Rob & Rachel's Park City Updates

Mid November ParkCityWire Marktet Update

2008-11-21T19:27:42Z

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.

Signs of Life at Promontory and a SCREAMIN' DEAL too!

2008-11-18T17:17:57Z

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!!!

Park City Market Update...Deals GALORE!

2008-11-17T16:37:50Z

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

Promontory Club Bankruptcy Discussion

2008-11-11T11:31:14Z

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 Night in Park City...What To Do?

2008-11-07T17:14:56Z

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!

Happy Friday!

Promontory Bankruptcy Update

2008-11-06T16:26:17Z

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?

Stay tuned for more information.

Park City Powder Already...ABODE news and an Update

2008-11-05T16:23:38Z

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

Local's Ski Passes & Candidates Weigh-In On Housing Issues

2008-10-27T18:10:38Z

: the tail end of Fall

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!

Halloween Update & a Market Report

2008-10-27T18:06:20Z

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!

Boring Debate Last Night...Exciting Real Estate Market Update TONIGHT!

2008-10-16T22:41:10Z

: Snow Capped Mountains

: Fall Colors and Snow Capped Mountains

: The Last of Park City Fall

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

A Monday Market-Update…The Stock Market’s Up…How About the Real Estate Market?

2008-10-13T17:58:59Z

Over the past few days we have seen 25 properties come on the market, 13 go under contract, and 15 close escrow.....an interesting point is that 74 properties have changed price!

More Fall Colors

: Pretty Colors in Park City

The View is Great from Up Here

This market is adjusting and I would have to say that the overall sentiment in the economy has a lot to do with that. People are scared and want/need to cash out of properties....With that being said I have some clients looking to buy property as opposed to putting more of thier investment money into the markets. Some of these clients purchased properties in the 1980s on the heals of the S&L crisis and saw a real payoff years later. There are deals to be had in Park City, and things will probably stay that way for at least 6 to 9 months....I will note though, most properties that have been a short sale, or priced correctly in the right areas have moved fairly quick. So there are buyers out there.

The high points of the last few days include:

ACTIVE:
-Main St. commercial property at $1.55m; only about 1000 sq ft, but a great location!
-Old Town home on Daly Ave at $1.85m; 3bd/4ba, 2705 sq ft, $684psf....looks like a nice home and will probably sell in the mid-$1m's
-Black Bear Lodge condo at $899,000; 2bd/3ba, 1502 sq ft, $598psf....you don't get a better value in Deer Valley's exclusive Silver Lake Village than this!
-Mountain Ranch Estates home at $1.929m; 5bd/7ba, 5732 sq ft, $337psf...nice ppsf!

PRICE CHANGE:
-Park Ave home down $500,000 to $2.99m; 4bd/4ba, 4505 sq ft, $666psf....great home, really nice finishes...a MUST SEE!!!
-Thayne's Canyon home down $250,000 to $2.045m; 4bd/5ba, 4200 sq ft, $487psf...awesome neighborhood, but this one might be a bit high
-Deer Crest lot on short sale down $750,000 to $1.8m....this could be a steal!
-Wapiti Canyon lot in Promontory down $150,000 to $1.299m...still too high.

PENDING:
-Daystar condo in Deer Valley at $649,000; 3bd/3ba, 2439 sq ft, $266psf...this was a steal!
-Lodges at Bear Hollow at $299,000; 3bd/2ba, 1155 sq ft, $258psf...another steal and was only on the market a few days.

CLOSED:
-Deer Valley home at $1.662m; 6bd/4ba, 3966 sq ft, $419psf...another good deal for the buyer.
-Sky Lodge unit at $350,000; 3bd/3ba, 2161 sq ft for an eighth ownership interest.
-Lookout at Deer Valley unit at $2.875m; 4317 sq ft, 4bd/5ba, $666psf....these units have seen better prices!
-Wapiti Canyon home at Promontory for $3.5m; 6bd/6ba, 10007 sq ft, $350psf....a strange home, but a good deal ppsf!
-Ontario Lodge unit in Deer Valley for $700,000; 3bd/4ba, 2019 sq ft, $347psf.

