Over the last few days we have seen 43 properties come on the market, 7 go under contract, and 7 close escrow. Of note:
Snowy Main Street Park City
ACTIVE:
-Deer Valley home in the Oaks at $3.55m; 5bd/6ba, 6752 sq ft, $526psf.
-Arrowleaf unit in Empire Pass at Deer Valley for $2.575m, 3bd/4ba, 1802 sq ft, $1428psf….Deer Valley is still holding its value relatively well.
-Chatham Hills home at $1.475m; 4bd/5ba, 4089 sq ft, $360psf….this is a great location!
-Glenwild lot at $569,000….inventory is growing all over the place.
-Tuhaye lot at $725,000.
PRICE CHANGE:
-Old Town home down $800,000 to $1.75m; 4bd/4ba, 2307 sq ft, $759psf…starting to look like a fair deal.
-Empire Ave home down $650,000 to $1.295; 4bd/5ba, 2400 sq ft, $540psf…..this is a great deal if you want to be near Park City Mountain Resort!
-Park Meadows townhome down $240,000 to $625,000; 3bd/4ba, 2815 sq ft, $222psf….great deal here.
PENDING:
-Silver Star unit at $1.5m; 3bd/4ba, 1998 sq ft, $750psf…these things continue to move.
-Old Town home at $2.199m; 5bd/6ba, 3300 sq ft, $666psf…nice location and PPSF for the Buyer.
SOLD:
-Deer Valley home in Hidden Meadows at $1.375m; 4bd/4ba, 4305 sq ft, $319psf…nice buy!
-Promontory Cabin at $1.583m; 4bd/4ba, 4448 sq ft, $355psf….good to see any action at Promontory.
-Promontory lot at $427,500.
 

 

why aren't you here?

why aren't you here?

There’s TON OF SNOW COMING DOWN IN PARK CITY…..RIGHT NOW!!!!

From where I sit at my desk, I look directly at the base of Deer Valley and onto the Snow Park area of the resort.  The white stuff has been falling consistently all day so far and it’s not a little duster….it’s a white-out!

The skiing this past weekend at Deer Valley was great but now that we’re finally getting the snow we need, the best part of the season is approaching!

So if you’ve been dreaming of whooshing down the perfect ski slopes in Park City, get your butt out here!  It’s just exactly as you’ve been fantasizing ;)

 
Over the past few days we have seen 51 properties come on the market, 14 go under contract, and 15 close. The high points are:
ACTIVE:
-Thanyes Canyon home at $799,000; 4bd/3ba, 2208 sq ft, $361psf….An amazing lot with great upside!
-Deer Valley lot in Hidden Meadows at $598,000….not too shabby of a price.
-Deer Crest home at $3.595m; 5bd/7ba, 8035 sq ft, $447psf….looks like a deal in Deer Crest!
-Chateaux at Silver Lake in Deer Valley unit at $1.485; 2bd/3ba, 1379 sq ft, $1079psf….seems really high on the ppsf! These units do rent like wildfire….but they will come down on price, as the market will determine what it is worth.
-Black Bear Lodge in Silver Lake at Deer Valley for $775,000; 2bd/2ba, 1409 sq ft, $550psf….this is right next door to the Chateaux unit (listed above) and is about half the price per sq ft!!! Which one would you buy? Black Bear is still a steal!!!
-Grand Lodge unit in Empire Pass at Deer Valley for $4.295m; 5bd/6ba, 3243 sq ft, $1324psf….it will be an interesting winter to see how the luxury ski in/ski out properties fair. Up unitl now, they have still done relatively well.
-Promontory lot at $499,000…this is a great lot for the price.
PRICE CHANGE:
-Old Town home near PCMR down to $999,000 from $1.295m; 4bd/4ba, 2435 sq ft, $410 psf….good deal for the right Buyer.
-Glenwild home down over $1m to $3.35m; 5bd/7ba, 8265 sq ft, $405psf…even the ultra-hot Glenwild has slowed!
-Promontory lot down from $699,000 to $250,000.
-Tuhaye cabin down $500,000 to $1.2m; 3bd/4ba, 3057 sq ft, $305psf….pretty good deal.
PENDING:
-Vacant Land in Old Town at $1.3m…this is a development parcel that could have a couple of homes built on it.
-Deer Valley unit at the Lodges at Deer Valley for $850,000; 2bd/3ba, 1407 sq ft, $604psf….these rent great too!
CLOSED:
-Sky Lodge unit at $228,000; 2bd/2ba, 1260 sq ft, ownership of one-eighth…these have really fallen off!
-Deer Valley lot at $1.175m.
-Empire Pass home in the Nakoma development at Deer Valley for $5.25m; 5bd/5ba, 6000 sq ft, $875psf.
-Promontory home at $1.5m; 4bd/6ba, 5968 sq ft, $251psf….nice pick up for the Buyer.
 

