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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2010-11 Utah Ski Season is Underway
November 16th, 2010 Categories: Around Park City, Deer Valley®, Park City, Skiing, The Canyons®, Utah Facts and Fiction
Early Ski Season in Park City Utah?
As I sit here in my home office at 6000 feet watching the snow fall fast and furious it seems like a good time to speak of the season that is already upon us. With three resorts open alreadyand seven more resorts opening in the next couple weeks, Utah’s ski season is off to a great beginning (10 inches of new at Snowbird last night!) It seems like just last weekend I was golfing in short sleeves, oh that’s right, I was, and it looks like I’ll get a few rounds in later this week too. It’s called cross training, and like fly fishing, it can be done every month of the year here in Utah, despite the ‘Greatest Snow on Earth’ piling up in the higher elevations
Many already know about Utah’s embarassing plethora of skiing options, the fantastic weather and the feather light powder might but let me illustrate a few of Utah’s skiing finer points for the uninformed (like those who continue to suffer through Colorado ski vacations) by using some of the results from Ski Magazine’s Reader Resort Survey.
I kid the Coloradans, it’s a beautiful place and if you have plenty of time to travel not a bad place to visit, but having lived in both states I don’t think there is much of a comparison when it comes to recreation.
Utah or Colorado: Pop Quiz…
Q: What state has the most national Parks in the US? A: Utah
Q: How many ski resorts are located within an hours drive from the Denver Airport A: Zero
Q: How many ski resorts are located within an hour’s drive from Salt Lake International A: Eleven
Park City Utah Dominates Ski Magazine Rankings
Sorry Colorado, I won’t even mention that Deer Valley was rated the number one resort in North America for the 4th year in a row, that would be too easy and I know makes the fans of Disney World in Colorado very frustrated (if there was an award for most expensive contrived ski ‘town’ Vail would take it hands down! Pay to park? $12 hot chocolate? Sure why not!)
Rounding out the Park City resorts, Park City Mountain Resort was ranked 5th overall and the Canyons was ranked #18.
My bold prediction…The on mountain improvements the Canyons is making this year will enable it to challenge for the Top 10 next season.
Best Ski Resort Weather, Access, Snow, and Value…
Here are a few of the more interesting rankings in the Ski Magazine survey which ranked the Top Ten Resort in each category
Access: (What could be more important except perhaps Snow?) Seven of the top ten most accessible resorts were in Utah. Seven. Seven to Utah and Snowbasin and Powder Mountain were’t on the list!
Snow: (Arguably the most important category for snow sliding enthusiasts) Seven of the Top Ten rankings went to Utah Resorts. One to Colorado.
Weather: Critically important to a successful ski trip. Five of Top Ten rankings to Utah resorts
Value: (Need we say more?) Five of the Top Ten to Utah resorts.
How to Ski for Free in Park City, Utah
Utah is a skiers paradise and Park City is Mecca. Come see for yourself this winter and experience what you have been missing. Oh, and to sweeten the trip how about a free Park City lift ticket on your arrival day?
We welcome your questions and comments. If you come to Park City this winter, be sure to visit us in our offices in Deer Valley Plaza.
Cheers
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Promontory Foreclosure Auction: The New Owner is…
May 14th, 2009 Categories: Around Park City, Foreclosures, Golf, Lifestyle & Activities, Park City
Surprise! In a bizarre turn of events…
The original developers of Promontory–Arizona-based Pivotal Group–tendered a $70 million bid at the April 15 bankruptcy auction, stepped back in, and were able to re-purchase the controlling interest in the project for pennies on the dollar.
Pivotal Now Owns Promontory With Almost No Debt
The Credit Suisse Group lent $350 million to the club in 2005, and most of that money was taken out of the project as “return on capital” by the original developer.
“That is just wiped off the books,” Promontory Managing Director Rich Sonntag said about the debt.
Implausible as it may be, Pivotal now owns the existing club amenities and all future development potential, including the roads, golf courses, clubhouses, and development infrastructure with almost no debt going forward.
Was Bankruptcy Promontory’s Strategy From The Beginning?
Pivotal Promontory Managing Director Rich Sonntag insists that Pivotal CEO Francis Najafi did not orchestrate the bankruptcy to avoid repaying the loans.
