Rob Alday & Rachel Peterman

UPDATE ON PROMONTORY BANKRUPTCY SITUATION

Late last Friday night the attorney's for Pivotal Group, the developer of Promontory, filed their plan of reorganization with the Bankruptcy Court. Because we know you do not want to wade through the 175+ pages of legal jargon, here are the highlights:

-A new entity will be formed to take over the development
-The new entity will be headed up by Credit Suisse.
-The original development plan will stay in place. This means the 2 to 3 remaining golf courses and other amenities will still be part of the plan.
-Certain employees will remain.
-Lot sales will resume and sales prices must be at a certain level....no fire-sale....good for all us members!

That is the basic jist of it. The creditors have the next month to look at it, then their objections will be heard around Dec. 4, 2008. Promontory looks to emerge from bankruptcy in January 2009. The next few months will be prime buying time, if you are looking to get involved in the development long term! It truly is a spectacular place!

The questions that remain are:
-What will Pivotal's role be moving forward?
-What entity will run the clubs operations?

Stay tuned for more information.

It's snowing like mad here in Park City today! It's been coming down since yesterday and we've got at least a foot now! Not too shabby...
There's definitely a good base coming in for the ski resorts and the snow machines are on full blast adding to it.
There's a wonderful excitement in the air in Park City what with the new results of the presidential election and the whiteout we're having with all the glorious powder we can't wait to ski on.

If you're happy about the election results or not, you can take heart in the positive thoughts of a ski vacation in Park City, Utah. As most places in the United States start to turn to cool and grey weather this time of year, Park City is building it's snow up on the tops of the mountains as well as on the rooftops and trees. It's already a winter wonderland here and I couldn't be happier to be right where I am. Why don't you come visit? ;)

Speaking of a visit to Park City, we wanted to mention again a little note about A B O D E - the exceptional and simple care-taking service that we're introducing this season. A B O D E is a service for home owners in Park City who would like assistance with the care-taking and management of their property as well as comprehensive high-end concierge services. A B O D E seeks to provide it's clients with the basic property management needs to the utmost luxury level along with multiple and varied additional services. This service gives our clients one place to come to for absolutely anything they need while they're here in Park City with their friends and families.

If you think you might be interested in becoming an A B O D E client feel free to click on the link in the sidebar to the right. Also, there is a link to the A B O D E page on this site with specific services listed and more details. And if that's not enough, feel free to email us at robalday@yahoo.com or call us at 435.729.0022.

Now time for a market report.

Over the past few days we have seen 44 properties come on the market, 10 go under contract, and 17 close escrow. Of note:

ACTIVE:
-Old Town home at $1.795m; 3bd/4ba, 2820 sq ft, $636 psf....built green, and not a bad ppsf.
-Another Old Town home at $3.25m; 5bd/7ba, 4700 sq ft, $691psf....seems a little steep.
-Deer Valley lot in Solamere at $975,000...there is always a demand for Deer Valley lots, but what price will the buyers be willing to pay in these times? My guess is lower than this price.
-Promontory home at $2.195m; 4bd/5ba, 4450 sq ft, $493psf....not a bad price and the most activity at Promontory seems to be in the lower priced homes.

PRICE CHANGE:
-Old Town lot down $100,000 to $500,000...still a little high, but going in the right direction.
-Deer Valley lot down $350,000 to $745,000....a steal! Seller's say bring an offer!
-Promontory home down $700,000 to $4.5m; 6bd/7ba, 7995 sq ft, $563psf....still too high. These days it does not seem the $500psf rule is holding up at Promontory. We love the development, but prices seem to be under $500psf.
-Another Promontory home down $500,000 to $1.997m; 4bd/4ba, 5043 sq ft, $396psf...this is a good deal. On the golf course, good views, and aggressive ppsf.
-Tuhaye cabin down $900,000 to $725,000! 4bd/4ba, 3188psf, $227psf....this is the deal of the year!

