Once again, the readers of SKI Magazine have ranked Deer Valley the #1 ski resort in North America, its third consecutive year to receive such worthy praise, and an unprecedented achievement. When founder Edgar Stern was mapping out his plans for the resort in the late 1970’s, his lifelong experience running fine hotels resulted in an unparalleled level of guest services, raising the bar for skier expectations in the industry. The Deer Valley Difference™ has been the guiding force since the resort opened in 1981, driving their five-star level of ‘skiers-only’ guest service, gourmet dining, on mountain grooming and terrain.
In the same survey, Park City Mountain Resort jumped up to 4th place and earned the top spot for "most accessible mountain." The Canyons Resort also made the list, notching up to 20th place. Park City is easy to get to, historically charming and offers diverse skiing and riding at three distinct resorts.
2009 was a mixed year in the Summit County real estate market. The year started off on a less than positive note, however, as the year progressed certain indicators within the market began to show signs of life, signifying 2010 could be the start of a recovery.
Two major resort projects, the St. Regis Deer Crest in Deer Valley and the Waldorf Astoria’s Dakota Mountain Lodge at The Canyons both opened their doors in the second half of 2009. In addition, the Montage Deer Valley in Empire Canyon is on track to open in 2010. Although these projects were started before the downturn in the economy, the fact they were completed in a timely manner, or are on schedule, demonstrates optimism for the near future.
The slow economy had a significant impact on the construction industry in 2009. Permits issued for new construction in Summit County hit a low of 765 in 2009 after reaching 1,074 in 2007. During the same two year period the value of permits dropped from 239 million to 68 million. In addition, the Department of Workforce Services reported a 14 percent drop in construction employment from November 2008 to November 2009. It should be noted that although the number of new construction permits was down in 2009, there was a significant increase in the number of remodel permits in Summit County.
UNITS SOLD AND ABSORPTION
The most positive signs of improvement in the market are the increase in the number of units sold over the past 12 months, and the absorption rate – which measures the total number of months of inventory available in the market. Both of these indicators have been moving in a positive direction since the end of the third quarter of 2009.
Download the full report here!
A recent article, in the mental health section of MSNBC, Utah is recognized as being the happiest state in the country. The article says that the happiest U.S. states tend to be wealthy and tolerant. Utah tops list and then is followed closely by Washington and Minnesota.
Check out the full article at:
As the snow begins to fall on the Park City area ski resorts, and the expectations of another excellent ski season are high, the optimism and positive outlook for the future of the Park City real estate market have begun to rise. You will notice as you look through the third quarter Park City Market Report that several market indicators are reflecting this optimism. We are dedicated to providing our clients the most comprehensive knowledge, and service possible. This Market Report is a part of that commitment and we hope you find it valuable and useful in understanding the evolution of the current Park City real estate market. Please contact me with any questions, or if we can help you with specific needs in the market.
http://www.deervalleyinfo.com/Park-City-Market-Report
In mid September I attended the Board Luncheon for the Park City Board of REALTORS where I learned from the head of Deer Valley Resort Lodging that Deer Valley has been named the best ski area in North America by the readers of SKI Magazine for the third year in a row. According to Deer Valley President Bob Wheaton, the resort topped five categories including Guest Services, Slope Grooming, On-mountain Food and Dining. Each year, SKI Magazine sends 20,000 ballots to its readers and also collects votes online. Whistler Blackcomb in British Columbia, Canada earned the No. 2 spot and Colorado's Vail took third. In the 20-plus years that SKI has been conducting the poll, only one other resort has had the top spot 3 years running.
Check out the new "Best Buys" section of our website.
This is a compilation of what the 100+ Agents at Keller Williams Park City Real Estate feel are the "Best Buys". Each month our agents meet to propose new Best Buys and debate the merits of each. The website and the listings are then updated. If you would like to receive an email each time the list is posted just let me know and we will get you setup to do so. The list considers all property types and includes foreclosures, short sales, bank owned properties (OREO's) and extremely motivated sellers.
