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.