Two years ago two leading property management companies doing business in Park City went out of business.  Their downfall led to many unpaid bills to local vendors and to the owners of the properties that the companies managed.

            Recently the Summit County attorney has determined that according to the laws of the state, the firms did nothing illegal in not paying home and condominium owners their share of rental revenues. He was quoted as saying “It was bad business practices. Horrible decisions were made, but it was not fraud.” Utah law and the contracts signed by owners allow for the co-mingling of funds and code leaves the oversight of nightly rental managers to local authorities. Other states require that the owners revenue share of nightly rentals be places in a trust account. Local Park City authorities as well as Utah lawmakers have no plans in changing the current laws.

            One of the local property management companies quietly went away while the other has been the object of much ill will and speculation as to where the money went. The bankruptcy of Premier Resorts of Utah dba Deer Valley Lodging (not associated with Deer Valley Resort) left creditors and homeowners with unpaid bills totaling about $13 million. Since the company did not hold real property or many assets, it appears that most of the creditors will go unpaid as the bankruptcy concludes.  Premier Resorts owners have been “tight lipped” about where all of the money went. It appears that while what happened was criminal, it was not illegal.

            The YouInParkCity.com group encourages Park City home and condominium owners to carefully read property management and nightly rental contracts before placing their properties into rental pools. Make sure you understand not only splits, fees, rental rotations and possible revenue sharing or equalization strategies; but also how the property will be marketed and how and when revenues will be dispersed.

            A 160 acre estate complete with luxury home, guest house and barn is to be sold at auction to the highest bidder Tuesday February 22. This estate is currently listed for sale on the Park City MLS for $17,500,000. The auction has no minimum bid and the seller has agreed to accept any offers above $8 Million (there is a 10% buyer’s premium to be added to the sales price).

            This luxury estate features a main residence of approximately 13,000 sq ft with six bedroom suites, seven full and 5 half baths. Beyond the impressive entryway the home opens up to high ceilings and fantastic views. The gourmet kitchen provides and understated country feel capable of both elegance and casual comfort. The master suite encompasses 1000 sq ft including a saltwater spa in a grotto like setting plus sauna, his and hers closets, exercise room and wet bar.  Seven stone fireplaces assure that warmth and ambiance can easily be found throughout the home.

            The estate lies within the private gated community of Wolf Creek Ranch. The community is comprised of 14,000 acres that border the 2.2 Million acre Uinta National Forest. Over 50 miles of maintained trails run throughout the community. Over 100 acres are devoted to common areas which include a 6000 sq ft Owners lodge, 3000 sq ft community guest house and four yurts.  All of this is only minutes from Park City, Utah and just over an hour’s drive from Salt Lake International airport. The nearby airport in Heber can handle small private jets. A helipad near the front entrance to the community offers quick access to this National Park like get-away.

            The custom furniture that adorns this luxury get-away estate are included to make this estate turn-key and ready to become part of your family legacy and memories.

            True custom luxury estates with the accessibility of nearby destination resorts are seldom transferred but usually handed down among family members. This auction may be the perfect opportunity to obtain a legacy property. For more information contact a Park City realty professional with YouInParkCity.com.

          This auction was cancelled. Bidders showed for the auction, but none were willing to bid above the $8M minimum.

             A look at sales for 2010 shows that the Promontory Club area of Park City was one of the sales “hot spots”.  87 Homes and Vacant Lots were sold in the Promontory area during 2010. This accounts for over 9% of all the sales in the greater Park City area for the year.

            To date there have been about 800 lot sales in Promontory and there are currently about 300 completed homes with another 25 under construction. The Promontory area was hit hard by the economic downturn, but recent indications show that investors and value shoppers are buying the deals up quickly. The developer is waiting to release new areas and building lots when they feel that prices and inventories warrant new product.

            Promontory executives currently consider any lot priced under $300,000 or home priced at less than $300/sq ft to be a distressed sale.  Given these parameters, all but one of the 52 lots that sold last year were distressed, and nearly 70% of the 35 homes that sold last year were distressed properties.

            A look at the current inventory shows an inventory level of slightly more than one year for vacant lots, but most still fit within the developer’s distressed category (there are 64 lots for sale in Promontory and 50 of them are priced under $300K, ten are actually under $100K).  Current available Single Family Homes in Promontory total 74 including 4 bank REO’s and 8 short sales with a total of 19 being offered at less than $300/sq ft. The offerings in the distressed category (less than $300/ sq ft) represent less only 10 months worth of inventory at last year’s absorption rate. To put this number in perspective, the absorption rate for Park City as a whole is over 24 months.

             So far this year, 8 sales have closed in the Promontory area of Park City and there are 20 sales pending. Current trends show prices within Promontory on the rise and inventory levels falling. The deals are getting harder to find and Buyers need to react quickly.  Current levels of distressed homes in the greater Park City area are down considerably from their peak.

             For more Promontory Ranch Club information and assistance finding the Park City home that is a “steal” in your book, contact a realty professional with YouInParkCity.com.

             The Empire Pass area of Park City, Utah’s Deer Valley was launched in 2002 with the Ironwood Development. This began a new phase of luxury ski-in/ski-out homes and condominiums in Deer Valley. The developments at Empire Pass have been clustered close together in order to allow true ski-in/ski-out access and to preserve thousands of acres of open space around them. The density of condos and townhomes at the base of the Silver Strike, Northside and Empire Express chairs at Deer Valley does not necessarily give a feeling of scarcity, but a look at the sales and future development possibilities tells another story.

            Twelve developments have been completed in the Empire Pass area of Park City. Five of these developments have sold out. Another five of the developments are nearly 80% sold through. Two developments are in their early stages of sales; the Montage at Deer Valley and Belles at Empire Pass (14 Single Family Models still to be built). The majority of available units (less that 80 currently) are within the Montage.  Once the current available inventory is sold, there are only 4 development entitlements left within the Empire Pass area of Deer Valley.

            2010 saw 45 sales close in the Empire Pass area (17 sales in the Flagstaff development lead the way with 15 in Silver Strike). This number is enough to sell through the current inventory listed on the Park City MLS. And most Realtors® and developers feel that it was a poor year in terms of sales.

            Pricing in the Empire Pass area of Park City reflects the luxury nature of the amenity rich homes and condominiums.  The scarcity of present and future development in the area as well as the finite supply of ski-in/ski-out properties in Park City and the world also impacts pricing here. The recent completion of the Montage Deer Valley while adding considerable inventory to the area also adds public amenities that the area was lacking. The new restaurant, spa and public spaces will add to the buzz around the area on a year around basis. The opportunities at the Montage also put the Empire Pass area of Deer Valley as a whole that much closer to being built out. The scarcity of future development in the area will only drive prices higher.

            For more information on the Empire Pass area of Park City, UT contact a realty professional with YouInParkCity.com.