Summer’s end is quickly approaching and it won’t be long until the Park City leaves begin to change and show their incredible colors that we all enjoy each fall. I hope you will find this quarters’ Park City Real Estate Market Report valuable in better understanding the dynamic real estate market. In the past six months, Keller Williams’ market share has more than doubled in Park City. This is attributed to our absolute commitment to know and understand this complex market and our ability to successfully get property sold in this challenging environment better than any other brokerage in town. Please feel free to contact me with questions or for a more detailed analysis of the segment of the market that is relevant to you.
The Park City Board of Realtors Environmental Committee continually amazes me with their passion and effort to help our community reduce its impact on mother earth. Here is a list of incentives and ways to do good for the environment and your pocket book!
This information brought to you by Environmental Issues Committee of the Park City Board of Realtors.
Home Energy Tax Credits and Incentives to Save You $1000’s In 2009
Home energy tax credits are available for solar energy, energy efficiency, biodiesel and hybrid cars, home solar panels and more. Rocky Mountain Power and Questar Gas are also providing many incentives for their customers.
Where is all this coming from? Well, when Congress passed the financial bailout bill late last year, it included a suite of new and renewed tax credits for individuals who want to make energy efficiency and renewable energy improvements to their home or cars. When President Obama signed the economic stimulus bill in February, the federal government expanded and extended some of those credits.
So what's in it for you as a homeowner?
$1,500 + $2000 Home Tax Credits for Energy Efficiency
You can claim a home tax credit for energy efficiency improvements made in 2009 thru 2010 if you install new insulation, energy-efficient windows/doors or an energy-efficient furnace, boiler or air conditioner and some roofing materials.
The Federal tax credit covers up to 30% (expanded from 10% by the economic stimulus bill) of the cost of a range of projects that meet certain specifications. What this means is, if you do $5,000 worth of qualifying work, and you will a $1,500 rebate on your Federal taxes as well as saving on energy bills for years to come.
There are no longer caps on certain home improvements thanks to the economic stimulus bill. One important thing to keep in mind is that the tax credit does not cover labor, only equipment.
Utah offers a state income tax credit for renewable energy systems. The investment tax credit for residential systems is 25% of the equipment and installation cost up to a maximum of $2,000. More info at http://geology.utah.gov/sep/incentives/rincentives.htm#retaxcred
$2,000+ for Geothermal, Solar (hot water and/or power), Wind Turbines and/or Fuel Cells
For qualified solar energy systems, geothermal heat pumps, small wind turbines, and fuel cell systems, the stimulus is leaving in place the 30% tax credit. You can get a tax credit of up to $2000 per system, and you can install all four for $8000 in tax credits. See specific details below. The solar energy tax credit is good through 2016. Incentives can be found at www.dsireusa.org.
Maximum incentives: Solar-electric systems placed in service before 2009: $2,000?Solar-electric systems placed in service after 2008: no maximum?Solar water heaters placed in service before 2009: $2,000?Solar water heaters placed in service after 2008: no maximum?Wind turbines placed in service in 2008: $4,000?Wind turbines placed in service after 2008: no maximum?Geothermal heat pumps placed in service in 2008: $2,000?Geothermal heat pumps placed in service after 2008: no maximum?Fuel cells: $500 per 0.5 kW
$7,500 Energy Tax Credits for Plug-in Hybrid Cars
The first 200,000 buyers of plug-in hybrid vehicles from each manufacturer now qualify for a $7,500 tax rebate.
$2,500 for Plug-in Electric Motorcycles or Low-Speed or Three-Wheeled Vehicles
The economic stimulus bill established a 10% tax credit through 2011 with a cap of $2,500 for new electric plug-in motorcycles, low-speed and three-wheeled vehicles. There's also a 10% tax rebate and a $4,000 cap for converting an existing vehicle to a plug-in.
Rocky Mountain Power
Rocky Mountain Power currently has a program for Solar power, and the incentive is $2/watt. There are limitations and the you must sign up and be approved well in advance. The program will run thru 2011. It is very limited and we should all call and try to get them to expand the program to include more homes. They can be reached at 866-344-9802.
They also provide rebates on new appliances and service work such as:
Clothes Washers, refrigerators, dishwashers, water heaters, lighting fixtures, ceiling fans, A/C, windows, insulation, furnace tune-ups, duct sealing and insulation. For detailed information call 1-800-942-0266.
