Deer Valley Condo Fire Sale
December 28th, 2011 Categories: Deer Valley®, Foreclosures, Park City, Real Estate, Skiing
Breaking news….We have touted the opportunities in the Red Stag Lodge before, if you are unaware of this luxury condo building you can read our earlier posts, but the most important factor is its location.
In short, these luxury condos are walking distance to the slopes at Deer Valley resort as well as the St. Regis and on the free bus line just a couple minutes from Park City’s Main Street.
We have helped a couple buyers secure fantastic deals there in the past few months and now there is some extreme motivation on the part of the bank that owns two units there. Seems the bank has bumped up against its debt limit and they are now being forced to fire sale their remaining units in Red Stag. There will be a 20% price reduction on these two units in the next couple days.
These are two bedroom, three full bath beautifully appointed condos with private hot tubs and full kitchens.
These condos sold three years ago for well over a million dollars and they will now be dropped to just $499,000! Similar sized units next door in Powder Run are on the market for twice as much! There are two of these units available and when the price change hits the MLS there will be immediate interest as this is an extreme value for its location. Click here for details and photos Red Stag Deer Valley Best Buys
One more great Deer Valley buy is higher on the mountain in the Ridgepoint complex.
These upper Deer Valley condos offer ski in and out access to the complex, great views, as well as tennis courts and a pool.
This particular unit is priced $250,000 less than another similar unit and is the lowest priced upper Deer Valley condo available. This is also an extreme value and will go quickly. Ridgepoint Best Buy
If you have been waiting for the right time to get a great deal in Deer Valley, your time has come!
Contact one of our team to take advantage of these incredible opportunities…
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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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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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Park City Utah Snow Update
November 1st, 2010 Categories: Park City, Skiing
Early Winter Storm in Park City, Utah!
Good news skiers and snowboarders!
The storms last week dumped feet of snow in the high country. One of our friends climbed to the top of Mt. Superior on October 27 and shot this video. Enjoy!
Click the photo above to watch the video!
Photo and video courtesy of Ian Provo Photography.
By the way, if you ever need any professional real estate photography, Ian Provo is the guy to call!
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Tuhaye Homes: Park City Utah Exclusive Golf Retreats
July 24th, 2010 Categories: Golf
A Strong Summer Season for Homes at Tuhaye?
So far this year, 5 homes at Tuhaye have sold.
We listed a Tuhaye home last week, and it went under contract within a week!
That one is gone…
But if you are looking for a gorgeous mountain residence in Park City & Deer Valley’s most exclusive gated golf community, take a look at 9381 Uinta Dr…
This stunning Tuhaye home (Reduced from original price of $2,850,000 down to $1,650,000 today!) listed by Keller Williams Park City Real Estate is perched atop an elevated 1.12 acre corner lot, and features dramatic mountain vistas.
Tuhaye Views Forever…
Your views are preserved from Lot #30.
Future neighbors’ homes will be nestled far beneath your inspiring views.
You’ll love watching dramatic sunrises and sunsets over the spectacular Uinta Mountain peaks to the east.
Artful Architecture at Tuhaye
Designed and built by renowned local Park City firm Jaffa Design Group, this one-of-a-kind residence was completed in late 2007.
The layout makes efficient use of the 4100 square feet of finished living area. It’s not the largest home in Tuhaye, but you’re not paying for a bunch of extra space you don’t need.
Generous windows throughout the home capture the spirit of the magnificent natural setting.
Extensive use of natural stone, timbers, and copper accents give the home a sturdy and authentic feel.
Designed to function beautifully as either a primary residence or mountain getaway…
The home features plenty of storage and closet space, including built-in cabinetry throughout.
Main-Level Living ~ Easy to Get Groceries from the Car to the Kitchen
The floor plan features a pair of main-level bedroom suites, including the master. The other main floor bedroom suite features extensive built-in office cabinetry and makes an elegant study.
The rest of the main floor boasts a designer kitchen that’s built for serious entertaining, a dramatic great room with huge views, stone fireplace and hearth…
Plus a formal dining room, laundry/utility/gift wrapping room, and easy access to the outdoor living areas.
