Over the past few days we have seen 48 properties come on the market, 15 go under contract, and 6 close escrow. Of note:
ACTIVE -Old Town condo on Heber Ave at $1.495m; 2bd/3ba, 2181 sq ft, $685psf...not a bad deal for this nice place...walk to everything including Town Lift! -Old Town home at $1.495m; 4bd/4ba, 3106 sq ft, $481psf...nice deal and these Seller's finally got real. It was on the market a few months ago at $2.1m.....this would be a great property to pick up! -Deer Valley unit for $1.495m (looks like this is the price of the day); 3bd/4ba, 3106 sq ft, $481psf...nice deal here too for a unit with ski access! -Glenwild lot at $1.05m...on the golf course and has ski run views! -Promontory lot in Sunset Ridge at $299,000...this looks like a short sale and is a good deal!
PRICE CHANGE: -Lookout at Deer Valley down $350,000 to $4.1m; 5bd/6ba, 6182 sq ft. $663psf....good ppsf. -Bear Hollow townhome down $40,000 to $585,000; 4bd/4ba, 2180 sq ft, $268psf...properties that have been priced right seem to move in Bear Hollow. -Deer Crossing lot in Promontory down $400,000 to $950,000. -Tuhaye home down $800,000 to $3.599m; 4bd/6ba, 7650 sq ft, $470psf...nice ppsf. -Tuhaye lot down $385,000 to $985,000....nice pick up. -Another Tuhaye lot down $250,000 to $499,000....some sellers at Tuhaye seem to be getting antsy!
PENDING: -Aspen Springs home at $2.3m; 5bd/7ba, 6000 sq ft, $383 sq ft. -Thaynes Canyon home at $899,000; 3bd/3ba, 3813 sq ft, $235psf...this is on one of the best lots in Park City, and was a good buy....the home needed a remodel! -Deer Valley lot for $1.795m....Upper Deer valley lots are a rare find. -Promontory home at $2.295m; 4bd/5ba, 4500 sq ft, $510psf...good to see that activity at Promontory. -Tuhaye lot at $575,000....nice to see some land moving.
CLOSED: -Deer Valley lot in the Oaks for $935,000...nice price for the Seller! -2 Escala Lodges units at the Canyons. A 2bd, for $1.025m, and 1500 sq ft. Also a 1 bd, for $560,000, and 885 sq ft.
Just in the past few days we have seen 2 homes go under contract at Promontory. Maybe the activity can be attributed to the reorganization plan...but that has not been agreed upon by the court...so then again, maybe not. None the less, any activity is good to see. I would have to imagine that there is some pent up demand due to people holding off until the bankruptcy is settled....Not to say that the market at Promontory will do a one-eighty when the bankruptcy is finally settled, but I would look for a good bit more activity than what we saw this summer. People who have been looking for a while know that the project has value, will be a good long term investment/second home, and that now is a good time to be a Buyer in the market at Promontory. Maybe it will take a year for the "blackeye" of the bankruptcy to clear or maybe it will take 3 years...Nobody can predict that with certainty, but over long-term it will be a jam up project.
The two homes at Promontory that went under contract are: -West View home at $1.599m; 4bd/6ba, 5968 sq ft, $400psf....views of all 3 ski resorts -Another home in the West View neighborhood at $2.295m; 4bd/5ba, 4500 sq ft, $510psf...nice views here too!
The Screaming Deal is also at Promontory, and in a similar location as the 2 above: -Short sale at Promontory down to $899,000; 4bd/6ba, 5339 sq ft, $168psf...nice views, backs to open space, easily worth somewhere in the mid-$1m's, needs landscaping, but an awesome deal!!!