*All Rocky Mountain Power incentives and programs are for Rocky Mountain Power customers only.
Questar Gas Thermwise Program
For $25, a Questar Gas technician will visit your home, conduct an energy audit, and provide you?with a detailed report on how to make your home more energy efficient. Follow thru on their recommendations and they will give you a $25 rebate on your gas bill.
Appliance rebates include: Energy Star clothes washers and gas dryers, gas water heaters (including tankless), as well as high efficiency gas furnaces, boilers and solar assisted gas water heaters.
They also provide rebates for energy efficient improvements such as windows, insulation and duct sealing/insulation. For more details call Questar Gas at 800-695-7375.
*All Questar incentives and programs are for Questar customers only.
Financing Options:
I know many of you are ask, how do I get the money to put these systems in place? Well, there are a few options available with the use of an Energy Efficient Mortgage (EEM).
-FHA allows lenders to add up to 100% of energy efficiency improvements to an existing mortgage loan by insuring a loan of up to 5% of a home’s appraised value with certain restrictions. FHA EEM’s can be used to purchase a home that is already Energy Star certified or to make energy efficient improvements to a home you are buying.
-VA EEM’s allow you to take $6000 for improvements on top of the purchase amount.
-Conventional loans allow homebuyers to borrow up to 15% of an existing home’s appraised value for improvements documented by a Home Energy Rating (HER).
Some lenders can adjust your debt-to-income ratio by 2% to account for the energy savings you will realize with energy efficient improvements. For more details on the program that works best for you, contact your lender. Be sure to ask your lender about energy efficient improvements and re-financing options for the home you already own.
KSL recently did a story on Utah High Schools with the results of a research project they call KSL Schools. THe research project was intended to provide a way for parents to compare school performance in academic. The analyst equally weighted proficiency, how schools prepare students to meet basic state requirements, advanced placement (considered college prep) and progress scores. Park City High School received top honors and was recognized as the states top performing school.
To read the full article check out: http://www.ksl.com/?nid=148&sid=6223798
The following Associated Press article summarize the conclusion of the Promontory Bankruptcy. Despite the resolution, obtain financing to purchase individual lots in Promontory remains a near impossibility. The lack of financing appears to be fueling the flame of opportunity as lot prices drop to all time lows. I don’t think anyone would have guessed that you could buy a lot in Promontory for under $200,000 let alone a lot at $150,000. But that is the case in a few instance and I am fairly certain that those who take advantage of this incredible time will see a healthy return in the coming years.
The Associated Press
Updated: 04/17/2009 09:08:26 PM MDTIn a highly unusual bankruptcy outcome, the developer of a luxury golf community near Park City bought it back for pennies on the dollar Friday because the leading creditor was unable to scrape together a bid and nobody else was interested.
Promontory was sold for just $30 million to the developer who defaulted on $275 million in loans packaged by Credit Suisse and sold to hedge funds and other investors.
Francis Najafi, chief executive of Phoenix-based Pivotal Group, emerged triumphantly from a courtroom Friday as the same owner of Promontory, where more than 350 multimillion-dollar homes have already been built. Members pay hefty fees for golf and other amenities, including opulent lodges and a warehouse-size horse stable. Najafi kept operations going during a yearlong bankruptcy.
Another 1,500 building lots are available across a sprawling sagebrush-covered hill overlooking the ski town of Park City. Najafi said he believes sales will pick up in a year or two, making Promontory viable again.
Najafi insisted the bankruptcy was not his doing. A group of creditors who forced the bankruptcy said he stopped paying loans in December 2007. Najafi countered that Credit Suisse agreed to loan money he says he didn't even need and that the bank was a victim of its own excess.
"Ultimately, I believe in the magic of America," said Najafi, an Iranian-born, self-made real-estate tycoon who believes the market for expensive second homes will come back.
"There is no question in my mind that the economy will recover," he said.
Credit Suisse had matched Najafi's $30 million bid at an auction on Wednesday but, unable to raise even that amount, it withdrew the bid a day later. The takeover required a buyer to raise millions more to keep operations at Promontory going. The project was shopped to 80 potential investors, none of whom ventured a bid.
Najafi said he'll have to spend about $70 million before Promontory recovers.
