Park City and Deer Valley Condos saw 47 condo buyers pony up the earnest money and go pending as well last month.  Up 17% from last year.  Ranging in price from $120,000-$4.1m.

Condos continue to be tough to finance if there is a front desk on the premises.  They are considered condo-hotels at that point and the lenders are shying away.  Park City condos that don’t allow nightly rentals don’t have that problem, of if they do, the local Park City lenders and banks are willing to work to get them done.

Park City short sales continue to take a long time to close.  The third party (banks) acceptance seems to hold up the process, many times the property goes in to foreclosure and sells REO for less than the offers the bank had in its hands originally.

Short sales in Park City and elsewhere consist of sellers owing more for the property than the current market value.  The seller of the short sale writes a hardship letter to the bank after missing a few payments and starts the discussion of the banking sharing the pain of financial loss.

In Park City and Deer Valley, there is a bit of wealth, the banks won’t just let you off the hook on multi-million dollar luxury home.  Those that have started the process in hopes of Short Selling their Park City home can be found at www.ParkCityShortSale.com.  You’ll find the latest short information, as well as links to Park City Real Estate.