PENDING:
-Old Town home at $658,000; 2bd/2ba, 1450 sq ft, $453psf...nice lot
-Deer Valley home at $1.568m; 4bd/4ba, 4305 sq ft, $364psf...this one came down $350,000 from the asking price and as soon as they lowered the price to the bottom floor it was under contract in a month and a half. This is what we are seeing the market place.....Buyers want deals!
-Tuhaye lot at $450,000....good to see land moving. Seems like people are picking up the lower priced Tuhaye inventory.

CLOSED:
-Deer Valley home at $1.705m; 4bd/5ba, 5573 sq ft, $305psf....nice deal.
-Park Meadows home at $840,000; 4bd/5ba, 3576 sq ft, $234psf....another deal where the price was lowered to the bottom floor and it sold.
-Newpark unit at $390,000; 2bd/3ba, 1483 sq ft, $293psf

the tail end of Fall

Just a quick reminderto Park City locals that if you're interested in getting the locals price on Deer Valley ski passes or even coupon packages...you better get in gear and do it soon...October 31st is the deadline for Deer Valley. I'm not sure of the deadlines for PCMR or The Canyons but I'm sure theirs are approaching as well...Let us know that you got your pass or coupons and Rob and I will meet you out on the slopes...I'll be the one in the neon dragon ski pants! ;)

Now for something slightly more relavent to the current news topics:
Both presidential candidates have announced plans to help voters deal with the challenging housing economy.

Here are their ideas as posted on their election Web sites:
Sen. John McCain:
-Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments.
-Reform financial and lending systems to prevent a repeat.
-Require participating lenders to forgive part of sub-prime borrowers' loan principals and place them into new 30-year Federal Housing Administration loans.
-Give financing to municipal and civic groups trying to solve problems within their own communities.

Sen. Barack Obama
-Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions.
-Crack down on mortgage fraud.
-Give a mortgage credit to those who don't itemize deductions.
-Create a fund to help homeowners who face foreclosure refinance.
-Allow bankruptcy courts to modify a home-owner's mortgage payments.

Hmmmmmmm, interesting...what's your opinion on this topic? We'd love to hear feedback on how our readers interpret these points and how the two candidate's ideas resonate...

Rob will be posting an update in a few minutes so stay tuned!

The weather is turning a bit nippy here in Park City....we're nearing the end of Fall and heading into our beloved Winter! You can feel it in the air...the townies are restless ;)
But before we all start stretching out hammies and waxing the skis we'll have to focus on Halloween and then Thanksgiving for a while. Halloween in Park City is a BLAST! Not only do we have just TONS of fun parties to attend and crazy people all dressed up to watch, but we've got the annual Howl-o-ween Dog Parade down Main Street...want details on this? Just check out our Moutain Do's page! I've recently gotten a involved with Friends of Animals in Park City. They are a wonderful organization which helps animals who needs homes in the area. If you'll be in town this Winter or if you're a local, feel free to email me or check out thier site for more information. It seems like a terrific group to me! That's all from me for now, here's Rob's all-important update, which I know all our readers adore!

In the past few days we have seen 29 properties come on the market, 10 go under contract, and 14 close escrow. Of note:

ACTIVE:
-Royal Plaza condo at Silver Lake in Deer Valley at $689,000; 1bd/1ba, 945 sq ft, $729psf.
-Arrowleaf unit in Empire Pass at Deer Valley for $2.375m, 3bd/4ba, 1996 sq ft, $1190psf....a tad steep in this buyer's market.
-April Mountain unit at $1.299m; 4bd/4ba, 2882 sq ft, $450psf...these are great townhomes with good views, and close to everything.
-Colony lot for $2.399m....seems steep at this date in time.

