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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After years of waiting, you can finally put your name on one of Deer Valley’s most exclusive addresses!

The residences at Montage Deer Valley were just listed across the Park City MLS.  You’ll find the Montage Deer Valley residence listings here:

Montage Deer Valley Residences for Sale

As we described in our Montage Deer Valley First Tracks article a couple of weeks ago,  owners of the first 15 Montage Deer Valley Residences will receive 20% discounts off the published list prices.

So, when you browse residences on the above link, deduct 20% off the listed prices to reveal the limited-time only “first tracks” prices.

Montage Deer Valley Floor Plans

The developer of Montage has graciously extended an invitation to readers of our Park City Real Estate Blog to gain insider access to their library of online floor-plans and maps.

This insider access will allow you to quickly and easily explore the amenities and locations of all of the Montage Residences.

If you would like us to establish insider access to the library, please enter your info here:

Related Articles:

Montage Deer Valley First Tracks Incentives

Deer Valley Montage Residences

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Since the Silver Strike Auction took place on January 17th, the Village at Empire Pass neighborhood has experienced a surge in attention from smart value investors.

If you act soon, you can still grab a gorgeous brand-new ski-in/ski-out Deer Valley condo at 30% to 50% off!

The numbers don’t lie… 26 Empire Pass condos have sold/pended since Jan 1st!

According to the developer of Flagstaff, “We’re selling these properties below our cost.”

Welcome to 2010, when developers define success as return of their investment not necessarily return on their investment.

We’re confident that buyers who step up to the plate this winter and secure these ultra-luxurious condos will be the same people who have reason to brag to their friends in 5 years about their wisdom to purchase at the bottom of the market!

Here’s the ironic part…

The prices are distressed, but the properties are not.

Trophy Deer Valley Condos at Distressed Prices

These are not distressed properties.  They’re some of the finest Deer Valley has to offer.

However, the market conditions have hit developers hard, and construction lenders are getting anxious to take come of their money off the table.

Could this be the chance you have been waiting for?

Flagstaff Deer Valley Condo Interiors

Check out the master bathrooms in Flagstaff!

We have toured quite a few families through Flagstaff over the past few months, and without fail, they all comment that they’re the most luxurious condo bathrooms they have seen!

Families love the option “Bunk Room” that offers each bunk their own personal televisions, complete with headphones and a privacy curtain!

Flagstaff Lodgekeeper

Larry the Lodgekeeper

Not only are the Flagstaff condos gorgeous, the lodge includes about 5,000 square feet of common area on the lobby level for the exclusive enjoyment of owners, guests, and renters at the lodge.

There’s a small exercise room, internet workstations, comfortable living rooms with grand fireplaces, a ski-locker room, game room, and even a pub!

Flagstaff lucked out when they convinced long-time local Larry Dodge to become the in-house lodge-keeper!

He’ll set out the complimentary continental breakfast in the morning, and he serves beverages in the pub apres-ski!

Flagstaff Condo Liquidation Sale!

Here are the remaining Flagstaff Condos For Sale.

Don’t get sticker shock when you see the list prices.  We can likely save you hundreds of thousands of dollars off the list prices.  Call us to find out how…

Toll Free 1-800-485-0218

This is not one of those wait-around and hope the prices drop further kind of situations.  The lender has given their approval for 6 of these 30%-40% off condo sales so far, but we’re not sure how long they’ll continue to allow the developer to sell properties below their construction cost…

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Residences are finally available for sale in the Montage Deer Valley!!!

Montage “First Tracks”

Here’s how the developer is offering the Montage First Tracks residences…

Fifteen residences–including furnished and unfurnished Montage residence floor-plans–will be listed across the Park City MLS later this week.

In spite of their low-key approach to offering the first units in Montage Deer Valley for sale, the developer is offering substantial incentives to the first 15 families who purchase the First Tracks residences.