 

This is a post dedicated to a great local Park City boutique which is very close to my heart…I promise Rob will provide you with your Real Estate Market Update any time now, but in the meantime, don’t miss out on a great deal which Chloe Lane is graciously offering up this month!

Anyone who’s been to Park City knows that Chloe Lane is THE PREMIER PLACE to shop for fashion in this town…and - in this state - for that matter!

Chloe Lane is generously offering a $100 store credit to anyone who signs up for the Chloe Lane “Chloe Lane Rock Stars” page on Facebook. If you have a Facebook account, sign in and go directly to the “Calling All Rock Stars” page IMMEDIATELY!!!!  Check this out and then join the Chloe Lane Rock Stars page

If you don’t have a Facebook account….where have you been?  Living under a rock?!?!  Go get yourself a login and get your butt over to Chloe Lane’s “Calling All Rock Stars” page and get yourself that free $100 credit!

Right now Chloe Lane has the most amazing inventory (in my personal and quite valid opinion) that they’ve ever had…the sheer amount of perfect holiday dresses and superior booty jeans will defy your every fashion dream!  I’m not exaggerating people, I don’t want to hear about it in a couple weeks when you realize you missed out on this one…GO NOW - SIGN UP - GET YOUR CREDIT - AND GO TO CHLOE LANE (or…if you’re not lucky enough to be here in Park City before the credit expires on December 31st, feel free to go online to the Chloe Lane website at www.mychloelane.com and use it there!)

This is such a good offer - especially in tight financial times like these - the wonderful people over at Chloe Lane are being so nice to help us all out - it would almost be rude not to accept!  You can use the credit for an outfit to impress your office at the company holiday party, or maybe something for Xmas with the boyfriends parents, or even a gift for your sister, your best friend, your boyfriend or your husband…any way you shake it - everyone comes out on top!

Here’s the finer details of this offer direct from the “Calling All Rock Stars” page:
Become a Facebook member of Chloe Lane Rock Stars by this Friday, December 12th and receive a $100 gift credit* to any Chloe Lane Store or redeem it online at www.mychloelane.com.** Already a Chloe Lane Rock Star, then you already have a $100 store credit on file with Chloe Lane. So invite your friends, family, co-workers and fellow Chloe Lane fans to sign up for Rock Star status!

*$100 gift credit redeemable with purchase of $200 or more, valid December 12-December 31, 2008. Not valid on SALE items.
** at mychloelane enter coupon code CLRS100
NOTHING TO ATTEND, ONLY NEED TO JOIN TO RECEIVE THE GIFT CREDIT.

…..still don’t get it?….Chloe Lane has a Facebook page called “Chloe Lane Rock Stars“, which as a loyal Chloe Lane shopper (you will be if you’re not already) you should become a fan of…we all have a little Chloe Lane Rock Star inside of us right?

So as the holiday season approaches, we hope all of our readers are enjoying our posts and the wonderful local offers like this one that we are so happy to offer.  We’ll keep them coming as long as you keep reading and commenting on what we’re saying.  Pray for more snow!

 

 


Alright folks, we seem to be at another lull in the Promontory bankruptcy hearings. Last week the Judge ruled that Promontory’s plan to sell the development via a 30 auction was not feasible and a sale would certainly take longer than 30 days. The hearing is scheduled to continue on December 11, and an agreement between Credit Suisse and Promontory on how the club will run after Jan. 31, 2009 will need to take place, because we are getting close to that date…..so it looks like the DIP financing will need to be extended, and possibly a longer auction period could be agreed upon.
We will keep you posted….other than that, our market is slow as everyone is preparing for ski season. Deer Valley opened this weekend and what better way to enjoy the world-class groomers than a blue-bird Utah day! We are getting snow as we speak (3:18 on Monday 12/8/08), this storm is to give us 6 to 9 inches and then we are expecting 12 to 16 inches over the weekend….THINK SNOW!

Look for a market update tomorrow.


