We're Skiing!

Deer Valley opened Saturday with 16 runs and ten lifts open. Not a bad start for opening weekend. While I have seen better conditions for opening day, I have also certainly seen much worse. On the runs that were open the coverage was quite excellent and the skiing was pretty fun. The weather turned quite cold last Friday and as the weekend progressed, steadily got colder which means that snow making has been going full-speed, nonstop since Friday. I expect by this weekend we will see at least two more lifts open and several more runs particularly over on the Northside area. That's the good news, but unfortunately it doesn't look like there's any significant snow in the forecast for at least a week.

As is customary, on Deer Valley's opening weekend, we had the Deer Valley Celebrity Classic Ski Race. This is a yearly event and is a fundraiser for support the Waterkeeper Alliance, a clean-water advocacy group. Though the celebrities that show up are not necessarily the most well-known, the fun is in watching our local celebrities. Phil and Steve Mahre, Heidi Voelker, AJ Kitt all former members of the US Ski Team. Watching them you can see that the competitive juices have not left.

It looks like plans are starting to come together for a celebration of the 10th anniversary of the Olympic winter games that were held here in Park City. There is talk of once again closing Main Street to vehicles, making it a pedestrian-only event with music and other events commemorating the 2002 Winter Olympics that were such a success. As this event starts coming together, I'll certainly let you know of it. This would be an event to make plans to come out and partake in.

In part of my efforts to stay as current as I can on the market I am constantly going out and looking at what's new and what's good. Last week I toured two areas of Deer Valley, the first being Empire Pass and the second the Silver Lake area at mid-mountain Deer Valley. The first thing that struck me was how little there is available. We've been talking for years that in spite of all the condos that were on the market in Empire Pass nothing new was being built and it would not be long before there was a shortage of available product. Well, this time has come. However, one place that is available and struck me as being one of the better buys, is a penthouse unit in the Arrowleaf building in Empire Pass. This is a true ski-in/ski-out, top floor unit with vaulted ceilings and spectacular views of Deer Valley. The unit features large windows, is beautifully furnished, comes with the full Talisker Club membership, and is listed for $2 million. Of everything that I saw in Empire I feel that this one is probably the best unit available.

Photo courtesy of the PCMLS

In the Silver Lake area of Deer Valley, I feel from everything that I've seen the best condo available is a 3-bedroom Stag Lodge in the main building where you literally walk out your door and you're standing on the ski slopes. This unit is also beautifully furnished and updated, has large windows to take in the views, and is listed for $2.8 million. While these are my favorites and what I feel are the best buys in each area, there is certainly a wide variety of homes and condos to choose from.

Photo courtesy of the PCMLS

Ski season is here, the town is buzzing with anticipation, and rental condos are filling up for the season. So if you haven't already done it, book your vacation and feel free to either call or email me for the locals' inside information on ski conditions.

We Are Skiing

This past weekend four more Utah resorts opened for skiing. Brian Head in central Utah, Alta and Snowbird in Little Cottonwood Canyon, and Park City Mountain Resort have all opened with very good conditions for the middle of November. We received about 6" of snow Friday night and snow has continued off and on all weekend and into today, Monday. This week, Thanksgiving week, Canyons Resort opens followed by Deer Valley the following weekend, December 3rd. With the early snow that we have been receiving and the resorts opening with very good conditions, the lodging companies are all reporting higher than normal bookings for the year. While in the past, management companies have all said that visitors are booking closer and closer to their actual vacation time to see who has the best snow and rates. This year with early snow throughout all of the Rockies, visitors are once again booking ahead and booking early to assure that they get the accommodations that they want.

Last week I was at a luncheon where we heard speakers from all three Park City resorts talking about what's new and what improvements the resorts have made over the summer months and also from White Pine Touring which operates the cross-country ski tracks around town. White Pine Touring also works closely with Mountain Trails Foundation which is a non-profit here in town dedicated to the building and maintenance of mountain biking and hiking trails throughout the mountains. Apparently the International Mountain Biking Association has named Park City as the best mountain biking town in the country. This is such a tribute to the Mountain Trails Foundation and the hard work that they do building and maintaining the Park City trail system.

