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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Warning:  Don’t assume  the “MORE BAD NEWS…”  you see in the national media holds true in all micro-markets.

We just finished crunching the numbers for some of Park City, Utah’s hottest luxury neighborhoods, and the reduction in available luxury ski homes is staggering. Yes–you heard that correctly.

There’s now a real scarcity of well-priced properties in the luxury market between $3-6 million.

Take The Colony at White Pine Canyon, for instance.  At the beginning of the 2010/11 ski season in November 2010, there were 19 homes on the market.  Fast forward a mere 120 days, and 8 pending/closed sales later, there are only 11 homes left.    Don’t take our word for it…see for yourself:

Colony Homes sold winter 2010-11 Market Snapshot

Winter 2010-11 Colony Home Sales

Hollywood Heavy-Hitter Buys Colony Home in Private Sale

We hope you paid attention to the math and noticed there was a missing sale…there was an additional closed sale of an unlisted property to an Hollywood A-List Couple.

We won’t blow their cover here on the blog, but if you come to Park City we’ll clue you in…

What’s currently available for sale in The Colony at White Pine Canyon?

As you’ll see above, there are only a couple of options left under $5 million.  One is debt-free and motivated to sell.  The other is still living in fantasy-land regarding the value of their property in today’s marketplace.  It is over-encumbered, and could be headed towards a Trustee’s foreclosure sale.

Hint: call us immediately if you’re looking for a home in The Colony and we’ll catch you up to speed on this developing opportunity…

Click here to search for all Colony Homes For Sale in Park City Utah

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The opening of Montage Deer Valley was the biggest Deer Valley news event of the 2010/11 ski season.

Montage had been pre-selling residences during the challenging economy of 2010, and began the ski season with three pending sales.  The developer kept to their construction schedule, and the first owners of Montage Deer Valley Residences took possession of their condos in late December 2010.

Deer Valley Montage: “Build it and They Will Come!”

As the ski season progressed, so did sales momentum at Montage Deer Valley.  So far, 5 Montage Residences have sold, and 5 more are pending sale, bringing the total number of sold/pending Montage Deer Valley residences to 10.  On top of those ten sales, the developer is working with prospective buyers on a couple of additional sales.

Montage Deer Valley Sales Statistics, as reported by the Park City MLS

Montage First Tracks Discounts: Going, Going….

The developer is offering 20% discounts, ability to choose from nearly any residence in the building, and a smorgasbord of additional benefits to only the first 15 buyers at Montage Deer Valley.   You’ll find a summary of the Montage First Tracks incentives here:

http://blog.parkcityrealestateguide.com/montage-deer-valley-first-tracks-incentives/

Want More Montage Deer Valley Info?

Please send us a quick note and we’ll help you quickly and easily learn whatever you want to know about Montage Deer Valley.

Related Deer Valley Montage Hotel Posts:

Montage Deer Valley Utah Location

Montage Deer Valley Residences For Sale

Montage Deer Valley Floor Plans

Montage Deer Valley “First Tracks” Prices and Incentives

Deer Valley Montage Hotel

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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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The Montage Spa and Restaurants opened to the public on December 8, 2010.  Hotel guests were able to stay in the hotel beginning  one week later–December 15, 2010.

Here are all of the available Montage Deer Valley Condos for Sale.

In previous posts, we shared extensive information about the new Deer Valley Montage hotel.  Here are the links…

Related Deer Valley Montage Resort Information:

Montage Deer Valley Sales Update Spring 2011

Montage Deer Valley Utah Location

Montage Deer Valley Residences For Sale

Montage Deer Valley Floor Plans

Montage Deer Valley “First Tracks” Prices and Incentives

Deer Valley Montage Hotel

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Amazing Opportunity for Bank Owned Condos a Snowballs throw from Deer Valley Resort: The Best Inexpensive Deer Valley property you have never heard of…

Red Stag Lodge Condos Are Bank Owned Now…

The Red Stag Lodge was  built in 2002 as a small european style luxury hotel with 11 separate apartments.

Located steps away from Snow Park Lodge (with shuttle and bus service just outside the door) it is a lovely building with surprisingly luxurious and extensive common area amenities and a location that is irreplaceable.

Red Stag Lodge Deer Valley Location

Location is a term overused in real estate, but in this case it means everything. This is truly a walk to skiing at Deer Valley property. Yes, the same Deer Valley that was just voted North America’s best ski resort for the  fourth year in a row. Also, it is walk to concerts in the summertime!

