Rob Alday & Rachel Peterman

In the past few days we have seen 44 properties come on the market, 18 go under contract, and 21 close escrow. The notable ones are:

NEWLY ACTIVE:
-Silver Star ski in/ski out at Park City Mountain Resort for $3.15m; 6bd/7ba, 3690 sq ft, $854psf....let's keep our eyes to see what this one does...at over $3m it is a big number, but where else can you get a 6 bedroom ski in/ski out home around $3m in Park City???
-Glenwild home at $3.875m; 6bd/7ba, 7710 sq ft, $503psf....priced just right in of Utah's best communities.
-Promontory home at $4.29m; 4bd/7ba, 7563 sq ft, $567psf....we actually built this home and it is no $4m home in this market....$3.5m???, now that makes more since. Especially since it was bought for under $3M about 2 and a half years ago!
-Tuhaye home at $3.7m; 5bd/7ba, 7300 sq ft, $507 psf...seems priced right, but the inventory keeps building up out there.
-Another Tuhaye home (see my point above regarding inventory) for $3.99m; 5bd/7ba, 6200 sq ft, $644psf....with all that inventory and the lack of activity I don't know where you get over $640psf from???

PRICE CHANGE:
-Old Town home down $700,000 from its original price to $3.7m; 4bd/5ba, 3401 sq ft, $1088psf...looks like this might need to come down a bit more, but they are in the ballpark...great location!!! Ski in/ski out and awesome finishes!
-Upper Deer Valley Silver Lake Village townhome down $100,000 to $1.099m; 3bd/4ba, 2368 sq ft, $464psf....this has great views and could be a steal!
-2 lots at the Colony located in the Canyons ski resort down to $1.895m....down $200,000
-Tuhaye lot down to $599,000....down $185,000

PENDING:
-Iron Canyon home in the Thanyes Canyon area for $2.798m; 6bd/7ba, 5526 sq ft, $506psf...great home!
-New Park townhome at $498,900; 2bd/3ba, 1345 sq ft, $370psf...these are a great buy.
-Lodges at Bear Hollow for $339,990; 3bd/2ba, 1330 sq ft, $255psf....at lot of activity in Bear Hollow over the summer!

CLOSED:
-Park Meadows home for $1.8m; 5bd/5ba, 5424 sq ft, $346psf.
-Park Meadows (Fairway Meadows) home at $1.95m; 5bd/6ba, 5912 sq ft, $330psf...nice ppsf!
-Bear Hollow townhome for $550,000; 4bd/4ba, 2757 sq ft, $199psf...Bear Hollow is moving product!

Tonight Rob and I are attending the Gipsy Kings concert at Deer Valley as the second to last chance to take part in the St. Regis Big Stars Bright Nights concert series. It's going to be a blast!

And don't forget to check out our new blog layout and the new newsletter button we put at the top of the sidebar...if you give us your email address we'll give you our little newsletter and you know what that includes?....it includes coupons for local businesses here in Park City such as Chloe Lane and Jean Louis...thank us later!

During the past 5 days we have seen 63 properties come on the market, 24 go under contract, 18 close escrow. The high notes are:

NEWLY ACTIVE:
-2 sky lodge units at $375,000 and $399,000; both 3 bedroom, fractions (one-eighth ownership)
-Silver Star ski in/ski out at Park City Mountain Resort at $2.625m; 4bd/5ba, 3689sq ft, $711psf....the price per sq ft is not too bad, but we'll see what happens to some of the flippers.
-Short Sale in Old Town on Park Ave for $698,000; 3bd/2ba, 1582 sq ft, $441psf....If you are looking at a condo around this price point, this could be right up you alley...with no HOA fees.
-Deer Lake Village in Lower Deer Valley at $840,000; 2bd/3ba, 1728 sq ft, $486psf.
-Chatham Hills home at $1.628m; 4bd/5ba, 4089sq ft, $398psf....I like this neighbor for being in town and having great value for the convenience and views!
-2 Glenwild lots at $925,000 and $800,000 inventory is increasing on the lot front.
-Promontory lot at $379,000....good deals are all around at Promontory.

PRICE CHANGE:
-Poison Creek Mercantile condo in Old Town down $300,000 to $1.695m; 3bd/3ba, 2209 sq ft, $767psf...now it is priced about right! Great building and location too!!!
-Old Town home down $200,000 to $995,000; 3bd/3ba, 2388 sq ft, $417 psf...not a bad deal for this location.
-In The Trees condo in Deer Valley down $100,000 (in just 25 days) to $1.299m; 4bd/4ba, 2415 sq ft, $537psf....make an offer on this one, it looks like they could go lower and you get good rentals here.
-2 Glenwild lots down $100,000 and $200,000 both to $790,000.
-Mountain Ranch Estates home down $735,000 (over about a year) to $2,100,000; 7bd/7ba, 7670 sq ft, $274psf...they are probably at their bottom line on this one. It is a nice home, but has some odd features...but for a steal it could be right.
-Promontory home down about $2m! This is a must go!!! at $3.5m; 6bd/6ba, 10007 sq ft, $350psf....if you are in this price point this home could be the deal.

