Park City, UT Real Estate News

By Rob Alday & Rachel Peterman
(Snow Park Realty)
Well since Tuesday we have seen 60 properties come on the market, 15 go under contract, and 13 close. The high notes are:ACTIVE:-Glenwld lot for $895,000....I would imagine they have some wiggle room here on the price!-Fox Point at Redstone condo for $420,000; 2bd/3ba, 1302 sq ft, $322 psf seems a little high...there are some great deals at Kimball Junction if you are looking to buy.-Park Meadows home for $12.9m; 6bd/11ba (2 bathrooms for everyoneJ), 11,000 sq ft, $1173psf is ridiculous for Park Meadows! This home will take a special buyer for sure....it is on 7 acres for whatever that's worth (not $12m). I must say though I have not been through this home yet, so maybe it will be spectacular.PRICE CHANGE:-April Mtn home down to $2.995m;4bd/6ba, 5290 sq ft, $566psf....maybe they are get...
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By Jim and Billie Harsch
(Keller Williams/Mountain Town Realty Group)
Have you been to Park City?  Would you like to visit?  Wonder why you would want to visit?  The Park City Journal helps everyone know what Park City, UT has to offer.  Not only in the way of Winter Sports but also all the summer activities that are available to enjoy. Want to know what is happening before you visit go to www.parkcityjournal.com.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Promontory update:There is no real news to speak of on the Promontory hearings, as the judge said that she should have a decision on July 3. Supposedly Credit Suisse, the first lien holder, does not want Pivotal, the current developer, to continue developing or operating the club. Hopefully, we will know more on the 3rd of July.....it could be a happy 4th depending on the decision!Look for the market update tomorrow and a Empire Pass YTD summary.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Since the beginning of the weekend we have seen 65 properties come on the market, 15 close, 13 go under contract.Here are the high notes:ACTIVE:-Promontory home at $3.795m; 6500 sq ft, 5bd/7ba, $584psf...this one looks like a great home, but I have not been through it yet. Seems a little high on the ppsf, however I know the lot is great & maybe the finishes are killer too. We'll keep you posted when we see it.-Promontory cabin at $2.375m; 4175 sq ft, 4bd/5ba, $569 psf seems high too, but these cabins are getting good numbers & people seem to love them as they are walking distance to most of the amenities.-Lower Deer Valley home at $1.75m; 3966 sq ft, 6 bd/4ba, $441 psf....Lower Deer Valley has been fairly active since March, and is an area that is still coveted!-Park Ave home near the C...
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Talisker has yet again failed to close on the Canyons, but their attorney has stated that they will close this week....we have heard that before!The public sentiment around town is that Talisker will not be able to close, however I think the deal will get done. Parkites seem to be miffed with the developer, and do not think they can run the ski resort. Again, I differ a little....I am not saying that they will do a great job, but let's hold off judgment until they get a shot at it.Oh yeah, they have to close first...but you never know, they could be better than the previous operators. I do understand the position of most locals: that if Talisker can not close on the deal and they have supposedly missed a payment or 2 at Tuhaye, then how are they going to pump the much needed capital int...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
So you're getting excited already about the August 31st Bob Dylan concert at Deer Valley in the loverly Park City...well I know how you feel.I for one am not going to sit around on my laurels and wait for that concert...I mean YES I want to go and I will be there but in the mean time there are plenty of other great concerts to attend at Deer Valley.Below is a complete list of all the concerts that will be going on. There are three groups or series of concerts and I've listed them below with descriptions of the differences between the the three.Rob and I have been to many, many of these concerts and we've never been disappointed (even when it rained so hard my brie cheese got soggy and my red wine turned pink!).So get out your blankets and plastic wine glasses and hit the Whole Foods (ak...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
So in our last post we talked about the housing market in Glenwild and how there are plenty of great homes for sale there. With the houses moving pretty fast and the lots moving slower, the sellers of the lots should be antsy to make some serious deals!In this post we'll discuss some of the great lots available in Glenwild and where the deals are at.There are currently 38 lots listed in Glenwild. Two lot sales have closed in the last week there as well. One lot at 1.21 acres closed at $806,550 (it was originally listed for $849,000). The other lot at .73 acres closed at $525,000 which was a steal considering the listing price was originally $695,000!Out of the 38 lots currently listed, the prices range from $495,000 for .59 acres to $1.999mil for 2.24 acres. Some of these lots have been...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