Credit Suisse could have emerged as the winning bidder, but the lender withdrew its offer on April 16th.
Credit Suisse Cuts Losses, Not Willing to Increase Stake in Promontory
Credit Suisse had the opportunity to take over the property and protect a $275 Million investment by tendering a bid of $70 million and agreeing to keep the club amenities in operation in the years ahead.
A sign of the global banking crisis and mounting losses around the globe, Credit Suisse was not willing to invest additional funds and opted to walk away from the project instead.
Lenders Providing Financing at Promontory Again?
It should be easier for prospective Park City home buyers and existing Promontory owners to borrow/refinance their Promontory properties.
The bankruptcy had been a dark cloud over the community that prohibited risk-averse lenders from financing homes and lots at Promontory. It sounds like banks will look upon the project with more enthusiasm now that the auction is over.
What Does this Mean for Promontory Home Owners and Club Members?
The good news is that there’s finally some clarity regarding who will control Promontory moving forward.
Like it or not, the developer has the strongest financial position that they have ever had in the project. The infrastructure is almost complete, and there’s no debt!
The bad news is that some members/owners don’t trust Pivotal’s ability to keep the community on track, and they’re disappointed that a new developer didn’t step in and start fresh. Time will tell…
Time to Get a Great Deal at Promontory?
The supply/demand balance of homes at Promontory continues to strongly favor Buyers over sellers.
Since the bankruptcy auction, 4 homes have gone under contract. That matches the total number of homes sold in the previous 12 months!
Cutting right to the chase, Promontory was a popular spot for speculators when the Park City real estate market was booming. Many of those same speculators now can’t keep up with the payments, and we’re seeing quite a few foreclosures and short sales in the neighborhood.
Here are the homes currently available for sale at Promontory
Related Articles:
Talisker Club: World Class Skiing Meets Championship Golf
Red Ledges: Sales Success In Spite of Tough Economy
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Promontory Emerging From Bankruptcy?
February 24th, 2009 Categories: Around Park City, Foreclosures, Golf, Real Estate
Good News: Park City Development Back On Track
This is an update to our previous post about Promontory’s Private golf community in Park City, Utah.
PROMONTORY COMMUNITY BACK ON TRACK: Promontory and Lienholders Reach Agreement for Reorganization
PARK CITY, UTAH, Feb. 24, 2009 – On February 9, 2009, the Promontory operating entities, Promontory’s secured lenders and the Promontory Unsecured Creditors Committee (comprised of Promontory Members and Owners and other unsecured creditors) reached agreement on a joint plan of reorganization for Promontory. This plan sets the stage for the resolution of the involuntary Chapter 11 bankruptcy proceedings brought against Promontory by a group of its second lien lenders last March.
Credit Suisse To Form New Promontory Entity
The plan provides for the first lien lender group headed by Credit Suisse to form a new entity that will take ownership of Promontory’s operating companies, subject to Credit Suisse’s arrangement of exit financing. This plan, if approved by the Bankruptcy Court, could allow Promontory to emerge from bankruptcy as soon as the end of March, 2009.
Promontory Plan Includes Funding To Continue Development of Amenities
The proposed plan of reorganization protects the interests of Promontory’s residents, owners and Club Members.
It also provides funding to continue development and amenity construction, thereby maintaining Promontory’s original vision as a four-season, multi-generational luxury community. Promontory Club’s membership agreements, and Promontory’s obligations under lot purchase agreements and related development agreements, will be assumed by the new owners.
Promontory Will Retain Key Employees?
Further, most key operational employees will be retained as Promontory continues its high standard of member services while restoring its development and sales operations. Finally, the plan establishes a reserve for payment of unsecured creditor claims.
Promontory Debt Decreased
According to Rich Sonntag, Promontory’s Managing Director, the reorganization will leave Promontory with decreased debt levels, thereby improving its financial position during the current market downturn, while preparing the development for profitability and market leadership when the greater real estate market recovers.
Sonntag commented, “I’m very pleased with the agreed reorganization plan. Promontory will be emerging from bankruptcy committed to its core vision and under a financial plan that protects its owners and members and positions us to continue amenity development and recapture market share.”