A Credit Suisse spokesman didn't dispute the loss but wouldn't comment. Dallas-based Highland Capital Management, a hedge fund that owns about 30 percent of the loans, said the property wasn't worth buying in part because the developer was allowed to dig a deep financial hole during bankruptcy.
In court on Friday, Credit Suisse didn't support or oppose Najafi's bid, surrendering the battle. Homeowners and a group of other creditors expressed confidence in Najafi's continued management and his $30 million bid, which pays off some debts, but not the Credit Suisse loan holders. The sale was approved by U.S. Bankruptcy Judge Judith Boulden.
The fact that Najafi was able to buy his own project back so cheaply is a reflection of the turbulence in credit markets.
"It was a most unusual agreement," said Richard Aaron, a retired University of Utah bankruptcy-law professor and Promontory's auctioneer.
Aaron said the financial crisis was caused by banks that got caught up in their own exuberance and made or arranged loans with little scrutiny.
"You have money coming in from all directions and properties appreciating," Aaron said. "It was nothing but a Ponzi."
I have received dozens of your emails and phone calls asking for the my updated Park City Real Estate Market Report and I am thrilled to say that is now complete. I think you will find this issue of extreme interest. Here is a brief excerpt from the report.
"To say that the Park City Real Estate market has slowed would be a dramatic understatement. For those people that are more intimately involved with the Summit & Wasatch County Real Estate markets it might feel more like it has come to an abrupt stop. During the last quarter of 2008 there were 244 total transactions that occurred in the Park City Multiple Listing Service, representing one of the slowest quarters in Park City real estate history. In the first quarter of 2009 there were only 165 total transactions, this number represents 54% fewer transactions than the slowest first quarter over the past 10 years when there was 356 total transactions in the first quarter of 2002 shortly following the events of 9-11. In greater contrast the 165 transactions in the first quarter of 2009 is only 21% of the 775 first quarter transactions experienced in 2005."
You can download the full report at: http://www.deervalleyinfo.com/Park-City-Market-Report
The following news release was distributed by Promontory today. I will add additional comments over the next several days as I get more details from those involved and consider what impact this might have on Promontory Real Estate values and the Park City Real Estate market in general.
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~ Promontory on track to lead second-home communities out of the market downturn ~
PARK CITY, Utah (April 17, 2009) – The U.S. Bankruptcy Court, District of Utah, today confirmed Pivotal 7000, LLC, an affiliate of Promontory’s original developer, Pivotal Group, as the winner of the recent auction of Promontory, a luxury second-home community in Park City, Utah. Bankruptcy Judge Judith A. Boulden named Pivotal’s bid as the winner, finding it to be in the best interests of Promontory and its members and creditors.
Promontory was forced into bankruptcy by its secured lienholders in March 2008, as a result of the global downturn in real estate. Since then, real estate development and Club operations at Promontory have continued uninterrupted under debtor-in-possession financing provided by another Pivotal Group affiliate.
Francis Najafi, CEO of Pivotal Group, said: “We are pleased to have Promontory back in the hands of its original development group. We intend to press forward with our vision for this world-class, second-home community, and to redouble our involvement with the local Park City community. We have continued to fund Club operations at Promontory throughout this difficult process. Our new financing provides us the means to continue development and Club operations at the same high level our members are accustomed to, notwithstanding the current downturn in the economy. We have full confidence that both Promontory and the Park City market will be among the first real estate markets to recover as stimulus programs take hold and the national economy begins to rebound. Meanwhile, America’s restored international image, combined with the inexpensive dollar, will make Promontory and Park City even more attractive for international buyers.” “Promontory’s reemergence from bankruptcy, with new financing in place, should be viewed as good news for Promontory’s owner/members and for the hundreds of Promontory employees who work and live in the Park City Community,” said Rich Sonntag, Promontory’s managing director. “The other great news is that prospective buyers in this market can feel very confident when considering Promontory. We now have a court-approved plan of reorganization and an ownership which has been confirmed as financially solid. This is the kind of confirmation that buyers need in an uncertain market.”
