Real Estate
Park City Utah Foreclosures Revitalize Local Market?
March 8th, 2010 Categories: 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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The Best Cash-Flow Condos in Deer Valley (Part II)
January 29th, 2010 Categories: Hotels & Lodging, Real Estate
Here’s the good news…
Stein Eriksen Lodge Isn’t Your Only Good Investment Condo Option
The Chateaux at Silver Lake is Also a Great Cash-Flow Generator
Right across the street from Stein Eriksen Lodge in Silver Lake Village is the Chateaux at Silver Lake, which has similar amenities but slightly less convenient ski access. But don’t let the easy walk across the street to skiing location put a damper on your enthusiasm for this top-notch property.
The Chateaux at Silver Lake is only about 10 years old, and these units can generate between $60,000-$150,000 in gross rental income annually, depending on size, views, location within the building, and amount of owner use.
I dined at The Chateaux’s Bistro Toujours restaurant with my wife and a long-time client last week during the Sundance Film Festival, and we had another great experience. Here’s why…
- No hectic Sundance Festival traffic
- Free, easy heated underground parking
- We called for reservations just the day before..no problem!
- The food was tasty and perfectly prepared
- We even sat next to an A-List Hollywood celeb! We’ll leave his identity private, but you’ll be comforted to learn he treated the staff with courtesy and gratitude.
There are actually two elements of the Chateaux…the main lodge and The Residences at The Chateaux, which are fractional ownership.
The Residences at The Chateaux do not allow you to capture rental revenue if you can’t use your allotted weeks, but it’s a great opportunity to buy a Deer Valley Condo at a fraction of the investment of a whole ownership Deer Valley condo.
Don’t Forget The Lodges at Deer Valley & Silver Baron Lodge
In Lower Deer Valley, The Lodges at Deer Valley & The Silver Baron Lodge seem to generate the most rental income, as they also have group meeting space, shuttle service, and amenities including fitness area and a swimming pool.
This 
property is always a favorite of readers of Conde Nast Traveler magazine.
This year, The Lodges at Deer Valley was ranked the 5th best ski Hotel in the USA by loyal readers of this luxury travel magazine.
Ski access isn’t as good as in Silver Lake Village (Stein Eriksen Lodge and The Chateaux), but the prices reflect this reality too.
Not to worry, it’s right on the free bus route, so you can just walk out in front of the hotel and catch the bus to Snow Park Lodge (the base area of Deer Valley Resort). Deer Valley busses have racks for your skis on the back of the bus, by the way!
Montage Resort and St. Regis, Deer Valley Might Grab Market Share in Coming Years
The St. Regis Resort and Residences, Deer Crest may very well join the three properties we have discussed so far as the finest investment properties in the Park City and Deer Valley area. The St. Regis opened just in time for the 2009/2010 ski season.
A top international brand, the St. Regis has a loyal following of high net worth guests who will pay astronomical nightly rental rates for the quality and service the St. Regis brand delivers at each of their worldwide network of properties.
Pre-sales of condos at St. Regis were excellent (about 56 of the 80 units sold so far), and construction is nearly complete. Here are the available St. Regis Condos listed for sale right now.
If you can’t find your preferred location or floor-plan on this list, please email us at stregis@parkcityrealestateguide.com and we’ll get you a copy of the developer’s “Secret Stash” of unreleased units and corresponding prices.
The Montage Resort at Deer Valley is under construction next to the Empire Lodge in Empire Pass, Deer Valley. Montage will be a combination of hotel condos and penthouse residences.
Join our “Montage Insiders Club” if you’re interested in getting in on the ground floor of what will no doube be one of the finest ski properties in the world.
For the rest of the “Best Cash-Flow Condos in Park City” story, read…
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
Deer Valley Montage “First Tracks” Incentives
Dakota Mountain Lodge and Waldorf=Astoria Announcement
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Montage Deer Valley Condos and Residences For Sale Soon!
January 26th, 2010 Categories: Deer Valley®, Hotels & Lodging, Park City, Real Estate
Montage Deer Valley is poised to offer their first residences for sale in February, 2010.
