Rob & Rachel's Park City Updates

It’s Snowing! PC Market Update!

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 15 Dec 2008 17:56:09 -0600

Over the last few days we have seen 43 properties come on the market, 7 go under contract, and 7 close escrow. Of note:

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.

The Snow is Coming Down in Park City

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 15 Dec 2008 17:53:21 -0600

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

Park City Market Update

Rob Alday & Rachel Peterman (Snow Park Realty) — Wed, 10 Dec 2008 18:01:01 -0600

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.

A GREAT LOCAL DEAL - AT CHLOE LANE!!!

Rob Alday & Rachel Peterman (Snow Park Realty) — Tue, 09 Dec 2008 11:50:39 -0600

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!

A Little News on Promontory Bankruptcy

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 08 Dec 2008 16:57:47 -0600

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.

Wait for it....PROMONTORY UPDATE!!

Rob Alday & Rachel Peterman (Snow Park Realty) — Fri, 05 Dec 2008 17:55:28 -0600

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!

Why Boycotting Sundance Is A Very Lame Idea…

Rob Alday & Rachel Peterman (Snow Park Realty) — Wed, 03 Dec 2008 12:36:48 -0600

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…

Promontory News and Market Update...Want Some?

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 01 Dec 2008 17:38:39 -0600

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 I Told You So

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 24 Nov 2008 22:00:40 -0600

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!

Pre-Turkey-Day ParkCityWire Market Update

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 24 Nov 2008 21:36:16 -0600

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!

Mid November ParkCityWire Marktet Update

Rob Alday & Rachel Peterman (Snow Park Realty) — Fri, 21 Nov 2008 19:27:42 -0600

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!

Rob Alday & Rachel Peterman (Snow Park Realty) — Tue, 18 Nov 2008 17:17:57 -0600

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!

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 17 Nov 2008 16:37:50 -0600

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

Rob Alday & Rachel Peterman (Snow Park Realty) — Tue, 11 Nov 2008 11:31:14 -0600

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?

Rob Alday & Rachel Peterman (Snow Park Realty) — Fri, 07 Nov 2008 17:14:56 -0600

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

Rob Alday & Rachel Peterman (Snow Park Realty) — Thu, 06 Nov 2008 16:26:17 -0600

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

Rob Alday & Rachel Peterman (Snow Park Realty) — Wed, 05 Nov 2008 16:23:38 -0600

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

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 27 Oct 2008 18:10:38 -0500

: 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

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 27 Oct 2008 18:06:20 -0500

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!

Rob Alday & Rachel Peterman (Snow Park Realty) — Thu, 16 Oct 2008 22:41:10 -0500

: 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?

Rob Alday & Rachel Peterman (Snow Park Realty) — Mon, 13 Oct 2008 17:58:59 -0500

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?

Rob Alday & Rachel Peterman (Snow Park Realty) — Tue, 07 Oct 2008 17:38:37 -0500

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!

Rob Alday & Rachel Peterman (Snow Park Realty) — Tue, 07 Oct 2008 15:35:56 -0500

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

Rob Alday & Rachel Peterman (Snow Park Realty) — Thu, 02 Oct 2008 13:46:09 -0500

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!!

Rob Alday & Rachel Peterman (Snow Park Realty) — Wed, 01 Oct 2008 18:11:50 -0500

What a great video...

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

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