Promontory Club Real Estate News

Taken from www.promontorycommittee.com

April 17, 2009 - Court hearing to confirm auction results.

April 15, 2009 - Auction among qualifying bidders.

April 13, 2009 - Deadline for Bids by bidders with the financial wherewithal to, among other things, close the sale transaction and sustain Club operations pending a resumption of lot sales.

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March 19, 2009, 2:58 pm - Pursuant to the Plan, Credit Suisse gave the parties notice that it is unable to obtain the Exit Financing necessary to implement the Plan by the Effective Date. Consequently, as provided for in the plan, there will be an auction on April 17, 2009.

To participate in the Auction,…

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Promontory Club News & Updates

Promontory and Lien Holders Reach Agreement for Reorganization
On February 9, 2009, Promontory's operating companies, its secured lenders and the Promontory Unsecured Creditors Committee (comprised of Promontory Members and Owners and other unsecured creditors) reached agreement on a joint plan of reorganization for Promontory. This plan sets the stage for the resolution of the involuntary Chapter 11 bankruptcy proceedings brought against Promontory by a group of its second lien lenders last March.

The plan provides for the first lien lender group headed by Credit Suisse to form a new entity that will take ownership of Promontory's operating companies, subject to Credit Suisse's arrangement of exit financing. This plan,…

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ROCKY MOUNTAIN RESORT ALLIANCE Part 3

Continued from Part 2.

Teton County, WY (Jackson Hole)
Only 3% of Teton County is private, with the remaining 97% not available for any type of private development. The population of Jackson Hole is 9000, with the total population of the county is 20,000. New improvements this year include a brand new tram at Jackson Hole resort. As in Park City, most of the area businesses are fully staffed, although those staffing levels are well down from previous years. For example, the Four Seasons expected to employ 275 seasonal workers, but instead are making due with just 125 seasonal workers, with the extra work being picked up by salaried employees. Anecdotally, in previous winters the want ads in the local paper…

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ROCKY MOUNTAIN RESORT ALLIANCE Part 2

Continued from Part 1

Aspen, CO (Aspen Mountain, Aspen Highlands, Snowmass and Buttermilk)
The Aspen Board of REALTORS® has lost about ten percent of their REALTORS® in the past year. Right now they have a three year supply of condos on the market, and their dollar volume was down about 40% in ’08 compared to ’07, while the number of transactions were down about 38% (thus average price is down slightly). However, prices are still very high compared to our market. For example, the Little Nell at the base of Aspen Mountain is under reconstruction turning it in to a condohotel. Most of the units were presold with prices up to $3.5 million - for a 1/8 share!

Park City, Utah
Headlines: Ski Magazine names Deer…

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ROCKY MOUNTAIN RESORT ALLIANCE

WINTER MEETING, JANUARY 2009

Mark Seltenrich and Bridgett Murphy, Directors for the Park City Board of REALTORS recently returned from the annual winter meeting for the Rocky Mountain Resort Alliance (RMRA) held in 2008 at Winter Park, Colorado. There were three sessions over the two days of meetings, including a panel discussion from representatives from Winter Park, Vail, Jackson Hole and Sun Valley, a panel discussion from representatives of the respective Boards of REALTORS® for all resorts attending, and a RMRA business meeting. As you might expect, sales numbers and volume are down in 2008 compared with 2007 at all member resorts. Most resorts are experiencing the same conditions as we are here in Park City,…

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Park City Real Estate Market News

Originally Posted on November 4, 2008 - 654 Views.

24 October 2008 (Park City) – The Park City Board of REALTORS® reported today that the median sales price of a single-family home in the greater Park City area – which includes Summit and Wasatch counties – in the first nine months of 2008 showed a slight 3 percent decline to $653,750, down from $674,500 in the same nine-month period in 2007.

"The national economic downturn is affecting home prices in Park City," said Tyler Richardson, president of the Park City Board of REALTORS®. "However, the decline in home prices in Park City is small compared to falling home prices in many other parts of the country, which in some cases are witnessing drastic price…

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Park City Home Seller Tips

Selling in a buyer’s market

The price of homes has been significantly impacted from recent economic conditions during 2008. Home prices have dropped considerably across most of the country. However, depending on location, this does not mean some sellers won’t get a decent price for their home. The sale may take longer than usual, but a little creativity can help them move a home without having to drop the price too much. 

Here are some suggestions for sellers who want to speed up the process.

Nip and tuck. If a repair is required, it is a good idea to go ahead and fix the problem. Potential buyers will cast an extremely critical eye over your home and in a situation when more houses are available on the market to choose…

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Caught in between selling and buying a home? We have tips on what to do.

Trying to sell a home and buy one at the same time can be a challenging task. Many home buyers find themselves caught in a difficult position as they often cannot place an offer on a desired home and simultaneously sell their current one.

Below are some tips on how to close the gap between buying and selling a home:

Consider bridge loans. A bridge loan means borrowing from the current home's equity until the proceeds from its sale are obtained. Some bridge loans require that only the interest be repaid; others mandate a single payment of interest and principal when the loan needs to be paid back. If protracted, bridge loans can be expensive, so it is best to use them for…

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PARK CITY REAL ESTATE MARKET FUNDAMENTAL FACTS

The global economy may dip and soar, but life in Park City remains pretty stable. While we can’t claim total immunity from external economic pressures, this localized real estate market is a safe harbor to weather the storm. Why? The fundamental attractions of Park City—world class recreation, a comfortable year-round climate, convenient access and a strong sense of community—are unwavering. Together, these fundamentals will continue to create growth and stability in our market, long into the future.

*** Scroll down to view all facts! ***

Convenient Access

Not only is it a snap to get around in Park City with our free, kid-friendly bus system, but getting here in the first place is also incredibly…

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PARK CITY REAL ESTATE MARKET FUNDAMENTAL FACTS - Part 2

Continued from Part 1.

A Multi-Faceted Market

The Park City community actually comprises two markets in one. Of course, the area’s myriad resort and recreation offerings make Park City an ideal second home market. From historic district condominiums to slopeside estates, much of Park City’s real estate is owned by second home residents. However, to a much larger degree than many other resort communities, Park City also has a strong and steady primary home market. This year-round community is populated with a devoted and diverse group of local residents who give the town its colorful and unique character. These local residents comprise an entirely separate real estate market of primary,…

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