Thursday, June 18, 2009

Deer Valley sales and such

Sales continue in the high end of the market. The Romney Estate in Morningstar Estates is the notable sale of last month, as well as another closed sale in Deer Crest at $4.3M.

In May, a new sale closed at "Paintbrush" in Empire Pass, as well as another pended sale in Empire Pass this week, at "Christopher Homes", of a list price over $6M, to round out a good spring and early summer in the Deer Valley high end home market.

Two other interesting closed condo sales in Deer Valley this week... one at the Daystar condos for $655k, and another at Pinnacle for nearly $1M.

A few more “Short Sale” or REO (bank owned) opportunities continue to appear in some areas such as Promontory and Tuhaye. Not so many in the Park City “in town” areas. That market is holding its own in many categories, perhaps not due to a high volume of sales, but an overall stronger Seller position than most areas, many not dropping price to meet lowball Buyer expectations. That is not to say that Sellers are in the driver's seat. They are in general negotiable, and usually must be in order to sell in today's market.

Look for an increase in higher end market activity this summer as the smarter, bigger wallets become further enabled, and direct their investments in real estate and in life style toward the finest locations and best real estate in the Park City/Deer Valley markets. AJ

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