Park City Schools Ranked #1

Submitted by Park City School District

Monday, KSl released the results of its research project on high school performance in Utah.  Park City High School ranked number 1 in the sate.  Using data provided the Utah State Office of Education, KSL and its independent researcher ranked schools according to student scores on the Utah Basic Skills Competency Test, school improvement, and advanced placement (AP) tests.  

"We are thrilled with the ranking," said Hilary Hays, principal of Park City High School.  "This is the result of hard work by our students, their parents and our faculty.  I'm grateful for the support we receive from the board of education and the community.  Congratulations, Park City High School Miners!"

The study looked at 123 Utah high schools.  In addition to test scores, the rankings included graduation rates, attendance, and other variables associated with the state's U-Pass assessment.  

Sweeney Rights Remain Intact

Treasure special counsel delivers much-anticipated report about project

by Jay Hamburger OF THE RECORD STAFF

Posted: 04/24/2009 04:03:16 PM MDT

Treasure special counsel Jody Burnett this week affirmed the Sweeney family's longstanding rights for the development, indicating in a much-anticipated report that the family has made sufficient progress over the years to keep a 1980s overall approval for the project intact.

Burnett delivered his report to the Park City Planning Commission on Wednesday and to the City Council the next day. Burnett, an attorney hired by City Hall to comb through the earlier approval for Treasure, said in his written opinion the project continues to hold vested rights, a term often used by municipal planners and attorneys to describe a development that had been approved previously but is not yet built.

Burnett said in the four-page opinion Treasure "has continuing vested rights which are valid." He said City Hall should continue to consider the family's bid to build Treasure, which would be situated on a hillside overlooking Old Town on the slopes of Park City Mountain Resort.

He said the Sweeneys have set aside land as open space and built trails as part of the 1986 approval. The family has also built smaller parts of the overall approval, such as what was put up as the Caledonian.

"From my vantage point, they have definitely pursued the project with reasonable diligence," Burnett said in an interview after addressing the Planning Commission.

Meanwhile, Burnett also said the rights for meeting rooms and commercial space supporting a hotel at Treasure should be capped at 5 percent of the total floor area. He mentioned, though, the Sweeneys have other rights to commercial space that could be in play.

It is unclear what effects the opinion about the commercial space will have on the Sweeney plans, which include convention space. There have been increasing concerns among critics about the meeting space.

The Planning Commission has struggled with the project since talks about Treasure started in 2004. City Councilors, at the request of the Planning Commission, agreed to hire a special counsel to review the Sweeney files. Members of the Planning Commission and people who live on streets like Empire Avenue and Lowell Avenue are worried that the development no longer fits.

The Sweeneys want to build a hotel with approximately 200 rooms and approximately 100 condominiums along with 19,000 square feet of commercial space. The Sweeneys say the project would boost business in the Main Street area and provide a high-end lodging option for people wanting to stay close to Main Street.

Neighbors and others, though, are worried about traffic, parking restrictions and the size of the buildings, among other issues. The Planning Commission on Wednesday listened to approximately 40 minutes of testimony from nine people in opposition, with many of the comments centered on traffic. The Sweeneys contend the streets, with improvements and other transportation upgrades like a stand-up gondola, are adequate.

"They always have an answer. The answer is we can do it," said Peter Marth, a Hillside Avenue resident, as he questioned traffic studies favorable to developers.

Planning Commissioners on Wednesday were suspect of the Sweeney plans as well, with comments including that the parking plans are not innovative and they want other alternatives. The Planning Commission tentatively agreed to continue the discussions in late June.

Mayor Dana Williams and the Park City Council met with Burnett on Thursday in a closed-door session. The City Council agenda for Thursday indicated the closed-door session was scheduled to last more than two hours and cover property matters and legal issues, two topics that state law allows elected officials to talk about in private.

Williams declined to discuss the closed-door session.

"There's more than just the report," he said, referring to the Burnett opinion.