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, “Promontory can now showcase its completed amenities and fully developed lots at a time when other projects are either hamstrung by financial challenges or merely at the beginning stages of their development.”
Promontory Golf Course
Promontory’s new Jack Nicklaus Signature Golf Course was recently named #3 of the best new private courses in the country for 2008 by Golf Digest magazine.
Promontory Bankruptcy Website
Court documents containing details of the Promontory reorganization plan are posted on the Promontory Unsecured Creditor’s Committee website: www.promontorycommittee.com.
About Promontory
Promontory is a 7,200 acre, 10-square-mile recreational second home and private mountain community in the heart of the Utah Rocky Mountains just outside of Park City, Utah. Promontory’s unique mountain ranch setting offers diverse year-round recreational amenities and activities for the multi-generational family.
Related Articles:
Red Ledges: Succeeds In Spite of Tough Economy?
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Heber Creeper
February 7th, 2008 Categories: Around Park City, Lifestyle & Activities, The Heber Valley
Kids Love The Heber Valley Railroad
It was a cold and snowy morning. Just before the railroad tracks, I saw the Heber Creeper train running-steam billowing and whistle blowing. I had gone back in time to the days of the steam engine. I grabbed my camera and took this photo.
This train is one of two 1907 Baldwin Steam locomotives
The journey starts at the train station in the middle of the picturesque Heber Valley.
There is a regular tour schedule and special events.
Special trains include: The Haunted Canyon Train, The Polar Express, Comedy Murder Mystery, day out with Thomas the Train, and Tube-’n'-train (which is snow tubing and train-ride combo).
The World Famous Train Put Heber City and Midway on the Map!
The steam engine has been featured in 33 motion pictures in the past 20 years and in the T.V. series “Touched by an Angel” and “The Promised Land”.
A trip to Heber City and Midway isn’t complete without a visit to Park City and Deer Valley just minutes away.
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Family Fun In Park City Utah
December 11th, 2007 Categories: Around Park City, Deer Valley®, Dining & Entertainment, Golf, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Things to Do With Your Family in Park City, Utah
If you can’t leave your kids with the grandparents and don’t have the nanny that travels with you, kids are a part of vacations. They can be really fun to have along as long as they don’t get ‘bored’ Lets be honest, family vacations can be challenging enough without having kids who are ‘bored’. Keeping kids constructively occupied without shelling out big dollars can be difficult in a ski town during the season.
The children’s ages dictate family plans on a skiing vacation. Can they enroll in ski school so you can get your turns too or do you need to get daytime babysitter? Are they skilled enough to warrant a private instructor so that skiing with them is an option? Price can really climb with private instruction, but the upside is usually skiing with your kids sooner.
Obviously, with a younger age range, reserving a childcare service for a couple of adult nights makes sense as long as you can find reliable child care. Many hotels have services for babysitting and some do more expanded children’s programs. The most trusted child care service in 
Park City and Deer Valley is Park City Sitters.
Check the local Park City movie theatres, Redstone Cinemas and Holiday Village Cinemas, the indoor and outdoor ice rinks, Gorgoza Park and Soldier Hollow tubing hills, The Egyptian theatre, and the Heber Valley Railroad. White Pine touring grooms three different cross country ski tracks on the Park City golf course, where you can also arrange sleigh rides and dog sled adventures. Contact the tour operators for schedules and availability.
The Utah Olympic Park has museums, rides, shows and camps. Check them out at http://www.olyparks.com/
Or, better yet, buy plastic sleds for everyone, find a small, safe hill and enjoy your vacation, together.
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The Most Overlooked Park City, Utah Winter Activities
November 27th, 2007 Categories: Around Park City, Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Make No Mistake…
The World Class Ski Resorts at Deer Valley, Park City, and The Canyons Offer Some of The Best Snow Sliding on Earth…
But guess what? You can enjoy a great Park City winter vacation even if you don’t ride a single chair lift.
Skiing and snowboarding are not the only activities available in this picturesque mountain town.
Park City offers over 100 restaurants to choose from, but what will you do when you’re not skiing and eating?