On another note two weeks ago Park City, through our local radio station held a community wide call-in fundraiser for all of Park City's nonprofit organizations. I am very proud to say that our small town of Park City, permanent population of 7,000, contributed over $300,000 that day to our nonprofits. These non-profits are such an integral part of our community in maintaining hiking trails, putting on music festivals and contributing to the arts in town and this money will help assure their continued success. Way to go, Park City, and one of the things that I so much love about this town.

Last week I was up at the Montage Hotel at Empire Pass in Deer Valley and toured some of their new residences. They are absolutely stunning and the location of the Montage Hotel is in the "A" location for skiers. The Montage Hotel is located at the base of the Empire lift of Deer Valley with premium ski access to Deer Valley's most challenging expert terrain or the easy groomers of Northside. It is no wonder that The Montage has been a resounding success for both guests wishing to stay at the best Deer Valley has to offer or buyers wanting to own a condo in the heart of skiing.

Ski season is here so get your skis tuned up and waxed, and when you are out this winter, let me take you on a tour of Deer Valley and show you my favorite places to ski. Remember my office is mid-mountain Deer Valley in the Silver Lake Plaza, right across from the ticket booth.

Snow, snow, snow

Last Saturday, Park City held a Snow Dance Parade on Main Street where everybody was encouraged to dress up in appropriate snow gear, ring cowbells and parade to bring on winter. Well, it worked! It's been snowing ever since, and all three resorts are making snow. Big news this week is the announcement of opening days. Brighton Ski Resort in Big Cottonwood Canyon opens this Thursday followed by Solitude on Friday. Park City, Snowbird and Alta are opening the following week on the 18th or 19th, Canyons on the 25th, and Deer Valley as is consistent, opens the first Saturday in December which is the 3rd this year. Fall has definitely ended and winter is here now for the duration.

The excitement in town is readily apparent with the ski shops getting all the new equipment out and everybody gearing up for a great winter. With last ski season showing a marked improvement in visitors to Park City over the 2009-2010 season, we are hoping the trend  will continue and with abundant snowfall visitors will come.

In real estate happenings, for the off-time of the year, we are remaining relatively busy. Buyers are continuing to take advantage of low prices and low interest rates to purchase their ski property prior to the arrival of winter visitors. I had some clients in town last week and their reasoning for coming this time of the year was the of the availability of properties to look at. With very few visitors in town right now getting appointments to see property is very easy, unlike during the height of the ski season when everything is rented. So if you are contemplating purchasing a ski property this year, this is a terrific time to come out and look. The availability is high and there is great selection of properties to look at.

The start of the ski season is just days away so continue working on your strength and agility exercises, and let's go skiing!

Park City Mountain Resort Goes Green

With all the talk over the last several years of global warming (or more correctly, climate change) and the concern that we have of ever-rising snow levels, the three Park City resorts have been taking steps to reduce and hopefully eliminate their carbon footprint. Several years ago both the Park City Mountain Resort and Deer Valley Resort purchased wind power electricity and converted their fleets of snow groomers to bio diesel. This year Park City has gone a step further and installed a wind turbine at the top of the mountain along with solar panels with the goal of becoming completely independent from conventional electricity and using only renewable sources. This is a great move and I believe we'll see more and more resorts going this direction.

Last week I talked about my Hero Tree in the backyard that stays green well after the other trees have turned golden. This last weekend it finally gave up and started to turn. I guess this means the end of fall has arrived. While there's still a few splotches of gold in the mountains the leaves are coming off pretty quickly and we're entering the brown season. The brown season is when all the leaves are gone but snow has not yet arrived. It looks like we're going to get another small shot of snow this week and with very cold temperatures. I was just in Deer Valley purchasing my season pass for the year and saw that they had the snowmaking guns out. This is a good opportunity to remind everyone that on November 1 season pass and coupon book rates increase at our local resorts.

Continuing as we have been all fall, there is nothing terribly exciting in real estate  happening. However the past week my phone's been ringing with inquiries for ski condos prior to the start of the ski season. Prices continue to be low and interest rates remain at historic lows and buyers are taking advantage of this. On the flip side, as I mentioned last week, the number of new properties listed are decreasing significantly which is making it harder to find steals. There are great deals out there but I would caution buyers that if they're looking and find something that fits their requirements not to dawdle.

Last weekend the new Warren Miller ski film, Like There's No Tomorrow, premiered here in Park City and now of course everybody is enthused and ready for the start of ski season. If this film comes to a town near to you I recommend seeing it as it's one of his better ones in the last several years. With that, I hope to see you on the mountain this winter!

