Rob Alday & Rachel Peterman

Over the past few days we have seen 48 properties come on the market, 15 go under contract, and 6 close escrow. Of note:

ACTIVE
-Old Town condo on Heber Ave at $1.495m; 2bd/3ba, 2181 sq ft, $685psf...not a bad deal for this nice place...walk to everything including Town Lift!
-Old Town home at $1.495m; 4bd/4ba, 3106 sq ft, $481psf...nice deal and these Seller's finally got real. It was on the market a few months ago at $2.1m.....this would be a great property to pick up!
-Deer Valley unit for $1.495m (looks like this is the price of the day); 3bd/4ba, 3106 sq ft, $481psf...nice deal here too for a unit with ski access!
-Glenwild lot at $1.05m...on the golf course and has ski run views!
-Promontory lot in Sunset Ridge at $299,000...this looks like a short sale and is a good deal!

PRICE CHANGE:
-Lookout at Deer Valley down $350,000 to $4.1m; 5bd/6ba, 6182 sq ft. $663psf....good ppsf.
-Bear Hollow townhome down $40,000 to $585,000; 4bd/4ba, 2180 sq ft, $268psf...properties that have been priced right seem to move in Bear Hollow.
-Deer Crossing lot in Promontory down $400,000 to $950,000.
-Tuhaye home down $800,000 to $3.599m; 4bd/6ba, 7650 sq ft, $470psf...nice ppsf.
-Tuhaye lot down $385,000 to $985,000....nice pick up.
-Another Tuhaye lot down $250,000 to $499,000....some sellers at Tuhaye seem to be getting antsy!

PENDING:
-Aspen Springs home at $2.3m; 5bd/7ba, 6000 sq ft, $383 sq ft.
-Thaynes Canyon home at $899,000; 3bd/3ba, 3813 sq ft, $235psf...this is on one of the best lots in Park City, and was a good buy....the home needed a remodel!
-Deer Valley lot for $1.795m....Upper Deer valley lots are a rare find.
-Promontory home at $2.295m; 4bd/5ba, 4500 sq ft, $510psf...good to see that activity at Promontory.
-Tuhaye lot at $575,000....nice to see some land moving.

CLOSED:
-Deer Valley lot in the Oaks for $935,000...nice price for the Seller!
-2 Escala Lodges units at the Canyons. A 2bd, for $1.025m, and 1500 sq ft. Also a 1 bd, for $560,000, and 885 sq ft.

Just in the past few days we have seen 2 homes go under contract at Promontory.
Maybe the activity can be attributed to the reorganization plan...but that has not been agreed upon by the court...so then again, maybe not.
None the less, any activity is good to see. I would have to imagine that there is some pent up demand due to people holding off until the bankruptcy is settled....Not to say that the market at Promontory will do a one-eighty when the bankruptcy is finally settled, but I would look for a good bit more activity than what we saw this summer.
People who have been looking for a while know that the project has value, will be a good long term investment/second home, and that now is a good time to be a Buyer in the market at Promontory. Maybe it will take a year for the "blackeye" of the bankruptcy to clear or maybe it will take 3 years...Nobody can predict that with certainty, but over long-term it will be a jam up project.

The two homes at Promontory that went under contract are:
-West View home at $1.599m; 4bd/6ba, 5968 sq ft, $400psf....views of all 3 ski resorts
-Another home in the West View neighborhood at $2.295m; 4bd/5ba, 4500 sq ft, $510psf...nice views here too!

The Screaming Deal is also at Promontory, and in a similar location as the 2 above:

-Short sale at Promontory down to $899,000; 4bd/6ba, 5339 sq ft, $168psf...nice views, backs to open space, easily worth somewhere in the mid-$1m's, needs landscaping, but an awesome deal!!!

Over the past week we have seeesaten 71 properties come on the market, 20 go under contract, and 14 close escrow. Of note:

