Sammer, Home Seller in California

How are lot sales in Promontory? What is the outlook for this Spring in Promontry and Park City in general?

Asked by Sammer, California Sat Jan 19, 2008

I noticed listing prices are actually slightly up?

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6
Brad Sabako’s answer
Update and correcting inaccurate comments by "Just Looking" - Feb 2013
The Promontory Development is a very vital and healthy subdivision in the Park City area!! "just Looking's" comments were not accurate and a good quality Realtor can help a buyer make better decisions, than by going off what an anonymous person like "Just Looking" says.

Promonotory has coming roaring back from it's Chapter 11 situation of 3-4 years ago. In the last 6 months, we have seen 22 closed homes, 9 pending home sales, 20 closed lots and 1 pending lot! That is amazing and reflects how much pent up demand there is for property in this great gate-guarded community with spectacular views of all 3 ski areas!

Another comment was made regarding property taxes being higher here than other similiar Park City properties. This is incorrect. What "Just Looking" was trying to say, most likely, is that if you are not a full time resident in Park City, you pay the standard tax rate. If you are a full time resident, you get a tax break which is roughly 50% of the non-resident rate. This in part, helps full time residents, afford Real Estate that might be higher than living in other metropolitan areas of the United States.

Soil issues: although I haven't heard of any major soil issues, a quality Realtor will also help eliminate any structural issues by insisting on a quality Home Inspection and I always demand a 1 year Home Warranty paid by the sellers. This policy kicks in for my new buyers if any of the covered items fail within 12 months of purchase.

Promontory continues to add amenities like the Shed, for it's members. The quality of life inside Promontory is amazing, varied, and full of recreational opportunities. A wonderful family environment where you can drop kids off to play at the Shed or pool areas for hours, and get on with your day. A short 10 minute drive into Park City and on hill amenties at the ski areas, make for a spectacular buy (especially with interest rates making current low prices even more of a value).
Web Reference: http://www.bsabako.com
0 votes Thank Flag Link Tue Feb 5, 2013
I would be very careful about Promontory. Here's the dirt. While some homes are architecturally pleasing, others were constructed as spec homes by rookie contractors. Some homes higher up on the mountain have great views but very unsatisfactory water pressure. Other homes have unstable foundations due to poor soil and/or lack of soil engineering analysis (that beautiful red clay moves around!). Currently there are probably over a dozen bank-owned properties that are incomplete, selling for $400K-800K. Taxes are double that of surrounding areas because Promontory is considered a part time, second home community. Membership fees run upwards of $30K, boarding fees at the equestrian center run an additional $800/month, and the food at The Hearth is unmentionable. Promontory markets itself as "world class" but it doesn't always translate to the expectation. However, it doesn't mean that there aren't some nice properties in Promontory. As always, do some checking before you buy.
1 vote Thank Flag Link Sun Jan 9, 2011
Currently there are 88 Active Lots for sale which are not including the developer lots. 7 Sold lots year to date. The price range of the lots sold year to date in 2009 are from the low $171,k - $620,k range. Most of which have been bank owned property. Let me know if I can help with any stats or other information regarding Promontory.
0 votes Thank Flag Link Sat Aug 8, 2009
There were 81 lots sold in Promontory in 2007. As you may know, this is a large development with what could be considered an excess of inventory going into 2008. So, sellers may be forced to make some deals. I am personally a big fan of Promontory. We plan to build our family home there in Bison Bluffs. As for Park City in general...real estate prices have declined slightly in the last couple of months, but that’s after an increase of more than 88 percent in the last 10 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 2007 is the fifth best year in the history of real estate in the United States. The days it takes the average home to sell has gotten longer ,but I’ve learned that no matter what the market, it takes the same three things to sell — presentation, promotion, and price. Just price your house right against your local competition, and you’ll be able to sell it in a reasonable amount of time.
If you would like to know more, I can be reached at http://www.parkcityrealtygroup.com or email at robin@parkcityrealtygroup.com
0 votes Thank Flag Link Tue Mar 4, 2008
Based on our local MLS figures, there is a range of lots at Promontory from .37ac to 1.9 ac that are active on the market from $349k to $2.19M. and there have been closed sales from $367k to $949k since June of 2007. For the year end of 2007 Park City Board of Realtors reported sales close to $2billion which is very close to the same year end figures for 2006. So in answer to your question, I would say that the Park City market in general will continue to be strong in 2008. I am ready for it. If you have any further answers, you can find me at http://www.mountainskihome.com or email at dave@windermere.com
0 votes Thank Flag Link Thu Feb 28, 2008
I would say that the first person to answer this question is terribly misinformed. There are currently 99 lots listed on the Park City MLS and probably over a 100 more developer lots available that aren't across the Park City MLS. In 2007 there were 85 lot sales reported to the Park City MLS. I would encourage you to contact a real estate professional that has accurate local market data and a complete understanding of local market conditions.
0 votes Thank Flag Link Thu Feb 7, 2008
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