Now that the Silver Strike Deer Valley condo auction has run it’s course…
Deer Valley real estate watchers can shift their attention from the least expensive properties available in Empire Pass to what could be the most-desirable (location, amenities, views, quality) new condos ever released in Deer Valley.
This is the first of a series of articles we will share about the Montage over the next few weeks as we count down the days until the first units are available. Feel free to hang around and get the details a few at a time, or contact us immediately if you know you are interested and we’ll throw you on the fast track!
We took a hard hat tour of the property with members of the development team a couple of weeks ago, and the Montage is now beginning to trickle some preliminary information about Montage Residences.
Montage Deer Valley Construction Progress
While they have been very quiet on the marketing front…
The Montage construction site is bustling with activity like an ant hill. Did you know there have been 800-1,000+ workers on site every day racing to meet the deadline for the opening of the 2010/11 ski season?
The developer will retain 174 luxury guest rooms and suites on the lower 7 floors floors of the hotel.
The upper six floors of the Montage Deer Valley will be home to 81 private Montage residences.
Montage Residences
The Deer Valley Montage is an architectural masterpiece. Not just because of its impressive size–but also because of its complexity. There are more than 50 different floor-plans among the 81 residences!!!
Owners of Montage Residences will delight in owning something truly unique…not just a cookie cutter replica of the unit above and below yours.
Deer Valley Montage Floor Plans
Montage Deer Valley Location
Montage Deer Valley Location
It sounds like a chore to sort through all 50+ floor plans, but it’s easier than it sounds.
We guarantee your enthusiasm for the property will grow as you begin to appreciate the incredible amount of thought and detail that has gone into the planning and design of the Montage Deer Valley.
Our recent tour gave us a good feel for the assorted locations within the building. Once you begin the exercise, it’s just not that hard to narrow your choices.
Residences in the Deer Valley Montage will be offered in phases, and the developer will offer a representative cross section of units with different views, floor-plans, and sizes in each release.
Important Deer Valley Montage considerations:
- Furnished or unfurnished?
- How many bedrooms?
- Want to rent your Montage residence or not?
- Views up the ski mountain or down-valley views?
- Thru-views?
- Amenity acces within the building (close to owners lounge, restaurants, etc…)
- Morning or afternoon sun?
Montage “First Tracks” program to be announced soon!
If you would like details about the Montage “First Tracks” program, including specific units available and incentives for being a pioneer in the project, please complete the form below…
Related Montage Deer Valley Articles:
Deer Valley Montage First Tracks Incentives
Montage Deer Valley Residences
Montage Deer Valley Condos Under Construction
Notice:
Park City Real Estate Guide® is neither the listing broker for the project, nor are we an affiliate of the developer or construction company of the Montage. We are providing you with this preliminary information as a courtesy only, so that our readers may seize the opportunity to beat other interested buyers to the most desirable units at the lowest possible prices. All information contained in this post is subject to change.
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More Deer Valley Condos–At Auction-Level Prices!!!
January 21st, 2010 Categories: Deer Valley®, Park City, Real Estate
Missed the Deer Valley Condo Auction?
After this post, we’ll give the whole auction topic a rest…there’s some other exciting Deer Valley, Utah real estate news around the corner that we’ll share later this week! (Hint: it involves first-tracks incentives on Deer Valley’s most exclusive property…)
But before we turn the page on the auction, there’s something you should know…
More Deer Valley Condos Available for ~40% off!!!
The developers of Silver Strike Lodge listened to what the auction bidders said the homes were worth, and they are now willing to blow out a few more of their unsold condos at auction-level prices! So, if you weren’t inclined to make a trip out here and get in a bidding war for the original 8 auction condos, you didn’t miss out entirely.
Six…now five (one just went under contract to one of our Park City Real Estate Guide subscribers as I’m writing this post!)…new condos available at near auction-level prices.
Silver Strike Deer Valley Condo Post-Auction Release
But wait–here’s the catch…
New Silver Strike Prices are Firm
Don’t bother trying to make an offer for less than the prices you see above.
