As we enjoy a nice May and Park City life eases along at the regular lazy-Spring pace, there are mixed signals from the Real Estate Market and troubles in the property management biz.
Most of you have probably heard Deer Valley Lodging and David Holland’s have not paid property owners they represent the rental revenue due to these owners for ski season 2009 rentals. The latest on this front is property owners represented by Deer Valley Lodging have filed a motion to force the company into involuntary bankruptcy. Deer Valley Lodging has close to 30 days to respond. In addition, Deer Valley Lodging let a large majority of their employees go and has not paid them….Seeing an opportunity in the property management business, Deer Valley Resort is opening their own property management division. The kicker is that they are hiring many Deer Valley Lodging ex-employees….Many Parkites feel like this is hiring the fox to guard the hen house….can’t really blame the public sentiment, huh?
As for the Real Estate Market, we are seeing the same general activity that we have in the past few weeks and months:
-Inventory coming on the market faster than rate properties are moving (at about a 3:1 ratio)
-A nice amount of activity for this time of year, prices and activity are all over the board….with short-sales and undisclosed sales prices it is tough to pin-point exactly what is “fair market value”. Every deal is different and you get back to the point that something is only worth what someone will pay for it.
-Seller’s seem to be adjusting their prices for the summer selling season.
-There are pockets of distressed Seller’s everywhere…no 1 area can claim not to be effected by today’s market…no matter who tries to tell you differently!
-We are seeing and average of 15 new properties come to the market on a daily basis, 11 change their asking prices, 4 properties close on a daily average, and 5 properties go under contract daily.
-Activity seems to have picked up a little in Promontory, as there seems to be a light at the end of the b.k. tunnel….but there is still a mess of inventory to sell off in the development….but hey, the golf is good!
Gotta run, but we will be back in touch with some more specific property information on what’s moving out there…hopefully Friday!
Things to Consider...
Related posts:
- A post-Sundance update
- Sliding into 2009, and awaiting Promontory hearings
- Interesting news on the lodging company fiasco…
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Tags: deer valley, deer valley real estate, empire pass, glenwild, old town, park city, park city wire, parkcitywire, promontory, promontory bankruptcy, promontory real estate, red ledges, Rob and Rachel, silver lake, silver star, talisker, talisker club, tuhaye, upper deer valley
