Promontory (Park City, UT)
By Scott Larson, Park City, Utah Real Estate News
(BHHS/Utah Properties)
The Promontory Club in Park City,Utah  has been in operation for over 12 years now and the amenities are really starting to fill in.  There are now two golf courses, the Pete Dye Canyon golf course and the Jack Nicklaus Painted Valley Signature golf course.  They are as different as night and day and really challenge any level of golfer.   At Promontory it is not all about the golf.  The Ranch Club Compound has a clubhouse with spa and pool  as well as a fun water slide.  There is also  a kids cabin and adventure trail as well as the Dye Clubhouse and the newer and very well received Shed.  At the shed there is casual dining, bowling, a bar with tv's theater  room, basketball court and outdoor amphitheater for the summer concert season. During the winter months there is an on mountain c...
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By Deb Hartley, Lea Hartley Team
(Prudential Utah Real Estate)
3401 E Pete Dye Draw • $4,300,000 • 6 bedrooms • 6.5 baths • 9,850 square feet   This home is arguably one of the most magnificent homes in a stunning setting at Promontory that is set apart from the all other homes in this golf community.  A rare opportunity, this nearly 10,000 square foot home is located on a on a secluded cul-de-sac and the home site is a 1.47 acre lot adjacent to the Pete Dye Golf Course.       Unobstructed and amazing sunsets compliment the 270 degree views of the adjacent golf course and surrounding ski areas.  The elegant entry way spills into to majestic great room.   A grand master suite on the main level is complete with an oversized steam shower, infinity edge tub, his-and-hers fully customized master closets and radiant heated bathroom floor.  The ultimate f...
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By Scott Larson, Park City, Utah Real Estate News
(BHHS/Utah Properties)
The Shed Clubhouse is the newest major amenity at the Promontory Club in Park City.  The idea behind this clubhouse was that it would serve as a multi-generational gathering place for children, parents and grandparents with enough diverse activities to keep everyone interested, active and interacting with each other. When you walk in there is a bar/soda fountain immediately to your left with several large flat screen tv's to watch the sporting event of the day or just to catch up on current events.  With seating areas to the left and the right there is plenty of room to relax and enjoy a casual afternoon or early evening meal.  There is also a spacious outdoor deck providing some of the best views in all of Park City. For parents worried about finding activities for picky teens, they wi...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  Alright folks, we seem to be at another lull in the Promontory bankruptcy hearings. Last week the Judge ruled that Promontory’s plan to sell the development via a 30 auction was not feasible and a sale would certainly take longer than 30 days. The hearing is scheduled to continue on December 11, and an agreement between Credit Suisse and Promontory on how the club will run after Jan. 31, 2009 will need to take place, because we are getting close to that date…..so it looks like the DIP financing will need to be extended, and possibly a longer auction period could be agreed upon. We will keep you posted….other than that, our market is slow as everyone is preparing for ski season. Deer Valley opened this weekend and what better way to enjoy the world-class groomers than a blue-bird Utah ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
  I know everyone is waiting on news to come out of the courtroom regarding the bankruptcy at Promontory. As of Friday afternoon, we do not have anything…look for something to come out over the weekend. However, the Jack Nicklaus course at Promontory was just awarded the #3 new course by Golf Digest. Even amongst the bankruptcy at Promontory, the development is still collecting awards! I bet you will not see that at Yellowstone Club, Tamarack, or other developments that Promontory is sometimes thrown in with…As I have said before, I whole-heartily believe that Promontory will emerge from this bankruptcy stronger than ever, and people will be kicking them self’s for not buying in this downturn…see the press release below: PARK CITY IS THE PLACE FOR MOUNTAIN GOLF ~ Promontory named #3 bes...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Just in the past few days we have seen 2 homes go under contract at Promontory.Maybe the activity can be attributed to the reorganization plan...but that has not been agreed upon by the court...so then again, maybe not.None the less, any activity is good to see. I would have to imagine that there is some pent up demand due to people holding off until the bankruptcy is settled....Not to say that the market at Promontory will do a one-eighty when the bankruptcy is finally settled, but I would look for a good bit more activity than what we saw this summer.People who have been looking for a while know that the project has value, will be a good long term investment/second home, and that now is a good time to be a Buyer in the market at Promontory. Maybe it will take a year for the "blackeye"...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Below is a brief recap of what has taken place over the past month in the Promontory bankruptcy hearings. As you will see, a reorganization plan that is headed up ny Credit Suisse has been proposed by Pivotal , but nothing has been agreed upon. The agreement will hopefully take place after Thanksgiving. The way it sounds, Pivotal (the original owner of the project) seems to be mostly cut out when it comes to the future of Promontory. Here is the recap and schedule of future events:January 31, 2009 - Target date for emerging from Bankruptcy.December 5, 9:00 am - Continued Disclosure Statement Hearing (if necessary).December 4, 9:00 am - Hearing on adequacy of Promontory's proposed Disclosure Statement.December 1, 4:30 pm - Deadline for objections to Promontory's proposed Disclosure State...
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