Your less-than-full-price “offer” WILL get rejected by the bank…it happened to a couple of buyers yesterday. Here’s the problem with the low-ball offer strategy in this particular case: you run the risk of another buyer grabbing one of these bargain-priced properties out from underneath you…just like our client did to another buyer whose greed cost them a great deal!!!
Which Units Are the Best Silver Strike Condos Available Today?
We toured the available 6 units yesterday afternoon, so we can help you quickly and easily understand locations, floor-plans, views, etc…
Just send us an email to our Silver Strike Email Address–we’ll get it on our Blackberries and we’ll be right back in touch to answer whatever questions you have…
If your interest is so pressing that you NEED to speak with us right away, go ahead and call our toll-free numbers: 1-877-838-2805 or 1-800-485-0218. They are forwarded to our mobile phones today…
Related Articles:
Silver Strike Auction Results
Deer Valley Condo Auction Details: Silver Strike Lodge
Silver Strike Lodge Deer Valley Condos Overview
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Deer Valley Condo Auction Results
January 18th, 2010 Categories: Deer Valley®, Park City, Real Estate
No more need to speculate…
Buyers Say Deer Valley Condo Auction Was a Success!
The Silver Strike Lodge Deer Valley condo auction took place at Stein Eriksen Lodge last night, and the developer successfully contracted for the sale of all eight ski-in/ski-out Deer Valley condos as planned.
Over 100 registrants were present at the auction, and about 25 bidders competed with one another to grab the available properties.
No doubt the developer would have liked to have seen the winning bids be higher…
Winning Bids for Silver Strike Deer Valley Condos
Winning bid prices ranged from 10.8% to 26.2% above minimum bid prices…or 41% to 45% below the original list prices for the condos.
In our opinion, the winning bidders locked in some great prices on luxurious ski-in/ski-out Deer Valley condos at the auction. Since the average sales price per square foot for condos in Empire Pass over the past few years is $992 per square foot, the winning bidders who paid between $734 and $776 did grab some good deals!
Looking at the history of Deer Valley condo sales over the past few years, average condo sales prices are typically within 90% of list prices, even during the tough economy in 2008 and 2009:
Silver Strike Deer Valley Condo Buyers Will Close Soon
Having completed their due diligence prior to bidding at the auction, winning bidders have placed 10% non-refundable earnest money deposits into escrow, and they now have 30 days to close on the sale of the condos.
Deer Valley Condo Market Post Auction: Where Do We Go From Here?
Sales prices of the auctioned condos will be disclosed across the Park City MLS for use by local appraisers, real estate agents, and prospective buyers and sellers. It will be interesting to see how owners and developers of neighboring properties react to the auction.
Other Empire Pass condo owners have already dropped their prices significantly:
Empire Pass Price Reductions
It is safe to assume that today’s Deer Valley condo buyers will be able to negotiate significant discounts in the months ahead.
We’re seeing occasional bank-owned properties and other motivated sellers, even in ski-in/ski-out locations where most owners have significant staying power.
Want Updates About Distress-Price Opportunities in Park City & Deer Valley?
Related Articles:
6 More Silver Strike Condos Released at Near-Auction Prices!!!
St. Regis Deer Valley Condo Sales Update
Montage Deer Valley Update
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Deer Valley Condo Sales - Feast or Famine?
December 10th, 2009 Categories: Deer Valley®, 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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Deer Valley Condos: Current Sales Stats
August 9th, 2009 Categories: Deer Valley®, Dining & Entertainment, Jordanelle, 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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Park City Condo Managment Companies–15 Questions To Ask
May 19th, 2009 Categories: Hotels & Lodging, Local Services, Real Estate
Let’s face it…
It’s been a tough couple of months for Park City & Deer Valley property managers.
With a couple of Park City’s largest property management companies announcing they would be late on rent payments due to owners…
Park City & Deer Valley second home owners and investment property owners might want to take a closer look at who’s managing their investments, and ask some due diligence questions.
By the way, these questions were forwarded to us by our friend Jonny Totten from the Park City Area Lodging Association. Thanks, Jonny!
Questions to Ask and Understand When Choosing a Park City or Deer Valley Property Management Company
· How many years has the Property Management Company been operating?
