Park City, UT Real Estate News

By Rob Alday & Rachel Peterman
(Snow Park Realty)
  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?  ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  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 ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  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 bes...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 festiva...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 $1.98...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 res...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  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 CHAN...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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"...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 locati...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 State...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
UPDATE ON PROMONTORY BANKRUPTCY SITUATIONLate 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...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 wint...
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By Granda Metz
(Majestic Realty)
The economy is rough, gas is expensive, and groceries are costing more. To combat tough economic times, The Canyons Resort has announced its Ski Free with Bonus Cash package for the coming winter season. The Ski Free with Bonus Cash package includes lodging at one of The Canyons' on-mountain lodging properties - The Grand Summit Hotel, Sundial Lodge or Silverado Lodge - two lift tickets each day, and $25 in bonus cash to use at The Canyons Resort each day of your stay. Bonus cash can be used toward meals, ski rentals, ski school, spa treatments, and more. Rates start at $349 per room per night based on double occupancy for a studio unit during December. Saint Nick hasn't been spared from the tough times, either, and on Saturday, December 20th, the first 50 people who come to the ticket ...
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By Todd Anderson, Park City | Deer Valley Real Estate
(You In Park City group - KW Park City Keller Williams Real Estate)
          This is a follow-up post from Oct 20, 2008. On the 22nd of October Park City's local paper The Park Record ran an article stating that average home prices in Park City have shown only a 5% decrease while sales volume is down over 40%. In the previous YouInParkCity.com blog post it was noted that some Sellers "don't have/or need to sell" as a reason why prices have remained somewhat stable in Park City and Deer Valley. The homes and condominiums that are currently selling have represented strong values and have been some of the most aggressively priced. So the question is "why doesn't everyone lower their price?"           We want to explore a possibility beyond Sellers being "stubborn" or not truly needing to sell unless they get the price they want. Another reason why Sellers...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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 fr...
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By Todd Anderson, Park City | Deer Valley Real Estate
(You In Park City group - KW Park City Keller Williams Real Estate)
I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected.  While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?"  Here are some of the contributing factors. The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of th...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
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, 86...
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