Park City Golf Development 'Victory Ranch' Sold

A Chicago based developer just closed on their acquisition of the Victory Ranch development from Wells Fargo Bank.

This is a significant development in the Park City real estate marketplace.  We have been watching this with keen interest.  

Victory Ranch offers some of the best private Fly Fishing in the Park City area, and the river, combined with the spectacular golf course, will provide Victory Ranch property owners with an enviable package of lifestyle amenities!

The following article is an excerpt from the Salt Lake Tribune...

Chicago-based firm buys Utah's Victory Ranch development

| The Salt Lake Tribune

A luxury home development that spans almost 6,500 acres near Park City has changed…

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We just reviewed the 2012 first quarter Park City real estate market stats, with no real surprises.  

Existing market recovery trends continued.  Here are some of the highlights:

  • The number of active property listings is down
  • The number of pending sales is up
  • The 6 andd 12 month moving averages for # of properties sold is stable
  • Distress sales are a smaller percentage of the closed transactions...down to 19.1%
  • Distress sales represent only 8.5% of the total inventory for sale
  • The number of "Notices of Default" incresed in Summit County but decreased in Wasatch County in Q1

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You can read the complete first quarter 2012 Park City Market Report here:

http://www.parkcityrealestateguide.com/documents/2012_Q1_PCMLS_Market_Stats.pdf

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Lunch with Dr. Lawrence Yun in Park City, Utah

We had lunch last week with Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®.  Dr. Yun was relatively bullish for the near-term future of resort real estate market conditions in the Park City & Deer Valley areas.  

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Dr. Lawrence Yun-NAR Chief Economist & Erik Asarian-Branch Broker Keller Williams

One might suspect the Grand Poobah of REALTORS® might spin the data into a good news story, but he had the facts to back up his assertions.  

Key factors in his case for continued market recovery included: 

  • Massive reduction in available properties for sale compared to a couple of years ago
  • Anemic number of new housing starts in Summit County, Utah
  • Affordability (low…

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Want to pull back the curtain on the real numbers behind the Deer Valley & Park City real estate market?

We just finished compiling the year-end stats.  Here are the key takeaways:

1) Available inventory of properties for sale is substantially reduced in most Deer Valley and Park City neighborhoods

2) Properties are twice as likely to sell as they were a couple of years ago

3) Foreclosures and short sales represent about 25% of the closed sales in the Park City utah real estate marketplace

Here is the link to the rest of the story, including charts, graphs, and predictions about where we expect prices to go from here...

Park City Real Estate Sales Statistics 

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Remember back when the St. Regis Deer Valley was pre-selling condos & residences while the building was under construction?

Well, a handful of those buyers could not close on their purchase.  Their misfortune is now a huge opportunity for you!

Here is the rest of the story about the St. Regis Deer Valley condos on sale

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The PIB are coming....The PIB are coming...if you need help deciphering that bit of Park City lexicon, just ask a local what PIB in January mean, they will tell you. Believe me, when Sundance is just a month and a half away, we all know they're coming!

January in Park City means great skiing and excellent people watching. While it may be tough to land a table at Grappa or the Riverhorse, the slopes are wide open and this little ski town becomes one of the most photgraphed places on earth for ten days.

The movies and stars are just being announced, check out this article from the Washington Post Sundance 2012

and stay tuned for updates and advice on how to 'do the Dance'

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It's still snowing in Park City, Utah and resorts across the state are beginning to open for the 2011-12 winter season.  It's exciting for the resorts, and it also means it's time to lock-in your snowplowing solution for the coming winter!

If you haven't yet arranged for snow removal at your home in Deer Valley or Park City, we just discovered the ultimate snow removal solution.  Park City Sno Blowers, aka Blue Ribbon Seasonal care, just acquired a couple of ultra high-end european made tractors outfitted with huge snow blowers.  These burly machines make quick work of even the most challenging driveways in high-altitude locations like The Colony and Upper Deer Valley.

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They're faster, more energy efficient, and less damaging to your driveway than…

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Brighton and Solitude resorts have opened the 2011-12 ski season here in Utah

With three chairlifts running at each resort, the slopes are not in mid season form, but no doubt those who are taking advantage of this early opportunity are happy about it.

Other Utah Ski Resort openings are slated for the following dates;

Alta on Nov 18; Brian Head on Nov. 19; Canyons on Nov 25; Deer Valley on Dec 3; Park City on Nov 19; Powder Mountain, Nov 24; Snowbasin, Nov 24; Snowbird, Nov 19 and Sundance Resort Dec 9

It's a great time of year in Utah when you can ski and golf on the same day!

 

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