Problems Still Unsolved for Vacation Rental Owners, Companies

Both say land developments had no relation to current crisis
by Andrew Kirk, OF THE RECORD STAFF
Posted: 04/21/2009 04:21:35 PM MDT

It's been four weeks today since the community first began learning of the need for Deer Valley Lodging and David Holland Resort Lodging to suspend payments to the owners of condominiums the companies rent out.
Bobby Foster, director of marketing for Premier Resorts International, the parent company of Deer Valley Lodging, said in a March 30 interview that troubles would be resolved within about two weeks.
Although his company has sent frequent updates to owners on the progress of negotiations, there is still no official word on when payments will be sent out or how the company will solve its financial woes.
David Zatz, owner of David Holland Resort Lodging, said in a recent interview that the details of the process are confidential, but that he's been notifying his owners weekly on his progress to find a solution to the problem.
Deer Valley Lodging continues to operate and accept new reservations saying the current crisis is temporary, but employees had a scare the week of April 7 when their paychecks would not cash. The three people who contacted The Park Record about the situation said later they were able to cash them after a short wait.
A note appeared on punch clocks April 9 stating, "We did not expect the run on the bank that occurred yesterday where a high volume of payroll checks were cashed. We anticipated the normal payroll check cashing cycle and were prepared to cover those checks throughout the week with the normal daily deposits."
Foster said on April 8 that about 36 people were affected. On April 21, he said the next payroll, today, is fully funded.
People familiar with the claimed both financial crises were created by unwise investments in development projects.
David Zatz did just complete construction of The Lowell Condominiums at Park City Mountain Resort. Zatz said they were a separate project with no shared funds with the lodging company. The condominiums are paid for through the construction loan. The project was not a contributing factor to his company's delay of payments to home owners for nightly rentals, he said.
"The Lowell is a stand-alone entity," Zatz asserted.
The reason for the speculation is that the condominiums were an expensive project. Over a decade in the making, the property began as a 26-unit hotel project called "The Gables." Sometime in 2007, a decision was made to reconstruct the spaces into 13 units, 12 to be sold as luxury condominiums and one space for retail - currently Park City Sport. It was completed last summer.
According to documents at the Summit County Recorder's office, there are currently three mechanics liens against the condominiums. There is also an on-going lawsuit with the engineering firm.
According to Prudential Realtor Trent Davis, seven of the 12 residential units are sold. Steven Martin in the Appraiser's office agrees the condos taxable values match the asking prices of between $1.1 to $1.7 million, depending on the unit.
The loan held by Hanmi Bank is over $13 million according to documents in the Recorder's office.
Some owners who use Deer Valley Lodging have speculated that the company is suffering from a failed development in Myrtle Beach, South Carolina.
That development called Barefoot Resort near the popular tourist destination Barefoot Landing in North Myrtle Beach, had many developers.
One of them, Drake Development, did declare bankruptcy in 2006. According to news reports found on Lexis Nexis, Premier Resorts and Drake Development were in a partnership at the time, but Premier was not involved in the bankruptcy.
Press releases found on Premier Resort's website about Barefoot Resort in 2007 suggest the company now owns much of the property shared with Drake Development.
One 2007 press release lists a large number of recently completed, ongoing and planned construction projects including a waterfront plaza and conference center, a Yacht Club marina, a restaurant called Docksider's Grille, a health club, a spa and the acquisition of several acres through Premier Holdings of South Carolina.
The website also says the company is the property manager for 250 condos in North Myrtle Beach.
The company's response was similar to that of David Zatz:
Foster responded to these concerns saying, "no funds from either Deer Valley Lodging or Premier Resorts International were used to construct any of the facilities in North Myrtle Beach. Those facilities were funded with loans involving other entities."
Foster also pointed out that other companies across the nation are experiencing similar difficulties because of lost lines of credit. The original explanations for the crisis from Deer Valley Lodging sent to owners on March 27 attributed the problems to loss of credit and a slow season. Recent numbers suggest this winter was off $7.5 million from last for Deer Valley Lodging, he said.
The most recent message sent to owners Monday afternoon explains that the company is in negotiation with four entities: one local, two national and one multi-national. Foster could not say what types of companies they were.