PRICE CHANGE (still a ton of properties re-adjusting price):
-Thaynes Canyon home down $200k to $899,000; 3bd/3ba, 3818 sq ft, $235psf....great lot, one of the best in town! home needs some lovin' though....a perfect remodel situation.
-Deer Valley home down $195,000 to $2.3m; 5bd/5ba, 7500 sq ft, $307psf...priced to move!
-Deer Valley townhome in the Silver Lake area down $150,000 to $1.05m; 3bd/3ba, 2137 sq ft, $491psf...nice views, but for the place needs a remodel so they need to come down a little more.
-Glenwild home down $400,000 to $2.99m; 4bd/5ba, 6276 sq ft, $478psf....big price drop here! Even the ever-so-hot Glenwild has cooled.
-Promontory home dropped $400,000 to $1.99m; 4bd/5ba, 4826 sq ft, $413psf....prices are starting to dip well below that $500psf mark.

PENDING:
-Old Town lot at $399,000.....the $500,000 Old Town lot #s are not holding up.
-Old Town unit on Park Ave at $350,000; 3bd/2ba, 1066 sq ft, $328psf...not a bad deal for the buyer.
-Ranch Place home at $849,000; 4bd/3ba, 2602 sq ft, $326psf.

CLOSED:
-Silver Star unit (ski in/out at Park City Mtn Resort) at $2.2m; 4bd/6ba, 3782 sq ft, $587psf....these units continue to move.
-Park Meadows townhome at $1.075; 3bd/4ba, 3580 sq ft, $300psf.
-Jeremy Ranch townhome for $1.284m; 4bd/5ba, 4107sq ft, $313psf...Seller got a good price here!

Snow Capped Mountains

Fall Colors and Snow Capped Mountains

The Last of Park City Fall

here is an update:
Over the past few days we have seen 23 new properties come on the market, 12 go under contract, and 16 close escrow....If you look at the past market reports you will notice that if you add the pendings and closings together they are close to equaling what is coming on the market. Not that everything that goes under contract closing, but an interesting trend that we have going!

The high points from the past few days are:

ACTIVE:
-Old Town home at $969,000; 3bd/3ba, 1300 sq ft, $745psf....a little high on the ppsf for a fixer-upper, but great location!
-Deer Valley brand new home at $2.345m; 5bd/7ba, 5846 sq ft, $401psf...this one is priced to sell.
-Colony home for $8.095m; 5bd/6ba, 8614 sq ft, $940psf...a little high.
-Glenwild home at $2.95m; 4bd/6ba, 5800 sq ft, $509psf....priced to sell as well.

PRICE CHANGE:
-Old Town home down $500,000 to $1.895m; 3bd/5ba, 2558 sq ft, $741psf...I know the half-million dollar price reduction looks like alot, but people can start the price off wherever they want too....obviously this started WAY too high. When it hits $650psf it will sell.
-Park Meadows home down $140,000 to $955,000; 3bd/3ba, 3370 sq ft, $284psf....nice home and could have 4 bedrooms. if needed.
-Bear Hollow townhome down $45,000 to $419,000; 4bd/3ba, 1940 sq ft, $216psf....this is a good deal and uses all of that square footage!

PENDING:
-Snow Flower unit at Park City Mountain Resort (ski in/out) fro $649,000; 2bd/2ba, 980 sq ft, $662psf...these rent like crazy!
-Greyhawk unit on Deer Valley Dr at $439,000; 2bd/2ba, 1027 sq ft, $427psf...nice location.
-Black Diamond Lodge unit at $3.3m; 3bd/4ba, 2861 sq ft, $1153psf...strong ppsf for the Seller!
-Tuhaye lot at $625,000....nice to see some land move.

CLOSED:
-Old Town home (next to the Town Lift...Park Place) at $2.492m; 2bd/2ba, 2800 sq ft, $890psf....these were all supposed to be around $1200psf....hmmmm?
-Tuhaye lot at $595,000.
-Promontory home at $1.35m; 4bd/5ba, 4306 sq ft, $314psf....there is still some activity at Promontory, but well below the average prices! The deals will continue until the bankruptcy continues...maybe the first of the year