My Hero

I know every week I talk about just how beautiful it is and how it can't get any prettier...but it does! This weekend was the peak of the colors and it's absolutely spectacular. The hills were awash in color, the temperature was near 70 and then we had a little snow last night. My hero this week is an aspen tree in my backyard. While all the other aspens have turned bright gold and are starting to lose their leaves there is one that holds on and is still bright green. Way to go, aspen. Don't give up!

In real estate news the sales stats are in through the end of September and the trend we have been observing all year is continuing. Comparing year-to-date January 1 to September 30 of 2010 and 2011, the number of single family homes sold is up just over 17% and the average sales price of a home has risen 4.5% from $826,000 to $863,000. Condo sales are up just over 13% and continuing the trend we've seen all summer, average sales price is down about 27%, from $862,000 in 2010 to $623,000 in 2011. Looking at and comparing this September to last September, the number of homes sold was flat at 74 for each month but average sales prices rose almost 24% from $767,000 in September of 2010 to $948,000 for September of 2011. From September 2010 to September 2011 in condo sales, number of sales is up 21% and average sales price continues to decline to just over 35%. A major contributor to this decline was sales in lower Deer Valley where last year there was one sale with a sales price of $2,289,000 and this September there was again one condo sold but sold for $514,000. This shows a decrease in sales price of 77.5%. Now we know condo prices in Deer  Valley haven't decreased 77%; this is just a function of what sold this year compared to what sold last year. I believe that this holds true for the average sales price of homes and condos overall. I do not believe that home prices have increased 17-24% or that condo prices have dropped 27-36%, but rather more expensive homes are once again selling, but buyers are looking for the lower priced condos.

Also a continuing trend we've been following all year: the number of new listings continues to decrease. Year-to-date, 2010 to 2011, the number of new homes listed is down 15.6% and number of condos listed year-to-date is down 18.9%. Looking at September 2010 versus September 2011 the number of new homes listed was down almost 26% and number of new condos listed decreased 31%. I think we have several factors going on here of which I think the major factor is that many of our sellers are not desperate to sell, not in trouble, and are willing to wait until the market starts to return. This is also the message that most agents are telling their sellers: unless you really want to sell and are willing to price it according to today's market, don't sell. However, if the trend continues of number of sales increasing each month and numbers of new properties being listed decreases, something has to give and we're starting to see this. We're seeing well-priced properties selling quickly and we're seeing more and more multiple offers. With the economy continuing to waffle along and interest rates running historically low, buyers are definitely taking advantage of this opportunity and are purchasing. We know there will come a time when resort real estate cannot be purchased for today's prices and interest rates are not this low and we as agents will be hearing "I should have bought back then." If you're in the market for resort real estate don't let this be you.

Each week brings us closer to the opening week of ski season. Deer Valley opens in about 6 weeks so continue the leg workouts, the core body workouts and start focusing on aerobics. See you on the mountain this winter!

Fall Colors and Snow

Well the much-anticipated snow storm arrived on schedule last week and snowed off and on here for several days. Sunday morning it finally started to clear up so I drove up in the local mountains to take some very pretty pictures of snow-capped mountains blending in with the fall colors. It really is a magical time of year. But as the ground is still quite warm, all the snow down low has melted off. I do suspect that the higher elevations' north-facing slopes now have snow for the remainder of the year.

Last week's paper published the story that the Hotel Park City had signed an agreement with Marriott Hotels to be part of their flagship hotel chain. Well, this was a bit premature, as while the Hotel Park City is moving that direction and is close to signing, the deal has not been inked yet. From what I hear it is extremely likely this will happen and I think it will be a good benefit for condo owners at Hotel Park City as Marriott brings lots of name recognition and useful insights.

The big news this week is that the readers of Ski Magazine voted Deer Valley as the #1 Ski Resort in North America for the 5th season in a row. What makes this most remarkable is that no resort has received the #1 ranking 5 times, let alone in 5 consecutive years. Park City Mountain Resort received recognition as the #1 Family Resort and #6 overall. This is a tribute to not only our wonderful resorts, but also to the town of Park City, and all of the shop, restaurant and resort employees who strive to make every visitor feel welcome.