Who's Hungry for a PC Real Estate Market Update?

2008-10-07T17:38:37Z

Over the past few days we have seen 28 properties come on the market, 13 go under contract, and 10 close. The high points are:

ACTIVE:
-Old Town home for $3.7m; 4bd/5ba, 3401 sq ft, $1088psf...this one has been on the market before and actually started at $4.7m! If they are looking to get that price it might be another 2 years.
-Trailside unit in Upper Deer Valley at $1.85m; 4bd/6ba, 3300 sq ft, $560psf..nice ppsf.
-Lodges at Bear Hollow unit for $299,000; 3bd/2ba, 1122 sq ft, $266psf...this is a steal folks!
-Glenwild home at $3.75m; 5bd/6ba, 7373 sq ft, $509psf....great home in a fabulous community!

PRICE CHANGE:
-Ontario Ave home in Old Town down $500,000 to $1.695m; 4bd/4ba, 3606 sq ft, $470psf.....these folks are ready to deal and this is an AWESOME home!
-Silver bird condo in Silver Lake Village at Deer Valley down $250,000 to $1m; 3bd/4ba, 2368 sq ft, $422psf....good deal, and I beat these people are willing to deal!
-Tuhaye short sale on a cabin at $1.24m; 4bd/4ba, 4bd/4ba, $390psf....these short sales in Park City don't last long! A steal with the Talisker membership included.

PENDING:
-Silver Star unit at Park City Mountain Resort at $1.174m; 2bd/3ba, 1464 sq ft, $802psf....these are always moving!
-Fairway Meadows home at $894,000; 4bd/5ba, 3576 sq ft, $250psf...this was a deal, after they dropped the price 3 times!
-Canyon Crossing condo at $590,000; 3bd/4ba, 2622 sq ft, $225psf...another good deal here.

CLOSED:
-Caledonian unit at $1.85m; 3bd/4ba, 1992 sq ft, $929psf....gotta love ski in/ski out on Main St!
-Cove at Eagle Mountain in Park Meadows at $1.2m; 4bd/5ba, 3535 sq ft, $339psf.

Dynamite Found in Mine at Empire Pass!

2008-10-07T15:35:56Z

Yesterday emergency crews descended on the Montage construction site outside of Deer Valley Resort's Empire Lodge after a construction crew discovered what Police Chief Wade Carpenter described as an old mine vault. Dynamite has been discovered in the mine vault! The word is not out yet on how much of the explosive was found....we'll keep you posted.

Debate-Day Market Update - Park City

2008-10-02T13:46:09Z

Today is Debate Day for the Vice Presidential Candidates and the whole country is no doubt interested to see how the whole thing will turn out. Which ever candidate you are routing for, tonight's debate could really be telling.

On another note, all the local developments in the Park City area are gearing up for the impending ski season and higher quantities of visitors and potential buyers. The kinetic energy around here as the season nears, tends to intensify over the months as more and more tourists arrive and business in all areas swells.

three little birdies in thier nest

In the past few days we have seen 38 properties come on the market, 14 go under contract, and 19 close escrow. The high notes are:

ACTIVE:
-April Mountain home at $5.2m; 5bd/7ba, 7678 sq ft, $677psf...seems a little high.
-Chatham Hills lot for $550,000....look for vacant land to continue dipping in price.
-Glenwild lot at $865,000.
-Promontory home at $1.599m; 4bd/6ba, 3998 sq ft, $400psf...good value here!

PRICE CHANGE:
-April Mountain townhome down $300,000 to $1.499m; 5bd/3ba, 3420 sq ft, $438psf...this could end up being a great deal. They seem ready to deal!
-Fairway Meadows home in Park Meadows down $250,000 to $894,000; 4bd/5ba, 3576 sq ft, $250psf....great value here too!
-Old Ranch Rd lot for $649,000....seems like these guys really want to sell too!