Guests & Family Fun Upstairs
Ascending to the loft area…
You’ll discover a flexible game room (could also be an office, library, or art/music area), a second family room with cozy fireplace, enveloping surround sound, and two additional bedroom suites.
The wet bar/refreshment area includes a Sub Zero refrigerator/freezer and a microwave.
The Finest Finishes
Finishes are luxurious and appropriate for the exclusive location:
- Walnut and travertine marble floors on the main level exude luxury
- Granite and onyx slab counters and accents
- Custom Venetian plaster and faux paint add warmth and richness
- Hunter Douglas wood blinds and tinted windows provide protection
- Lots of natural stone, and big timbers create an organic, authentic feel
- Top-of-the-line appliances throughout the home
- Fine fixtures, custom lighting, views from every room
- Designer Furniture package available – price negotiable
Grand Chef’s Kitchen with Gorgeous Appliances!
The generously-appointed kitchen boasts custom built-in furniture-style cabinets that bookend a muscular 48″ Wolf dual fuel range with double oven, griddle, grill, and high capacity exhaust fan. 
- Custom Alder cabinet panels disguise the massive Sub Zero refrigerator / freezer.
- A whisper-quiet Miele dishwasher, wine refrigerator, and instant hot and cold reverse osmosis water system are classy but essential mechanical touches
- The kitchen décor is enhanced by a farmhouse style copper sink
- Large island provides ample surface area for food prep and includes a copper vegetable sink
- A large walk-in dry-storage pantry is discretely hidden behind custom cabinetry to the left of the refrigerator
- Electrical outlets hidden behind cabinets doors & drawers keep counters tidy
Dining at Tuhaye: Formal and Friendly Options
Residents have diverse seating options for dining.
A large breakfast bar defines the kitchen area, and has seating for six.
For more elegant sit-down meals, a formal dining room is nearby, and showcases views of the Uinta Mountains and Tuhaye golf.
In summer-time, dine outdoors on the stamped concrete patio.
This Tuhaye Home Has Incredible Bathrooms
The bathrooms in this gorgeous Tuhaye residence don’t disappoint. Each bach is uniquely and artistically designed.
Each bath features designer hardware, thoughtful lighting, distinctive natural stone surfaces. Exquisite Granite and Onyx counters were chosen to match the unique color palates of each bathroom.
The Master bath is a sanctuary that features a Kohler air jet tub in master bath with striking Onyx surround and gorgeous walnut cabinets (see photo left).
A striking Onyx shower with multiple shower heads features two windows.
Master Suite is a Serene Sanctuary
Conveniently located on the main floor, you’ll find the master at the end of the home which creates plenty of privacy.
It’s just the right size, and easily accommodates a king bed in front of the fireplace.
- An elevated floor-to-ceiling stone gas fireplace
- A hearth-mounted LCD television tilts for easy viewing
- The huge master closet features built-in drawers, hampers, and plenty of hanger space so your wardrobe stays tidy
- Convenient walk-out access to hot tub just around the corner on the patio
- Vaulted Ceilings
Ski-Prep Room Defies Tuhaye Golf Course Location
You’ll rarely find such a well-equipped ski-prep room off the ski-mountain, complete with custom wood lockers, and a huge walk-in coat closet. This fantastic and functional entry/mud room connects the attached heated garage to the main living area.
Luxurious Laundry
A well appointed laundry room includes custom cabinetry, granite counters and plenty of room for wrapping gifts, folding laundry, etc.
You’ll have to search for the high-efficiency Whirlpool Duet washer and dryer-they’re discretely hidden behind cabinet doors.
Nurture Meets Nature
Large Pella windows connect the luxurious indoor living area with the magnificent outdoor setting.
An expansive patio wraps the back of the home, and the sensible floor plan allows you to access the outdoor living area easily.
- In the morning, sip your coffee in the sun and listen to the choir of birds in the Gambel oaks that dot the property.
- In the afternoon, you’ll love the shade the home provides–the patio is perfect for parties and a cool spot to relax after a day on Mark O’Meara’s acclaimed course.
- At night, you have direct access from the master bedroom to the Caldera hot tub. It’s protected under the roof-line, but open enough to appreciate the big night sky.
Garage Essentials
The three-car oversized (about 950 square feet) garage includes thoughtful touches:
- In-floor drain handles winter snow, mud, and grime that drips from your cars.