Deer Valley Montage “First Tracks” Incentives

The “First Tracks” early ownership program includes privileges that WILL NEVER BE OFFERED AGAIN, including:

• Limited-Time INTRODUCTORY PRICING at a Fraction of the Developer’s Original Pro-Forma Prices
  
• First Choice of Residences (Future Buyers Can Only Choose”Current Release” Units)
  
• Private First Tracks Guided Skiing for your entire family at Deer Valley Resort
• Two years of Deer Valley Resort Season Ski Passes
• Access to Talisker Club Amenities
• All-Expense-Paid Stay at Montage Beverly Hills or Montage Laguna Beach, CA.

They Laughed When We Posted Montage Updates on our Blog 2 Years Ago…

But this week, our Deer Valley insider clients are positioned to grab the BEST RESIDENCES in Montage Deer Valley at the LOWEST PRICES you’ll ever see.

If you are still considering a family legacy property in Deer Valley, you owe it to yourself to at least check out Montage Deer Valley.

DO IT SOON.

If you’ve been reading our posts for a while…You’ll recognize that we’re not always foaming-at-the-mouth rabid writers who pressure our readers to take action.

But here’s the reality…

These 15 “First Tracks” opportunities could be gone before most Deer Valley people even knew they were available.

Do you want the inside track on “First Tracks” discounts that could save you HUNDREDS OF THOUSANDS–EVEN MILLIONS–of dollars?

Or…would you rather sit and watch what happens over the next month…and pay full retail price after the “First Tracks” families lock-in their instant equity and premier locations?

Montage “First Tracks” Prices?

Please complete the form below, and we’ll be in touch with you right away with time-sensitive updates and strategies that will maximize your chance to beat other smart investors to the best deals you’ll ever see at Montage .

Beginning Friday February 12th at 9 am MST, the developer will begin receiving offers for the first time.

We have copies of the Montage contract and HUD Property Report that must accompany all offers.

PS  If you want details immediately, please just call our toll free number and we’ll give you a quick overview:

TOLL FREE 877-838-2805

Related Montage Articles:

Deer Valley Montage Residences

Montage Deer Valley Condos Under Construction

Montage Deer Valley Floor Plans

Notice:

Park City Real Estate Guide® is neither the listing broker for the project, nor are we affiliated with the developer or construction company of the Montage Deer Valley.  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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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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The Deer Valley Montage is too spectacular & complex to summarize in one quick post.  So, over the next few weeks, we will help you digest the Deer Valley Montage residences one bite at a time!

In our last Montage post you learned that the Montage Deer Valley will contain 174 luxury hotel rooms and 81 private residences.

Montage Furnished Condos vs. Unfurnished Montage Residences

The luxury hotel rooms will be retained by the developer.  So from here on, we’ll focus on the 81 residences in the Montage Deer Valley.

There are dozens of floor-plans to choose from, which makes the exploration of the Deer Valley Montage a fun adventure!  Keeping it simple…

The Deer Valley Montage contains two different types of residences–furnished and unfurnished.

Furnished Deer Valley Montage Residences

Forty-nine of the eighty-one residences in the Deer Valley Montage will be furnished condos.

Furnished Montage Deer Valley condos will range in size from roughly 1,200 to 3,300 square feet, and are located on the 8th and 9th floors of the hotel.

And just so you know…it’s NOT typical hotel furniture.

These luxurious properties will be fully furnished and appointed to Montage’s Five-Star standards. Think estate-quality furnishings and fabrics, custom furniture, hand-made rugs, local art, etc.

Depending on the unit size, the Montage  Deer Valley furnishings could cost a few hundred thousand dollars if you were to go out and source these items yourselves.  So, when you’re comparing prices of furnished vs. unfurnished units, don’t under-estimate the value that’s included with the furnished units.

Most of the furnished condos are three bedroom configurations, with a handful of 4 bedroom properties available if you want a little extra space.

There are only 2 one-bedroom furnished condos in the building, and about a dozen furnished two bedroom condos.  That’s it for small units.   How’s that for scarcity?

Limited supply of these smaller Montage condos suggests that these could be some of the best investment condos in the hotel due to their scarcity and comparatively lower prices.

