Park City Real Estate Auction Update
May 14th, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
Wow! We got such a great response from our auction update a couple of weeks ago. Thanks to all of our readers for your inquiries.
In fact, Greg’s out touring today with some buyers who passed on the auction and felt they could get better deals elsewhere in our market, which may be true…
Park City Auction Results
The Park City auction went about as well as expected. More than half of the Park City & Deer Valley auction properties had interest at the auction–18 of the 30 properties received bids.
The prospective buyers, sellers, and auction facilitators are now in the process of converting the winning bids into actual purchase contracts. We’ll keep you posted as the sales close in the weeks ahead.
Park City Real Estate Auction Compared to National Benchmarks?
The national average for real estate auctions is that about 37 % of the properties sell.
So far, Park City has been even more successful than that, with 100% of the Silver Strike Deer Valley auction condos sold, and 50% of the Lookout Deer Valley Auction properties sold, about 35% of the Westgate condos sold.
Crazy Good Deals on Park City Real Estate?
We shared How To Get a Great Deal on Park City Real Estate in a recent post, in case you missed that…
If you have been watching Park City real estate from afar and you would like a little personalized help sorting out the great deals from the rest, give us a call today (Toll Free 800-485-0218) and we’ll point you in the right direction!
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5 Killer Strategies to Get a Great Deal On Park City Real Estate
May 7th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Park City, Real Estate
Every one of our clients who scored amazing deals on Park City Utah real estate over the past year used one of these five strategies to successfully beat other smart investors to the best deals.
Park City Real Estate Guide’s Success Strategy #1:
Write an Offer on Properties Owned by Desperate Sellers
We get emails every week from readers of our blog wondering which sellers are the most desperate, need out, are teetering on the edge of bankruptcy, etc.
Some sellers advertise their motivation with shocking low list prices. And these properties sell quickly. These are the low-hanging fruit, and you better be watching the MLS on a daily basis (or hire us to watch it for you) if you want to grab one of these obvious winners.
But this strategy doesn’t always uncover the BEST PARK CITY DEALS. How to you find the less obvious bargains?
Park City Real Estate Guide’s Success Strategy #2:
Write Offers on Foreclosures & Bank Owned Properties
Everybody wants to buy a foreclosure these days. But don’t fall into the trap of assuming that this is your only way to grab a super Park City home or condo at a below-market price. This common Park City buyer mistake could actually cost you money.
True, banks are in the business of liquidating properties these days, and some of our clients have found smokin’ deals on bank-owned properties. If you have cash that you’re ready to invest, this can be an outstanding strategy, but it’s not the only play in our playbook.
Park City Real Estate Guide’s Success Strategy #3: Write an Offer on a “Short Sale”
Like the first two strategies, this one works too. Don’t be attached to any specific time frame, because this process could take months. It’s not hard, it just takes patience and know-how, which we can share with you.
So if you don’t care if you own a Park City property this year or next, and you don’t need a loan to make a deal work, this could be the strategy for you.
But it might not be the best way for you…or even the best deal!
Park City Real Estate Guide’s Success Strategy #4:
Write an Offer on Properties Where Sellers have Equity to Spare
Most buyers overlook this most effective strategy. They’re so focused on chasing short sales, competing with other buyers for foreclosures, and waiting for a well-priced property to hit the MLS that they miss some of the best properties–at the best prices–in the Park City & Deer Valley marketplace.
Buying a property from a billionaire who no longer needs a condo in Deer Valley for whatever reason isn’t such a bad idea.
They can afford to sell, they want to sell, and you can structure these types of deals on time-frames that work for you. You’re free from all the hassles and heartburn of dealing with banks who ignore your offers.
Park City Real Estate Guide’s Success Strategy #5: The ULTIMATE Success Strategy
Have you noticed the pattern yet?
In order to get a great deal, write offers.
Yes. It is that easy!
We’ll find out soon enough…
- Which sellers are indeed desperate to sell
- Which banks want the property off their books this month
- Which lenders will accept partial payoffs
- Which sellers can actually afford to sell
BONUS TIP: Don’t trust wimpy order-takers to manage your investment process.
Securing the best properties at the best prices requires tenacity, determination, and experience during the negotiation process. We write lots of offers–we’re efficient and strategic about the process.
We’ve had offers ignored, shreadded, spit on, torn-up, and rejected. But we don’t care…because we’ve gotten a lot of them accepted too!
When you work with us, you won’t wonder if you could have gotten the property for less.