Over the past week we have seeesaten 71 properties come on the market, 20 go under contract, and 14 close escrow. Of note:
ACTIVE: -Aspen Springs lot at $895,000....great views in an area where lots rarely come available. -Deer Valley home at $1.995m; 5bd/5ba, 4286 sq ft, $465psf....not too bad of a deal in an area that has seen its prices hold up relatively well. -Deer Valley townhome at Silver Lake at $829,000; 3bd/2ba, 1576 sq ft, $526psf....great price for the location and rental income. -Flagstaff unit at Deer Valley's Empire Pass for $3.06m; 3bd/4ba, 2140 sq ft, $1430psf...it should be an interesting winter as far as sales at the ski in/ski out properties. -April Mountain home at $1.375m; 4bd/4ba, 2925 sq ft, $470psf....not a bad starting point for this one, and it is in a great location....close to Deer Valley and Main St. -Development opportunity at the Canyon's for $9.5m; 25 steps from the Frostwood Gondola. Plans approved for 123 units. Includes pre-sale reservations. Amenities already completed in Phase 1 include: pool, hot tub, front deck & check in, spa, business center, theatre and more. Plans are almost completed. Seller financing available. Seller to consider J.V. partner to build the project....could be a good opportunity for the right investor/developer. -Glenwild lot at $575,000....good deal on this one. -Promontory home for $2.7m; 5ba/6bd, 6700 sq ft, $403psf...the lower homes in Promontory have dipped well below the old $500psf mark!
PRICE CHANGE: -Deer Valley condo down $55,000 to $995,000; 4bd/3ba, 2765 sq ft, $360psf...this unit has rental income over $80,000! -Flagstaff unit in Deer Valley's Empire Pass down $200,000 to $3.36m; 3bd/4ba, 2140 sq ft, $1570psf. -Thanyes Canyon home down $300,000 to $1.995m; 4bd/5ba, 4200 sq ft, $475psf....maybe still a little high. -Newpark unit down from $617,500 to $557,500, 2bd/2ba, 1042 sq ft, $535psf....still too high! -Glenwild home down $800k to $2.495m; 4bd/5ba, 5000 sq ft, $499psf....looks like these folks really want to sell. -Promontory home down to $899,000; 3bd/6ba, 5339 sq ft, $168psf....DEAL OF THE WEEK!
PENDING: -Arrowleaf unit in Deer Valley's Empire Pass at $2.375m; 3bd/4ba, 1996 sq ft, $1190psf....not a bad deal. -Mountain Ranch Estates home at $1.975m; 5bd/5ba, 5460 sq ft, $362psf...nice ppsf. -Promontory home at $1.6m; 4bd/6ba, 5968 sq ft, $268psf....great deal for the buyer!
CLOSED: -Pinnacle unit in Deer Valley at $912,000; 4bd/4ba, 3530 sq ft, $258psf...another good deal. -Bear Hollow unit at $299,000; 3bd/2ba, 1155 sq ft, $259 psf...great deal! -Another Bear Hollow unit at $340,000; 3bd/2ba, 1330 sq ft, $256psf....not bad here either
Below is a brief recap of what has taken place over the past month in the Promontory bankruptcy hearings.
As you will see, a reorganization plan that is headed up ny Credit Suisse has been proposed by Pivotal , but nothing has been agreed upon. The agreement will hopefully take place after Thanksgiving. The way it sounds, Pivotal (the original owner of the project) seems to be mostly cut out when it comes to the future of Promontory.
Here is the recap and schedule of future events: January 31, 2009 - Target date for emerging from Bankruptcy. December 5, 9:00 am - Continued Disclosure Statement Hearing (if necessary). December 4, 9:00 am - Hearing on adequacy of Promontory's proposed Disclosure Statement. December 1, 4:30 pm - Deadline for objections to Promontory's proposed Disclosure Statement. November 7 - Promontory's Bankruptcy Plan and Disclosure Statement (let us know if you'd like to see these documents as we have them and are happy to discuss) was amended on Monday, November 10 November 3 - Pivotal Promontory TRC, LLC (subsidiary of Utah 7000, LLC, which holds liquor licenses for Promontory debtors) filed bankruptcy for convenience of reorganization plan. October 31, 11:45 pm - Promontory filed its proposed reorganization plan and disclosure statement. Neither is in final form. The Committee anticipates that both will be amended by November 10. The current version of both documents are posted on this website, above and to the left of this comment. October 22, 2:30 pm - Hearing stricken: Rescheduled hearing on Promontory's motion to assume Sales Center, Park City, and Deer Valley leases. (Credit Suisse has withdrawn its objection, and Promontory's motion will be approved). October 20, 7:30 pm - After Committee voted to support Promontory's assumption of the Sales Center, Park City, and Deer Valley leases, Credit Suisse withdrew its objection. October 16, 9:00 am - Hearing stricken. Bankruptcy Court heard arguments about Promontory's plan to assume Park City and Sales Center Leases on October 22 at 2:30 pm. October 15 - Credit Suisse objected to Promontory assuming Park City and Sales Center Leases. October 10, 9:00 am - Hearings stricken. Hearings on (i) Second Lien Lenders' Proof of Claim Stipulation with Promontory, and (ii) Acushnet's Application for Allowance and Payment of $7,910 Administrative Expense Claim. The Stipulation was approved, there being no objections, and the Application was granted. October 9, 9:00 am - Credit Suisse and Promontory resolved their differences and the hearing on Credit Suisse's Motion to Compel Document Production by Promontory was cancelled. October 7 - Promontory proposed to assume its leases of (i) Sales Center, (ii) Deer Valley, and (iii) Park City. Promontory also proposed to take more time to decide whether to assume or reject its lease of a Cabins model home.