Promontory’s plan of reorganization binds Pivotal 7000, LLC, as the new owner, to observe key provisions of the court-approved plan and sale procedures. These provisions include the obligation to honor Promontory’s county-approved master plan, the Promontory Club’s membership agreements and membership plan, and the assumption of all lot purchase agreements with Promontory lot and home owners. In addition, provisions have been made in the plan for funding of legitimate unsecured creditor claims and the creation of a reserve fund for Promontory’s homeowners’ association, the Promontory Conservancy. Promontory Club members experienced a very positive year despite Promontory’s ongoing financial reorganization. Club programming and member participation actually increased and members expressed pleasure with the extremely high quality of service they received throughout the year. With two golf courses in top shape, Promontory also received three top rankings by Golf Digest magazine in 2008, including the #3 Best New Private Course in the country, the Painted Valley Course – a Jack Nicklaus Signature Design. In addition, Promontory’s Jack Nicklaus and Pete Dye designed courses were ranked by Golf Digest as numbers 2 and 3 respectively in the state of Utah.
About Promontory:
On March 27th the owners of Deer Valley Lodging sent the following letter to all Park City REALTORS announcing their current financial struggles and their current inability to make rental payments due to the property owners. This was an incredible surprise to all of the Park City Real Estate community as Deer Valley Lodging has always been the most well respected and stable property management company in the Deer Valley and Park City markets.
Having known the owners of Deer Valley Lodging for many years I can only say the most positive things about their ability, intentions and integrity. I absolutely believe that if the existing property owners whom Deer Valley Lodging services will provide them the time and space to address and rectify these current issues, that each of them will be made whole.
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TO: Park City Board of RealtorsFROM: Barbara ZimonjaDATE: March 27, 2009RE: Premier Resorts Letter to Deer Valley Lodging Unit Owners SEE ATTACHED LETTER TO OWNERS…. The U.S. economy is struggling under the pressure of a credit crisis, the magnitude of which is unprecedented in modern financial times. This has been particularly difficult for companies in the hospitality industry, like Premier Resorts of Utah, dba Deer Valley Lodging (“DVL”), that rely upon business lines of credit to even out the inconsistencies of their seasonal business operations. Added to this pressure is the fact that a broader domestic and international economic recession/depression has also resulted in far fewer vacation travelers. As you have no doubt witnessed, lodging reservations in Park City this winter have been approximately 30% lower than what we have experienced over the previous several years. As a result of these factors, our traditional sources of business financing have suddenly become unavailable to us. Nevertheless, we are working diligently to replace those lenders in order to secure other lines of business credit. Eventually, we feel confident that DVL will be successful in these efforts as the pressures on our economy and on the travel industry start to subside. In the meantime, this extraordinary situation necessitates that we delay payment of current amounts owed to condominium unit owners under our Rental Agency Agreements. DVL plans to pay all owners the full amounts owed as soon as possible. Capsule Summary DVL is delaying payments to condominium unit owners for vacation rental revenue due for the first quarter of 2009. This delayed payment plan is necessary because: U.S. and international economic slowdown has resulted in a significant reduction of vacation travelers staying in DVL properties. The economic slowdown has also forced companies to cancel planned business conventions and other meetings in Park City/Deer Valley. The credit crisis has caused many traditional sources of necessary lines of credit to become unavailable to the seasonal hospitality industry. DVL’s plan of action includes: · Making additional reductions in staff and business expenses. · Diligently seeking new lines of credit and business capital.· Liquidating assets available to DVL’s parent corporation. · Providing unit owners with transparent accounting and regular correspondence.· Beginning payments as soon as possible to reduce and retire all amounts in full. Any requests for additional information should be directed to:Bobby FosterDirector of MarketingPremier Resorts Direct Tel. (435) 655-4823 bfoster@premier-resorts.com