If you are interested in one of these smaller furnished Montage Deer Valley residences, we recommend that you contact us immediately…

Unfurnished Montage Deer Valley Residences & Penthouses

If you don’t want to put your Deer Valley Montage residence in the hotel rental pool, or if you would like to create a custom interior in your residence, one of the 32 unfurnished Montage residences may be just what you’re looking for.

Some of the unfurnished Montage residences are two-story designs, which makes the residences live more like luxury homes than ski condos.

A few of the Montage residences are “thru-units” that span the entire width of the building!

These rare units offer views up towards the Daly Chutes on the south side of the building, and down Daly Canyon over Old Town Park City on the north side of the building!

These thru-units offer incredible natural light during the daytime, and seductive night-time views looking over the twinkling lights of Park City once the sun sets…

Like the furnished condos on the lower floors, the unfurnished residences are mostly larger units.  In fact, there is only one 2-bedroom unfurnished residence available in the entire Deer Valley Montage.

Most of the unfurnished Deer Valley Montage floor plans are 3 and 4 bedroom suites, many of which have additional dens/media rooms, and balconies that add outdoor living area to the gorgeous interior living spaces.

“Secret Montage Model” Demolished!

To say that Montage is fastidious about their interior finish selections is an under-statement! Here’s why we say that…

They built a “model” of a Montage luxury hotel room in a secret warehouse in Salt Lake City last year. Then they proceeded to tear it apart and rebuild it about a dozen times in the pursuit of perfection of the finest interior finishes and details.  How often do you see that level of attention to detail?

Sorry…we can’t publish photos of the Montage Deer Valley interiors. We were asked not to publish any interior photos, so we will respect that request until the developer is ready.

There may be another model unit under construction somewhere,  but we can’t risk speculation about where or when it may be unveiled.   However…

When you come to Deer Valley and ask us to arrange a time to explore the Montage Deer Valley, you WILL get to see what a finished unit looks like, thanks to some cool online virtual tours and other exploration options!

Montage Deer Valley “First Tracks”

The developer is about to release details about their ‘First Tracks’ program, which will included incentives available only to a limited number of initial buyers.  To be notified as soon as details of “First Tracks” are released, please complete the form below:

Related Articles:

Montage Deer Valley Condos For Sale Soon

Montage Deer Valley Under Construction

Deer Valley Montage First Tracks Incentives

Montage Deer Valley Amenities

Notice:

Park City Real Estate Guide® is neither the listing broker for the project, nor are we affiliated with the developer or construction company of the Montage Deer Valley.  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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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

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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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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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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In the most shocking announcement so far this year in Deer Valley, the developers of Silver Strike Lodge will be auctioning off 8 units on January 17th at Stein Eriksen Lodge in Deer Valley, Utah.

So don’t be shocked when you see the press releases about the auction in newspapers across the country.  The auction house is spending hundreds of thousands of dollars to promote the auction in the New York Times, Miami Herald, Wall Street Journal, LA Times, San Francisco Chronicle, Variety, and other publications.

Silver Strike Auction Minimum Bids

They condos will not be sold at “Absolute Auction.”   There will be minimum bids for the 8 luxury condos.  Minimum bids will be roughly 50% off the most recent listed prices.

Minimum bids will start at $1,150,000 for a 2 bedroom condo, or just under $700 per square foot.

If you can grab one for this price, you’re getting a great deal in a neighborhood where sales prices have averaged $992 per square foot over the past 5 years.

Which Silver Strike Deer Valley Condos Will Be Sold At The Auction?

Don’t bother searching the Park City MLS for Silver Strike Condos for sale–they have all been removed from the MLS until after the auction.

The eight units that will be sold at the auction include 2, 3, and 4 bedroom floor plans.  We can get you a list of the specific units, and their opening bids.

Please complete the form below, and we will be in touch with you immediately with auction specifics!

PRIVACY POLICY: All requests are strictly confidential.  We will never share your contact info with anybody!

Related Articles:

6 More Condos Released at Auction-Level Prices!!!

Deer Valley Condo Auction Results

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