Deer Valley, UT

Park City real estate, like else where in the country, is experiencing a buyers market. Most of the people I have been working with lately are in search of a "great deal". To many people this means a property that is priced below previous sales. This is certainly one element to consider but we have also been finding value in another area; the remodeled property that is priced at or just slightly above previous sales.

When the market was in its frenzy with multiple offers and not enough sellers many people saw the increased equity in their Park City home or condo as an opportunity to renovate their home. Investors jumped into the market with the intent to buy, fix and flip a unit. But markets change and some investors entered the market at the end of the cycle. As a result there are properties in most areas that have undergone extensive renovations and can be a much better value than one that is just "priced to sell". You may be able to buy that "fixer upper" at a discount but after your remodel will you still come out ahead? The answer is often no.

We think you can find some strong values in investor owned properties. These people, while seeking to maximize their returns, may be willing to break even or sell at a loss in an effort to free up their cash and "keep their money working" via other investment opportunities. Some people, myself for instance, who have remodeled their primary residence will usually decide to stay put unless they have to relocate for work. See blog post of April 21, 2008

The advantage of buying remodeled homes and condos is two fold. If you decide you want to own it long term you don't need to do much to bring it up to today's standards; it already has the granite counter tops, fresh paint, new carpet and nice cabinetry. So, when the market moves up and you decide to sell the property it will be positioned ahead of those that have not undergone the renovation. In the interim, you don't have to do the work and/or live in a construction project.

So when you are having the http://www.youinparkcity.com/ group help you find a best buy in the Park City real estate market don't be surprised if one of the opportunities we uncover isn't necessarily the least expensive.

St. Regis Resort & Residences, Deer Crest

Construction Update:
Closing Day at Deer Valley Ski Resort.

Years ago, we watched the excavation of the site at the top of Portugese Gap where the St. Regis tower will be located.

In the months ahead, the top four stories-the St. Regis Residences-will begin to take shape.

Is Deer Valley the Dubai of the Rocky Moutnains? Here's the rest of the St. Regis Deer Valley story...

Even though it's still snowing in Park City, Utah...

Deer Valley Resort Wrapped Up a Phenomenal Ski Season April 13th.

We couldn't resist a day of spring skiing on Deer Valley's closing day.
And what a spectacular day it was...Not a cloud in the sky, and no crowds on the lifts.

Check out the huge cornice at the top of the Daly Chutes on April 13th!

Average base depth of the snow-pack on closing day was a whopping 131 inches...not a brown muddy patch to be found anywhere on the ski runs, even at lower elevations like Deer Crest (see below photo).

Click here for photos and updates about all new real estate developments in Deer Valley, Utah.

Record Land Sale in Deer Valley, Utah

It doesn't seem like the smart money is too worried about the national "mortgage crisis" having a big impact on Deer Valley real estate values.

Deer Valley just witnessed the most expensive single-family residential lot sale to date...

The lot was a resale lot that was originally purchased from the high-end developer Talisker three years ago.

Lot #22 Red Cloud just sold for a cool $5 mil.

Check out the view from lot 22 in this photo to the right:

What does $5 million buy in Deer Valley?

Click here for the rest of the Red Cloud Deer Valley story or to see other parcels available for sale in Red Cloud.

Ultra Luxury Hotel Under Construction in Deer Valley, Utah

Montage-One of the world's most famous luxury hotel brands, just broke ground on an incredible new hotel-residence property in Deer Valley, Utah.

The Deer Valley hotel is the third property in Montage's collection of distinguished luxury hotels, resorts and residences.

Montage properties are known for their breath-taking natural locations, impressive design, unique ambiance, and the highest quality services and amenities.

Here is the rest of the story about Montage in Deer Valley