Rob Alday & Rachel Peterman

Okay folks, this week looks like it could be key in the Promontory bankruptcy hearings. Today was the deadline for objections to Promontory's Disclosure Statement, and on Thursday and Friday the Court will determine the adequacy of the Disclosure Statement.

We're back from our turkey induced coma and our little trip to Florida to see Rob's family. Now we know you've been waiting on pins and needles for info on Promontory and a Market Update...so here it is already! ;)

Our market did not have much activity over the Thanksgiving period, but we did see 18 properties come on the market, 2 properties go under contract, and 8 close escrow. The notable ones are:

ACTIVE:
-Old Town lot at $500,000....nice lot that seems like the sellers are motivated
-Deer Valley home in Hidden Meadows at $1.988m; 5bd/5ba, 4355 sq ft, $456psf...not a bad starting point for a Deer Valley home.
-Deer Valley home in Upper Deer Valley at $3.75m; 6bd/7ba, 5445 sq ft, $688psf...seems a little steep, but the access to skiing and views up there are great.
-Promontory lot in Aspen Camp at $390,000....this looks like less than they bought it for!

PRICE CHANGE:
-Deer Crest home down $1.8m to $6.8m; 6bd/9ba, 12527 sq ft, $543psf...not a bad ppsf, and a significant drop.
-Promontory home down $200,000 to $2.77m; 4bd/4ba, 5096 sq ft, $655psf....still on the high side in Promontory.

CLOSED:
-Townhome on Park Ave at $440,000; 2bd/3ba, 1400 sq ft, $314psf....still looks like a good deal for the Seller!
-Escala Lodges unit at $823,500; 2bd/2ba, 1185 sq ft, $694psf.

Don't make me say it!
Don't make me say "I told you so!"
I'm serious...you have no idea how much joy I will garner from doing it

We've shown our readers some super great SCREAMIN' DEALS in the Park City, Utah area in the past few weeks - we've got more to come but you should know that some of them are still on the market...
There's one in particularthat we are pretty sure won't be sticking around while you twiddle your thumbs

So - if you or anyone you know might be the slightest bit interested in that SCREAMN' DEAL we mentioned in the Bald Eagle neighborhood of Deer Valley...you know the one - it's the property that is sits on one of the TOP FIVE PRIMO LOCATIONS in ALL OF PARK CITY....the one we all know locally as "Falcor" with it's ski-in/ski-out spot on a famous run in the best ski resort in the area...
YEAH - THAT ONE

Well, all we have to say is that it's now or never....and don't come crying to us when you miss out on this AMAZING OPPORTUNITY and then come whining to us that you missed out on an amazing ski home and investment opportunity - whoever gets this one will be gloating all the way to the bank

But don't drag your feet...there's not much time left for this and as soon as it goes you can bet we'll be creating a new category on our site called "I Told You So" where we'll post the Screamin' Deals that you missed out on so you can re-read the posts and throw pity parties for yourself for all eternity

This property is a perfect example of how in these turbulent financial times, those who can afford to buy up properties will gain tremendously from the dropping prices and overflow of inventory

But hey, do what you need to do...we'll be here to say "I TOLD YOU SO" in a couple months

Regardless...we love all our readers and can't wait to post some juicy info on Promontory and the Park City Real Estate Market in the coming days. We just hope you keep coming back for more and that all that turkey you're going to eat doesn't make you so sleepy you forget to check your favorite site...www.ParkCityWire.com everyday for the latest update!

WOW! There are lots of prices dropping and deals to be had in Park City, Utah right now...it's wonderful that we are still seeing some movement in the market and that buyers are still willing to purchase properties...even in this topsy turvey market...don't believe me? Well just take a look below....

Over the past few days we have seen 29 properties come on the market, 5 go under contract, and 5 close escrow. The notable ones are:

ACTIVE:
-Thaynes Canyon home at $2.95m; 3bd/3ba, 4670 sq ft, $631psf...a truly amazing 3 acre lot in Iron Canyon, but the home is note very desirable.....you are basically buying the land, and it's not really worth $1m/acre.
-Deer Crest home for $3.695m; 5bd/7ba, 6895 sq ft, $535psf....a pretty good deal in the Snow Top neighborhood of Deer Crest.
-Another Deer Crest/Snow Top home at $4.795m; 5bd/7ba, 10153 sq ft, $472psf....well, well - nice ppsf!
-Silver Bird unit in Deer Valley back on the market at $1m; 3bd/4ba, 2368 sq ft, $422psf....amazing views and walk 100 yards to skiing! This town-home is a good deal and the Sellers seem motivated!
-Promontory home for $4.495m; 5bd/8ba, 10759 sq ft, $417psf....nice ppsf, and this home has the best private Sports Bar in Park City in it's lower-level! No seriously...the Seller is a friend and this home has some really super upgrades, especially for those who love to watch all the football games at once...AND there's a cigar room!! AND a theater room!!!! and did I mention the circular bar? Seriously, if you're in the market for a home like this, you need to see this sparkler!

PRICE CHANGE:
-Old Town lot down $300,000 to $799,000...still needs to move down a tad.
-Deer Crest lot down $445,000 to $1.15m...if you can get this for under $1m it could be a steal!

PENDING:
-Empire Pass at Deer Valley unit at $2.499m; 3bd/4ba, 1986 sq ft, $1258psf....still a little activity in Empire during the shoulder season.
-Promontory lot at $450,000....this was another bargain basement deal at Promontory that got scooped up in about a week! These tend to move fast when they get that low in price.

CLOSED:
-Deer Valley home in Solamere for $2.465m; 4bd/5ba, 6500 sq ft, $379psf...they were asking $2.595m, so a 5% off asking...that is about par for the course.
-Tuhaye lot at $450,000...asking $450,000...looks like people are bottom feeding on land!

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!!!