Feel free to contact us at (Rob) 435.729.0022 or via email robalday@yahoo.com for more information about Promontory in general.
Friday! Friday! Friday! Yep, it's finally here! Don't get me wrong, I love my job and all...but sometimes the weekend just feels so good... Even here in our little hamlet of Park City, Utah there is lots to do. People who haven't been to Utah often get the impression that the "state is dry" or that "it's hard to get a drink" here....or that "there's no bars or night life"....but that - my friends - is simply not the case!
And to prove it to you, I will now present you with a list of things to do on Friday night in Park City...and if you have anything to add, feel free to comment and let us know...we can't be everywhere all the time and there might (just maybe) be a few things to do we've missed...but I doubt it
Things To Do On Friday Night in Park City, Utah: -Go to Jean Louis' Restaurant at Heber Avenue and Swede Alley just behind Main Street....Jean Louis' (or JL as us groupies like to call it has a great bar area where you can usually slide up and order a drink from the friendly and helpful staff...JL also has some TERRIFIC food options on their ever morphing menu...I usually order wine when I'm at JL but a Grey Hound or a Kettle and Soda with Lime does the trick too...and as for the menu items...well I love the Garden Vegetable Salad or the Veal Piccata...but mostly the whole menu makes me salivate and the atmosphere is pretty wonderful as well. For a nice cozy yet socially energized evening, try Jean Louis...we'll be at the corner of the bar waiting for you! And during the slow season there are deals to be had at JL - just look in the Park Record
-Sushi! Sometimes, on a Friday you just feel like getting a group of friends together and going out for some sushi and sake...and in Park City you have a few choices - you can hit Flying Sumo for a fun atmosphere and great Tuna Nachos...or Oishi where you can sit at the sushi bar and get half off rolls in the off season...or try Yuki Arashi for a more modern and upscale feel...and when it comes to sake with your sushi, Utah is great because you are free to buy sake at the local liquor store and bring it with, then all you have to pay for is the corkage fee...which is minimal - this is a great option available by law in all restaurants and it can save you money - especially when you can eat as much sushi as I can
-Stay in!...get a blanket, light a fire, get a movie on-demand or cozy up to a book...pop a bottle of wine, and dial up Speedy Fernandez to order take-out from a great list of restaurants in town. When you're hanging out in a ski town there's nothing like staying in every now and then, putting on comfy clothes and resting up to rip some crazy turns on the mountain the next day...we love to use Speedy Fernandez for delivery from local restaurants because he delivers from some of our favorite places....AND Mr. Fernandez and his team are super nice and accommodating and love to make their customers happy...you don't know how to reach old Speedy??...have no fear - his number is 435.631.0040 or 435.631.0032...and you can get to the list of restaurants that he delivers from via this link I recommend Nick's Greek Cafe or El Chubasco but then again Cafe Trang and Butcher'sare always delish as well...and don't forget to tell Speedy that Rachel sent you...then you'll get the extra special treatment! ;)
-"Dancing" you say? Really, you want to go dancing after all that outdoor exercise? Well, sure...I mean of course, we have Harry O's for all you dancing queens and you won't be sorry if you try it! Harry O's is located right in the middle of Main Street and it offers the best dancing and club scene in town...They have great musical acts come through in the busy season and there's always a lot of people watching to be had...Now if you go in to Harry O's and you see a young man on the stage in a suit and tie, that's most likely Costa...you'll know him because he'll be yelling into the mic to rev up the crowd...I don't think he ever sleeps ;) and then there's the dancing girls on the bar who have that miraculous lack of cellulite that mesmerizes the regular girls like me...so if you're in the mood to party...Harry O'sis the place to go - just try and stand there near the bar and not be magnetically pulled to the dance floor! We dare you! But be warned - this place is certainly a club scene and you have to be in the mood to really enjoy it.