ACTIVE:
-Aspen Springs lot at $895,000....great views in an area where lots rarely come available.
-Deer Valley home at $1.995m; 5bd/5ba, 4286 sq ft, $465psf....not too bad of a deal in an area that has seen its prices hold up relatively well.
-Deer Valley townhome at Silver Lake at $829,000; 3bd/2ba, 1576 sq ft, $526psf....great price for the location and rental income.
-Flagstaff unit at Deer Valley's Empire Pass for $3.06m; 3bd/4ba, 2140 sq ft, $1430psf...it should be an interesting winter as far as sales at the ski in/ski out properties.
-April Mountain home at $1.375m; 4bd/4ba, 2925 sq ft, $470psf....not a bad starting point for this one, and it is in a great location....close to Deer Valley and Main St.
-Development opportunity at the Canyon's for $9.5m; 25 steps from the Frostwood Gondola. Plans approved for 123 units. Includes pre-sale reservations. Amenities already completed in Phase 1 include: pool, hot tub, front deck & check in, spa, business center, theatre and more. Plans are almost completed. Seller financing available. Seller to consider J.V. partner to build the project....could be a good opportunity for the right investor/developer.
-Glenwild lot at $575,000....good deal on this one.
-Promontory home for $2.7m; 5ba/6bd, 6700 sq ft, $403psf...the lower homes in Promontory have dipped well below the old $500psf mark!

PRICE CHANGE:
-Deer Valley condo down $55,000 to $995,000; 4bd/3ba, 2765 sq ft, $360psf...this unit has rental income over $80,000!
-Flagstaff unit in Deer Valley's Empire Pass down $200,000 to $3.36m; 3bd/4ba, 2140 sq ft, $1570psf.
-Thanyes Canyon home down $300,000 to $1.995m; 4bd/5ba, 4200 sq ft, $475psf....maybe still a little high.
-Newpark unit down from $617,500 to $557,500, 2bd/2ba, 1042 sq ft, $535psf....still too high!
-Glenwild home down $800k to $2.495m; 4bd/5ba, 5000 sq ft, $499psf....looks like these folks really want to sell.
-Promontory home down to $899,000; 3bd/6ba, 5339 sq ft, $168psf....DEAL OF THE WEEK!

PENDING:
-Arrowleaf unit in Deer Valley's Empire Pass at $2.375m; 3bd/4ba, 1996 sq ft, $1190psf....not a bad deal.
-Mountain Ranch Estates home at $1.975m; 5bd/5ba, 5460 sq ft, $362psf...nice ppsf.
-Promontory home at $1.6m; 4bd/6ba, 5968 sq ft, $268psf....great deal for the buyer!

CLOSED:
-Pinnacle unit in Deer Valley at $912,000; 4bd/4ba, 3530 sq ft, $258psf...another good deal.
-Bear Hollow unit at $299,000; 3bd/2ba, 1155 sq ft, $259 psf...great deal!
-Another Bear Hollow unit at $340,000; 3bd/2ba, 1330 sq ft, $256psf....not bad here either

Below is a brief recap of what has taken place over the past month in the Promontory bankruptcy hearings.

As you will see, a reorganization plan that is headed up ny Credit Suisse has been proposed by Pivotal , but nothing has been agreed upon. The agreement will hopefully take place after Thanksgiving. The way it sounds, Pivotal (the original owner of the project) seems to be mostly cut out when it comes to the future of Promontory.

Here is the recap and schedule of future events:
January 31, 2009 - Target date for emerging from Bankruptcy.
December 5, 9:00 am - Continued Disclosure Statement Hearing (if necessary).
December 4, 9:00 am - Hearing on adequacy of Promontory's proposed Disclosure Statement.
December 1, 4:30 pm - Deadline for objections to Promontory's proposed Disclosure Statement.
November 7 - Promontory's Bankruptcy Plan and Disclosure Statement (let us know if you'd like to see these documents as we have them and are happy to discuss) was amended on Monday, November 10
November 3 - Pivotal Promontory TRC, LLC (subsidiary of Utah 7000, LLC, which holds liquor licenses for Promontory debtors) filed bankruptcy for convenience of reorganization plan.
October 31, 11:45 pm - Promontory filed its proposed reorganization plan and disclosure statement. Neither is in final form. The Committee anticipates that both will be amended by November 10. The current version of both documents are posted on this website, above and to the left of this comment.
October 22, 2:30 pm - Hearing stricken: Rescheduled hearing on Promontory's motion to assume Sales Center, Park City, and Deer Valley leases. (Credit Suisse has withdrawn its objection, and Promontory's motion will be approved).
October 20, 7:30 pm - After Committee voted to support Promontory's assumption of the Sales Center, Park City, and Deer Valley leases, Credit Suisse withdrew its objection.
October 16, 9:00 am - Hearing stricken. Bankruptcy Court heard arguments about Promontory's plan to assume Park City and Sales Center Leases on October 22 at 2:30 pm.
October 15 - Credit Suisse objected to Promontory assuming Park City and Sales Center Leases.
October 10, 9:00 am - Hearings stricken. Hearings on (i) Second Lien Lenders' Proof of Claim Stipulation with Promontory, and (ii) Acushnet's Application for Allowance and Payment of $7,910 Administrative Expense Claim. The Stipulation was approved, there being no objections, and the Application was granted.
October 9, 9:00 am - Credit Suisse and Promontory resolved their differences and the hearing on Credit Suisse's Motion to Compel Document Production by Promontory was cancelled.
October 7 - Promontory proposed to assume its leases of (i) Sales Center, (ii) Deer Valley, and (iii) Park City. Promontory also proposed to take more time to decide whether to assume or reject its lease of a Cabins model home.

