Saturday, October 24, 2009
St. Regis Deer Crest... How do you get an appraisal...?
Interesting appraisal trick! So you contracted for a condo at the St. Regis in Deer Valley about 2-3 years ago at the height of the market... Now that construction is complete and you're asked to close... your lender wants an updated appraisal! OOps, what now? There's nothing to comp with, and prices in the surrounding area have dropped 25% in those 48 months. How do you get an appraisal to come in at your contracted price?
Simple... The developer asks all the cash buyers (yes, there are plenty of them!) to close first, record those sales as fresh comps, and away you go. Then have your lender order their new appraisal! That's exactly what you will see happen in November when the first closings at the Deer Crest St Regis fall into place. Let's see how it works!
Market update Remarkably, the number of new pending sales in the Park City area market in September was the highest since August 2007! (nearly 100) Not only that, the number pended sales has increased steadily for the last 10 consecutive months, laying a good base to our recovering market. In many areas of the country, new sales are mostly bank owned, and while we continue to see increasing bank owned listings, they are not the majority of sales in our area!
In addition, there were 13 new "high end" properties pended in our market in September. If we call "high end" anything over $2M, that is the highest # of monthly pended sales in that category since May 2008.
Deer Valley Sales: In the last 30 days, we've seen new pending sales in the following areas: Deer Crest, American Flag, Bellearbor, Pinnacle, The Ridge, and Flagstaff.