"Deal Hunting Secrets for Value-Obsessed Investors" 1-800-485-0218 (USA) 1-435-200-3060 (Worldwide)
Distress Sale Update
More bad news, foreclosure fans. For the third straight quarter, the percentage of distress sales in the Park City, Utah marketplace has dropped significantly...
In Q3 2012 Distress Sales (Short Sales + Trustee's Sales) represented just 13.51% of the closed sales and only 5.98% of the current active listing inventory. This is down from 23% distressed in Q1 2012, and 27% distressed in Q4 2011. (Statistics courtesy of Rick Klein at Wells Fargo.)
Fiscal cliff aside, the trend is clear. Take a look at the chart below...
A very special thank you to our readers & clients who acquired properties in 2012. For your confidentiality we won't share the names of the dozens of families we helped, but you know who you are. We're only successful when our clients are, and given that this was one of our best years ever in business, we sincerely thank you and congratulate you on your success!
Now, on to the spotlight properties...
Glenwild Bank-Owned Home
It's been about a year since the last foreclosure in the gated Glenwild golf community. Desperation sales of premier golf course properties are very rare these days...
This is a 4 BR 5 BA luxury home that looks out over an open space corridor and then the 3rd hole of the Fazio course at Glenwild. Luxury appointments include 5 fireplaces, butler's kitchen, wine closet, water feature, vaulted ceilings and more!
With distress sales of premium properties harder and harder to find, smart value investors should now also scan your radar for good old fashioned motivated sellers with equity to spare.
We just uncovered one sleeper of a good slope-side deal in Upper Deer Valley. In a neighborhood where home prices range from $2M to $44M, this little gem is value-priced at $1,295,000! What's the deal with this one, and why hasn't somebody already grabbed it?
Note: That's the ski trail in the foreground of the photo below...
The ski run meanders right past the door of this 3 BR Upper Deer Valley Townhouse. It's priced at an 11.4% discount relative to the next least expensive three bedroom property in all of Upper Deer Valley.
If you prefer a slower pace of life... If you don't mind being a little further from the slopes but are looking for a property under $450k, this bank-owned home in the heart of the charming resort town of Midway just hit the market. Previously listed as a short sale for $750k, the bank took it back and now it's offered for sale for just $440k!
PS Don't be frustrated if the listing broker doesn't have photos up on the internet yet. Email us as [email protected] and we'll shoot you additional pics we snapped last night when we made a site visit to check it out in person...
It's true that more than half of all real estate transactions in the Park City marketplace are all-cash, no financing deals (see chart below). For the past few years, this is easily explained by the difficulty in obtaining attractive financing.
Good news today is that rates for well-qualified borrowers have never been lower, even for second homes and investment properties. We're even seeing some asset based loans return to the market for the first time in years.
Many of our high net-worth clients are taking advantage of the shocking low rates available and are using some leverage in their transactions so they can keep more of their cash liquid. It's an arbitrage opportunity that won't last forever...
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And by the time the data confirms that prices have bottomed, you already missed it.
Like you just did...
And the worst part isn't that you will have to pay more than you would have last year, it's that your options are being rapidly reduced. It's getting harder and harder to find good properties in premium locations, and there's more competition for these best properties.
Pardon our frankness, but if it's in your long-term plan to own a place in Park City or Deer Valley what exactly are you waiting for?
Simply lurking around and waiting for these Park City foreclosure updates isn't sufficient to know about ALL Park City & Deer Valley Foreclosures & Distress Sales.
If you're really serious about finding one of the hidden gems that doesn't make this feed, please call us (Tel. 1-800-485-0218) and share your specific requirements with us.
It might sound old-fashioned to pick up the phone and call, but it will assure you'll be at the top of our list of calls to make when the best distress sale opportunities come along in the future.
We Track Them All...
Foreclosures. Auction sales. Short sales. Distress sales. Good old fashioned motivated sellers.
This investor newsletter goes out to hundreds of prospective investors, and we're dedicated to helping each of you succeed...if you give us the chance. But if you don't raise your hand and tell us exactly what suits your family best, we won't recognize it when we locate the perfect property for you.
If the timing is right for you to invest in Park City or Deer Valley, we look forward to being your professional resource.
Happy Hunting!
The Park City Real Estate Guide Team
A Marketing Group of Keller Williams Park City Real Estate
