Foreclosure Update: Oscars Edition

Published: Mon, 03/03/14

Park City & Deer Valley Foreclosure Update
"Deal Hunting Secrets for Value-Obsessed Investors"
Distress Sale Update
Remember when "foreclosure fishing" was an easy stroll down the red carpet for buyers with cash?  It's just not that easy any more...

Last quarter, only 3.41% of the closed sales in the Park City MLS were distress sales, and only 1.85% of the active inventory for sale is distressed.  This is down from 31.2% distressed in Q4 2011, 13.04% distressed in Q4 2012. 

The trend is clear...
Where Are Today's Best Buys?
Don't despair, foreclosure fans.  There are still great buys in our marketplace, but you must know where to look.  Limiting your search to bank-owned properties is a rookie mistake in this market.

Here's an obvious one...(it will hit the market tomorrow afternoon so you're getting an insider's tip here. :)

Montage Deer Valley Residence #881 is the least expensive condo in Montage--by $772,000!  It could be 10 years before another one of these small but premium condos hits the market--there are only 2 of them in the entire resort. 

Don't wait...some smart value investor is sure to pounce, acquiring this trophy ski & rental property for a shockingly low price at Deer Valley's most prestigious address.
Another Prime Fishing Hole...
New construction is a wonderful way to play an appreciating market like this.  With construction & labor costs rising rapidly, contracting for a not-yet-built property is a killer strategy to lock-in today's price and your preferred location.

Take the new Stein Eriksen Residences, for instance.  

We had a number of clients who placed reservations last month and then watched with sheer delight as the developer increased prices by as much as 20% on some remaining under 4 weeks time!!!

You're fashionably late, but this party isn't over yet.  Steins Residences has now reserved 30 new condos & homes, to the tune of over $100 Million.  Reservation deposits are fully-refundable, so it's a risk-free look until the plat records and construction begins early this summer.   Who else wants to hold a place in line?

New Construction In All Price Ranges

Developers are back in the game, and there are some great opportunities starting in the $300's.

Though we're based in Deer Valley, we keep very close tabs on new projects across the Park City, Canyons, and Heber/Midway markets.

Tell us your preferred location and we'll help you get to the front of the line to grab the best locations at the lowest possible prices. 

Enough tips...on to the bank-owned properties!
Waldorf Astoria Bank-Owned Studio 
Looking for an attractive entry point for a condo in one of Conde Nast Traveler's Top 10 Resorts in the West?

This foreclosure is offered at a roughly 20% discount compared to the most recent sale which was $348,000...
Midway to Paradise?
Looking for a well-kept home near fly fishing and 5 golf courses that's as much fun in the summer as winter?  This 5 bedroom bank-owned Midway home was built in 1996, and is walking distance to Zermatt & Homestead Resorts and Crater Springs golf course...
Big Home.  Big Views.  Big Lot. Small Price! 
Located on 14+ acres perched on a hill with commanding views of all the Park City ski resorts, this 7,500+ sq ft home is partially complete.  It's one of those "contractor's specials" perfect for a new owner with some vision and the cash to finish the project.

The home was originally listed for sale for $1,995,000 and now the bank has dropped it all the way down to $897,968.  The listing mysteriously doesn't appear in the MLS feed, so please email us for more info.
Tuhaye Auction! 
We first started tracking this "King of the Hill" home in the gated Tuhaye neighborhood back in 2010, when it was listed for sale for $3.7M.  Now JPM Chase has dropped the price by 50% and is offering it for sale via an online auction.

If you like the idea of Talisker Club's amenities, this is one gorgeous custom home with stunning views, incredible natural light and exceptional privacy...
Jumbo Financing--With No Premium?
Half of all real estate sales in the Park City area are all-cash, no-financing deals. But with rates so low, many of our high net-worth clients are still using leverage in their transactions.  It's an arbitrage opportunity that won't last forever...

Here's another tempting fact: some lenders have jumbo loans with better terms than 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 Foreclosures Account...
If you already enrolled to get our priority FORECLOSURE ALERTS, you already have an all-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-->
Still on the Fence?
If you're really serious about finding a hidden gem, we invite you to please call us (Tel. 1-800-485-0218) and share your family's specific property criteria 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 minds when the best opportunities present themselves in the future.

As the market improves, your biggest challenge isn't that you will have to pay higher prices, it's that your choices are being rapidly depleted.  It's 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.  Auctions.  Short sales.  Distress sales.  Good old-fashioned motivated sellers.  

This newsletter goes out to many prospective investors, and we're dedicated to helping each of you succeed...if you give us the chance. 

If you're looking to buy, sell, or 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 | Greg Harrigan | Bonnie Peretti | Ed Rehill   |
Toll Free 1-800-485-0218
Direct 1-435-200-3060