 

 

I know everyone is waiting on news to come out of the courtroom regarding the bankruptcy at Promontory. As of Friday afternoon, we do not have anything…look for something to come out over the weekend.
However, the Jack Nicklaus course at Promontory was just awarded the #3 new course by Golf Digest. Even amongst the bankruptcy at Promontory, the development is still collecting awards! I bet you will not see that at Yellowstone Club, Tamarack, or other developments that Promontory is sometimes thrown in with…As I have said before, I whole-heartily believe that Promontory will emerge from this bankruptcy stronger than ever, and people will be kicking them self’s for not buying in this downturn…see the press release below:

PARK CITY IS THE PLACE FOR MOUNTAIN GOLF

~ Promontory named #3 best new course for 2008 by Golf Digest~

PARK CITY, UTAH, Dec. 3, 2008 – Park City has made a name for itself as a place for some of the best skiing in the country. But locals know that there’s more than just marketing-speak in the “come for the winter, stay for the summer” adage they all use. In addition to the wonderful hiking, biking and incredible scenery, Park City is now gaining national notoriety for some of the finest golf experiences in the country, led by Promontory, the family-friendly, luxury mountain community overlooking historic Park City. In its January 2009 issue, Golf Digest named Promontory’s Jack Nicklaus Signature Course as the #3 Best New Private Course in the country.

Golf Digest, the leading publication in the golf industry, conducts their annual survey of America’s Best New courses with a panel of over 900 golfers who considered nominees that had opened between May 1, 2007 and April 30, 2008. Panelists rate courses on their shot values, design variety, resistance to scoring, memorability and aesthetics.

Promontory was accompanied in the top three by a Tom Fazio course at Gozzer Ranch in Idaho (#1) and a Tom Weiskopf course at The Club at Spanish Peaks in Montana (#2). Promontory’s course is known as the Painted Valley course for its sweeping layout through the glens in the center of the Promontory property and with stunning views of Deer Valley ski resort and the Uinta mountain range. True to “mountain golf” style, the Painted Valley course is the longest of the courses on the Best New Private list at 8,136 yards and is considered a supreme test of golf, but it is enjoyed for its natural, unspoiled beauty and breathtaking vistas by all calibers of golfers.

Promontory’s membership also reflects the level of golf appreciation in Park City. Mike Weir, the #4 player on the PGA tour, and Butch Harmon, coach to Phil Mickelson and Ernie Els, are both members at Promontory. Weir practices and plays regularly on the award-winning Painted Valley course. Harmon’s article on how to hit more fairways is also a cover story in the January 2009 Golf Digest issue.

With the Nicklaus course, a signature Pete Dye course and more courses in the works, Promontory is the place where legendary skiing meets world-class golf. Travel + Leisure Golf ranked Promontory the #6 Golf Community in the U.S. for 2008. The Golf Digest ranking merely underscores what Parkites have long known: the mountains aren’t just for skiing anymore!

 

With the Prop 8 Madness still a talking point in the minds of many Americans…I can’t help but feel a need to write about a side issue that is really bothering me on a logical and emotional level

Lately in the news there’s been a lot of talk about members of the film-making community calling for a boycott of the Sundance Film Festivalthis year.  As many readers may already know, the Sundance Festival is named for a town in Utah near Park City.  It was started by Robert Redford as a way for independent film makers to showcase their work and learn from each other.  As the festival grew over the years it’s needs for size and space outgrew the little town of Sundance that Mr. Redford had built.  Soon Park City became “the-place” for movie premieres and events related to the two week festival.

The Sundance Film Festival has become a huge income producer and tourist draw for the town of Park City and it’s residents.  Park City is a resort town which relies on it’s beloved tourists and visitors who come to ski our perfect slopes and party the snowy winter nights away at Harry O’sduring Sundance.  Our little town swells during ski season and most especially during those two weeks of Sundance with tons of visitors who come here and spend the money our local business owners live off of during the slower months of the year.

Park City and Sundance are like peas in a pod…they go very well together.  Many of the reasons the town of Park City and the Sundance Festival go so well together are based on the fact that Park City is the most liberal and diverse town in the state of Utah.  Parkites are generally people who moved here from somewhere else, usually somewhere like California or New York or Chicago or even the Southern States or places as far away as New Zealand or South America.  Park City residents tend to vote for Democrats much more often then other areas of the state.  If you ask residents of Utah’s larger cities such as Salt Lake City, Provo or Orem they will tell you that Park City is a “the Hong Kong of Utah”.  Park City is in a bubble.  We’re a little microcosm unto ourselves where people of many religions, sexual orientations and varied outlooks can live together in the shadow of the mountains we all came to live near.  We are all happy together in our little slice of heaven and the overall feeling you get from Park City locals is much warmer and more welcoming then most ski resort towns like Aspen or Vail.