Feel free to contact us at (Rob) 435.729.0022 or via email robalday@yahoo.com for more information about Promontory in general.

Friday! Friday! Friday!
Yep, it's finally here!
Don't get me wrong, I love my job and all...but sometimes the weekend just feels so good...
Even here in our little hamlet of Park City, Utah there is lots to do.
People who haven't been to Utah often get the impression that the "state is dry" or that "it's hard to get a drink" here....or that "there's no bars or night life"....but that - my friends - is simply not the case!

And to prove it to you, I will now present you with a list of things to do on Friday night in Park City...and if you have anything to add, feel free to comment and let us know...we can't be everywhere all the time and there might (just maybe) be a few things to do we've missed...but I doubt it

Things To Do On Friday Night in Park City, Utah:
-Go to Jean Louis' Restaurant at Heber Avenue and Swede Alley just behind Main Street....Jean Louis' (or JL as us groupies like to call it has a great bar area where you can usually slide up and order a drink from the friendly and helpful staff...JL also has some TERRIFIC food options on their ever morphing menu...I usually order wine when I'm at JL but a Grey Hound or a Kettle and Soda with Lime does the trick too...and as for the menu items...well I love the Garden Vegetable Salad or the Veal Piccata...but mostly the whole menu makes me salivate and the atmosphere is pretty wonderful as well. For a nice cozy yet socially energized evening, try Jean Louis...we'll be at the corner of the bar waiting for you! And during the slow season there are deals to be had at JL - just look in the Park Record

-Sushi! Sometimes, on a Friday you just feel like getting a group of friends together and going out for some sushi and sake...and in Park City you have a few choices - you can hit Flying Sumo for a fun atmosphere and great Tuna Nachos...or Oishi where you can sit at the sushi bar and get half off rolls in the off season...or try Yuki Arashi for a more modern and upscale feel...and when it comes to sake with your sushi, Utah is great because you are free to buy sake at the local liquor store and bring it with, then all you have to pay for is the corkage fee...which is minimal - this is a great option available by law in all restaurants and it can save you money - especially when you can eat as much sushi as I can

-Stay in!...get a blanket, light a fire, get a movie on-demand or cozy up to a book...pop a bottle of wine, and dial up Speedy Fernandez to order take-out from a great list of restaurants in town. When you're hanging out in a ski town there's nothing like staying in every now and then, putting on comfy clothes and resting up to rip some crazy turns on the mountain the next day...we love to use Speedy Fernandez for delivery from local restaurants because he delivers from some of our favorite places....AND Mr. Fernandez and his team are super nice and accommodating and love to make their customers happy...you don't know how to reach old Speedy??...have no fear - his number is 435.631.0040 or 435.631.0032...and you can get to the list of restaurants that he delivers from via this link I recommend Nick's Greek Cafe or El Chubasco but then again Cafe Trang and Butcher'sare always delish as well...and don't forget to tell Speedy that Rachel sent you...then you'll get the extra special treatment! ;)

-"Dancing" you say? Really, you want to go dancing after all that outdoor exercise? Well, sure...I mean of course, we have Harry O's for all you dancing queens and you won't be sorry if you try it! Harry O's is located right in the middle of Main Street and it offers the best dancing and club scene in town...They have great musical acts come through in the busy season and there's always a lot of people watching to be had...Now if you go in to Harry O's and you see a young man on the stage in a suit and tie, that's most likely Costa...you'll know him because he'll be yelling into the mic to rev up the crowd...I don't think he ever sleeps ;) and then there's the dancing girls on the bar who have that miraculous lack of cellulite that mesmerizes the regular girls like me...so if you're in the mood to party...Harry O'sis the place to go - just try and stand there near the bar and not be magnetically pulled to the dance floor! We dare you! But be warned - this place is certainly a club scene and you have to be in the mood to really enjoy it.

Okay, that's all I've got for now. Have a great weekend and watch for our next posts...I promise Rob will be getting you some nice, useful Market Updates right away because we know how you all eat those up!

Happy Friday!