Okay, that's all I've got for now. Have a great weekend and watch for our next posts...I promise Rob will be getting you some nice, useful Market Updates right away because we know how you all eat those up!
UPDATE ON PROMONTORY BANKRUPTCY SITUATION Late last Friday night the attorney's for Pivotal Group, the developer of Promontory, filed their plan of reorganization with the Bankruptcy Court. Because we know you do not want to wade through the 175+ pages of legal jargon, here are the highlights:
-A new entity will be formed to take over the development -The new entity will be headed up by Credit Suisse. -The original development plan will stay in place. This means the 2 to 3 remaining golf courses and other amenities will still be part of the plan. -Certain employees will remain. -Lot sales will resume and sales prices must be at a certain level....no fire-sale....good for all us members!
That is the basic jist of it. The creditors have the next month to look at it, then their objections will be heard around Dec. 4, 2008. Promontory looks to emerge from bankruptcy in January 2009. The next few months will be prime buying time, if you are looking to get involved in the development long term! It truly is a spectacular place!
The questions that remain are: -What will Pivotal's role be moving forward? -What entity will run the clubs operations?
It's snowing like mad here in Park City today! It's been coming down since yesterday and we've got at least a foot now! Not too shabby... There's definitely a good base coming in for the ski resorts and the snow machines are on full blast adding to it. There's a wonderful excitement in the air in Park City what with the new results of the presidential election and the whiteout we're having with all the glorious powder we can't wait to ski on.
If you're happy about the election results or not, you can take heart in the positive thoughts of a ski vacation in Park City, Utah. As most places in the United States start to turn to cool and grey weather this time of year, Park City is building it's snow up on the tops of the mountains as well as on the rooftops and trees. It's already a winter wonderland here and I couldn't be happier to be right where I am. Why don't you come visit? ;)
Speaking of a visit to Park City, we wanted to mention again a little note about A B O D E - the exceptional and simple care-taking service that we're introducing this season. A B O D E is a service for home owners in Park City who would like assistance with the care-taking and management of their property as well as comprehensive high-end concierge services. A B O D E seeks to provide it's clients with the basic property management needs to the utmost luxury level along with multiple and varied additional services. This service gives our clients one place to come to for absolutely anything they need while they're here in Park City with their friends and families.
If you think you might be interested in becoming an A B O D E client feel free to click on the link in the sidebar to the right. Also, there is a link to the A B O D E page on this site with specific services listed and more details. And if that's not enough, feel free to email us at robalday@yahoo.com or call us at 435.729.0022.
Now time for a market report.
Over the past few days we have seen 44 properties come on the market, 10 go under contract, and 17 close escrow. Of note:
ACTIVE: -Old Town home at $1.795m; 3bd/4ba, 2820 sq ft, $636 psf....built green, and not a bad ppsf. -Another Old Town home at $3.25m; 5bd/7ba, 4700 sq ft, $691psf....seems a little steep. -Deer Valley lot in Solamere at $975,000...there is always a demand for Deer Valley lots, but what price will the buyers be willing to pay in these times? My guess is lower than this price. -Promontory home at $2.195m; 4bd/5ba, 4450 sq ft, $493psf....not a bad price and the most activity at Promontory seems to be in the lower priced homes.
PRICE CHANGE: -Old Town lot down $100,000 to $500,000...still a little high, but going in the right direction. -Deer Valley lot down $350,000 to $745,000....a steal! Seller's say bring an offer! -Promontory home down $700,000 to $4.5m; 6bd/7ba, 7995 sq ft, $563psf....still too high. These days it does not seem the $500psf rule is holding up at Promontory. We love the development, but prices seem to be under $500psf. -Another Promontory home down $500,000 to $1.997m; 4bd/4ba, 5043 sq ft, $396psf...this is a good deal. On the golf course, good views, and aggressive ppsf. -Tuhaye cabin down $900,000 to $725,000! 4bd/4ba, 3188psf, $227psf....this is the deal of the year!