In our humble opinions, Glenwild is one of the top developments in the Park City area. Not only does it provide members with a great golf club and community but it also gives residents amazing, sweeping views and a group of gorgeous homes built in the serene and breathtaking hills. There are currently ten homes listed in Glenwild with the smallest at 5000 square feet and a price of $3mil. That's $600 a square foot. The largest home currently listed in Glenwild is 8500 square feet and a price of $5.995mil. This larger home is at only $705 per square foot which is quite a deal considering it is an absolute GEM! This home is listed here in the "Highlighted Homes" section of our blog and it is really a sight to behold. It features custom shaped steel beams and a plethora of combinations of...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
A little over a week ago we held the Rocky Mountain Resort Association annual meeting here in Park City. Professionals from Aspen, Vail, Jackson, Winter Park, Steamboat, and Sun Valley just to name a few. The best and most informative part was a 3-hour session put on by NAR chief economist, Dr. Lawrence Yun. Here are the high notes that we covered in the session titled "After the Clean Up":-Historically the US foreclosure rate is 1%. In 2008 the rate is 2%, but in the Rocky Mtn states the foreclosure rate is still under 1%.-Areas with little sub prime exposure (i.e. Park City) are still seeing relatively good markets.-Utah never saw the huge boom that Las Vegas, Phoenix, Miami, etc...saw. Prices here are still affordable and the job market is still strong.-Utah is not seeing the drastic...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  Promontory has its next scheduled court date next Monday, June 23. So while there is no news yet, next Monday afternoon should be interesting. Other than that, there are some good deals in the development, and the golf season in cranking up & running beautifully.Just in the past day we have seen some decent activity in the market 36 properties came on the market, 10 closed, and 8 went under contract. The high points being:NEW:-Promontory lot in the Painted Sky neighborhood at $769,000. I would let this one sit and see how desperate they are. It is priced well, but let it marinate.-Promontory home at $2.35m; 3bd/5ba, 5030 sq ft, $467 psf, and they are offering Seller Financing...contact me for those details 435.729.0022 or robalday@yahoo.com-April Mountain townhouse at $1.375m; 4bd/4ba...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Park City developer, Talisker, has still not closed on their deal to buy the Canyons.They missed another deadline to close on the deal on Friday, which was the third deadline they have missed. Attorney's for Talisker have stated that they intend to close on the deal very soon. Talisker is also being criticized for their plans to put workforce housing in Old Town.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Ski Utah reported that the 2007-2008 ski season was the best ever! Numbers to come later...   Cafe Rio, the famed Mexican restaurant, opened at Newpark Hotel late last week....the residents of that area seemed to be pumped! In addition Steven Maxwell, of Fat Kid Pizza, is opening a restaurant in the same area in just a few weeks, and about 2 blocks away a Japanese steakhouse is coming too. Rumor has it that a Best Buy might be coming....Newpark/Redstone is taking off and giving us alot more dining and entertainment options. Over the weekend we saw 37 properties come on the market, 13 go under contract, and 22 closed. Of note: ACTIVE:-Home on Deer Valley Drive (next to the roundabout) at $4.75m, 4bd/5ba, 5700 sq ft, at $833 psf that is asking alot for a busy locations. However, I have no...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
While Glenwild continues to sizzle, Promontory is a bit slower...just as one might think with the cloud of organization hanging over the development. Here is a snapshot of Promontory YTD (6/10/08): -111 lots on the market...which is just an absurd number to say the least.-2 lots have closed at $310,000 and $705,000-7 lots are pending sale. The homes and cabins fair a little better with: -68 on the market at an average price of $2.9m and average price per sq ft of $509...which is still holding up.-3 sold at $1.7m, $1.8m, and $2.3m and their average ppsf is $518.-15 under contract at an average of $2.22m and average price per sq ft of $495. There is a lot of inventory on the market out there, and prices will probably continue to come down this summer. Hopefully a deal will be in place by ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Seriously folks.....this is mayhem! Today it snowed in Park City for the whole morning! What is this?  Can I blame Global Warming?  Or El Nino?  Weather like this makes me nervous....I have a vision of that movie "The Day After Tomorrow" where the weird weather starts slamming the world and then woooooosh! the USA freezes over! But I guess I could be exaggerating....(what's new?) Regardless, snow on June 11th is something to talk about...there is no denying that fact. Then again - it is sunny now....