************ Letter to the Property Owners ************
March 25, 2009 VIA FIRST CLASS MAIL [Name of owner][Address of owner] Re: Premier Resorts of Utah d/b/a Deer Valley Lodging Dear [First name of owner]: As the owners of Premier Resorts, this is a very difficult letter for us to write, and one that we never thought would become necessary. As you are no doubt aware, the U.S. economy is struggling under the pressure of a credit crisis, the magnitude of which is unprecedented in modern financial times. This has been particularly difficult for companies in the hospitality industry that rely upon business lines of credit to even out the inconsistencies of their seasonal business operations. Added to this pressure is the fact that a broader economic recession/depression has also resulted in far fewer vacation travelers. In fact, lodging reservations in Park City this winter have been approximately 30% lower than what we have been experiencing over the past several years. In response to all of this, Premier Resorts has tried to be fiscally responsible by reducing the compensation and benefits of our entire workforce, by eliminating all bonuses, by resorting to personnel layoffs, and by otherwise eliminating or reducing company expenses wherever possible. Although our traditional sources of business financing have suddenly become unavailable to us, we are working diligently to replace those lenders in order to secure other lines of business credit. Eventually, we feel confident that Premier Resorts will be successful in these efforts and that the pressures on our economy and on the travel industry will start to subside. In the meantime, however, Premier Resorts is currently unable to pay its owners the full amounts owed to them under our Rental Agency Agreement. Please be assured, however, that we will be doing everything in our power to bring your account current just as quickly as possible. To accomplish that, we are enclosing your current statement and will shortly be sending you additional information outlining our proposed payments of your full account balance based upon our best business projections. As we move forward, we will also communicate with you monthly with information on the status of your account and with updates on the progress we are making. For over 20 years, we have worked to build Premier Resorts into one of the oldest and most stable condominium-resort management companies in the nation, which makes our current situation that much more difficult to announce. Despite our current situation, the company maintains as its principal assets its rental contracts and its experienced employees. The relationships we have with our customers and staff is of the upmost importance to us, and our greatest fear is that these temporary financial challenges may damage those long-term relationships. Having said all of that, Premier Resorts remains a wonderful company and we are pleased to report to you that our employees have been willing to work through this with us. We sincerely hope that you will also allow us the opportunity to pay your account balance as described in this letter, and that you will continue to allow us the opportunity of serving as your rental property manager. Our company’s marketing, reservations, lodging, housekeeping, and maintenance professionals all remain eager to serve the interests of you and your property. Finally, Premier Resorts has worked for many years to earn a reputation for business integrity and we again want you to know that we will be working tirelessly to demonstrate to you the sincerity of this letter and of our commitment to you. We also understand that this news is troubling and that you may have specific questions that need to be answered. As the company’s owners, and so that we can answer those questions to your satisfaction, we would be happy to speak with you personally. Please feel free to contact either one of us at your convenience. Our direct contact information is: Barbara Zimonja, President Brad Goulding, CFO Direct Tel. (435) 655-4801 Direct Tel. (435) 655-655-4802bzimonja@premier-resorts.com bgoulding@premier-resorts.com We are indebted to you for your patience and business loyalty and we deeply regret any temporary problems this may cause to you in your financial planning.
Sincerely,
Barbara Zimonja Bradley T. Goulding
For those tracking the bankruptcy proceedings of The Promontory Ranch Club or Park City Real Estate happenings in general this is a very significant event that could have considerable impact on the market. The following statement was delivered from Promontory's Director of Marketing to Park City Realtors late in March via email.CREDIT SUISSE ELECTS AUCTION PROCESS FOR PROMONTORY ~ Approved U.S. Bankruptcy Court reorganization plan anticipated this option ~
PARK CITY, UTAH, Mar. 20, 2009 – The Promontory chapter 11 case moved another step closer to completion yesterday, as Credit Suisse, the Agent for Promontory’s first lien holders, elected not to exercise its first right to provide $70 million in Court mandated exit financing. This election was permitted under the March 12, 2009 reorganization plan approved by the U.S. Bankruptcy Court, and it triggers an auction among Credit Suisse and other qualified parties to determine which of them will own Promontory upon its emergence from bankruptcy in April.
The auction, scheduled for April 15th, 2009, is preceded by a period in which bidders must submit initial bids to be pre-qualified by the court on or before April 13. Following the April 15 auction, the Bankruptcy Court will hold a hearing, on April 17, to evaluate competing bids and determine the winning bidder.
The winner of the auction will be bound to observe key provisions of the Court-approved reorganization plan and sale procedures. These provisions include the new owner’s obligation to honor Promontory’s County-approved master plan, the Promontory Club’s membership agreements and membership plan and the assumption of all lot purchase agreements with Promontory lot and home owners. In addition, provision will be made for funding of legitimate unsecured creditor claims and creation of a reserve fund for Promontory’s homeowners’ association, the Promontory Conservancy.