Foreclosures: Deer Valley Condos

There are currently 5 bank owned fully furnished two bedroom units with private decks and hot tubs. That is 5 as of today, but these may not last long since they are priced $300,000 less than two bedroom units next door in Powder Run.

Red Stag Lodge Amenities

New owners of these units will take advantage of the building’s common areas, including a work out room, spa, steam room, sauna, as well a small dining room and kitchen.

Rare Deer Valley Foreclosures–Act soon or miss out!

This is truly one of those opportunities that come along once in a very great while in Deer Valley.

Here is a link to the real-time available Red Stag Condos for sale in Deer Valley

If you are at all interested you must contact us today at 435-714-0909.

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On the heels of their two previous successful auctions in Deer Valley, Utah this year (Silver Strike Deer Valley Auction and Lookout Deer Valley Auction), Accelerated Marketing Partners (AMP) will be holding a Sealed-Bid Auction for 11 Luxury Park City Estates.

Park City Estates Sealed Bid Auction

The sealed-bid auction for the 11 luxury homes located in some of Park City and Deer Valley, Utah’s most exclusive neighborhoods will be held on August 27th.

The sale is comprised of nearly $80 million worth of one-of-a-kind estates, each complete with an array of amenities more commonly found in the most highly-appointed residences of the Hamptons, Montecito and Monte Carlo.

Several of the homes feature ski-in/ski-out access at Park City’s acclaimed ski resorts or are located in exclusive golf communities.

The estates are being sold by motivated individuals ready to commit to the highest bidder through a transparent buying process with published reserves; these reserves range from $1.495 million to $15.875 million and are up to a 54 percent slash in price.

Park City Auction Minimum Bids:

Published reserves for August 27th sale range from $1.495M to $15.875M.

“As the nation’s largest sealed-bid, published reserve auction, this watershed event offers a once-in-a-lifetime opportunity for prospective buyers around the country to purchase preeminent mountain homes at unbeatable prices,” said Ken Stevens, west coast CEO and co-founder of Accelerated Marketing Partners, a national, full service real estate marketing firm that has conducted high-end new development auctions around the country.

All 11 estates being offered at the August 27 sealed-bid auction are available for immediate occupancy.

The properties are…(drum roll please)

DeerField Estate, Deer Crest Deer Valley

This 15,000-square-foot estate,was previously the most expensive listed property in all of Deer Crest when it was taken off the market a year ago. DeerField Estate overlooks Park City and Jordenelle reservoir.  The home has seven master suites and 11 bathrooms, a private gondola for ski-in/ski-out access, indoor swimming pool, billiards, theater, family room with open truss cathedral ceilings and a wine room with 18th Century French cast-iron doors.

DeerField Estate has a published reserve that’s a 54 percent slash in price from the previous asking price.

Deer Crest Home

This 9,657-square-footestate on 0.66 acres is situated on the Jordenelle reservoir view-side of Deer Valley® Resort and features six bedrooms and seven baths. There are multiple dining areas, radiant heated floors, and the estate is fully landscaped with terraces, patios and decks.

Deer Crest has a published reserve that’s a 19 percent slash in price from the previous asking price.

The Colony at White Pine Canyon

Nestled among the Aspen trees along the ski slopes of The Canyons Resort®, this 7,000 square-foot fully-furnished estate on 6.24 gorgeous wooded acres is located within The Colony, a gated ski-in/ski-out  community.  The home features six bedrooms and eight baths, an open-showcase kitchen, five stone fireplaces, a wine cellar, and a state-of-the-art theater system.

Published reserve is 32% less than previous list price.

Promontory

Located in Park City’s exclusive Promontory golf community, this 8,224-square foot estate on 2.5 acres features six bedrooms, six full baths and two half-baths. There is a home theater with a trestle wood ceiling, wood mantles carved by a local sculptor and a wine closet with custom mahogany racks as well as a separate upper level apartment for guests that is complete with kitchen, sleeping quarters and bath.

Promontory has a published reserve that is a 31 percent slash in price from the previous asking price.

Old Town Park City

This newly built 4,400-square-foot estate is situated in the heart of Old Town Park City, conveniently located a few feet from Park City’s Historic Main Street and the Town Lift.  This spacious four-bedroom and six-bath home includes four custom stone fireplaces, a master suite with a home office area and a private elevator to service the living spaces, as well as an oversized three-car garage.