(goofy mountain weather) really sunny, and I'm thinking of going for a hike in a few minutes. That's the trade off of living in the mountain tops....snow in June vs. hiking in some of the most sought after scenery in the country at the drop of a hat I love it here - despite the June-uary we'...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Here's some interesting information regarding what the National Association of Realtors thinks about a temporary tax credit to provide incentives to home buyers into getting a move on....hmmmmmmmm..... NAR says a tax credit would get buyers off fence A temporary tax credit would be the best incentive to move hesitant home buyers into the market, the NATIONAL ASSOCIATION OF REALTORS® told Congress on Thursday. NAR said the tactic has been successful before; A 1975 temporary tax credit helped to "clear an over-supply of newly constructed homes during an economic downturn." "We urge Congress to move quickly to conference and final passage of this tax incentive," said Jim Helsel, NAR treasurer and a partner in RSR, REALTORS®, in Lemoyne, Penn. "Failure to act quickly could further stall the...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
While things still look to be hot at Glenwild in the housing market, we are still seeing some good deals on lots in the development to acquire. Please contact me for more info on those robalday@yahoo.com or 435.729.0022.  In the past few days we have seen 64 properties come on the market, 14 go under contract, and 15 close. Of note: NEW ON THE MARKET:-Black Bear Lodge unit in Upper Deer Valley's Silver Lake Village at $2.195m; 4bd/6ba, 3575 sq ft, and $613 psf is not bad for Silver Lake....especially with being 50 steps to the slopes, and having conceirge service, a suburan shuttle, pool, and workout facilities.-Ridgepoint townhome which is a fixer upper in Upper Deer Valley and has great views for $1.225m, 3bd/3ba, 2137 sq ft, and at $573 psf this could be a good investment with a litt...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Here's some great rules to share with your buyers inorder to get them in the right state of mind for the process... 5 New Rules for Home Buyers Surviving and thriving in the real estate market these days means following a whole new set of rules. Here are five imperatives for those who want to master the home-buying game. Explaining these items to your customers to help you win friends and sales. 1. Gaming the market doesn't work. There's a chance that the home you buy today will be worth less next year. So instead of trying to time the market, drive a hard bargain for a home you really love. 2. Real winners get the lowest mortgage rate. Financing is getting more expensive. Celia Chen of Moody's predicts rates will hit 7 percent in mid 2009. 3. Jumbos are a big bargain. A new law tempora...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Some good news nationally as housing data in April provided some unexpected signs of hope that the housing market may be stabilizing.  While still premature to declare that ‘the bottom has been reached, we may be getting close. Positive permits and housing starts data was followed by a rare up-tick for new home sales in April. While April was the first time in over a year that single-family building permits posted a monthly gain, it was also the first time since October 2007 that new home sales posted an increase.  However, the gain could be attributed to aggressive price cuts by builders in an attempt to undercut the resale market. We continue to see positive fundamental changes in the new homes market like declining inventory levels and improved affordability levels.  It will importan...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
You know you're as excited as we are because folk-rock icon Bob Dylan is scheduled to perform at Deer Valley in August, according to the artist's wmusiceb site.The site lists a concert on August 31st, a Sunday. Tickets go on sale on June 28 at 10 a.m., with a presale scheduled June 23.This will be an outdoor concert at the famed Deer Valley outdoor amphitheater. This place is set in one of the most beautiful settings in West. It's so gorgeous in fact that many times the performers stop their music comment on the view from the stage!Not to mention, the delicious food that Deer Valley makes available to attendees who sit either in VIP seats up front or out on the wide lawn up the lower slopes of the Deer Valley Ski Resort.Rob and I are going to this one....who wants to come with!?!? We'l...
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Want some more history on Park City?...well lucky for you I found a great deal of information on the Park City Historical Society website at www.parkcityhistory.org  There are so many people who come to Park City in the both the winters and summers every year and we forget that this town has a unique history full of mining stories and "old west" ambiance... Park City is the real deal...and here's the proof!   ;) Utah before Park City 40,000 BC Saber-toothed tigers hunt bison in what is now the Snyderville Basin. 1600 AD Indian bands travel the high alpine valleys in search of game. 1776 The Dominguez-Escalante expedition makes it as far as the Provo valley on their way to California before retreating back to Santa Fe. 1823 Mountain man Jedediah Smith passes through the Kamas Valley on h...
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