You don’t need to be here in town–we can handle all the paperwork via email or fax. We’ll take as much time as you need to feel comfortable with us and the process during the first go-around, and then on subsequent offers we’ll work together like a well-oiled machine.
If you have been researching Park City or Deer Valley real estate from afar…
And you recognize the signs that the market is turning…
And you’re finally ready to stop dreaming about owning a Park City property and ready to make it happen…
Contact Our Professional Real Estate Concierge at Toll Free 1-800-485-0218 for a FREE Confidential Consultation About Your Investment Objectives.
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Park City Real Estate Auction
April 26th, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
You are invited to attend…
Park City Luxury Property AUCTION
These sellers’ loss is your gain!
Now is your chance to own a beautiful luxury resort property in Park City, Utah at a fraction of the value, with instant equity. The inventory includes bank-owned properties as well as properties to be sold ABSOLUTE (no minimum bids).
These Park City, Utah properties are not “left-overs” that desperate developers are liquidating to appease their construction lenders.
Join us for this auction where luxury properties will be sold to the highest bidder. Properties have been selected for location, value and opportunity for qualified bidders to get a SUPER PRICE.
The May 1, 2010 auction will feature homes, condos, and land in assorted neighborhoods around Park City & Deer Valley.
Park City Auction Prices
Prices range from $49,000 to over 2 million. A property and price range for everyone!
Park City Auction Properties Include:
- Mrs. Fields (Cookies) mansion being sold ABSOLUTE to the highest bidder; no minimum, no reserve
- 61 Acres in Deer Valley next to the former home of Mitt Romney
- 8,300 sq. ft. grand lodge – site of a recent Hollywood movie
- Premier Deer Valley home where many of the A-list have stayed and played
- Several Ski-In, Ski-Out mountainside condos
- Best value Grand Summit condos at The Canyons
- Large 8 bedroom Bed & Breakfast or family home with 8-car garage; 1.5 blocks from Park City ski area
See All Park City Auction Properties
To view all properties being offered for sale please complete the form below.
We will immediately email you the complete auction property list.
FREE ATTENDANCE & FREE REPRESENTATION FOR BUYERS
Our experienced Buyer’s Agents will help you make the best informed decision for your Park City Real Estate investments. Don’t miss this opportunity to find the perfect mountain luxury property in Park City, Utah.
If you are interested in any of these auction properties, please complete the form above.
Good luck in your research into Park City auction properties!
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Lookout Deer Valley Home Auction
March 26th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Real Estate
Let’s be clear…
The Silver Strike Auction and post-auction Deer Valley Condo Fire-Sale in Empire Pass revived the ski-in/ski-out Deer Valley condo market like a turbo-charged defibrillator!
Smart developers jumped on the bandwagon…
…And reacted decisively to the auction-level pricing, including Flagstaff and Lookout at Deer Valley.
Lookout at Deer Valley Home Auction This Weekend
Do you remember the last time you could find new-construction in Deer Valley for under $300 per square foot?
It’s been about 20 years…but now you can grab one of these gorgeous homes at a shocking low prices:
Lookout Deer Valley Auction Process: Quick & Easy
Buying a Deer Valley home doesn’t get any easier than this…
There’s no need to invest the time and hassle to fly to Deer Valley and get caught in auction hype!
Simply submit your bid via email or in person.
It’s a no-risk, sealed-bid, “best & final” offer opportunity for you to purchase a premier Deer Valley home at a price that YOU determine, not the seller.
Deer Valley Home Auction Minimum Bids
No bids below the minimum bid will be considered, and homes will be offered without furniture. Furniture packages are available for your convenience after the auction.
Want to Bid on Lookout Deer Valley Auction Homes?
Please complete the form below, and we’ll immediately send you an official bid form, along with a broker referral form.
Lookout at Deer Valley Home Auction: No Risk Bidding
You don’t even need to submit an earnest money deposit to submit a bid!
Lookout Deer Valley Auction Process
If your bid is the winning bid, we’ll complete a purchase contract within 48 hours of your bid’s acceptance, and you’ll wire a 5% earnest money deposit.
You’ll close on the acquisition of your new Deer Valley home within 30 days, if you bid on one of the 5 completed homes.
Custom Deer Valley Homes At Auction Prices?
Two of the homes (#29 and #30) are completed exterior home shells, awaiting your vision!
You get to choose the cabinets, floors, paint colors, etc. Note: these properties have some of the best and most-unobstructed mountain and forest views in the entire 44 acre neighborhood!
And you won’t need to pay the entire purchase price until construction of the home is complete!
Lookout Auction Time-line
The developer’s plan is to have sold all 7 of the homes by Sunday night, March 28th. Yes…just 72 hrs from now.
