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!
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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.
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