Foreclosure Update: Fall Edition

Published: Mon, 10/07/13

Park City & Deer Valley Foreclosure Update
"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 sixth straight quarter, the percentage of distress sales in the Park City, Utah marketplace has dropped significantly...

In Q2 2013 Distress Sales (Short Sales + Trustee's Sales) represented just 5.3% of the closed sales and only 2.18% of the current active listing inventory.  This is down from 17.01% distressed in Q2 2012, and 27% distressed in Q2 2011.

The trend is clear.  Take a look at the chart below...
Don't Miss This Next Step...
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.

Given this scarcity of distress sales, imagine our surprise when a few great distress sales popped up over the weekend!  On to the links...
Upper Deer Valley Foreclosure Condo!
If you are looking for an Upper Deer Valley condo with on-site management for easy vacation home ownership, here's a top-floor 3 BR condo in the Chateaux at Silver Lake. 

The management has stabilized since Stein Eriksen Lodge took over the front desk operations.  Rental rates and occupancy are on the rise, and that's on the back of two consecutive poor snow years in Deer Valley.  If we get a real winter this will be an interesting project to watch.  :)

Originally offered for $2.1M, this premier ski condo was foreclosed on a couple of weeks ago and is now back on the market under $1.5M.  It's right across the street from "The Beach" in Silver Lake Village.  On-site amenities at The Chateaux at Silver Lake include swimming pool, bar, restaurant, spa, concierge staff, and exercise room.  
Bargain Basement Park City Condo... 
As the market has gathered momentum, it's harder and harder to find value-priced condos at entry level price points.  This bank-owned 3 bedroom Bear Hollow village condo offers easy access to skiing at Canyons Resort and shopping & dining at Kimball Junction.  It's suitable for owner occupancy, short-term, or long-term rentals.  All under $300k!

BTW the asking price is 10% below the most recent 3 BR sale in the building...
Big Home.  Big Views.  Big Lot. Small Price! 
Located on over 8 acres perched above Deer Creek Reservoir (Between Park City and Sundance Resort), this 8000+ sq ft home is beautifully finished.   It's at least $1 Million under reproduction cost!  Condition is excellent--not abused and looted by former owners prior to foreclosure.

PS  Forget that "cabin" fantasy--this would be an awesome estate for a family who loves boating & fishing.
Seller Financing...Walk to Main Street!
For all of Historic Main St. Park City's allure, there are surprisingly few "newer" condos that offer an easy walk to skiing at the Town Lift and are shopping, dining, and nightlife on Main St.

This immaculate Town Pointe condo is offered fully furnished an appointed.  Just bring your toothbrush.  Rental history is strong, if you're looking to offset some of your holding costs with occasional rental activities.

Sellers are willing to finance with a reasonable down payment.
Government Shutdown: How It Impacts Park City Real Estate
This could get interesting if the shut-down continues for more than a few days.

Some government loan programs are unavailable.  FHA and VA are open for business but...

What happens to your loan file when the IRS won't certify your tax returns and it's an under-writer's condition of funding your loan? 
Jumbo Financing--With No Additional Premium?
It's true that more than half of all real estate transactions in the Park City marketplace are all-cash, no financing deals. But with rates so low, many of our high net-worth clients are using leverage in their transactions so they can keep more cash liquid.  It's an arbitrage opportunity that won't last forever...

Here's another opportunity not to be overlooked: some lenders have jumbo loans priced the same as conventional loans!

Rates for well-qualified borrowers are still shockingly low, even for second homes and investment properties. Asset based loans may be available for some borrowers who meet specific criteria.

How to Login to Your Foreclosure Account...
If you already enrolled to get our priority FORECLOSURE ALERTS, (not this newsletter, but the 'New Foreclosure' alerts with the property photos and links), you already have a full-access account.  

When you click on any of the property links in this foreclosure newsletter, if you are prompted with a login screen like this--see below--just click the "Login here" link, enter your foreclosure alert email address, and you're in!
Foreclosure Updates...Instantly!
If you haven't yet signed up for these automatic foreclosure updates, you're inviting other smart investors to beat you to the best deals before you even knew they were available.  It's FREE to sign up for this premium FORECLOSURE ALERT service.  Click Here-->
Ahem.  Nobody Rings a Bell at 'The Bottom'...
And by the time the data confirms that prices have bottomed, you already missed it.  

Like you already 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? 
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

Erik Asarian | Quinn Eichner | Greg Harrigan   |
Toll Free 1-800-485-0218