PENDING:
-Sky Lodge unit at $267,000; 2bd/2ba, 1260 sq ft, one-eighth ownership...good price for this buyer!
-Old Town home at $2.9m; 5bd/6ba, 3465 sq ft, $837psf....they did not get anywhere close to this... as it was supposed to be auctioned, but maybe someone came in a took it before hand. I believe the auction was to start in the mid-$1m's
-Deer Valley home at $2.495m; 5bd/6ba, 4960 sq ft, $503psf....Deer Valley has had good activity since the spring!
-Thaynes Canyon home at $997,000; 4bd/3ba, 2820 sq ft, $354psf...they got aggressive and lowered the price on this one a few times and got it off the market pretty quick....good buy for the right guy.
-Old Town home at $1.19m; 3bd/3ba, 1766 sq ft, $674 sq ft....good to see some activity on the end of Old Town by the Resort. Things have been slow down there.

CLOSED:
-Grand Lodge unit at Empire Pass in Deer Valley for $3.5m; 5bd/6ba, 3264 sq ft, $1072psf....Always over $1000psf in Empire and they have had a relatively active summer.
-Promontory lot at $800,000.....a little activity in these times out there is great news! I think people "in the know" still believe in the development.
-Old Town home at $1.312m; 4bd/5ba, 2591 sq ft, $608 psf....they priced these newly constructed homes to move and they moved them well.

Rob and I just got back from a great trip to Southern California for the wedding of our good friends Brian and Brittney. Brian is that friend of ours who provides most of the great scenic photos we post here. Brittney is his new lovely bride. Brittney and I met while working at Chloe Lane, a local boutique here in Park City which sells the most forward, fun and stylish clothing in the entire state of Utah.

We had a great time in Laguna Beach where they held the amazing wedding of the century on the sprawling lawn of the St. Regis Monarch Beach. The cliffs and beaches which make up the coast in that part of California are breathtaking. Rob and I thoroughly enjoyed our time there, lazing on the beach and partying it up with Brian and Brittney's families....There was one thing that really struck us both though as we headed to the airport to fly back to Salt Lake City and come home to Park City....even in one of the most desirable locations in the country....even while spending time at a top rated exclusive resort...we couldn't help but realize that Park City still remains our favorite place to be.

It's a terrific realization to come to that you live in a place, so wonderful, so scenic, so happy and full of interesting, open-minded people that even when you go to a place like Laguna Beach, California...you still can look around at the end of a weekend and say to yourself, "yeah, this is pretty nice...but Park City is one hundred times better and I can't wait to get back there!".

Rob and I love writing this blog and sharing the goings on in the Park City Real Estate Market. We also love sharing local events and news with other local readers and people who are interested in this unique and wonderful place we call home. Park City's breezy, dry summers with eighty degree weather and green mountain scenes are the ingredients for the best May through August months I've ever had. No Chicago summer at the Lake Michigan beach or Orange County Pacific surf getaway can even come close to the perfect setting and fabulous community of friends that Park City has offered us....and I just had to share this point with our readers....

So - if you're interested in judging for yourself just how splendiforous Park City summers can be, you still have time. Book a trip to Park City ASAP and make a point to let Rob and I know you're coming....we'll be happy to show you around! There are still plenty of great concerts to take-in at the Deer Valley Amphitheater (Gipsy Kings and Bob Dylan to name a couple) and we are happy to provide some good locally available wine suggestions or restaurant deals to any of our friendly readers....

Speaking of friendly readers...and getting back to that terrific store I mentioned at the beginning of this post - Chloe Lane - don't forget to check out www.mychloelane.com for your own Chloe Shopping Experience from where ever you are...I'm friends with the fashionable owners of that store and I hear that there are some coupons offers I'll be able to offer to our readers very soon....I'll keep you updated!

That's all I have for today...check back tomorrow and hopefully Rob will have one of his handy Real Estate Updates for you!

 What a busy couple weeks Rob and I have been having!...Between the summer concert series at Deer Valley, the locals deals at our favorite restaurants and all the weddings and events that summer-time brings...it's been hard to keep up! Not to mention our ever-more-demanding jobs! ;)

I thought I'd post some ideas for how to make the best of your weekend here in Park City whether it be the weekend we are entering today or another one just as sunny and wonderful in the future.

Restaurant Deals:
-There are plenty of restaurant deals here in Park City. You can find out about them easily via coupons listed in the local paper, the Park Record. What tends to be offered are two-for-one entrees or $25 off your bill for two people.
-Our favorite restaurant in town, Jean Louis' usually comes up with more unique offers featuring reduced priced specials that change day to day (we never miss $2 fish tacos!) or four course dinners at a special price...right now they have a $39 four course dinner with course options that change frequently and tout delicious treats such as duck terrine as an appetizer or unique Hawaiian fish and steak combos for entrees.
-Another good deal seems to be at one of the Bill White restaurants Grappa, (Bill White owns a bunch of restaurants in town including Chimayo, Wahso, Grappa and Windy Ridge) which is offering two for one entrees and has apparently reduced their overall menu prices. Grappa's reputation in town is varied but no one can deny that their Osso Bucco is to-die-for!
-Prime Steak House is also offering their standard two-for-one entree deal which can be a great time to visit their restaurant. Generally the undisputed "best steak" in town, Prime charges an arm and a leg for their delicious steaks and bills there for two people are always over $100. With the two-for-one offer, dinner can be more affordable and well worth it!
-Mustang is another eatery offering deals and although I sometimes get tired of their ever stationary menu, I never tire of their duck empanadas or chile relleno.