The Sundance Film Festival-like Park City- is also a place for unique and creative types to gather.  It brings interesting and intellectual individuals to our little hamlet up in the sky.  And even though Sundance can be somewhat of a nuisance for the locals because it temporarily increases our population almost to the point of explosion, we still appreciate and value the experience.  When all is said and done and the festival ends each year, most Park City residents look back at those two weeks of Sundance and smile at the memories of fun times, celebrity encounters, great music, and amazing, artistic movies.  I for one, am grateful to be exposed to such modern and intriguing movies.  Living in Park City I get to see the festival films that most people don’t see until more then a year later when it comes to the multi-plexes and theaters across the country.  Working on Main Street and being around town during the festival, I’ve been lucky enough to score great tickets on a whim and even had the chance to sit and listen to panels of famous and expert film makers while they discuss their motivations and thoughts behind the art they’ve created. 

The Parkites and the Sundance Festival get along pretty well considering the impact that the fesitval participants can have on our peaceful lives…but it’s worth it to us….not only for the income it brings to us all in someway or another, but also for the culture and stimulation.

So - when I hear all this talk of boycotting Sundance as some sort of show of strength against those members of the LDS Church who supported Prop 8 in California…I am baffled

Anyone who boycotts the Sundance Festival because it is located in Park City, Utah…is getting it all wrong!  Park City is one of the only places in Utah that supporters of gay marriage can feel very free to express themselves.  There are more people against Prop 8 in Park City then anywhere else in the entire state of Utah.  By drawing away the income Sundance brings to Park City those boycotting the festival are actually starving their own supporters.

It’s a presumptuous and unintelligent call to action to ask those involved in the film industry to stay away from a great event that supports independent films and independent thinking in a state where independence isn’t the most common agenda.  I can easily understand the negative feelings being harbored towards the LDS Church by some people in the gay community and/or those who are adamantly against the passing of Prop 8.  I can see why the huge donations that the Mormon Church made to get Prop 8 passed would anger those who are seeking equal rights.  But if those gay marriage supporters and seekers of equality for all would stop and think for one second, they would realize that their anger is being directed in the wrong place.  Hurting the residents of Park City won’t punish any supporters of Prop 8…it won’t hurt the LDS Church in any way.  It won’t help to bring equal rights to gay families.  It won’t hurt the greater population of Utah.

Boycotting Park City and the Sundance Film Festival will only weaken the those who support equality and independence for everyone in the State of Utah.   This proposed boycott would hurt the wrong side of the equation.

Park City’s residents have it hard enough when it comes to liberal thought and policy in the state in which they reside…So let’s all take a minutes to stop and think  Two wrongs don’t make a right.  Hate + hate does not = equality.  Sundance is a time and place for creativity and expression.  You can take the Sundance out of Park City but you can’t take the Park City out of Sundance.  The essence of the fesitval is found in the mountain setting and the wild west atmosphere that Mr. Redford culitvated so many years ago.

I’m all for equal rights and the idea that all human beings should be allowed the joys and privelages of marriage.  Let’s find a way to support the causes that are most important to our culture…but in support of such a great cause it would be a shame to harm the innocent and good people of Park City to teach the rest of the state a lesson…

 

Okay folks, this week looks like it could be key in the Promontory bankruptcy hearings. Today was the deadline for objections to Promontory's Disclosure Statement, and on Thursday and Friday the Court will determine the adequacy of the Disclosure Statement.

We're back from our turkey induced coma and our little trip to Florida to see Rob's family.  Now we know you've been waiting on pins and needles for info on Promontory and a Market Update...so here it is already!  ;)  

Our market did not have much activity over the Thanksgiving period, but we did see 18 properties come on the market, 2 properties go under contract, and 8 close escrow. The notable ones are:

ACTIVE:
-Old Town lot at $500,000....nice lot that seems like the sellers are motivated
-Deer Valley home in Hidden Meadows at $1.988m; 5bd/5ba, 4355 sq ft, $456psf...not a bad starting point for a Deer Valley home.
-Deer Valley home in Upper Deer Valley at $3.75m; 6bd/7ba, 5445 sq ft, $688psf...seems a little steep, but the access to skiing and views up there are great.
-Promontory lot in Aspen Camp at $390,000....this looks like less than they bought it for!

PRICE CHANGE:
-Deer Crest home down $1.8m to $6.8m; 6bd/9ba, 12527 sq ft, $543psf...not a bad ppsf, and a significant drop.
-Promontory home down $200,000 to $2.77m; 4bd/4ba, 5096 sq ft, $655psf....still on the high side in Promontory.