Pivotal Buys Back Promontory

Original Promontory developer regains property for cents on the dollar
Patrick Parkinson, Of the Record staff
Posted: 04/21/2009 04:22:31 PM MDT

Parkite David Dorius said he built a spec home in Promontory four years ago "when the market was hotter than a pistol and the project was moving along well."
"We were looking to make some money on the deal," Dorius said about his intentions to quickly flip the investment property. "Now we're the lowest priced (single-family) home available that is not either a bank-owned home or a short sale, and it's not selling."
A group of creditors forced the luxury Promontory subdivision into bankruptcy last spring when the developer, Arizona-based Pivotal Group, defaulted on loans. In an unusual outcome, Pivotal Chief Executive Officer Francis Najafi bought the project back at a highly reduced price when Promontory was auctioned April 15.
"The better outcome for me as a Realtor, for the real-estate market in general and for a lot of the homeowners would have been for another developer experienced in high-end golf course communities to have picked it up and started running with it, versus having it go back into the hands of the primary principals there," Dorius said.
Bids for the project came only from Najafi and lender Credit Suisse, a bank which withdrew its offer April 16.
Najafi's bid of $70 million was approved in U.S. Bankruptcy Court Friday. Years ago his company defaulted on about $275 million in loans Credit Suisse packaged for investors.
"That is just wiped off the books," Promontory Managing Director Rich Sonntag said about the debt. "It's essentially considered a bad debt. The banks had the opportunity to step in and protect that debt by buying the asset, holding it until the value increased and then selling it. They made the judgment that they didn't want to do that because it would require putting additional money in over the years."
Sonntag insisted Najafi did not orchestrate the bankruptcy to avoid repaying the loans.
"I wish we were all that smart," Sonntag chuckled in a telephone interview Tuesday. "That isn't what happened here. What happened here was a developer who felt very strongly about trying to preserve the community he created."
Still, Najafi acquired Promontory for a fraction of what he owed. Recent appraisals have estimated the value of Promontory at between $230 and $560 million.
"I don't think that anybody, a year ago, thought that this would be the outcome," Sonntag said. "This only occurred after Pivotal had been in negotiations with the bank for months and months and months trying hard to avoid the stigma of bankruptcy."
And the auction was a public process, he said.
"At the end of the day, because the markets had deteriorated to the point that they had, it was possible to acquire the project back and continue with the original plan," Sonntag explained.
Promontory was marketed to about 80 potential buyers prior to the property being auctioned, Sonntag said.
"At least 20 returned confidentiality agreements and took a hard look at it," he said.
During the yearlong bankruptcy, Promontory maintained its operations. The gated community east of U.S. 40 consists of two golf courses, several clubhouses, equestrian facilities and more than 1,000 potential building lots.
Nearly 400 Promontory homes have already been built.
Pricey membership fees are meant to keep investors from speculating on real estate at Promontory, Sonntag said.
"We don't try to sell to speculators. I'm afraid that perhaps more people did speculate on these lots than we would have liked," he said. "We had some who did perhaps get in over their heads and there is going to be a period of time here, during this slow market, where a few of those get cleaned out."

Promontory May Emerge From Bankruptcy

Affiliate of original developer acquires Basin property at auction

The U.S. Bankruptcy Court confirmed Friday that an affiliate of the original developer of Promontory has acquired the bankrupt property at auction, according to a prepared statement from Promontory.
Judge Judith Boulden named Pivotal 7000 the winner of an auction Wednesday that included two golf courses, several club houses and more than 1,000 potential lots at the Promontory gated community in the Snyderville Basin.
Promontory was forced into bankruptcy by its secured lien holders in March 2008, as a result of the downturn in real estate.
An auction of the luxury golf community ended Wednesday when a bank that's owed money at Promontory and the Pivotal bidders disagreed, the Associated Press reported.
Credit Suisse and Pivotal contested each other's bids for Promontory. Each side said the other bid wasn't enough and didn't satisfy terms of a court-approved reorganization.
"Promontory's reemergence from bankruptcy, with new financing in place, should be viewed as good news for Promontory's owner/members and for the hundreds of Promontory employees who work and live in the Park City community," Promontory Managing Director Rich Sonntag said in a prepared statement.
The 10-square-mile community of multimillion-dollar homes and horse stables is located east of U.S. 40 in western Summit County.