· Business hours: do they vary with different seasons?
· After hours: how are check-ins handled?
· How are emergency- maintenance problems handled?
· Are services sub-contracted or do you maintain a staff to handle housekeeping and maintenance services?
· Review contract in detail and understand the commission structure; i.e. is it based on gross revenue or net revenue?
· How are travel agent and/or credit card fees handled?
· What housekeeping and maintenance services are included? Is there a fee associated?
· Understand cancellation terms and the need for honoring existing reservations.
· How often are owner statements prepared? Review a standard year-end statement to understand credits and charges.
· How do you handle advance deposits? Do you have a trust account for owner rental revenue?
· How do you market your company, and more specifically, how will you market my property?
· What are the start-up costs?
· Do you have projections so I can know what to expect in upcoming years in addition to past years’ actual revenue #s for comparable type properties?
·What can you provide to me with regards to your company’s financial strength and ability to perform on your contractual obligations to owners?
Related Park City & Deer Valley Property Management Articles:
Deer Valley Lodging: Not Too Big To Fail
Park City Property Manager Late on Payment to Owners
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Deer Valley Lodging–Not “Too Big To Fail”
May 13th, 2009 Categories: Deer Valley®, Park City, Real Estate
Deer Valley Lodging Delays Payments to Deer Valley Condo & Deer Valley Home Owners
Deer Valley lodging, a management company owned & operated by Premier Resorts International, sent a letter in late March 2009 to hundreds of property owners warning them that the company would be unable to make rental revenue payments to property owners for rentals in February & March, 2009.
According to the letter, “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.”
The astonishing demise of one of Park City’s most influential property-management firms is being felt in many sectors of the Park City business community.
Because of the enormous range of services property managers offer, the line of unpaid creditors includes everyone from florists to plumbers.
Deer Valley Lodging Terminates Over 100 Employees
Since the announcement, Deer Valley Lodging–Deer Valley Utah’s largest property management firm–has been searching for solutions to its cash-flow challenges.
During the first week of May, Premier Resorts laid off over 100 employees, and announced a cancellation of accrued, unused vacation pay, sick leave, and personal time.
And the news hasn’t gotten any better for Premiere Resorts since the initial announcement…
Premier Resorts (DBA Deer Valley Lodging) Headed Into Bankruptcy?
Park City attorney Joseph Tesch filed a petition for involuntary Chapter 7 bankruptcy in federal court on behalf of a handful of condominium owners at The Lodges at Deer Valley, most of whom are also board members of the homeowners’ association.
According to Premier Resorts International, the parent company of Deer Valley Lodging , the filing “complicated” the company’s search for a solution to pay the 500 plus owners who have not received past-due rental revenues for February and March rentals.
The letter also said the filing “will likely affect our ability to attract financial assistance.”
It was hoped, briefly, that an investor would step in to assume the company’s financial obligations, but it appears now that will not happen. Deer Valley Resort is forming its own property-management arm.
Deer Valley Resort Steps Up, Forms New Lodging & Reservations Division
Premier Resorts, DBA Deer Valley Lodging, had use of the Deer Valley® name through a licensing agreement with Deer Valley Resort. Based on the recent turn of events, Deer Valley decided to revoke the licensing agreement and form a new company to handle the property management needs of the Deer Valley community.
The new company will provide property management services for Deer Valley condo and home owners, and community HOA’s (Homeowner’s Associations).
Kim McClelland will head the new company as Director of Lodging Operations for Deer Valley Resort Lodging and Reservations. Mr. McClelland is a longtime local lodging veteran who has also served as president of the Park City Area Lodging Association, the Park City Rotary Club and the Park City Chamber/Bureau. He is also involved with the Utah Office of Tourism and the Utah Ski Association.
We hope the new company will hire many of Deer Valley Lodging’s other key staff as well!
Related Park City & Deer Valley Property Management Articles:
Top 15 Questions to Ask Your Park City Property Manager
Park City Rental Agency David Hollands Delays Rental Payments to Owners
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Promontory Emerging From Bankruptcy?
February 24th, 2009 Categories: Golf, Just Outside of Town, 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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