PENDING:
-Willow Creek lot at $665,000...good to see some activity in the vacant land department!
-Daystar condo in Deer Valley at $649,000; 3bd/3ba, 2439 sq ft, $266psf...the buyer got a steal!

CLOSED:
-2 Silver Star units at Park City Mountain Resort at $1.249m (3bd/4ba, 1985 sq ft, $629psf) and $1.699m (3bd/4ba, 1985 sq ft, $856 psf).
-Canyon Crossing unit in Chatham Hills for $519,500; 3bd/3ba, 2379 sq ft, $218psf....nice property.

No...Seriously....DO IT!!

2008-10-01T18:11:50Z

What a great video...

So GO DO IT A L R E A D Y ! ! ! ! !

No Seriously....V O T E ! !

How About a Market Update?!?! Happy Monday!

2008-09-29T18:34:52Z

Over the past few days we have seen 20 properties come on the market, 12 go under contract, and 9 close escrow. Of note, we have:

ACTIVE:
-Park Ave condo at $975,000; 3bd/3ba, 1628 sq ft, $598psf...seems a tad high, but we'll see.
-Black Bear Lodge unit in Deer Valley at $1.995m; 4bd/6ba, 3575 sq ft, $558psf... a great deal for being across the street from Deer Valley in Silver Lake!
-Glenwild lot for $865,000.

PRICE CHANGE:
-Main St. building at $1.6m, down $399,000....this one is only about 950 sq ft, but a great location! It looks like they are willing to move on price too!
-Chaparral unit in Deer Valley down from $1.15m to $859,000; 3bd/3ba, 1992 sq ft, $431psf...this one will not be around much longer at this price and these views!
-In The Trees condo in Deer Valley down $100,000 to $1.274m; 4bd/4ba, 2415 sq ft, $527psf....this one keeps looking better....good rentals too!
-Fox Point at Redstone down $44,000 to $335,000; 2bd/2ba, 1026 sq ft, $326psf....there are some good deals in this area.

PENDING:
-Colony home at the Canyons for $5.895m; 5bd/7ba, 5660 sq ft, $1042psf...not too bad of a deal in this neighborhood!
-Home in the Oaks at Deer Valley at $4.6m; 8bd/10ba, 10000 sq ft, $460psf...for this size of a home it looks like a decent deal too.
-Racquet Club condo in Park Meadows at $479,500; 2bd/3ba, 1430 sq ft, $335psf.

CLOSED:
-Silver Star unit at Park City Mountain Resort for $1.29m; 3bd/4ba, 1985 sq ft, $649psf...people love this development.
-Newpark Townhome at $450,000; 2bd/3ba, 1345 sq ft, $334psf....nice deal for this buyer!
-Another Silver Star ski in-ski out unit at Park City Mountain for $1.475m; 3bd/4ba, 1985 sq ft, $743psf.
-Lodges at Bear Hollow at $417,990; 3bd/2ba, $308psf....seeing a good bit of activity at Bear Hollow!

Need Something To Do in Park City?.....

2008-09-12T18:47:44Z

: mountain biking in Park City, Utah

-First of all let's start with the Farmer's Markets at the Canyons in Park City...they are GREAT! Get over there and get some delicious produce and treats before it's over for the year! Rob and I grabbed some peaches this past Wednesday (that's when they hold the Farmer's Markets) and they are wonderful!

-Next, now that the leaves are changing colors (and here in Park City the leaves don't stay pretty for too too long before they fall off and signal the start of ski season) it's time to go and grab a lift ticket and ride the lifts up to gawk at the pretty hues. Deer Valley runs their lifts on the weekends this time of year and it's a pretty cheap and easy way to take in yet another wonderful part of Park City that doesn't involve skiing...

-What...you want more? Okay then...how about getting your bike out of the garage and taking advantage of the cooler weather and gorgeous scenery!?!? Now's a great time to go for a bike ride...you don't have to rip down some crazy mountain either...there's always the Rail Trail which used to be an old railroad track so it's mostly easy grade and no hassle...just because sweater season is around the corner doesn't mean you need to let your self go...get out and burn some calories

That's all I've got for now...check back soon for more things to do in Park City!