Obama might visit Park City in June

Trip may correlate with Western Governors' Conference
Patrick Parkinson, Of the Record staff
Posted: 04/03/2009 04:37:01 PM MDT

President Barack Obama may visit Park City in June, interim Summit County Manager Brian Bellamy said.
"We're getting word that he may come here," Bellamy told Summit County councilpersons in March.
The Denver-based Western Governors' Association, made up of leaders from Western and Midwestern states, and American territories, plans to hold its annual meeting June 14-16 at Stein Eriksen Lodge.
Between eight and 12 governors typically attend the conference, according to someone organizing the event.
Politicos speculate that Obama may travel to Park City to address governors at the event.
The Summit County Sheriff's Office spent approximately $50,000 during President Bush's fund-raising trip to Park City last May, according to Sheriff Dave Edmunds.
"With President Obama, I would guess that would be an absolute minimum, and I personally believe it would be more that that," Edmunds said in a telephone interview Thursday. "President Obama's security contingent is very large and we're living in an increasingly hostile world."
Local police and sheriff's deputies complemented the Secret Service and state troopers during the Bush trip.
Edmunds could not confirm that Obama plans to visit the governors' conference.
"I don't think anyone will know until a few weeks beforehand. Typically, presidential itineraries are not set until very, very close to arrival," Edmunds said.
Overtime pay for deputies jumps significantly during presidential visits. President Bush moved in a large, heavily protected motorcade between the presidential helicopter's landing zone outside the schools complex off Kearns Boulevard, Stein Ericksen Lodge, which is where he stayed, and Mitt Romney's Park City vacation house.
"Local law enforcement always has a role to play with blocking off streets, or helping assist with the outer perimeter," Edmunds said. "Typically, local law enforcement doesn't get that close to the executive, but there are always ancillary duties that they have to perform."
Edmunds, a Republican, pledges Obama would be protected well should he visit Park City.
"If the commander in chief comes, he gets whatever he needs," Edmunds said.
But conference organizers have made no security requests for the June event, he added.
"I know that [requests] are coming in the future, and they will be substantial," Edmunds said. "If you've got 15 governors here, and particularly some of those high-profile people, there needs to be a significant security contingency to make sure they are safe."
Conferences attendees could include Alaska Gov. Sarah Palin and California Gov. Arnold Schwarzenegger.
"There are going to be a lot of governors in one location, and all governors have security details assigned to them," Edmunds said. "And I don't know who else is on the guest list. Are senators on the guest list? This thing could turn into something massive from a security standpoint."
The security team that guarded Bush was more powerful than the ones that protected Bill Clinton on his two ski vacations to Park City in the 1990s.
"We always have to set aside money for these kinds of things," Edmunds said. "There are reasons why high-profile political people come to Summit County and we have to plan on them coming."
Presidents do not typically attend meetings of the Western Governors' Association. Utah Gov. Jon Huntsman is chairman of the organization.

Deer Valley Lodging in a fix

company asks for time from owners to pay them
by Andrew Kirk, OF THE RECORD STAFF
Posted: 03/31/2009 04:12:50 PM MDT

