This past week the new St. Regis Hotel at Deer Valley opened to rave reviews. The bar, lounge and restaurant are spectacularly decorated and many people felt that it looked just like the St. Regis in Manhattan. Owners have begun closing on their units and with prices approaching $2000 per square foot; a new standard has been set in Deer Valley. What is very telling is that the first buyers wrote contracts 4 years ago and even after the economic downturn of the last 2 years, only two buyers are attempting to get out of their contracts. This is very telling about the quality and perceived value of the St. Regis. From speaking with the listing agent they expect to have closed on 20 units prior to the Christmas vacation at which time all of the available units will be rented out.
The second piece of big news this week is that Deer Valley will be opening Saturday December 5th.This fall we have only seen about half of our normal snow fall but fortunately it has been cold so Deer Valley will have a decent opening of man made snow. Even better is the forecast for snow…beginning this Saturday and continuing at least through next Wednesday. This is much needed and should get the mountain ready for the Christmas holidays. Part of the opening ski weekend tradition at Deer Valley is a two day celebrity ski race. This is always a fun event with many Hollywood celebrities running around mid-mountain Deer Valley.
In real estate news our real estate market continues to move along and is showing some signs of strengthening. While we are still definitely in a buyers market and I see many price reductions on properties every day I am beginning to see a few price increases. Is this a sign of things to come? While I do not think that we are out of the woods, the light at the end of the tunnel just might be a bit brighter.
The first couple of weeks in December and again the first couple of weeks in January are relatively quiet times here in park City and are an excellent time to visit and enjoy less crowded ski slopes and restaurants. Whether it is during these more quiet times or later in the year, make your plans to come visit Park City and experience for yourself why this has been my home for the last 25 years.