CLOSED:
-Townhome on Park Ave at $440,000; 2bd/3ba, 1400 sq ft, $314psf....still looks like a good deal for the Seller!
-Escala Lodges unit at $823,500; 2bd/2ba, 1185 sq ft, $694psf.

 

Don't make me say it!
Don't make me say "I told you so!"
I'm serious...you have no idea how much joy I will garner from doing it  ;)

We've shown our readers some super great SCREAMIN' DEALS in the Park City, Utah area in the past few weeks - we've got more to come but you should know that some of them are still on the market...
There's one in particularthat we are pretty sure won't be sticking around while you twiddle your thumbs

So - if you or anyone you know might be the slightest bit interested in that SCREAMN' DEAL we mentioned in the Bald Eagle neighborhood of Deer Valley...you know the one - it's the property that is sits on one of the TOP FIVE PRIMO LOCATIONS in ALL OF PARK CITY....the one we all know locally as "Falcor" with it's ski-in/ski-out spot on a famous run in the best ski resort in the area...
YEAH - THAT ONE

Well, all we have to say is that it's now or never....and don't come crying to us when you miss out on this AMAZING OPPORTUNITY and then come whining to us that you missed out on an amazing ski home and investment opportunity  - whoever gets this one will be gloating all the way to the bank

But don't drag your feet...there's not much time left for this and as soon as it goes you can bet we'll be creating a new category on our site called "I Told You So" where we'll post the Screamin' Deals that you missed out on so you can re-read the posts and throw pity parties for yourself for all eternity

This property is a perfect example of how in these turbulent financial times, those who can afford to buy up properties will gain tremendously from the dropping prices and overflow of inventory

But hey, do what you need to do...we'll be here to say "I TOLD YOU SO" in a couple months  ;)

Regardless...we love all our readers and can't wait to post some juicy info on Promontory and the Park City Real Estate Market in the coming days.  We just hope you keep coming back for more and that all that turkey you're going to eat doesn't make you so sleepy you forget to check your favorite site...www.ParkCityWire.com everyday for the latest update!

 

WOW!  There are lots of prices dropping and deals to be had in Park City, Utah right now...it's wonderful that we are still seeing some movement in the market and that buyers are still willing to purchase properties...even in this topsy turvey market...don't believe me?  Well just take a look below....

Over the past few days we have seen 29 properties come on the market, 5 go under contract, and 5 close escrow. The notable ones are:

ACTIVE:
-Thaynes Canyon home at $2.95m; 3bd/3ba, 4670 sq ft, $631psf...a truly amazing 3 acre lot in Iron Canyon, but the home is note very desirable.....you are basically buying the land, and it's not really worth $1m/acre.
-Deer Crest home for $3.695m; 5bd/7ba, 6895 sq ft, $535psf....a pretty good deal in the Snow Top neighborhood of Deer Crest.
-Another Deer Crest/Snow Top home at $4.795m; 5bd/7ba, 10153 sq ft, $472psf....well, well - nice ppsf!
-Silver Bird unit in Deer Valley back on the market at $1m; 3bd/4ba, 2368 sq ft, $422psf....amazing views and walk 100 yards to skiing! This town-home is a good deal and the Sellers seem motivated!
-Promontory home for $4.495m; 5bd/8ba, 10759 sq ft, $417psf....nice ppsf, and this home has the best private Sports Bar in Park City in it's lower-level!  No seriously...the Seller is a friend and this home has some really super upgrades, especially for those who love to watch all the football games at once...AND there's a cigar room!!  AND a theater room!!!!  and did I mention the circular bar?  Seriously, if you're in the market for a home like this, you need to see this sparkler!

PRICE CHANGE:
-Old Town lot down $300,000 to $799,000...still needs to move down a tad.
-Deer Crest lot down $445,000 to $1.15m...if you can get this for under $1m it could be a steal!

PENDING:
-Empire Pass at Deer Valley unit at $2.499m; 3bd/4ba, 1986 sq ft, $1258psf....still a little activity in Empire during the shoulder season.
-Promontory lot at $450,000....this was another bargain basement deal at Promontory that got scooped up in about a week! These tend to move fast when they get that low in price.

CLOSED:
-Deer Valley home in Solamere for $2.465m; 4bd/5ba, 6500 sq ft, $379psf...they were asking $2.595m, so a 5% off asking...that is about par for the course.
-Tuhaye lot at $450,000...asking $450,000...looks like people are bottom feeding on land!

 
 
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Rob Alday & Rachel Peterman

Park City, UT

More about me…

Snow Park Realty

Address: PO Box 1796, Park City, UT, 84060

Office Phone: (435) 649-0644

Cell Phone: (435) 640-7224

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