DEER VALLEY GETS NUMBER ONE!!! (AGAIN)

2008-09-12T18:25:56Z

changing leaves in Park City, Utah

Not like it's a big surprise but....Deer Valley once again took the top spot for the nations best ski resort, according to Ski Magazine. NICE!

It is the fourth time in the last eight years the magazine's readers have put Deer Valley on top, edging out one of its fiercest competitors, Vail Resort for the second year in a row.

According to Deer Valley's Director of Marketing Coleen Reardon, the resort's secret weapon is its guest services. "I think it's our services, the way we provide the whole vacation experience." Reardon says she also believes that the price gap among the country's top ski areas has narrowed, "so people are realizing Deer Valley's value."

Rob and I can't help but agree with Reardon and Ski Magazine...WE LOVE DEER VALLEY! Rob skis there about six days a week in-fact, all season long, and I at least make it out there for the weekends. We both feel that Deer Valley offers amazing slopes both for expert skiers (like Rob - the pseudo Mountain Host and for intermediate skiers (like me) who like to ski the blue runs and whoosh along making turns and taking in the to-die-for scenery.

Plus - Deer Valley has some great food in thier on-property lodges, and Stein Erikson's bar area has a great menu as well - the Bloody Mary's are a must! And if that's not enough, the St. Regis Resort & Residences will be opening for the season after next and they will be slopeside as well. Since the St. Regis in New York INVENTED the Bloody Mary, I am waiting with baited breath for the opening of that bad-boy!

And if all this doesn't make you go out and buy a plane ticket for the upcoming ski season (and also book an appointment while you're in town to have Rob and I take you around to find the perfect property so you too can own a little piece of heaven) then hear this! Park City Mountain Resort was also rated in the top five of Ski Magazine's list. And they got the number ONE spot for Accessibility which makes some serious sense considering that PCMR visitors can ski right down the slopes and onto Main Street in Park City...talk about accesible....PAH-LEASE!

So as you can tell we are getting excited for ski season already and we will be encouraging you to do the same. Deer Valley is the best place I've ever skied and I love to hear when the powers-that-be agree with me. So take a look around our site and feel free to email us with your questions. And when that's all said and done, get online, book your tickets and plan your trip to the best place in the world to ski. Let us know you're coming and we'll meet you at Stein's for some Wild Game Chili and a drink!

Happy Friday!

A Grey Day in Park City...

2008-09-09T18:05:55Z

The weather today is a little grey here in Park City....it kinda makes me want to crawl into bed and watch TV...wait - better make that a movie, considering the fact that if I have to hear one more newscast about Sarah Palin - I might explode...we need some new material folks!

So how does everyone like our new blog layout? I'm still working diligently on it but we figured we'd get something up and running in the meantime. We've got some really great pages to add so keep checking back...a lot...feel free to stop by the site 4, 5, 6 times a day if you like that's how I do it with Perezhilton.com...I can't deny myself the simple pleasures of my favorite blogs...

Now here's why you're really here - to read Rob's updates with the interesting info you're looking for...read on!

With the Federal bailout of Fannie and Freddy, mortgage rates have taken a sharp and sudden downward turn. The 30 year rate is down to 5.88% from 6.2%....the question remains, when will the banks start lending???

Here is a Park City market update:

Over the past few days we have seen 34 properties come on the market, 16 go under contract, and 12 close escrow. The high notes are:

ACTIVE:
-Pinnacle unit in Deer Valley selling one-sixth ownership for $279,000....this idea of breaking an individual unit into fifths or sixths is gaining in popularity among sellers.
-Lookout at Deer Valley at $3.44m; 4bd/5ba, 4317 sq ft, $796psf....they are still trying to get a high ppsf up there.
-Silver Lake/Upper Deer Valley home at $4.5m; 4bd/2ba, 5000 sq ft, $900psf....2 baths? and $900psf???
-Escala Lodges at the Canyons at $1.395m; 2bd/3ba, 1740 sq ft, $801psf....seems a little steap.