Rich Sonntag, Promontory Managing Director, noted, “This auction process was always a possibility in the event Credit Suisse decided it might not want to control Promontory itself, and was specifically provided for under the reorganization plan that the Bankruptcy Court approved on March 12. The auction allows other parties who are more directly involved in the development business to bid for control and may even accelerate Promontory’s rebound from bankruptcy under the guidance of a qualified developer.” Said Sonntag, “Our members and the Park City community can remain confident that Promontory will emerge from bankruptcy with our vision securely in place.”
Melissa GarlandDirector of MarketingPromontoryTel: 435-333-4022www.promontoryclub.com
Last month in the Salt Lake Tribune there was a great article about Utah Real Estate and the dilemma buyers are facing in deciding if this is the right time to buy. Although the article’s focus was centered on the wasatch front market it absolutely applies to the Park City Real Estate Market.
There are many factors that should influence a Buyer’s decision in moving forward with the purchase of a home or condo and they are not all financial factors. However it is critical to remember there are many things that impact affordability and the sales price is just one of them. According to economy.com the greater Salt Lake and Summit County Real Estate Markets may have reached peak affordability based on low interest rates, government plans, and Seller offered incentives.
You can read the article at:
A recenct article posted on Yahoo News identifies Utah as the "happiest" state.
"A survey of Americans' well-being, conducted by Gallup in partnership with Healthways and America's Health Insurance Plans, gives high marks to Utah, which boasts lots of outdoor recreation for its youthful population."
You can check out the full article at:
http://news.yahoo.com/s/ap/20090311/ap_on_re_us/states_of_happiness
March 17, 2008 Promontory released the following in is Agent / Broker Newsletter.
"U.S. Bankruptcy Court Confirms Plan for ReorganizationOn March 12, the U. S. Bankruptcy Court for the District of Utah confirmed the Joint Plan of Reorganization for Promontory. Rich Sonntag, Promontory's Managing Director, noted that the court confirmation is a step toward final resolution of the bankruptcy and Promontory's re-emergence as a market-leading private community. "Recently, we've seen a new group of prospective buyers who are looking at the great values available now at Promontory and recognizing that the overall market will soon start to turn around," Sonntag said.
"Promontory will be emerging from bankruptcy committed to its core vision and under a financial plan that protects its owners and members." Promontory will be the first luxury planned community to emerge from bankruptcy out of a number of projects that were forced into Chapter 11 as a result of the market downturn in 2007-08. According to Sonntag, "Unlike many other communities who are still struggling with reorganization, Promontory's successful emergence from Chapter 11 with new institutional ownership, completed amenities, fully developed lots and fantastic member service makes us the right place for families who are still seeking a long-term investment. And today's prices are some of the best buyers will ever see."
On October 7, 2008 ForbesTraveler.com published an article by ROb Baedeker entitled "America’s Prettiest Towns" in which Park City, Utah was featured. Here is one of my favorite excerpts from the article.
Sarah Tuff Dunn, describing her first visit to Park City, Utah, says, "I was struck by just how blue the sky was, and how dry the air, during a ski trip one March. I was used to soggy or icy conditions back East. After I skied seemingly bottomless powder at nearby Deer Valley, the whole town of Park City (which looked like a candy village, thanks to all the different colors of the Victorian buildings) seemed like it was on some crazy high from the sun, the snow and the altitude."
http://www.forbestraveler.com/best-lists/americas-prettiest-towns-story.html
It is articles like these that remind me how fortunate we are to get to call Park City home, regardless if it is the place you live all year long or just the home that you spend the best weeks of the year.
I am very excited to now be offering access to the most comprehensive list of foreclosures, pre-foreclosures, bank owned, and properties being offered at Sheriff’s sales in the Park City and Deer Valley area. The number of foreclosures in the Park City Real Estate Market as well as foreclosures in the Deer Valley Real Estate market have grown considerably in the past several months. And now my clients can obtain access to the most complete and up to date information at our website www.DeerValleyInfo.com
To access Park City Foreclosures now, Click Here!
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