In other local news going on, grading for the Canyons Resort Golf Course is actually under way! Finally, after what seems to be an eternity of infighting, the various landowners have settled their differences and course construction has started. This will be extremely good news for Canyons Resort and owners of condos at Canyons Resort as this should make it a stand alone resort in Park City.

In other Canyons news in last week's post I had talked about the proposed lift connecting Canyons and Solitude Resort. This has been and continues to be a hot topic of conversation around town and interestingly enough in last Wednesday's paper there was a very well-written letter from a local skier in support of the lift. While he brought up many very good points I'm afraid that the majority of Parkites are either still against the proposal or at best skeptical. This debate reminds me of a debate that went on here in the late 1980s concerning the idea that Park City had of putting in a lift connecting Main Street  Park City to the resort. This lift as envisioned would cross Park Avenue (one of the main entrances into town) and unload right in the commercial district. At the time, I remember being quite surprised at how vocal and widespread the opposition to this was. Well, the lift did go in, the ski run crosses Park Avenue as does the lift and it accesses hotels and restaurants in downtown Park City. Since this has gone in I've heard no opposition, just kudos for what a good idea it was. Will this be the same result as the Canyons' proposal to hook up with Solitude? Who knows, but I will certainly keep you posted as to how it's going.

Other than that it's a pretty slow time of the year and everyone is just enjoying a bit of relaxation before winter madness starts. Wolf Creek Resort in southeastern Colorado received over 3 feet of snow and is the first resort in the US to open. I have seen several videos posted on the web of people skiing Alta so it's not far away. Continue working out and I look forward to seeing you skiing this winter.

July vs. July Sales and YTD Real Estate Comparison

As I've mentioned in previous posts, real estate sales for the first half of 2011 have been up over the same period of 2010 and this trend is continuing. Year-to-date sales (through July), for single-family homes are up 23% from 349 in 2010 to 430 in 2011. Comparing July to July, there were 58 sales of single-family homes in 2010, compared to 67 sales in 2011 or an increase of over 15%. Year-to-date average sold price is up 4.2%, $852,820 in 2010 to $888,601, 2011. July to July averages are more dramatic as average sold prices increased 32.4%: $688,534 in 2010 to $911,958 in 2011. While the number of sales has been increasing, the number of new listings of single-family homes continues to decline. In July, 2010, there were 219 new homes listed but only 165 listed in July 2011, a decline of 24.7%.

Condo sales show a mixed trend. Number of sales year-to-date have increased 10.6% from 293 in 2010 to 324 in 2011, but average sold price continues to decline from $943,085 to $603,026 in 2011 for a decrease of 32%. As with single-family homes, the number of new condos listed has also continued to decline, from 757 in 2010 to 623 in 2011, or a decrease of 17.7%. Comparing July to July, the number of sales has increased 34.6% from 26 in 2010 to 35 in 2011 but average sold price was dramatic: $817,942 in 2010 to $335,287 in 2011 for a decrease of 59%. Again, like single-family homes, the number of listings is down 18% July vs. July, from 92 new condo listings in 2010 to 77 in 2011.

So what does this all mean? Buyers are here and they are buying. However, buyers are very price-sensitive and only buying what they perceive to be deals. With inventory continuing to decline, the better properties are going away faster than they are being replaced. Does this equate to be the right time to buy? Low prices, dwindling inventory and low interest rates: resort real estate has always been popular and now it appears buyers are back in the market. If you've always wanted that vacation home, whether it be the mountains, beach, or golf course community, this might be the right time for you to purchase. To paraphrase my favorite ski film photographer Warren Miller: if you don't buy your vacation home this year, you'll just be that much older when you do.

While summer is still here in the mountains, a hint of fall has definitely arrived. Days are noticeably shorter and mornings are cooler. If you have not already done so, it is time to start getting in shape for ski season.

2011 Mid-Year Real Estate Update

Well, summer is in full swing here in the mountains which means that we get daily thunderstorms. The days start out clear and warm, some time after noon big thunderstorms start to build, and then we get maybe an hour or so of rain late in the afternoon/early evening. Really keeps things fresh, clean and cool.

Last Saturday evening the Utah symphony performed at Deer Valley and featured the music of the Eagles. The symphony brought in a group whose lead singer was formerly with the group Kansas to perform for us with the symphony as backup. It was really a magical night with the sound of steel guitars combined with the symphony, playing all of the classic Eagles songs. And all of this under the stars at Deer Valley.