Here are some ideas to get you started… Read the rest of this entry »
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Summer Fun in Park City, Utah
November 27th, 2007 Categories: Around Park City, Deer Valley®, Lifestyle & Activities, The Canyons®, The Heber Valley
Summer brings a slew of activities to this perfectly situated mountain town. and fabulous weather nearly guarantees you the ability to do activities every day of your visit.
The summer activities are dependent on weather but the season generally runs from the Memorial Day weekend to the Labor Day weekend. Many activities are available as soon as the snow is gone from the lower elevations, and available in the fall until the snow falls.
Hiking and biking are always an option; the chairlifts run during the summer season to assist you up the mountains to enjoy the highest elevations and hair raising downhill bike runs.
Chairlifts also take you to the top of the zip lines, alpine slides and coasters of Park City Mountain Resort and the Utah Olympic Park. The UOP also offers you the chance to ride in a bobsled or go to a performance of the athletes that fly forty feet in the air and land in a splash pool.
Check out the following www.parkcitymountainresort.com, www.deervalleyresort.com , www.parkcityinfo.com
More trails abound in the nearby state parks and the Unite national forest that can get you miles and miles from civilization and offer great views and the chance to see wildlife. Or, you can rip cross-country on a rented ATV on a guided or non-guided trip.
Private championship golf courses such as Tuhaye, Promontory, and Glenwild have made Park City a mecca for golf enthusiasts.
More courses like Red Ledges, Talisman and Victory Ranch will just add to the reputation of the great golf available near Park City. The Homestead, and the Utah state park courses near Midway offer a fantastic value and great courses.
Marinas on the Jordanelle, Deer Creek, and Strawberry reservoirs make them great options for boating and fishing. Personal watercraft, ski boats, pontoon boats and fishing equipment are just some of the rental options to enjoy a day on the water.
The local rivers offer blue ribbon trout water to the angling enthusiast; guided trips are available for the novice through the expert. Float trips on the Green River cover some of the most coveted water in North America.
Music and Art events throughout the summer fill in the days and evenings check out the local calendar at www.parkcityinfo.com for up to date information. on events throughout the summer.
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Hidden Treasures At Private Golf Clubs in Park City, Utah
November 24th, 2007 Categories: Around Park City, Golf, Lifestyle & Activities, Real Estate
First, let me share a secret with you…
You don’t need to join a private club to enjoy a great day of golf in Park City, Utah. It’s true. The Park City and Heber Valley public courses offer plenty of challenge, and crowds are minimal compared to public courses elsewhere. However, there’s more…
Golf is Just the Tip of the Iceberg in Park City, Utah
Park City and Deer Valley area private clubs offer more than just golf. Savvy developers are creating clubs that allow members to enjoy exclusive amenities year round. Let me explain…
You’ll Appreciate Private Access to Deer Valley Clubhouses…
Imagine skiing with a group of friends and family at Deer Valley Resort. You’ve enjoyed an exhilarating morning of skiing perfectly groomed corduroy slopes, and some of the possee are looking weary.
“Follow me through these trees…” You cry to your ski party. “I know the perfect place for lunch!”
You duck off the ski trail to the cozy Red Cloud Cabin, tucked in a grove of quaking aspens with views of the surrounding Park City and Deer Valley, Utah peaks.
As you kick off your skis and approach the sunny dining deck, you’re greeted by name by friendly staff and your group is served a delightful lunch and refreshing beverage. Batteries recharged, you ski for the rest of the afternoon and conclude your day at the Talisker Tower Club for some après-ski entertainment. But wait, it doesn’t stop there.
Rejuvenate Your Weary Body After Skiing in Deer Valley
You head downstairs for a rejuvenating steam shower and soak in the luxurious Italian travertine hot pool. No need to return home before dinner, you hop on the community “Dial a Ride” shuttle that takes you to historic Main Street for dinner, and drops you back at home at the end of the perfect day.
And this is just the beginning of the story. Private clubs in Park City allow you access to an exclusive world of private amenities, including dining, fly-fishing, nature hikes, snowmobiling, boating, wine tasting, etc. But there is one small catch–to access the amenities, you must join the club, which is accomplished by owning real estate in one of the Talisker Club communities.
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