Archive for April, 2011
Luxury Ski Homes: The Colony at White Pine Canyon
April 6th, 2011 Categories: Neighborhoods, Real Estate, The Canyons®
Available Home Inventory in The Colony Reduced by 42.1% in Last 120 days!
Warning: Don’t assume the “MORE BAD NEWS…” you see in the national media holds true in all micro-markets.
We just finished crunching the numbers for some of Park City, Utah’s hottest luxury neighborhoods, and the reduction in available luxury ski homes is staggering. Yes–you heard that correctly.
There’s now a real scarcity of well-priced properties in the luxury market between $3-6 million.
Take The Colony at White Pine Canyon, for instance. At the beginning of the 2010/11 ski season in November 2010, there were 19 homes on the market. Fast forward a mere 120 days, and 8 pending/closed sales later, there are only 11 homes left. Don’t take our word for it…see for yourself:
Colony Homes sold winter 2010-11 Market Snapshot
Winter 2010-11 Colony Home Sales
Hollywood Heavy-Hitter Buys Colony Home in Private Sale
We hope you paid attention to the math and noticed there was a missing sale…there was an additional closed sale of an unlisted property to an Hollywood A-List Couple.
We won’t blow their cover here on the blog, but if you come to Park City we’ll clue you in…
What’s currently available for sale in The Colony at White Pine Canyon?
As you’ll see above, there are only a couple of options left under $5 million. One is debt-free and motivated to sell. The other is still living in fantasy-land regarding the value of their property in today’s marketplace. It is over-encumbered, and could be headed towards a Trustee’s foreclosure sale.
Hint: call us immediately if you’re looking for a home in The Colony and we’ll catch you up to speed on this developing opportunity…
Click here to search for all Colony Homes For Sale in Park City Utah
Promontory Real Estate Update: Best Deals Going…going…almost gone!
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Montage Deer Valley Residence Sales Update
April 6th, 2011 Categories: Deer Valley®, Hotels & Lodging, Neighborhoods, Real Estate
Montage Deer Valley Sales Surge
The opening of Montage Deer Valley was the biggest Deer Valley news event of the 2010/11 ski season.
Montage had been pre-selling residences during the challenging economy of 2010, and began the ski season with three pending sales. The developer kept to their construction schedule, and the first owners of Montage Deer Valley Residences took possession of their condos in late December 2010.
Deer Valley Montage: “Build it and They Will Come!”
As the ski season progressed, so did sales momentum at Montage Deer Valley. So far, 5 Montage Residences have sold, and 5 more are pending sale, bringing the total number of sold/pending Montage Deer Valley residences to 10. On top of those ten sales, the developer is working with prospective buyers on a couple of additional sales.
Montage Deer Valley Sales Statistics, as reported by the Park City MLS
Montage First Tracks Discounts: Going, Going….
The developer is offering 20% discounts, ability to choose from nearly any residence in the building, and a smorgasbord of additional benefits to only the first 15 buyers at Montage Deer Valley. You’ll find a summary of the Montage First Tracks incentives here:
http://blog.parkcityrealestateguide.com/montage-deer-valley-first-tracks-incentives/
Want More Montage Deer Valley Info?
Please send us a quick note and we’ll help you quickly and easily learn whatever you want to know about Montage Deer Valley.
Related Deer Valley Montage Hotel Posts:
Montage Deer Valley Utah Location
Montage Deer Valley Residences For Sale
Montage Deer Valley Floor Plans
Montage Deer Valley “First Tracks” Prices and Incentives
Deer Valley Montage Hotel
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The End of Foreclosures in Park City?
April 5th, 2011 Categories: Around Park City, Auctions, Foreclosures, Golf, Neighborhoods, Real Estate
If you have been waiting for the Park City market to bottom out so you can buy your dream home, condo, or land, it is time to recognize the reality of what is happening all around Park City. This market is heating up…
Inventory is being snapped up by savvy buyers, at great prices, and is not being replaced. Many of these great deals have been distressed sales, or simply very motivated sellers, but the buyer’s advantage in Park City may be nearing its end.
- In Hidden Meadows, Deer Valley, there are only 2 homes on the market today…and 5 sales over the past year.
- In The Colony at White Pine Canyon, inventory was reduced by more than 42% in the past 120 days.
- At Promontory, there is less than one year of supply of available lots for sale after more than 70 parcels sold in the past 12 months. See below…
How much more evidence you need that many neighborhoods in Park City have hit the bottom and prices will turn around soon?
Pre-Foreclosure Notice of Defaults and Trustee sales are down markedly in Summit County, Utah.
That is not to say there will not be more foreclosure properties that come to market, but they will be fewer in number and the competition for them will be greater. Already this year we have seen numerous multiple offer scenarios on bank owned properties as soon as they hit the market.
If you are not actively following the market; or, more importantly, don’t have a local real estate agent working for you, you frankly do not have a chance of scoring the great deal you are dreaming about because the competition is too fierce for the best deals.
One telling example of the change in our market that began last year and is really manifesting itself now is at Promontory.
Promontory: From ‘REO Row’ to ‘Picked Over’
This luxury golf course development has been through well documented travails in the past, however, the jokes of a couple years ago regarding inventory there are long forgotten. The future is bright and the days of buying homes for pennies on the dollar there are numbered. Bank owned inventory is down to its lowest level in years, with just a couple bank controlled properties now on the market!
In 2010, there were 53 homes and 71 lots sold in Promontory. Thus far in 2011, there have been 17 homes sold or pended (eleven of those in the past 30 days!) and more than 40 lots have sold or pended. That leaves less than a year’s supply of homes and lots in this exclusive area, representing a staggering change in the market dynamic there. Indeed, the price of homes is rising, despite the sale of many bank owned properties
A membership drive offering incentives available through the end of April 2011 (call us for details) and a forthcoming new clubhouse are adding value, convincing more and more buyers that the time is now to pursue the dream of owning a piece of this world class resort community.
Park City 2011 Looking ahead to a Seller’s Market
Other neighborhoods and areas in and around Park City have similar story lines, while there is still plenty of inventory overall, properties are selling every day, the best deals are going quickly, and there are fewer distressed properties to put pressure on other sellers to reduce their prices. Eventually, the advantage buyers have now will shift back to sellers
This year could very well be the turning point in Park City…what are you waiting for?
Allow us to help you achieve your goals. Call or email us today and tell us what you are looking for in a Park City and we will help you make it a reality.
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