Promontory Gets Funds
$25 Million Could Operate The Club Through January.
The owners of Promontory breathed a momentary sigh of relief after a U.S. Bankruptcy Court judge sided with the embattled Snyderville Basin developer July 3. Pivotal Group, the parent company to Promontory, will provide interim financing worth $25 million to operate the bankrupt equestrian community through January. "This just basically pays all bills that we will have between now and January, which gives us time to focus on getting back into the real-estate business and then coming up with a new financing plan, " Promontory Managing Director Rich Sonntag said Monday. View the fill article. Promontory__financing.pdf
Sale of The Canyons is Final
Talisker Corp. Buys Ski Resort for $123 Million.
Talisker Corp. Monday finalized its deal to buy The Canyons, an agreement that teetered for weeks as Talisker, one of the area's biggest developers, repeatedly delayed the closing on the resort. "We're closed," Canyons spokesman Tim Vetter told The Park Record. "It's better than being in limbo and I'm very excited." According to Talisker Chief Executive Officer Jack Bistricer, "We expect to bring our brand and standard of development to this wonderful resort over coming years." View the full article. Sale-of-The-Canyons-1.pdf
The Advantages of FHA Loans
In many regions of the U.S., FHA loans have not been utilized for years, so a lot of real estate agents and mortgage originators aren't familiar with this great resource. The following link will outline recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one. Advantage_of_FHA_Loans.pdf
The Ski Season Was Just Huge
Park City's Three Resorts Posted a Record-Setting Winter
Summit County's three mountain resorts hosted a record number of skiers and snowboarders last winter, the Park City Chamber/Bureau said this week, crediting the season's big snows for the record. The local record came as the state ski and snowboard industry also posted an all-time high last winter. Ski Utah, an industry group, counted 4,258,900 skier-days in the state, a fifth consecutive record. One person skiing or snowboarding at a resort for all or part of one day is counted as a skier-day.
View the full article. Ski-Season-is-Huge.pdf
New Ruling on Vacation Home Properties
Revenue Procedure 2008-16 - Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences
This revenue procedure, which will be effective for exchanges occurring on or after March 10, 2008, establishes a safe harbor regarding when a vacation home can be considered investment property and traded in a 1031 exchange. View the full article. 1031_exchange_6.08.pdf
Deer Valley Resort to Invest $8 Million in Improvements
DEER VALLEY RESORT, PARK CITY, UTAH (May 30, 2008) - While Deer Valley Resort operates a full compliant of summer activities this season (lift-served hiking, mountain biking and scenic rides, lunch at Royal Street Cafe, Summer Adventure Camp and plenty if outdoor summer concerts), Resort staffers will also be working on investing $8 million in improvements on the mountain. View the full article. DV_Improvements.pdf
Utah Leads the Nation
Utah continues to lead the nation in housing appreciation. Click on the following link to review the four-quarter price change by state.