*****and for those readers who aren't from Utah and don't know about all our clandestine and undecipherable liquor laws...one good thing to come from the DABC (department of alcoholic beverage control) is the rule that you can ALWAYS bring your own bottle of wine to dinner - the restaurant may charge you a corkage fee but cutting your wine costs in half (most restaurant markups on wine is at least double) can really help in keeping the price of dinners out on the town to a reasonable level - just don't forget that you need the little sticker on your bottle that proves you bought it here in state (OR if your crafty like me you can stock-pile those little suckers and then stick them onto bottles you get from Las Vegas or the like ;) *****

Things To Do:
-I first have to mention my favorite place to hit on a Sunday afternoon...THE PARK SILLY MARKET! It's really just a bunch of local vendors selling everything from dog shampoo to sausages to hand knitted dresses and it is a blast! There is never a lack of people watching or good music on hand and the beer garden and yummy food available doesn't hurt either.
-Open Houses are a common occurrence here in Park City on summer weekends. Rob and I tend to hold Open Houses for Rob's listings between 2pm and 5pm on Saturdays and Sundays and it seems most other Real Estate Agents follow a similar schedule. It's fun to meet new people and chat while checking out all the cool properties PC has to offer...and that's before you realize that a lot of agents put out fresh baked cookies or wine and cheese for interested visitors to their listings...
-Ride the chair lifts! All the ski resorts in Park City have their main chair lifts open during summer. For a small fee you can ride the lift up and either relax and check out the scenery and then ride that puppy right back down or once you're at the top you are free to hike or bike you're way back down....the latter option is the one for those looking to burn some calories and create some adventure ;)

So I guess, that should help out a little...for anyone who needed ideas....hopefully you are now just a bit more inspired....and if you're looking for more info, feel free to email me at rachel.peterman@gmail.com with any questions. I don't know everything but I am a know-it-all! ; Happy Friday!

A little over a week ago we held the Rocky Mountain Resort Association annual meeting here in Park City. Professionals from Aspen, Vail, Jackson, Winter Park, Steamboat, and Sun Valley just to name a few. The best and most informative part was a 3-hour session put on by NAR chief economist, Dr. Lawrence Yun. Here are the high notes that we covered in the session titled "After the Clean Up":

-Historically the US foreclosure rate is 1%. In 2008 the rate is 2%, but in the Rocky Mtn states the foreclosure rate is still under 1%.

-Areas with little sub prime exposure (i.e. Park City) are still seeing relatively good markets.

-Utah never saw the huge boom that Las Vegas, Phoenix, Miami, etc...saw. Prices here are still affordable and the job market is still strong.

-Utah is not seeing the drastic decline in prices, just in number of homes sold.

-Additional rate cuts by the Fed would be counter productive.

-Throughout the nation, home sales are at a 10-year low. There is a lot of pent up demand and fence sitters.

-There are buyers, but 80% of buyers must sell a property of theirs first.

-Builders have cut back on building, so obviously new home sales have declined. This cut back will help stabilize the market. 1.6m new homes must be built a year to keep up with the population growth. During the boom, they were building 2.1m & now they are down to 1m per year!

-Back in the early 90s a slow decline in price hurt the economy for a while. However, this bust was a rapid decline, which allows us to reach equilibrium quicker.

-The Case-Schiller price index was misleading by being too positive going into the boom, and now they are probably too negative coming out of it. These are the same valuations that Bear Sterns relied on.

-99% of all markets will see higher home values in the next 5 years.

-The purposed home buyer tax bill would get fence sitters off the fence and back into the market. While this would not have much effect on the Park City market directly, we would see the trickle down effect in the next year or so.

-All Rocky Mtn states are positive in national migration, and the long-term prospect is bright.

-Dr. Yun likes Texas, Utah, and Colorado as top performers in the coming year(s), and predicts that in the next 5 years we (Park City) will see 30% to 50% in appreciation.

Personally I agree with most of what Dr. Yun presented. However, we might not see the bottom as soon as he predicts....but here in Park City I think we will continue to see exactly what is happening now....which is a total mixed bag. Some people do not have to sell at all and they will keep their price where it is, and other need to liquidate now & are willing to take a loss. The number of sales has slowed, but it had too as we could not keep up at the pace of a few years ago. Our market is healthy, especially when compared to the rest of the nation, and the second half of 2008 will be a good time to pick up some property from a distressed speculator, or maybe just some guy that watches the news too much and is fearful...

..."...be fearful when others are greedy, and greedy when others are fearful" -Warren Buffet