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Show Deer Valley condos selling like hot cakes by Christopher Smart New condominiums located in or around Deer Valley are selling like hotcakes and should help Park City realtors set records this year even though the resale condominium market is slow. According to Bob Ziegler, former president of the Park City Board of Realtors and president-elect of the state realty board, real estate sales figures have already equalled last year's total of $70 million with two-and-a-half months remaining in the year. Sales are brisk at the relatively rela-tively high-priced Deer Valley projects pro-jects while older resale condominiums are not selling well, Ziegler said in an interview with the Record. Of 882 current listing on the Park City real estate market, about 600 are new and resale condominiums, Ziegler noted. And while those figures might seem to indicate the market is glutted, it isn't necessarily so, he explained. As an example, Zielger cited 345 Deer Valley condominiumns that were sold before or upon construction. construc-tion. In a short time those condominiums appeared on the resale market. "It is the nature of resorts to have a lot of resale properties," he said. And while Park City fits the bill in terms of resale condominiums, at $439,000, according to the Deer Valley Real Estate Report compiled by Bonnie Peretti of Coleman Land Company. According to those real estate listings, it is not uncommon for Deer Valley condominium apartments to sell for $500,000 and $600,000. Condominiums at the Stein Eriksen Lodge top the list at $1.2 million. Because the profitability of condominium condo-minium ownership is geared toward higher income groups, it's no surprise Deer Valley condominiums are popular. According to Park City Planning Department figures, in excess of 250 new Deer Valley condominiums will be ready for occupancy by Christmas this year. Many more are planned for the coming year. For example, a $200,000 condominium condo-minium would have an annual debt service of about $22,000. Ziegler explained that with an income of $10,000 in rentals from the condominium, condo-minium, the owner would have spent about $12,000 during the year. But with a $30,000 depreciation loss, the owner would save $15,000 in taxes for a net gain of $3,000. The catch is it doesn't work to a profit arithmetically if the owner is in less than the 50 percent bracket. Ziegler maintains the market here is much stronger than in other places. As an example, he said Steamboat Springs, Colo., which has about twice as many skier days as Park City, sells fewer real estate properties annually. Steamboat real- fc tors sold $17 million in condomin- iums last year. But though some segments of the the real estate market are strong here, the business has changed , somewhat since the days when the Park Avenue or Pay Day condominiums condomin-iums increased drastically in price from year to year. For example, the Ontario Lodge s4 project has been planned for construction in the Silver Lake area ; by United Park City Mines. Twelve & of the planned 50 units will be built g this year with price tags beginning |