Park City Foreclosures Blog

Home on the Golf Course at Tuhaye!

8,300 s.f. home on the golf course @ Tuhaye (Talisker gated development overlooking the Jordanelle Reservoir. Mark O’Meara designed golf course).

5 Bedrooms, 7 Baths, office, 2 laundry rooms, 5 fireplaces, theater room

Winner of Best Overall and Best Architecture for the 2008 Builder’s Showcase of Homes

**       Average Sold Price @ Tuhaye = $2,080,980

Average Sold $$ per square foot = $455

**       Highest Sold Price @ Tuhaye = $3,832,165

Highest Sold $$ per square foot = $620

BANK APPROVED SHORT SALE

$1,800,000 **That is $217 per square foot…. WAY below the cost to build the home (not counting the property cost)!

Email Ben@parkcityforeclosures.com for more info or go to our sign up page!

Foreclosures Nationwide Expected To Eclipse 09′ Levels

LOS ANGELES — More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

“That would be unprecedented,” said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

The pace at which new homes falling behind in payments and entering the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. At the same time, lenders have stepped up repossessions in an effort to clear out the backlog of distressed inventory on their books.

The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, according to RealtyTrac, which tracks notices for defaults, scheduled home auctions and home repossessions…….

Read the rest of the article here.

Expect more good deals to come!

Promontory Foreclosure- Palomino Trail REO

Beautiful main floor living home in Promontory. Large 4,200sq. ft. 4 bedrooms and 4 baths and 3 car garage. Built in 2008 and is in great condition. Upstairs has a media room with additional living space. Located in the Promontory Point area and is bank owned. This one just hit the Wasatch Front MLS 8 days ago and should not last long. Please contact Ben or Stan if you have any interest in this property. To signup for moreproperty alerts on great deals to hit the market, sign up here.

Promontory Homes in Park City

Promontory is one of Park City’s high end golf course developments, and also the biggest. The Ranch Club is a 6,500 acre, 10 square mile development fitted with high end real estate, two 18 hole golf courses, equestrian center, and many more amenities. This is a private gated community featuring courses from Jack Nicklaus and Pete Dye. Both are great but challenging courses. Promontory is within 10 minutes of Park City, The Canyons, and Deer Valley Ski Resorts. To find more information about Promontory, visit http://www.promontoryclub.com/

During the real estate boom in Park City, Promontory was one of the busiest areas around for new homes in Park City. Multi-million dollar homes were being constructed left and right with no end in sight. The properties built in this area are some of the highest quality homes in Park City. Spec homes, cabins, and other large properties were going up in record time.

But when the housing market started to crash, so did the prices in the area. The development itself went through some hard times in the last few years as well with some ownership struggles throughout the years, among other things. The further the market slowed, the more homes got left under construction when the money ran out, or were left sitting on the market with no buyers for that price point anymore.

This leaves us to where we are today. Home prices at an all-time low in Promontory, half complete homes left untouched for sometimes over a year, and banks taking over properties when the owners could not get them sold. We are finding some of the best investment opportunities in all of Park City here in Promontory. Here are some examples of properties on the market right now in comparison to what they sold for just a few years ago.

3055 Wapiti Canyon- Short Sale listed at 1.5mil- Listed in 2008 for 5.4mil

6489 Dakota Trail- REO listed at 2.3mil- Listed in 09’ for 4mil

Last month there were 3 homes in Promontory that sold for UNDER $800,000. And many more bank owned homes that were listed for a few millions dollars in years past now selling for right around 1 million. The investment opportunities available right now on these distressed properties is the best we have seen in a long time. E-mail either Stan or Ben to find out more information on properties in the Promontory area. Or Sign up HERE