PENDING: -Old Town home at $658,000; 2bd/2ba, 1450 sq ft, $453psf...nice lot -Deer Valley home at $1.568m; 4bd/4ba, 4305 sq ft, $364psf...this one came down $350,000 from the asking price and as soon as they lowered the price to the bottom floor it was under contract in a month and a half. This is what we are seeing the market place.....Buyers want deals! -Tuhaye lot at $450,000....good to see land moving. Seems like people are picking up the lower priced Tuhaye inventory.
CLOSED: -Deer Valley home at $1.705m; 4bd/5ba, 5573 sq ft, $305psf....nice deal. -Park Meadows home at $840,000; 4bd/5ba, 3576 sq ft, $234psf....another deal where the price was lowered to the bottom floor and it sold. -Newpark unit at $390,000; 2bd/3ba, 1483 sq ft, $293psf
Just a quick reminderto Park City locals that if you're interested in getting the locals price on Deer Valley ski passes or even coupon packages...you better get in gear and do it soon...October 31st is the deadline for Deer Valley. I'm not sure of the deadlines for PCMR or The Canyons but I'm sure theirs are approaching as well...Let us know that you got your pass or coupons and Rob and I will meet you out on the slopes...I'll be the one in the neon dragon ski pants! ;)
Now for something slightly more relavent to the current news topics: Both presidential candidates have announced plans to help voters deal with the challenging housing economy.
Here are their ideas as posted on their election Web sites: Sen. John McCain: -Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments. -Reform financial and lending systems to prevent a repeat. -Require participating lenders to forgive part of sub-prime borrowers' loan principals and place them into new 30-year Federal Housing Administration loans. -Give financing to municipal and civic groups trying to solve problems within their own communities.
Sen. Barack Obama -Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions. -Crack down on mortgage fraud. -Give a mortgage credit to those who don't itemize deductions. -Create a fund to help homeowners who face foreclosure refinance. -Allow bankruptcy courts to modify a home-owner's mortgage payments.
Hmmmmmmm, interesting...what's your opinion on this topic? We'd love to hear feedback on how our readers interpret these points and how the two candidate's ideas resonate...
Rob will be posting an update in a few minutes so stay tuned!
The weather is turning a bit nippy here in Park City....we're nearing the end of Fall and heading into our beloved Winter! You can feel it in the air...the townies are restless ;) But before we all start stretching out hammies and waxing the skis we'll have to focus on Halloween and then Thanksgiving for a while. Halloween in Park City is a BLAST! Not only do we have just TONS of fun parties to attend and crazy people all dressed up to watch, but we've got the annual Howl-o-ween Dog Parade down Main Street...want details on this? Just check out our Moutain Do's page! I've recently gotten a involved with Friends of Animals in Park City. They are a wonderful organization which helps animals who needs homes in the area. If you'll be in town this Winter or if you're a local, feel free to email me or check out thier site for more information. It seems like a terrific group to me! That's all from me for now, here's Rob's all-important update, which I know all our readers adore!
In the past few days we have seen 29 properties come on the market, 10 go under contract, and 14 close escrow. Of note:
ACTIVE: -Royal Plaza condo at Silver Lake in Deer Valley at $689,000; 1bd/1ba, 945 sq ft, $729psf. -Arrowleaf unit in Empire Pass at Deer Valley for $2.375m, 3bd/4ba, 1996 sq ft, $1190psf....a tad steep in this buyer's market. -April Mountain unit at $1.299m; 4bd/4ba, 2882 sq ft, $450psf...these are great townhomes with good views, and close to everything. -Colony lot for $2.399m....seems steep at this date in time.
