Foreclosure Update: Jan 8

Published: Sun, 01/09/11

Park City & Deer Valley Foreclosure Update

"Deal-Hunting Secrets For Value Obsessed Investors"

2011 Foreclosure Update
Happy New Year!  Our readers had terrific success in 2010, and heading into the New Year we see more of the same.  One of the world's biggest banks noticed our track record selling their REO's, and they just assigned our team a couple of their new foreclosure listings.  

That's great news for you, because as a subscriber, you'll get timely updates before other prospective investors even know about them!

The early winter season has been superb--for skiing and investing alike.  In the past month, 10 ski-in/ski-out homes & condos in Upper Deer Valley have pended/sold, which is a meaningful reduction in the available inventory.  This report we'll start at the top of the mountain and work our way across the best available deals in the Park City & Deer Valley marketplace.
Upper Deer Valley REO!!!
Upper Deer Valley bank-owned properties with ski access are rare...roughly one new listing per quarter.  You're in luck--here's a 7000+ square foot home in an incredible forested setting for $244 per square foot.  WHAT???  To help that sink in...

The avg $/sq. foot for sales in the area over the past year--in a DISTRESSED market--has been $642, and the next least expensive home is listed for $377.  So, if the idea of grabbing a superb Deer Valley ski home for 61.9% less than recent comps, and  35.3% less than the "other" best deal on the mountain, here's your chance!

Note: This is a prime example of when to detach your perception of "good value" from the percentage you can haggle off the list price.  Some smart buyer is going to jump on this one and outbid all the bottom feeders who believe there's always another 20% discount to be had...just watch! 
Available Park City Area Foreclosures
Click the links below to browse currently available bank-owned homes in the Park City & Deer Valley area:

Bank-Owned Homes Over $1 Million

Bank-Owned Homes Under $1 Million

Bank-Owned Homes Under $500k

Bank-Owned Condos

If any of these catch your attention, please email us at: [email protected]

...And we will help you gather all the pertinent info you will need to know.

Promontory "King of The Hill" Home
It's no secret that Promontory had a rejuvenation after the developer wiped away ~$280 million in infrastructure debt in their 2009 bankruptcy.  Since then, 69 homes have sold, and the available home inventory has been reduced by about 35%.  More telling, there are less foreclosures on the market now than in recent years.  Last count found only a handful of bank-owned homes.

So when a good one comes along, it won't last long.  Case in point...

We just listed a gorgeous bank-owned  ~5500 square foot home high on the hill with amazing panoramic views.  We had an offer within 90 minutes of the property hitting the MLS on Friday afternoon.  Don't despair...

The lender requires a minimum 5 day marketing period before they respond to any offers.  So you still have time get in the game!

This picture-perfect home is not to be confused with some of the recent partially finished and/or vandalized homes that have sold for under $1M.  All the appliances are in place, the wood floors are in great shape, and the view is majestic.  At a list price of $1,089,000 this home is priced like the entry-level homes near the bottom of the hill on smaller lots with views of the mini-storage & jail...

For more info, please email us at [email protected] 
Bank-Owned: Historic Main St.

Historic Main Street Park City is better known for its restaurants, shopping, and charm than its residential real estate.  But if you like the idea of easy walking access to all of Main Street's amenities (including the Town Lift ski access just a block down the street), this could be interesting...

The Silver Queen hotel is a small 12 unit condo hotel right on the corner of Main St. & Heber Ave.  The building looks like it's been there forever, but it was only built in 1995, and was remodeled in 2004.  It's right near Robert Redford's Zoom Restaurant, if that helps you orient yourself?

The bank owns 10 of the 12 units (the others sold in 2007 for $899k) just listed a couple of them (a 1 BR for $349k and a 2 BR for $599k).  At these prices, you're not paying much more than you would for a fractional condo at the Sky Lodge across the street.  These condos have a proven rental record--contact us for details.

Best-Buy Mini-Ranches
When we featured a bank-owned 5 acre mini-ranch a few issues ago, we got a surprising amount of interest from all of you.  You asked, so here you go--more value-priced properties with elbow room to spare!
  • A 7000+ sq. ft. Colonial-style ranch on 14+ acres in the Park City school district with killer ski area views for under $900k.  Hobbyists will love the indoor shop with massive electrical capacity too!  Get more info here...
  • A snowmobiler's dream-estate near the National Forest trailhead with a huge toy barn for your sleds and trailers.  Get more info here...
  • A Heber Valley single-level home (that's right, no stairs!) on 1.84 acres with killer Mt. Timpanogos views.  Not listed us for immediate info!
Foreclosure Poacher Alert!

Some of our competing brokers subscribed to our foreclosure updates and were sending our featured properties to their clients.  This spells increased competition for you--big bummer.

To crack down on these poachers, we've altered the format so you can still get the alerts, but you'll need to contact us for property details and addresses.  

The good news is our research methodology has not changed and you can still beat these poachers to the best deals in the marketplace! 

One of the hardest things about researching foreclosures in Park City is knowing which prices are fair, overpriced, or are great values.  Indeed, it's hard to know from afar.  But don't worry, we can help! 

If you see a Park City property that catches your attention--whether it's a property featured in this update or not--give us a call and we'll look at the numbers together so you can approach your acquisition with confidence. 

Some of the best Park City deals are bank-owned, and some are not.  We track them all. 
Happy Hunting!
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