We visited the properties earlier today, and they have already received bids on many of the homes.
Sorry, this isn’t one of those opportunities you can sit back and chew on for months before you make a decision. But don’t worry, we will make the process easy for you every step of the way!
Please complete the above form, and we’ll expedite your bid process.
Lookout Deer Valley Auction Seller Disclosures Available NOW
We can send you an online link to all of the Seller Disclosure documents, so it’s not impossible for you to make an informed decision, even with so little time for research.
Contact Us About the Lookout Deer Valley Home Auction
If you want to speak with us immediately, please call 435-640-1854 and we’ll answer all of your questions.
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Park City Real Estate Market Update
March 25th, 2010 Categories: Foreclosures, Park City, Real Estate
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Park City Utah Foreclosures Revitalize Local Market?
March 8th, 2010 Categories: Foreclosures, Real Estate, Statistics & Trends, Utah Facts and Fiction
In some ways, foreclosures are a good thing.
Not for the families who lost their properties, but for the overall health of the real estate market.
In a luxury resort marketplace where sellers traditionally have significant staying power and a lack of urgency to drop asking prices, realistic sellers are now dropping prices to compete with banks who control an increasing percentage (though still very small relative to the overall size of the market) of the listing inventory.
Park City, Utah Foreclosures
Foreclosures and short-sales are on the rise in Summit County, Utah.
Take a look at the chart…compliments of Rick Klein at Mountain Summit Mortgage in Park City.
For years, Mr. Klein has tracked the relationship between recorded “Notices of Default” (NOD’s) when borrowers fall behind on their payments, and the subsequent rise in Trustees Deeds, which evidences banks either selling or foreclosing on properties.
For the first time in the past 7 quarters, the number of Notices of Defaults actually dropped in Q4 2009.
Do Park City Foreclosures predict the bottom is near?
Since NOD’s foreshadow actual foreclosures by a few months, could this be a sign that the Park City real estate market is nearing a bottom?
Time will tell…
Foreclosures Push Park City Real Estate Prices Down
The increase in bank-controlled inventory has helped push prices down…
Sellers hate this news, but buyers in today’s market are finding amazing deals.
At lower prices, buyers have less risk and are obviously more enthusiastic about entering the market again, as evidenced by the dramatic uptick in pending and closed sales.
Average prices are down, but number of transactions are up…way up when compared year-over-year.
Signs of Recovery in the Park City Real Estate Market?
Barrons Names Park City Best Place for Second Home
The pullback in prices in Park City has not gone unnoticed.
Did you catch the cover article in Barrons this week that claimed Park City, Utah is one of the top-5 towns in the country for a second home? Here is the Barrons article about Park City.
Find a Great Deal on Park City, Utah Properties
Our clients have been negotiating shocking low prices on Park City properties over the past year. For lists of available bank-owned properties in and around Park City, Utah, please complete the form below:
Related Articles:
Silver Strike Deer Valley Condo Auction
Flagstaff Deer Valley Developer Reacts to Auction Next Door
Silver Strike Developer Offers All Remaining Deer Valley Condos at Auction-Level Prices
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Deer Valley Condo Sales – Feast or Famine?
December 10th, 2009 Categories: Deer Valley®, Foreclosures, Hotels & Lodging, Real Estate
Those of you who have been watching the Deer Valley condo market for years will probably agree…
This has without a doubt been one of the most interesting weeks we have ever experienced in Deer Valley.
Here’s why…
Silver Strike Deer Valley Condo Auction
On Tuesday, the developers of Silver Strike Lodge announced that they will be auctioning off 8 ski-in/ski-out condos in the Village at Empire Pass.
This is the most significant auction of Deer Valley real estate in about 20 years.
When you saw this headline, did you jump to the conclusion that the real estate market conditions in Deer Valley can’t be that much different than Detroit?
Au contraire, mon Frère!
St. Regis Deer Valley Condo Sales
St Regis Deer Valley
Today, 9 units at the St. Regis Resort & Residences, Deer Crest were published across the Park City MLS as closed.
Another 50 units are under contract, and are expected to close within the next 30 days, totaling over $100 million.
And get this…each of the properties sold for 100% of list price ranging from $1044 to $1768 per square foot.
In fact, the 4 bedroom Residence at the St. Regis was the most expensive condo per square foot to have sold in Deer Valley–EVER!
How do you reconcile these two contradictory expressions of the Deer Valley market conditions?
Related Articles:
Get Silver Strike Auction Details Here!
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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
Here are the vacant lots 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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