PRICE CHANGE:
-Greyhawk unit on Deer Valley Drive for $439,000 (down $50,000); 2bd/2ba, 1027 sq ft, $427psf....good buy on this one.
-Thayne's Canyon home down $200,000 to $999,000; 3bd/3ba, 3818 sq ft, $262psf.....great buy, but needs a large remodel....Even lots in town do not get much better than this.
-Promontory lot down $150,000 to $549,000....another good buy at on of the best developments around....people will be kicking themselves in 12 to 18 months from now for not picking up some of these deals at Promontory.

UNDER CONTRACT:
-Deer Valley home in Hidden Meadows for $2m; 5bd/5ba, 4752 sq ft, $421psf...Deer Valley is still trucking along.
-Another Deer Valley home at $1.795m; 4bd/5ba, 5573 sq ft, $322psf...a real steal!
-Caledonian unit on Main St in Old Town Park City at $2.1m; 3bd/4ba, 1992 sq ft, $1052psf...that is a big ppsf.
-Red Ledges lot at $575,000....they have been doing well this summer.

SOLD:
-Mountain Ranch Estates home at $1.3m; 5bd/5ba, 5048 sq ft, $258psf!
-Red Ledges lot for $500,000.
-Glenwild lot at $625,000...we are seeing some movement in lots out there.
-Old Town lot at $402,189...so much for an Old Town lot being worth $500,000...in this market it looks more like $400k.

Tags: blog layout, Deer Valley, Glenwild, grey hawk, lookout, market update, movie, Old Town, park city, parkcitywire, Promontory, real estate, rob and rachel, sarah palin, talisker, tuhaye

Thinking Good Thoughts....

2008-09-02T17:48:00Z

Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales including single-family, townhomes, and condominiums increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.

Many people might be bashing these numbers, because they say 40% of these sales were foreclosures....but don't the foreclosures need to get out of the marketplace before we can move on???

Just speaking locally, we have seen activity in the market drop this year, but the prices have appreciated a few percentage points. If we could get some of the "fence-sitters" to pull the trigger I think we would be doing just fine. There are a ton of lookers, but people seem to be gun-shy. This should probably change in the next 6 to 9 months though. Stay positive!

Park City Market Update...News You Can Use!

2008-08-29T17:05:45Z

In the past few days we have seen 44 properties come on the market, 18 go under contract, and 21 close escrow. The notable ones are:

NEWLY ACTIVE:
-Silver Star ski in/ski out at Park City Mountain Resort for $3.15m; 6bd/7ba, 3690 sq ft, $854psf....let's keep our eyes to see what this one does...at over $3m it is a big number, but where else can you get a 6 bedroom ski in/ski out home around $3m in Park City???
-Glenwild home at $3.875m; 6bd/7ba, 7710 sq ft, $503psf....priced just right in of Utah's best communities.
-Promontory home at $4.29m; 4bd/7ba, 7563 sq ft, $567psf....we actually built this home and it is no $4m home in this market....$3.5m???, now that makes more since. Especially since it was bought for under $3M about 2 and a half years ago!
-Tuhaye home at $3.7m; 5bd/7ba, 7300 sq ft, $507 psf...seems priced right, but the inventory keeps building up out there.
-Another Tuhaye home (see my point above regarding inventory) for $3.99m; 5bd/7ba, 6200 sq ft, $644psf....with all that inventory and the lack of activity I don't know where you get over $640psf from???

PRICE CHANGE:
-Old Town home down $700,000 from its original price to $3.7m; 4bd/5ba, 3401 sq ft, $1088psf...looks like this might need to come down a bit more, but they are in the ballpark...great location!!! Ski in/ski out and awesome finishes!
-Upper Deer Valley Silver Lake Village townhome down $100,000 to $1.099m; 3bd/4ba, 2368 sq ft, $464psf....this has great views and could be a steal!
-2 lots at the Colony located in the Canyons ski resort down to $1.895m....down $200,000
-Tuhaye lot down to $599,000....down $185,000

PENDING:
-Iron Canyon home in the Thanyes Canyon area for $2.798m; 6bd/7ba, 5526 sq ft, $506psf...great home!
-New Park townhome at $498,900; 2bd/3ba, 1345 sq ft, $370psf...these are a great buy.
-Lodges at Bear Hollow for $339,990; 3bd/2ba, 1330 sq ft, $255psf....at lot of activity in Bear Hollow over the summer!

