34 more homes went under contract in Park City and Deer Valley areas in the month of September. That’s up 29% over September 08. Real Estate sales continue to be luke warm, but the buyers in the Park City market are getting what appears to be below market prices. Price range for Park City real estate ranged from $300,000 to $3.8m.
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.