As we approach the end to another great (albeit bi-polar) Winter, the market is showing some signs of life. The negative side of things is that we are still having trouble getting Buyers financed, and all the while inventory is rising. On the positive side there are about 3 properties a day closing and about 3 are going under contract as well….that is not too shabby….and much better than the alternative of zero closings or contracts!
Many of the properties that have moved in the past 10 days are exactly what you think would be moving at this time of year. Deer Valley and ski-in/ski-out properties:
Of note are:
PENDING:
-Silver Star unit at Park City Mountain Resort for $1.595m; 3bd/4ba, 1980 sq ft.
-Deer Lake Village unit in Deer Valley at $950,000; 4bd/4ba, 2150 sq ft…nice deal for under $1m.
-Deer Crest home for $4.9m; 6bd/9ba, 12500 sq ft….real nice deal here too!
-Empire Pass unit at $4.465m; 4bd/5ba, 3614 sq ft, $1235 psf!
CLOSED:
-Old Town home $2m; 5bd/6ba, 3300 sq ft…any activity in Old Town is good as that market has slowed!
-Solamere home in Lower Deer Valley at $1.18; 4bd/5ba, 3300 sq ft.
-Ontario Lodge unit in Deer Valley at $625,000!!! This must have been a very distressed seller!
-Silver Bird unit in Upper Deer Valley at $880k; 3 bd/3ba, 2500 sq ft….nice deal!
-Bear Hollow town home at $515,000; 1917 sq ft, 3bd/3ba.
As you can see there is some activity, but most properties that are selling are going for a discount. It might be the Seller’s saying, “Why lower the price 10%, when we are going to get an offer 30% off asking anyway?”….regardless it is a good time to be in the Buyer’s-seat! Seeing the inventory stacking up on the market at about 12 properties a day, it looks like the Buyer’s are going to be calling the shots for a while!
Now for the latest on Promontory…
The Promontory development goes to auction on 4/15/09, with the bidders having to submit their paperwork on 4/13/09. From the word on the street, Credit Suisse is probably going to get a new group of investors together and put a credit bid in on the project. Since they are already in for $350m, they probably just don’t want to walk away. The problem that forced the project to auction was not the fact that Credit Suisse didn’t want anything to do with the project, it was that their hedge fund partners weren’t interested….So time to get a new partner! We’ll keep our ears to the ground and let you know what we hear
Things to Consider...
Related posts:
- Inventory continues to stack up, and a Park City Spring begins to set in.
- Park City market still showing some decent activity for “mud season”
- Park City market update and Summer is creepin’ in!
Related posts brought to you by Yet Another Related Posts Plugin.
Tags: deer valley, deer valley real estate, empire pass at deer valley, empire pass at deer valley real estate, glenwild real estate, montage deer valley. park city wire, park city, park city real estate, promontory, promontory bankruptcy, promontory golf, promontory real estate, victory ranch real estate