- Plenty of built-in cabinets keep your garage/workshop area tidy and organized.
- For your cleaning convenience, you’ll find a handy utility sink and hose bibs.
- Tuhaye Home Features Sophisticated Audio/Video System Throughout the Residence
Dude, What About The Mechanical Systems?
- Climate control is forced air-natural gas heat with air conditioning (two zones)
- Alarm system installed for your security and convenience
- Central Vacuum
- Automated landscape sprinklers keep you landscaping happy while you’re away
- Pressurized fire suppression interior sprinkler system
- Large-gauge Copper gutters and heat tape handle heavy snow loads in winter
- Two 75 gallon water heaters, two furnaces, and humidifiers keep you comfortable
- Recirculation hot water pump keeps water hot at every faucet–all the time!
- Whole-house water softener decreases stains/hassles of mineral-rich water
Talisker Club
Best of all, the new owner of this home will have access to all of the amenities of the Talisker Club.
Related Reading:
Promontory Emerges From Bankruptcy Stronger Than Ever
Talisker Club Overview & Amenities
Red Ledges Succeeds In Spite Of Tough Economy
Waldorf Astoria Dakota Mountain Lodge & Golden Door Spa
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Deer Valley Condos: Current Sales Stats
August 9th, 2009 Categories: Deer Valley®, Dining & Entertainment, Local Services, Real Estate, Statistics & Trends
We just received a great question from one of our subscribers, who asked…
“How does current inventory and list prices of Deer Valley condos compare to the last 5 years?”
Quick answer: Inventory is increasing, and average sales prices are dropping. Not surprising, based on national real estate trends.
It’s interesting to note that prices of ski-in/ski-out condos are holding their value better than Deer Valley condos with less convenient ski access.
Average sales prices of ski-in/ski-out condos have re-traced back to 2006 levels, whereas Deer Valley condos without ski-in/ski-out access have dropped back to 2004-05 levels.
Why do we see this divergence in the sales numbers?
Are Deer Valley Condos with Ski Access Better Investments?
Time will tell…
Lending probably plays a big role. Cautions lenders have reduced maximum loan amounts, increased documentation requirements, and have generally made condo financing more difficult and more expensive than it was during the real estate boom of 2004-2007 in Park City & Deer Valley.
Today’s purchasers of new luxury condo in Empire Pass, Grand Lodge, Flagstaff, Silver Strike Lodge, Ironwood, and others may still have the resources to pay cash for their purchases.
Buyers of less-expensive resale condos in Lower Deer Valley may be more reliant upon financing for a portion of the purchase price.
Deer Valley Condo Market: The Influence of Financing Changes
As it has become more difficult and more expensive to obtain financing, fewer investors who qualify for loans are active in the current market.
This has caused an increase in inventory, decrease in prices, and we’re seeing fewer condos sold.
Don’t jump to the wrong conclusion when you see the YTD 2009 numbers.
We’ll have to revisit these stats at the year-end, after the long awaited St. Regis Resort & Residences condos close in October/November! That should contribute another 60 condo sales by year end, not to mention whatever other sales transpire between now and Jan 1st.
This is the Time to Get a Great Deal On A Condo In Deer Valley!
One big change in the recent statistics is the change in the list price to closed price ratio. For the first time in 8 years, the ratio dropped below 90%!
True, there’s less new construction reflected in the 2009 sales numbers. Over the past few years, it wasn’t uncommon for sales prices to be 100% of list price for new construction properties.
But still, there’s no denying that there are plenty of motivated sellers in today’s marketplace.
Are you serious about finding a great deal and taking advantage of a motivated seller in today’s market? We can help! Let us know what you’re looking for:
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Red Ledges Succeeds in Spite of Tough Economy
July 25th, 2009 Categories: Golf, Neighborhoods, The Heber Valley
It’s no secret that the market for vacant land has been harder hit than the markets for homes and condos in the greater Park City, Utah area.
But one luxury golf neighborhood is experiencing more sales activity than the others…Red Ledges.
According to the Park City MLS, 7 lots have closed so far this calendar year at Red Ledges, with another 7 Red Ledges parcels currently pending sale.
