As 2009 creeps in, we have seen a decent amount of activity in the market…nothing great though, and inventory is rising a bit.
We have 29 properties go under contract since the first of the year and 25 close escrow (about 2 per day).
However, 106 new properties have come on to the market. Here is a little run down:
-A good number of Upper Deer Valley ski in/ski out properties are new on the market, which is nothing new considering the time of year….makes since to sell ski in/ski out during ski season, right?
-A few nice deals at Promontory on lots and spec homes.
-Great deal on a Glenwild lot at $399,000
-Talisker and Tuhaye have some nice deals on Cabins…under $1m!
-6 properties in Old Town under contract, 3 in Deer Valley, and 2 at Bear Hollow…those are the most active for 2009 so far.
As we plow through the 2008 numbers, the number of sales looks to be about 48% off and prices saw about an 11% decline….we are still sorting these numbers though. Here are a few facts that popped out at me though:
-Promontory homes saw a 3% increase in average sales price.
-Old Town homes only went down 1.9% on average price.
-Thaynes Canyon rose 11.2%!
-Empire Condos rose 27.4%, while Upper Deer Valley condos dropped 30%…hmmm?!?!?
-Vacant land stunk all over the board and dropped an average of 13%.
We will get back to you with more numbers….in the meantime…We go to court on Thursday for the Promontory hearing, and signs point to extending the DIP financing for another few months. Let’s see what else comes out of the hearing…auction? who are the buyers and how much? I still believe now is a good time to buy out there.
Other than that, we are preparing for Sundance, and getting some blue-bird ski days logged in! It looks like we will have good, sunny weather for the start of Sundance, then maybe a storm mid-week.
As far as 2009 goes, if you are a Seller think about dropping your price….That is if you want it sold soon. If you are a Buyer, pin point what you are looking for, and when you find it play hard ball. Remember the person that has the least amount to lose in negotiations usually wins.
Personally, I think we will not fully recover until 2012, but in those 3 years there will be deals all over the place. I don’t forecast a direct bottom hit and a spike back up…We will clunk along the bottom, so you are not going to be able to pin-point a bottom. That means maybe the sweetest deal in regards to what you are personally looking for could be had in 2009….who knows…it is all about what that particular Seller’s circumstances, and what that particular Buyer is willing to do. There are some great deals out there as we speak, so keep an eye on the screamin’ deals page!
If you pin point what you want, locate a property with a willing Seller, get the property at a good price, get a mortgage at a low rate (hopefully lending picks up!), and you are in this thing for the long hall, then you will get to enjoy our beautiful town with a beautiful investment! Happy 2009!
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