Spring Skiing in Park City

This is the time of the year that we change over from the cold winter snow conditions to spring skiing. The joys of spring skiing are skiing corn snow and spending the afternoons on “the beach” at Deer Valley. Click here for fun photos.

We are all familiar with the typical star-shaped snowflake that falls, for which Utah is so famous for. However, come spring the snow going through constant melt-freeze cycles and changes to what is referred to as “corn snow”. The snow crystal melts during the day, refreezes at night, melts again the next day and freezes once again. After several cycles of this, the snow has lost its crystal shape and resembles more that of a grain of corn. Very sought after skiing occurs just as the surface starts to soften and has about an inch or two of soft snow over a firm base. The skiing in these conditions is smooth, consistent and completely delightful. Experienced spring skiers know to go to the east or south exposures first thing in the morning where the snow softens first, and then work their way around to the west, and finally the north exposures as daytime heating progresses. All too often I talk to visitors who do not understand the sun and its effect on the snow and try to ski north or west exposures first thing in the morning, which can be rock hard and very unpleasant. When spring skiing, look for the sun first thing or follow the locals, who know where to go, and you will find your day extremely enjoyable.

In real estate news, a concern that everyone is hearing is the ability, or non-ability to obtain financing for vacation properties. While financing is certainly not as easy as it was a few years ago, financing is available. In the past few years stated income, non-verification loans where easy to obtain. And it is largely responsible for creating the financial mess that we are in right now. As is typical, the pendulum has now swung strongly the other direction where lenders require verification of everything. When financing a resort property, particularly a condo or condo-hotel, I feel that it is imperative to use a local lender. One who knows the property and knows how to package the loan in such a way that the underwriters will fund it. Too many times I have seen buyers search the internet for what they think is the best rate, or use a lender in their home town. Experience has taught me that these loans rarely go through. One of the first questions an out-of-state lender asks is, “What percentage of the condo development is non-owner occupied?” In a resort town, such as Park City, the answer is frequently, “Nearly 100% of the properties are non-owner occupied.” This will often kill any possibility of the lender funding the loan. Local lenders understand that these wholly owned condos are used by their owners for vacations and know how to package this so that the underwriter is comfortable with the loan. Frequently, experienced Realtors® will ask the buyer’s agent who the buyer is using for their loan. If the property being purchased is a condominium which is used for vacation rentals, it is not uncommon for the listing agent to require that the buyer submit a loan application with a local lender as well as their out of state lender. What we are trying to accomplish here is to increase the sellers confidence that the loan will go through. So my advice when purchasing resort real estate is to rely on your Realtor® for advice on financing. Our local lenders know how to work with out-of-state buyers and the peculiarities of resort property. This helps make the loan process as smooth and painless as possible.