PRICE CHANGE (still a ton of properties re-adjusting price): -Thaynes Canyon home down $200k to $899,000; 3bd/3ba, 3818 sq ft, $235psf....great lot, one of the best in town! home needs some lovin' though....a perfect remodel situation. -Deer Valley home down $195,000 to $2.3m; 5bd/5ba, 7500 sq ft, $307psf...priced to move! -Deer Valley townhome in the Silver Lake area down $150,000 to $1.05m; 3bd/3ba, 2137 sq ft, $491psf...nice views, but for the place needs a remodel so they need to come down a little more. -Glenwild home down $400,000 to $2.99m; 4bd/5ba, 6276 sq ft, $478psf....big price drop here! Even the ever-so-hot Glenwild has cooled. -Promontory home dropped $400,000 to $1.99m; 4bd/5ba, 4826 sq ft, $413psf....prices are starting to dip well below that $500psf mark.
PENDING: -Old Town lot at $399,000.....the $500,000 Old Town lot #s are not holding up. -Old Town unit on Park Ave at $350,000; 3bd/2ba, 1066 sq ft, $328psf...not a bad deal for the buyer. -Ranch Place home at $849,000; 4bd/3ba, 2602 sq ft, $326psf.
CLOSED: -Silver Star unit (ski in/out at Park City Mtn Resort) at $2.2m; 4bd/6ba, 3782 sq ft, $587psf....these units continue to move. -Park Meadows townhome at $1.075; 3bd/4ba, 3580 sq ft, $300psf. -Jeremy Ranch townhome for $1.284m; 4bd/5ba, 4107sq ft, $313psf...Seller got a good price here!
here is an update: Over the past few days we have seen 23 new properties come on the market, 12 go under contract, and 16 close escrow....If you look at the past market reports you will notice that if you add the pendings and closings together they are close to equaling what is coming on the market. Not that everything that goes under contract closing, but an interesting trend that we have going!
The high points from the past few days are:
ACTIVE: -Old Town home at $969,000; 3bd/3ba, 1300 sq ft, $745psf....a little high on the ppsf for a fixer-upper, but great location! -Deer Valley brand new home at $2.345m; 5bd/7ba, 5846 sq ft, $401psf...this one is priced to sell. -Colony home for $8.095m; 5bd/6ba, 8614 sq ft, $940psf...a little high. -Glenwild home at $2.95m; 4bd/6ba, 5800 sq ft, $509psf....priced to sell as well.
PRICE CHANGE: -Old Town home down $500,000 to $1.895m; 3bd/5ba, 2558 sq ft, $741psf...I know the half-million dollar price reduction looks like alot, but people can start the price off wherever they want too....obviously this started WAY too high. When it hits $650psf it will sell. -Park Meadows home down $140,000 to $955,000; 3bd/3ba, 3370 sq ft, $284psf....nice home and could have 4 bedrooms. if needed. -Bear Hollow townhome down $45,000 to $419,000; 4bd/3ba, 1940 sq ft, $216psf....this is a good deal and uses all of that square footage!
PENDING: -Snow Flower unit at Park City Mountain Resort (ski in/out) fro $649,000; 2bd/2ba, 980 sq ft, $662psf...these rent like crazy! -Greyhawk unit on Deer Valley Dr at $439,000; 2bd/2ba, 1027 sq ft, $427psf...nice location. -Black Diamond Lodge unit at $3.3m; 3bd/4ba, 2861 sq ft, $1153psf...strong ppsf for the Seller! -Tuhaye lot at $625,000....nice to see some land move.
CLOSED: -Old Town home (next to the Town Lift...Park Place) at $2.492m; 2bd/2ba, 2800 sq ft, $890psf....these were all supposed to be around $1200psf....hmmmm? -Tuhaye lot at $595,000. -Promontory home at $1.35m; 4bd/5ba, 4306 sq ft, $314psf....there is still some activity at Promontory, but well below the average prices! The deals will continue until the bankruptcy continues...maybe the first of the year
Rob Alday & Rachel Peterman
has a great bar area where you can usually slide up and order a drink from the friendly and helpful staff...JL also has some TERRIFIC food options on their ever morphing menu...I usually order wine when I'm at JL but a Grey Hound or a Kettle and Soda with Lime does the trick too...and as for the menu items...well I love the Garden Vegetable Salad or the Veal Piccata...but mostly the whole menu makes me salivate and the atmosphere is pretty wonderful as well. For a nice cozy yet socially energized evening, try 
;)
;)