Premier Resorts and its Deer Valley Lodging asked homeowners on Friday to be patient with them in receiving payment for the month of February, and possibly March.
A letter was distributed explaining the credit crisis has been hard on hospitality companies "that rely upon business lines of credit to even out the inconsistencies of their seasonal business operations." The season has been averaging 30 percent below previous years, according to the letter.
"As a result of these factors, our traditional sources of business financing have suddenly become unavailable to us," explained the letter from Premier Resorts director of marketing Bobby Foster. "This extraordinary situation necessitates that we delay payment of current amounts owed to condominium unit owners under our Rental Agency Agreements. (Deer Valley Lodging) plans to pay all owners the full amounts owed as soon as possible."
Trail's End Condo owner Larry Yang said he's owed about $6,800 for February alone and his homeowner's association president told him not to expect payment anytime soon.
In a telephone interview Monday, Foster told The Park Record that it is merely a delay of payment. The property management company is not going out of business and is not going to default on what they owe owners. The company is still accepting reservations and he said they are strong for Easter and advanced bookings for summer look good as well.
"Getting owners paid in full is our first priority. We should have an answer soon. We're aware of the economic environment everyone has to deal with. We're trying to move this as quickly as we can and we're disappointed we got to this position," he said.
Taking care of owners is as important to the success of a vacation rental business as taking care of guests, Foster said. The current situation is embarrassing, but all vacation rental companies operate on thin profit margins, he said.
Premier Resorts president Barbara Zimonja and chief financial officer Brad Goulding saw this as a possible scenario at the beginning of the financial crisis in September, and worked to arrange a line of credit then, but it fell through, he said. The two have been in meetings all week arranging for another line of credit.
Yang said he finds that explanation strange since there is no other time of year when a vacation rental company would be sitting on as much money as they would in late winter.
That's why the 30 percent decline in business has been so detrimental, Foster explained.
"We're dealing with a line of credit as well as lower flow of cash, too. We're working right now to establish credit, as soon as that's in place, our intention is to pay condo owners in full," he said.
As of Monday, it was difficult to say when payment would begin, Foster explained. The company may need to arrange a payment schedule with people until it is caught up. No details can be given until a line of credit is re-established.
Yang said his HOA's contract with Deer Valley Lodging as its management company is expiring, and if he had his druthers, he wouldn't renew with them. The risk is too high. He said the situation and the company's explanation of it was "outrageous" and "odd."
But Yang did not express anger at the company. He said he was mostly concerned about the on-site management staff from Deer Valley Lodging that has always done a great job. He said the people in housekeeping, at the front desk and the general manager have always performed excellent service.
"I'm worried about what will happen to them because of their employer," he added.
A separate letter from Zimonja and Goulding sent to the Park City Board of Realtors explained that Premier Resorts was striving to be "fiscally responsible" by reducing compensation and benefits to the entire workforce, eliminating bonuses and resorting to personnel layoffs.
"Premier Resorts remains a wonderful company and we are pleased to report to you that our employees have been willing to work through this with us," the letter said.
Zimonja and Goulding have also made themselves available to speak with owners directly if they wish, Foster said.

David Holland Lodging announces delay, too

Same factors that affected DVL also affecting others in resort lodging
by Andrew Kirk, OF THE RECORD STAFF
Posted: 04/07/2009 03:50:07 PM MDT

The slow year and nation's financial crisis continues to affect Park City's nightly rental industry.
David Holland Zatz, owner of David Holland Resort Lodging, confirmed Tuesday that he, too, sent a letter to about 300 condominium owners at the end of March announcing a temporary delay of payments.
"Funding I thought would be available to me wasn't. Not everyone has declined, so I'm still working on it," he said.
Zatz said he believes he'll know more in two or three weeks.
With 25 years in town, he navigated his company through the recession in the 1980s and the slowing following Sept. 11, 2001. The difference this time is that banks still lent money during those periods.
"It's just a different environment right now," he said. "We've weathered all the storms before. I'm confident we'll be able work through."
There are vendors affected as well as owners, but the accounts with Home Owners Associations are separate, he said.
Confusion regarding the delay of payments by Deer Valley Lodging continues two weeks after announcements were first made on March 25.
Premier Resorts marketing director, Bobby Foster said vendors are affected by the situation as well as property owners.
The economy has been affecting all aspects of travel, and vendors such as travel agents are especially hard hit. Airlines have been decreasing or stopping commissions to agents and more people are using do-it-yourself websites instead of agents.
Premier Resorts knows this well. Just few weeks ago the company closed down its own agency under the name Premier Travel.
The agency was based out of the same Park City office as Premier Resorts on Deer Valley Drive and was started to get guests better airline rates.
Changes in airline policies and Internet-use trends made the agency a losing enterprise, Foster explained.
Besides angry vendors, at least one set of owners have filed a lawsuit against Premier Resorts over the delay of payments.
Kim McGuire and John Kinnear are the developers of Trail's End at Deer Valley. The two filed a complaint in Third District Court against Premier Resorts on March 31.
The complaint states that Tail's End has a contract with Premier Resorts stating that if the company fails to pay by the 15th of each month, it is subject to a 1.5 percent monthly interest charge. Because the company failed to pay for February by March 15, the plaintiff's are requesting the court freeze the assets of the company until full payment is made.
McGuire and Kinnear said they are owned about $48,000.
Foster said Tuesday afternoon that after intensive, ongoing meetings, Premier Resorts President Barbara Zimonja is confident that she'll have positive news for condo owners within about 10 days.