This chart reveals that sales at Red Ledges have surpassed sales at Park City’s other private golf communities, including Tuhaye, Promontory, Glenwild, and Victory Ranch.
What’s Behind Red Ledges’ Surprising Success?
Price reductions and incentives have helped spur demand. The developer is running a promotion right now that gives new lot buyers a new Mercedes as an incentive for their purchase!
No wonder buyers who are investing today are excited about what’s happening at Red ledges.
Red Ledges Grand Opening
Red Ledges' Jack Nicklaus Course
The Red Ledges golf course opened 4th of July weekend, 2009. Jack Nicklaus was present for the unveiling of the course, which marked the 200th course that he has designed around the world.
“Since the topography of the Red Ledges area is so stunning and diverse, we were challenged to stay true to the Red Ledges vision by planning each hole around its natural surroundings,”
said Nicklaus. “We were able to nestle some holes around the famous sandstone ledges and situate other holes in juniper groves. I am delighted with how the course has turned out.”
Red Ledges Cottages
Red Ledges Homes
The developer is also offering finished cottage homes. These 3000-4000 square foot luxury cabins start just over $1.25M.
These Red Ledges homes with zero lot lines are perfect for second homes or primary residences, as owners don’t need to worry about taking care of landscaping and snow removal–it’s all handled by the homeowners association!
If you need a little more space, check out the selection of “semi-custom” homes ranging from 4000-5000 square feet on 3/4 to 1 acre lots.
Red Ledges Homes
If you’re looking for the most impressive home in Red Ledges, you won’t be disappointed.
This 5 bedroom 6 bathroom home, built by Promark Development, rivals the finest ski-in/ski-out homes in the Park City & Deer Valley area.
This spectacular property will be featured in the 2009 Park City Area Home Builders Association Showcase of Homes Aug 22-23, Aug 29-30, and Sept 5-7.
Perfectly situated above the Red Ledges Golf practice area, the home has fantastic views of Mt. Timpanogos, the Heber Valley, and the iconic “Red Ledges” for which the neighborhood is named.
From the moment you arrive at the home, you’ll be amazed by the thoughtfulness of the design and the quality of the finishes. The heated driveway, tastefully constructed with hand-laid pavers of different sizes, shapes, and colors, is your first clue that you have just stumbled upon a home with no compromises.
We’ll offer an in-depth exploration of the intricacies and unique features of this home in a future post. In the mean time…
Please contact us to arrange a private tour.
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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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Deer Valley Resort: What’s New for Ski Season?
November 23rd, 2008 Categories: Deer Valley®, Skiing
Deer Valley Utah — Ski Area Improvements for 2008-2009
Deer Valley® Resort was rated the number one ski resort in North America by readers of Ski Magazine once again, winning the honor for the second consecutive year. Deer Valley has been ranked among the top three resorts for eight years running.
All Park City Area Resorts Rate High
Nearby Park City Mountain Resort and The Canyons Resort were also reader favorites, placing 5th and 13th respectively.
Deer Valley is Consistent. Here’s why:
Deer Valley doesn’t rest on its laurels. The resort invested in improvements that will maximize visitor enjoyment, to the tune of about $8 million during the 2008 off-season.
Deer Valley On-Mountain Improvements
Cushing’s Cabin, located at the top of Flagstaff mountain, now seats about 50 guests and offer soups, salads, snacks, and new bathrooms. This will be a great spot to warm-up and grab a quick bite without leaving the powder stashes of Northside. Empire Lodge was also remodeled to maximize seating and flow.
Deer Valley’s Snow Grooming Gets Better
Major investments in snow-making will pay dividends for years to come and the addition of five new snow-cats will ensure that Deer Valley maintains the best snow grooming operation in the world.
Deer Valley-A good Neighbor
Off the mountain, the resort added forty-four snowmobiles to the fleet at Summit Meadows Adventures as well as securing much needed employee housing.
Important Deer Valley Dates:
The resort opens December 6th with the annual Celebrity Ski-fest and the mountain will close on April 12, 2009. The Freestyle World Cup comes to Deer Valley Jan 29-31 with aerials and mogul events that are free and always worth watching.
Related Deer Valley Info:
Deer Valley Homes Market Update
Deer Valley Condos Market Update
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