As Luxury Ski Areas Go Into Deep Freeze, Sellers Capitulate to Market Realities

This title is from an article in the October 30, 2009 Wall Street Journal.  Written by Nancy Keates, this article discusses the real estate markets as it relates to ski town and resort markets.  The following excerpt is about specifically Park City

 Park City, Utah, a popular destination with a mix of high and moderately priced homes, has shown some signs of stabilization. The number of homes sold as of August of this year was the same, 50, as it was by August 2008, an improvement over the winter. But pricey Upper Deer Valley is still struggling.

"I'm willing to go another year," says Craig Mogel, a developer in Deer Valley who initially listed a home he built at $9.95 million in the fall of 2007 and reduced the price by $1 million a year later.

To read the article in its entirety which discusses the high end real estate market in Aspen, Vail, Sun Valley, and Hawaii, click on this link An Avalanche of Price Cuts by Nancy Keates.