When home prices hit bottom

The end may be in sight - and getting a better sense of when it's coming can help you make the smartest buying and selling decisions.
Money Magazine) -- Call it the Great Housing Paralysis of 2009. If you're hoping to buy your first home or invest in a second one, you're probably sidelined, unsure when to jump in. If you want to sell, you're thinking it may be better to wait. And even if you don't plan to either buy or sell anytime soon, watching one of your biggest assets tank is about as much fun as being chased by hornets. When will the pain stop?
Nationwide, home prices will bottom out at the end of this year, according to the forecasters at Moody's Economy.com. Median prices will probably fall another 10% on top of the 27% they've plummeted since their 2006 peak. That prediction assumes that President Obama's various recovery efforts - including billions to slow foreclosures and goose bank lending, plus a tax credit to most 2009 buyers who haven't owned in the past three years - will have some effect. If they don't, says Economy.com's Mark Zandi, the bottom could come as late as 2011.

And then? "The recovery will look more like a U than a V," predicts Mike Larson, a real estate analyst at Weiss Research. Translation: After home prices hit their lows, they'll probably stay there for a few years as the economy slowly struggles back to its feet. Prices aren't expected to reach their 2006 levels again for another decade.

Before you reach for the Xanax, think about a few things. First, the nation was in a housing bubble, remember? What's happening now is both inevitable and necessary. Second, if you haven't yet bought your first home, you should be happier than Kate Winslet on Oscar night. Third - and most important - the outlook varies dramatically depending on where you live. If you're in Memphis or Greenville, S.C., for example, the bleeding is almost over. Find projections for when the nation's 100 largest metro areas will hit bottom - and how prices are likely to change in the next 12 months in our Real Estate 2009 list.
As you've heard countless times, you should think of your home primarily as a place to live, not as an investment. And it's nearly impossible to time the bottom perfectly. That said, getting a sense of the price trends in your area can give you the confidence to make decisions that can save you a whole lot of money. For the latest advice on buying, investing, and selling - no matter where you live - read on.
Buyers
Factor in future drops. Buying in one of the areas that is expected to keep falling significantly for another year or more is - how shall we put it? - probably not the greatest idea. If you don't currently own a home, keep renting until your market is closer to its trough (you can find that information on the Real Estate 2009 list).
But if you really want to buy now - for example, you're moving to a city where the available rental housing isn't appropriate for your family - aim to negotiate a deal that factors in this year's expected price drop. For example, if your market is forecast to fall 10%, bid at least 10% less than the home's current value. If the seller refuses, find another house (there are plenty).
Even if you can't score a deal like that, you can console yourself that you'll have a decent shot at making up future price declines (and the thousands you spent in closing costs) as long as you stay put for at least five to seven years.
Consider foreclosures and short sales. If getting a great deal is your main goal, look for foreclosures, which typically sell for at least 20% to 30% less than market value, according to foreclosure-listing website RealtyTrac. Because these homes are sometimes abandoned and stripped, get a contractor to make a free estimate of the time and cost of repairs, and make sure they won't wipe out the amount you'd save.
Another economical option: short sales, in which bankers allow homeowners to sell for less than they owe. They can save you 10% or more. The seller typically still lives in the home, so it's usually in decent shape. One big drawback: The process can take up to six months and can fall apart at the last minute. "If foreclosure is 30 to 40 days away, it's very unlikely that the short sale will happen first," says Glenn Kelman, CEO of Redfin, an online real estate broker. For more see "Snag a Great Deal on a Short Sale."
Be smart about mortgages. Today's rates - averaging 5.2% for a 30-year fixed loan - are steals. They'll probably hover in the 4.75% to 5.5% range all year, says Larson, so there's no need to rush to lock in. (Jumbo loans - those larger than $417,000, or up to $729,750 in certain high-cost areas - average 6.8% and are unlikely to close in on traditional rates this year.) However, because some lenders are requiring more information today, it's taking longer (about 45 to 60 days) for banks to approve loans. To land the best rates with no extra costs, you'll usually need at least 20% down and a credit score of 720 or better. And to qualify for any mortgage, your monthly payments toward debt should eat up no more than 43% of your pretax income; your monthly mortgage, insurance, and taxes should total 31% or less.
Investors
Think tortoise, not hare. Because prices have further to fall in most areas, forget about flipping. You're better off investing in, say, a vacation home, a future retirement home, or a rental property that you're planning to hold for a minimum of five to seven years. Otherwise you run a significant risk of losing money from future price declines, plus closing costs.