The published reserve for this estate is  is 33 percent slash in price from the previous asking price.

Tuhaye Home

1.88 acres of hillside land and surrounded by open space and scrub oak with incredible views of the Jordanelle reservoir, Deer Valley® Resort, Mt. Timpanogos and O’Meara golf course. This 7,000-square-foot estate includes six bedrooms and eight bathrooms. Additional amenities include seven fireplaces, a media room, wet bar and a gourmet kitchen with a wine room.

Tuhaye has a published reserve that’s a 22 percent slash in price from the previous asking price.

Knoll Estate

As part of Deer Valley’s Knoll Estates, an exclusive gated community located in Silver Lake Village, this 7,218-square-foot estate has six bedrooms and five baths. The home also features five fireplaces, gourmet kitchen, ski prep room, fitness room with sauna and hot tub, attached two-car garage, and heated walkways and driveway.

Knoll Estate has a published reserve is a 30 percent slash in price from the previous asking price.

The Lookout

This new 5,866-square-foot estate at upper Deer Valley® Resort offers spacious mountain living and is located within minutes of Silver Lake Plaza via a private shuttle service. The home features five bedrooms, 5.5 baths, an elaborate gourmet kitchen, stone fireplaces, vaulted beam ceilings, oversized decks, and a spacious two-car garage.

The Lookout has a published reserve that is a 54 percent slash in price from the previous asking price.

Old Town Park City

Just an easy walk from the renown Park City’s Main Street and Park City Mountain Resort® lift is this 3,100-square-foot home featuring three bedrooms and 2.5 baths, a fully equipped gourmet kitchen, two fireplaces, a home theater and a private outdoor hot tub overlooking Park City.

This Old Town Park City home has a published reserve which is a 23 percent slash in price from the previous asking price.

Midway, Utah

Located only minutes beyond Park City in breathtaking Midway is this 7,500-square-foot estate provides 360-degree views of Herber Valley, mountains, lakes, hot springs and golf course.  The home boasts soaring 23-foot vaulted ceilings, three bedrooms and baths, five rock wall fireplaces, two fully equipped gourmet kitchens and an attached guest suite and three-car garage.

Midway has a published reserve that’s a 53 percent slash in price from the previous asking price.

Stag Lodge

With private Deer Valley® Resort ski-in/ski-out access, this 3,397-square-foot condominium is situated in the ideal mountain location.  The four-bedroom, five-bath home is luxuriously furnished and features four fireplaces, fitness room and outdoor pool, as well as clubhouse shuttle service.

Stag Lodge has a published reserve that is a 24 percent slash in price from the previous asking price.

Park City Estate Auction Deadline to Bid

Sealed bids must be submitted to Accelerated Marketing Partners no later than August 27th at 5:00 p.m. MDT.  Bidders may thoroughly view all properties prior to this deadline.

Want to Tour the Park City Auction Homes?

If you are interested in previewing any of the homes in person, please contact us immediately at Toll Free 877-838-2805 or email us at: auction@parkcityrealestateguide.com and we will make arrangements for your family to take a personal tour of the luxurious residence(s) that caught your attention.

Preview Minimum Bids Now!

For more information on the Park City estates sealed-bid auction, including the minimum reserve bids for the 11 available estates, please complete the form below:

When you submit your request, you will be directed to a page that shows all of the properties and their bid details.

Don’t forget to check your email for your SPECIAL BONUS:

We will send you a link to the auction website where you can browse disclosure documents, floor plans, photos, virtual tours of the homes, inspection reports, etc…

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Sales dollar volume for the first half of 2010 continues to improve dramatically compared to the same time period of 2009.  For the period ending June 30, 2010, sales dollar volume was up 67% from 2009 at $543 million versus $324 million.

The number of sales is ahead 60% in 2010 over 2009 with 669 units closed compared to 415. These figures represent four consecutive quarters of improved sales throughout the Park City MLS.

Park City Home Sales Up…Inventory Down

Sales of single family homes increased 36% during the first half of 2010 compared to the first half of 2009. Inventory levels are now down about 15% when comparing this period to last year.

Sales have increased as prices have come down significantly.   The median price for a home within Park City limits for the year ending in June was $1,125,000, down 37% from the 2009 figure of $1,806,205.

