Most expensive home on the market in Park City, UT — $28 Million

The market for the average priced U.S. residence may be soft, but the über rich (especially the Russians) continue to drive prices up at the very top of the world’s luxury market. Case in point — Villa Léopolda, one of the most historic estates on the French Côte d’Azur, is now under contract by an anonymous Russian billionaire for $750 million (€500m). This three-quarters-of-a-billion dollar sales price sets a new record for the most expensive home sale in the world. The previous record was set earlier this year by Indian billionaire Lakshmi Mittal, with the reported purchase of a London home for his son for an estimated $236 million. More…

Come out to the Park City Area Showcase of Homes and see 15 or more beautiful homes on display.  The dates for the showcase are August 23 - 24, August 30 - 31 and September 6 - 7.  The hours are 10AM - 7PM on each of those dates.  Over $10,000 in prizes will be given away and you will be able to meet and greet the builders of each of the homes.

Tickets can be purchased in advance at http://www.pcshowcaseofhomes.com or on the day of the event at the door of each Showcase entry home during the showcase dates and times only.

ORLANDO, FL - Jim and Billie Harsch of (RE/MAX Mountain Properties in Park City recently returned from attending the top educational opportunity offered in the real estate industry, the STAR POWER® Annual Conference.

Presented by internationally acclaimed educator and trainer, Howard Brinton, this Conference brought together over 1,500 of the most progressive, forward-thinking professionals in real estate today to share their methods of success. The faculty consisted of 150 of the continent’s top-producing real estate professionals, all ranking in the top 1% of all REALTORS® in North America.

Jim and Billie REALTORS® with RE/MAX Mountain Properties, had this to say about the experience: “This Conference and the STAR POWER® Systems have armed us with the best tools available to provide the highest quality of service to our clients in this ever changing market. In addition, we continue to build a tremendous network for referring our clients to the best agents all over the country when they’re considering a move or looking to buy a second home.We also received invaluable insight on the benefit of operating from a business philosophy, and incorporating the latest technology to keep us on the cutting edge.”

As a part of the Conference, Jim and Billie received information for consumers about the top six mistakes that sellers can make when selling a home, as well as a questionnaire for evaluating and hiring a real estate professional. As a public service, Jim and Billie have decided to make these two reports available to Park City residents at no charge. Anyone wanting this information can call Jim or Billie at (435) 615-6637 or email their request to Billie@jimandbillie.com.

H.R. 3221, the Housing and Economic Recovery Act of 2008 was recently signed by President Bush and provides first-time home buyers a $7,500 tax credit for the purchase of a single family home, townhome, or condominium before the end of next June, when it expires.

The National Association of Home Builders (NAMB) is trying to get the word out to the home-buying public. Among the resources:

• NAHB has published a Website for consumers- http://www.federalhousingtaxcredit.com. The site includes details and questions and answers on how home buyers can use the credit.

• On http://www.nahb.org/mythbusterNAHB has posted talking points, print ads, a consumer handout on the “top reasons you shouldn’t wait to a buy a new home” and a banner ad for Websites-all geared to alerting home buyers to the availability of credit.

The massive, 690 page housing bill just approved on Capitol Hill has plenty of mortgage related provisions, but it also has this important stimulus program designed to junp-start housing sales.

For more information on this important tax credit or Park City real estate, contact us at http://www.unlockparkcity.com

The U.S. Bankruptcy Court for the District of Utah recently granted the Promontory Club in Park City, UT an extension of time until October 31, 2008 to file a bankruptcy plan. The ruling also covered;

• Approved the rejection of three cabin leases

• Required the Property Owners & Members Group to make disclosures required by Bankruptcy Rule 2019.

• Extended the time in which Promontory may elect to assume or reject its other real property leases

• Approved compensation protocols for professionals paid by the estate

• Set September 8, 2008 as the last date for filing proofs of claim

• Approved Promontory to resume Cabins construction

For additional information of the Park City real estate market, please contact us at http://parkcityjournal.com/realestate/admin/www.unlockparkcity.com

The Park City Board of Realtors statistics for the First Half of 2008 indicate that Gross Sales Volume was down to $610M, a decrease of 39% from the same Half of 2007, prices increased 8%.

