"Deal-Hunting Secrets For Value Obsessed Investors"
End of Ski Season Report
Greetings, foreclosure fans! Wow--what a difference a few months makes in the Park City real estate market. Drastic reduction of inventory--homes, condos, and land--is the obvious trend.
The easy foreclosure fishing our readers have enjoyed in the past is getting tougher. Multiple offers abound and it feels like every foreclosure our clients acquire has to be wrestled from the grasp of other prospective buyers with speed and guile.
Congrats! Your Batting Avg: .750!!!
Way to hit it out of the park, astute readers! Of the 8 bank-owned sales in Deer Valley over the past 6 months, readers of this foreclosure update were 6 of the buyers.
We're not telling you this to brag--we're offering our help. And a path to your success!
If you hire one of our 800 competitors the probability you will find and acquire a foreclosure is about 1/3 of 1%. Or, work with us and watch your success probability skyrocket to 75%.
Helping families find and acquire foreclosures is our specialty. We look forward to helping you find yours!
REO Banker Bash In Deer Valley
I had dinner last week with 11 top retail & REO bankers from one of the world's largest banks. Great group of guys and they shared a lot about their current mindset regarding their REO (Real Estate Owned) portfolios.
Here are some key points I gleaned that evening...
- The biggest reason they can't put some of their properties on the market
- How they view the relative importance of price vs. marketing time
- Why some asset managers get assigned more REO properties than others
- How they leverage the knowledge of local real estate brokers and agents
Hint: This is why we worked patiently for years to build the trust and confidence of the top REO listing agents in the Park City area.
We know about many of the foreclosures before they hit the market.
The Big Takeaway was this...
Banks want to get these properties listed and sold ASAP.
Which brings us to our next topic...
Shadow Inventory: Not What You Think!
Enough about "Shadow Inventory" and the looming tidal wave of new foreclosures.
IF ONLY OUR FORECLOSURE UPDATE READERS COULD BE SO LUCKY!!!
Don't misunderstand--we do have shadow inventory here in Park City & Deer Valley, but it's not the lick-your-chops and grab great-deals type of shadow inventory you have in mind.
Park City is ripe with sellers who have the staying power to ride out the current buyer's market conditions. These fat-cats don't need to sell, and they're more than happy to keep their properties off the market until prices increase, then we'll see these unmotivated sellers appear again.
Are these really the sellers you're still waiting for?
Waiting: Worth The Risk?
For those of you who require proof of markets improving across different neighborhoods in Park City, here are just a few examples of the shocking reduction of inventory in different areas:
- Homes in The Colony: Available Inventory Down 42.1% since start of ski season
- Park Meadows Homes: Only 6 homes available between $1.5 and $2.5 million
- Jeremy Homes: No homes for sale under $400k. Last year there were 12 sales in that range.
- Promontory: Land inventory reduced from 8 years of supply to under 11 months
- Finished Tuhaye homes under $2 million: 11 sold last year--only 4 available today
We could go on and on...but are you starting to get the picture? Waiting for prices to drop further could cause you to miss the best properties and you'll likely pay more the longer you wait.
If you wait for all the bad news about real estate on CNBC to dry up, you'll still be sitting on the sidelines in 2 years wondering how you missed the bottom of the market in Park City. Frankly, when a good one comes along, it won't last long.
Case in point...
Bottom-Fishing: Deer Valley Style
We've been watching one
pre-foreclosure in Deer Valley for months. At the listed price, it's 28.2% less than the home sold for ten years ago!
It's still in great condition and has great views...
http://www.parkcityrealestateguide.com/hidden-meadows-deer-valley.html
For more info, please email us at
foreclosures@parkcityrealestateguide.com
Psst....Want to Steal A Ski Home?
We can't believe none of you have jumped on this one yet. Here's a 4 bedroom ~4500 square foot stand- alone home with excellent ski access at Deer Valley Resort. It's priced $775,000 less than the other home for sale up the street...which even at $775k more than our best buy is fairly priced in light of the last sale earlier this winter.
For more info, please email us at
foreclosures@parkcityrealestateguide.com with the subject line "Ski Home".
Silver Lake Sleeper...
SHARK ALERT:
Properties with walk-to skiing access in Upper Deer Valley are precious. It's rare we see such an obvious good value. Here's your chance to grab the least expensive condo in Silver Lake. To really understand what a good deal this is...it's 31.5% less expensive than the next least expensive 3 br in the area...which equates to nearly $300,000.
For more info, please email us at:
foreclosures@parkcityrealestateguide.com with the subject line "Sleeper".
Find Foreclosures Today:
Bank-Owned Homes Over $1 Million
http://pcmls.com/Pub/EmailView.asp?r=644550509&s=PKC&t=PKC
Bank-Owned Homes Under $1 Million
http://pcmls.com/Pub/EmailView.asp?r=1755312862&s=PKC&t=PKC
Bank-Owned Homes Under $500k
http://pcmls.com/Pub/EmailView.asp?r=759188175&s=PKC&t=PKC
Bank-Owned Condos
http://pcmls.com/Pub/EmailView.asp?r=1537704250&s=PKC&t=PKC
Bank-Owned Land
http://pcmls.com/Pub/EmailView.asp?r=1933516527&s=PKC&t=PKC
If any of these catch your attention, please
email us at:
foreclosures@parkcityrealestateguide.com
...And we will help you gather all the pertinent info you will need to know.
Development In Distress...
You can't buy this today, but if you're a developer looking for a shocking good deal, we're watching an 84 lot subdivision with KILLER views of the lake and ski areas.
It will be offered at auction sometime soon, and can probably be acquired somewhere in the$25k-$50k per lot range. Most of the roads are in...water and sewer infrastructure are about 70% complete. For more info please email us at
development@parkcityrealestateguide.com
Follow The Clues...
The number of available foreclosures across the marketplace is quickly dropping, but we have improved our research methodology to help insure you can still beat other buyers to the best deals in the marketplace!
If you see a Park City property that catches your attention--whether it's a property featured in this update or not--give us a call and we'll review the numbers together so you can approach your acquisition with confidence.
Some of the best Park City deals are bank-owned, and some are not. We track them all...
Happy Hunting!
Erik
Park City Real Estate Guide®
A Marketing Group Of Keller Williams Park City Real Estate
Erik Asarian ~ Quinn Eichner ~ Greg Harrigan