ruling, Promontory did not reach an agreement with Credit Suisse for an alternate financing plan.
On July 21, 2008 the Court will hear Promontory's Motions for an extension of the period of time for it to file a bankruptcy plan.
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Talisker Completes the Purchase of The Canyons in Park City, UT - 07/02/08 08:59 AM
Talisker Corporation completed the purchase of The Canyons in Park City, UT on Monday for $123M according to the Park Record and Securities and Exchange Commission documents.
 
The Canyons was the last property owned by the American Skiing Company.  The Canyons now becomes part of the Talisker group of Park City properties including Empire Pass at Deer Valley and the Tuhaye golf development.
 
Talisker Canyons Finance Co. LLC will assume the responsibility for pending litigation with the resort's former owner, Wolf Mountain, which contends that is should regain the property because ASC defaulted on the lease.  The trial is … (0 comments)