CLOSED:
-Park Meadows home for $1.8m; 5bd/5ba, 5424 sq ft, $346psf.
-Park Meadows (Fairway Meadows) home at $1.95m; 5bd/6ba, 5912 sq ft, $330psf...nice ppsf!
-Bear Hollow townhome for $550,000; 4bd/4ba, 2757 sq ft, $199psf...Bear Hollow is moving product!

Market Update....last week in August

2008-08-27T17:33:30Z

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.

Park City Summers Take the Cake

2008-08-25T16:40:45Z

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!

GREAT DEALS...in Park City, Utah...Market Update

2008-08-19T00:27:34Z

Over the past few days we have seen 33 properties come on the market, 11 go under contract, and 20 close. The high notes are:

ACTIVE:

-Sky Lodge condo (one-eighth fractional)at $267,000; 2bd/2ba, 1260 sq ft...these units seem to be coming down in price dramatically.
-Old Ranch Road home for $1.495m; 3bd/3ba, 3400 sq ft, $440psf....great views and not too bad of a deal for a home with room to expand.
-Short Sale at Promontory for $980,000; 3bd/6ba, 5339 sq ft, $184psf....if you want to be in Promontory and believe in the long term vision, this is a great steal!

PRICE CHANGE:

-Old Town home down to $1.499; 4bd/5ba, 2400 sq ft, $625 psf....down $450,000 from the original price. This area of Old Town is getting beat up! There are 3 auctions and dramatic price reductions....if you like being close to PCMR and have some cash, you can find an unbelievable deal.
-April Mountain reduced to $1.625m; 5bd/3ba, 3420 sq ft, $475psf...it is down over $150,000 from its original price and will probably come down more (see below in the closing section the April Mtn that just closed for $1.15m).
-Promontory home down to $1.9m; 4bd/5ba, 5335 sq ft, $356psf....down $700,000 from its starting point and they are probably at the bottom line. A good value if you like Promontory.
-Tuhaye home down to $1.99m; 3bd/4ba, 3601 sq ft, $555psf...this one has come down $550,000 and looks like a great home. The problem is when in a golf course community you have to follow the "four-some" rule when building a house. The "four-some" rule states when designing a home in a golf course community, ask yourself how many golfers are in a four some and then you need at least that many bedrooms.....This is a good looking home, but they might have to come down some more.

PENDING:

-Sky Lodge unit (one-eighth ownership) on Main St at $240,000; 2bd/2ba, $1260psf....looks like some folks are doing some bottom fishing and getting good bites!
-Deer Crest home at $6.99m; 7bd/9ba, 10071 sq ft, $695psf....great home!!! someone will really enjoy this beast!
-Park Meadows home for $1.379m; 4bd/4ba, 4505 sq ft, $306psf

SOLD:

-Deer Valley townhome in Deer Lake Village at $1.05m; 4bd/4ba, 2035 sq ft, $516psf...a pretty good deal for the buyer on this one....seller probably made a few bucks too!
-April Mtn townhome at $1.15m; 5bd/3ba, 3420 sq ft, $336psf...for all the buyers out there, this is a good comp! I like these homes for the right prices....you are in town but removed, good views, good neighborhood, great location!
-Promontory home at $1.75m; 4bd/5ba, 4628 sq ft, $440psf....a little activity in Promontory....not too far off the norm at $440psf.\
-Promontory lot at $635,000...some more activity....maybe people are starting to wise up and realize the deals that are available out there!

Glenwild Year To Date Market Report

2008-08-14T12:11:59Z

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 (8.14.0 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!