Gross Sales for Single Family Homes were $260M, down 45% from 2007 and prices were approximately even.

Condominium Gross Sales were down 24% to $259M, which prices rising 17%. Old Town Condos saw a 24% price increase and Kimball Junction Condos sales volume increased by 131% primarily with the Newpark Hotel, with prices up 19%.

Gross Sales of Vacant Land (Lots) decreased 57% to $72M with prices increasing 16%.

With a large inventory selection and banks lending at historically low interest rates, now is a great time to pick up a vacation property.

For complete details of each area, please contact us at http://www.unlockparkcity.com

On July 3rd, 2008, Judge Judith Bolden of the Utah Bankruptcy Court approved the Pivotal DIP (Debtor in Possession) Financing Plan for $25 Million in interim financing for The Promontory Club. Credit Suisse, Wells Fargo and the Promontory Owners Management Group all objected to the Plan.

The day before the ruling, Promontory did not reach an agreement with Credit Suisse for an alternate financing plan.

On July 21, 2008 the Court will hear Promontory’s Motions for an extension of the period of time for it to file a bankruptcy plan.

The U.S. Bankruptcy Court for the District of Utah was to issue an opinion on the $25 Million Pivotal DIP Financing proposal today, however, the parties asked Judge Boulden to delay announcing her decision until July 3rd. In the meantime, the parties will try to negotiate a Credit Suisse Loan Proposal (approximately $20 Million for 6 months). Promontory will either present a Credit Suisse Loan Proposal on July 2nd, or the Judge will decide whether to approve the Pivotal Proposal on July 3rd. On July 21st, the Court will hear either the Credit Suisse or Pivotal Loan Proposals and Promontory’s Motion for an extension of the period of time for it to file a bankruptcy plan.

Credit Suisse, Wells Fargo, and the Promontory Owners and Members Group (POMG) have all objected to the Pivotal Loan Proposal.

In any event, Pivotal will extend its current financing agreement through July 31st, 2008.

This has not been a good week for interest rates. The conforming 30 year fixed rate has moved from 6.125% at the beginning of the week to 6.50% as of today. The primary reason is fear of inflation. The bond market hates inflation, because it erodes the effective yield earned on fixed income bonds. If inflation begins to increase, or even if the bond market thinks that inflation will increase, investors sell off bonds. When bonds are sold, prices drop and yields rise, which drives up the rates on mortgages. As you know, there have been substantial increases in food and energy over the last few months, which caused inflation to start increasing.

With that in mind, now may be the time for those that have been “waiting” for the right time to buy and that increasing interest rates will more than offset additional price reductions they hope to see in the market.

For information on the Park City Real Estate Market, please contact us a http://unlockparkcity.com

Tavaci is a new private, gated community overlooking the scenic entrance to Big Cottonwood Canyon, gateway to Brighton and Solitude. The secured community is 43 lots, forty plus acres of open space, walking trails, and mountain and valley views. Tavaci will offer one-of-a-kind architecture and project design.

Currently under construction is an exceptional home designed by the award winning designer, Guy Dreir. Mr. Dreir is noted for his contemporary styling using the organic form and has designed homes in resort communities surrounding Palm Springs, Boca Raton, Vail, Las Vegas, Rancho Santa Fe, La Jolla, Malibu and Wailea. The state-of-the-art home will be over 8,000 square feet and is available for $13.2 Million.

Tavaci homeowners will be able to choose premier concierge service from Preferred Group. The Preferred Group offers Travel, Lifestyle and Entertainment, and Personal Services that are unprecedented.

Lot Prices at Tavaci range from $1,050,000 to $6,000,000.

For more information on Tavaci or Park City Real Estate, please contact us at http://unlockparkcity.com