Don’t panic if you own Park City Real Estate…  The 37% decrease is a function of exactly which properties are selling, not necessarily an indication that your home is worth 37% less than last year!

Park City Condo Sales Way Up

The number of Park City, Utah condominium sales for the first half of 2010 increased 93% over 2009, due in large part to the success developers had reducing prices in areas like Empire Pass at Deer Valley (Deer Valley Auction and Flagstaff Liquidation Sale) which saw a virtual buying frenzy during the first half of 2010.

Buyers were able to purchase brand new ski in ski out properties for up to 40% 0ff…  There are still a few of those great deals left if you are interested in ski-in/ski-out properties?

You can download the complete statistical wrap up of Q2 2010 here.

Park City Interest Rates Low

As interest rates continue to be very attractive and buyers secure great deals on their Park City dream property, our market seems poised to continue its recovery.

There are still great opportunities in the Park City area for buyers so if you are serious about getting a great deal, reach out and let us help you find yours!

Related Articles:

Park City Luxury Home Auction

Park City Best Buy World Cup

Park City Foreclosure Updates

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This may be the answer…

Rustic Park City Condos at Foreclosure Prices

Looking for a newer Park City condo that feels like a cozy log cabin?

Timber Wolf Lodge is perfect if you like a heavy dose of wood in your vacation diet.  These rustic condos feature a dining room, living area, and kitchen on the main floor with two bedroom suites upstairs.

Timber Wolf Lodge Location

Timber Wolf Lodge is located near the base of The Canyons Resort.

The beautiful grounds feature a creek and mature trees. These ten year old units have underground parking and easy access to all Park City has to offer.  They are 35 minutes from the SLC airport and are sought after as a rental units.

Click here to see a map of Condos at The Canyons Resort.

Timber Wolf Lodge Foreclosures!

These two bedroom townhomes sold for $550,000 to $575,000 at the peak of the market.

A fully furnished bank owned unit in Building 6 was just reduced to $275,000…

…about 30%  less than other similar sized units on the market.

This condo is well positioned at the back of the complex (away from the noise of hwy 224) and is just under 1200 square feet.

Here are the bank-owned Timber Wolf Lodge details:

http://pcmls.com/Pub/EmailView.asp?r=68832927&s=PKC&t=PKC

But wait, it gets even better…

Not Yet Listed: Bigger, Better Bank-Owned Timber Wolf Lodge

Our deal searching radar has identified another bank-owned unit about to be listed! And it could be an EVEN BETTER DEAL than the property we mentioned above!

It sits near the hot tubs in a stand of Aspen trees with a rushing creek you can hear from the deck.

This is the larger floor plan–over 1500 sq ft–with nice furniture and large bedroom suites.

Interested?

Please contact us right away so we can get you the details before it officially hits the market!

I toured the property yesterday, so you can also call us at 1-800-485-0218 and I’ll answer all your questions…

Happy Deal Hunting!

Related Articles:

Park City Real Estate Auctions

Park City Foreclosure Articles

Park City Real Estate Sales Statistics

Get Weekly Park City Foreclosure Updates

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Three of the properties we planned to feature in this week’s Park City Foreclosure update are already under contract.

So are BOTH of the featured properties from our last Foreclosure update–one of them had 4 offers! But this post is not about us being right…

It’s about helping you profit from the current market conditions.

Are You Tired of  Park City Real Estate “Insiders” Grabbing the Best Deals?

The best deals come and go quickly.  There are obviously plenty of smart investors waiting on the sidelines, cash in hand,  for the best deals to come along.

Are You Ready To Beat The Park City Real Estate Insiders at Their Own Game?

In celebration of the World Cup, our team selected the 32 best bargains in the Park City & Deer Valley marketplace.

Included in the list are:

• A ski-in/ski-out home in The Colony that’s going to Auction
• Bank-owned condos in Lower Deer Valley that are walking distance to the slopes under $700k
• 2 Walk-to skiing condos at Park City Mountain Resort under $180k each
• An Old-town Park City home under $300k
• The least expensive 2 BR condo in Deer Valley–by over $200K!

To have the complete list delivered to you instantly via email, please complete the form below:

Related Articles:

How To Get A Great Deal On Park City & Deer Valley Real Estate

Get Weekly Park City Foreclosure Updates

Park City Real Estate Auction

Park City Real Estate Sales Statistics

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