Focus on location, location, location. If you plan to rent out your purchase at some point, look beyond the deal. "Many investors are simply looking for where prices have fallen the most, but they also need to look for areas where the economy is still strong and people can find jobs," says Amy Bohutinsky, a vice president at Zillow.com. Many cities with large price drops have high unemployment. Look for areas close to public transportation, a university, or shops and nightlife. "Those neighborhoods will appeal to people in their twenties and thirties who have been waiting and renting," says Bohutinsky.
Get pre-approved. Many lenders still want nothing to do with investors, so you'll face tougher loan requirements than you would have a few years ago. Banks may also limit you to perhaps four outstanding mortgages if you don't have tons of cash on hand. Before you start scouting neighborhoods, get pre-approved for a loan so that you're sure you will qualify.
Sellers
Stop deluding yourself. Ignore list prices and base your asking price on what similar homes in your area have actually sold for in the past three months. "Even six months ago the market was totally different," says Ellen Klein, a realtor in Rockaway, N.J.
No nibbles after 30 days? Drop the price. An even better strategy, says Klein: Right out of the gate, price your home at 10% below what comparable ones have gone for. That may attract more than one bidder, pushing up the final price. If your area is on Real Estate 2009 list and is forecast to fall by double digits in the next 12 months, do whatever it takes to unload now. The longer you hold on, the more the value will erode. The alternative: Stay put.

Spiff up the joint. If your area has lots of foreclosures, it'll be hard to compete on price. But it won't be hard to compete on condition. So make repairs now, then heavily market the fact that your house is move-in ready. Throw in a bigger commission to buyer agents so that they'll show it more often. Also advertise that you have a flexible closing date - even if it means you must rent until your next home is ready. That way buyers who must move in 30 days will know yours is an option.
Get creative. If you absolutely must move out soon and your home isn't selling, consider offering a rent-to-own option, sugests Eric Mangan of ForSaleByOwner.com. A potential buyer pays you a monthly sum to live there. After a set number of months - say, six to 18 - he either has the option to buy or is required to buy. You'll need to pay an attorney about $300 to draft the contract. But at least you'll have money coming in each month to cover some or all of your mortgage payment.
No matter where you live, remember that a year can make a huge difference. If the forecasts prove true, by this time in 2010 about half the metro areas mapped on these pages will have stopped falling. The housing market - slowly, gingerly - will start reviving. At last!
Additional Reporting by Veronica Crews and Alexis Jeffries contributed to this article.
Are you a U.S. resident who has lived through a previous financial crisis in another country? If you'd like to share the story of your experience, send an email with your contact information to gmannes@moneymail.com.

State exports increase by $2.5 billion / Utah expected to be first in nation to pull out of recession

By JEFF DEMOSS
Standard-Examiner staff
jdemoss@standard.net

SALT LAKE CITY -- A 32 percent increase in exports from Utah last year has helped mitigate the impact of the ongoing recession on the state, according to a new report.
Statewide, commodity exports from Utah in 2008 were worth $10.3 billion, up from $7.8 billion in 2007, the Governor's Office of Economic Development reported this week.
GOED officials said the increase has made Utah the foremost exporter among Intermountain states, which in turn has helped soften the blow of the recession.
"The ability of our businesses to expand their customer base to include much of the world is one of the reasons Utah is poised to be the first state in the nation to climb out of the recession," said Jason Perry, GOED executive director.
The American Legislative Exchange Council recently said Utah has the best economic outlook for 2009 among all states.
Many local companies have turned to international markets in recent years in an attempt to grow their businesses.
Clearfield-based Lifetime Products Inc., perhaps best known for its outdoor furniture and basketball goals, recently received the 2009 Exporter of the Year award from ThinkGlobal Inc.
The company still has broad reach in domestic markets, as evidenced by another recent award, the 2008 Lawn & Garden Supplier of the Year award from Sam's Club. However, exports have become a larger part of its business over the past two years, Communications Director Phil Mickey said.
While it hasn't been immune from the economic downturn -- Lifetime laid off about 400 workers from October 2008 to January 2009 -- growth in exports has helped minimize the impact, Mickey said.
"We recognize the potential for our business," he said. "When we take a tried-and-true product and put it into international markets, it's a huge win for us."