Ski Season Wrap-Up

Well, Memorial Day weekend has come and gone and unfortunately it snowed the entire weekend, which made for miserable barbecues and the beginning of the summer festivities. But today the sun is out and supposed to be sunny and warm for much of the next week; with the occasional snowstorm of course. But what's one to expect? It is only barely June.

Ski Utah announced last week that this last ski season was the second best in Utah's history with about 4.2 million skier days. The record year was 2007: a very snowy year and just prior to the economic downturn. That season we saw 4,249,000 skier days. Deer Valley Resort said it was their 2nd best season ever in terms of skier days and they noticed that visitors were spending more on lodging and lessons. Park City Mountain Resort reported similar trends with revenue from lessons, rental equipment and the restaurants being up from last year. Along with an increase in consumer confidence we also attribute the increase in skier days and skier spending to an abundant snow season. Snowfall for the 2011 season was up 34% over the previous season. What was more significant however was that the snow came early this year with resorts being almost entirely open prior to December 18. Also interesting was that since 2002, the year of the Salt Lake Olympics, skier days in Utah have increased 41%. I find that very interesting and a validation of just how much publicity the Olympics bring to our resort. While the resorts have certainly made numerous improvements in the nine years since Salt Lake City hosted the Winter Olympics, that alone does not account for this significant of an increase in skier days. The worldwide exposure that Utah received from hosting the 2002 Winter Olympic Games has paid off in increased business many times over. Often, people are concerned about the cost of hosting Olympic games, this is proof that it is money well spent.

The arrival of June signals the start of our summer season with numerous concerts, food and wine festivals and a wide variety of outdoor activities such as hiking, mountain biking, golf, fishing, and so on. So, plan your vacation and discover just how refreshing summers in the mountains can be.

Memorial Day Week

Memorial Day weekend is coming up, the traditional day of the start to summer, barbecues and pools opening. Unless you live in the mountains. A quick look at this week's forecast is calling for Saturday's weather of 47 degrees and rain, hardly makes you feel like summer. People frequently ask if Memorial Day is a busy weekend in real estate and a good time to hold open houses. Anywhere else but the mountains, this holds true. But up here, more people leave than come into town for the holiday.

Last week Thursday I hosted and was moderator for a panel discussion of resort Realtors for three of our neighboring resorts: Lake Tahoe, California; Sun Valley, Idaho; and Vail, Colorado, that was attended by the Park City Board of Realtors. It was a wonderful lunch meeting with over 200 Park City agents in attendance. Not surprisingly, while there are some regional differences, the state of real estate in each of these resorts is very similar to what we're seeing here in Park City. Numbers of sales were up, prices are down and the general feeling is that prices will not be rising anytime soon due to pressure from distressed properties. The differences are in the details for each area. For example, in Vail, high-end condos in the heart of the village have sold at over $2,800 a square foot. Lake Tahoe, where is the real focus of the resort is around the lake (instead of the ski resorts) there are very few condos for sale and prices are around $400 per square foot. Sun Valley is in between but closer to Lake Tahoe with maximum prices pushing but not exceeding $1,000 a square foot. Here in Park City, our high-end ski-in/ski-out hotels on the mountain of Deer Valley sell for between $1,300 and $1,500 per square foot. (Throughout the 16 years I've been involved with the Western Mountain Resort Alliance, prices and amount of real estate sold in Vail have always been the envy of the other resort Realtors.) Each of the resorts reported that skier visits to the resorts, lodging numbers and retail numbers were up 5-10% over last year. Everyone was pretty happy with this gain and gave their confidence that this summer's real estate activity and visitor traffic would continue with upward trends.

Closing Weekend at Deer Valley Resort

Wow! What a closing weekend it was with 27 inches of new snow over the weekend, nobody here, and the most incredible ski conditions. Woke up Friday morning with 15 inches of new snow, then Sunday (closing day), 4 inches of classic Utah "cold smoke." For those of you who are not familiar with this term, it's when snow is so light and dry that you don't even feel it. It's like having smoke on the mountain. That is what Utah is known and famous for: the lightest and driest powder in the country.

Final Week

This is the final week for Deer Valley's ski season, although Park City and Canyons have extended their season one more week to April 17th.

To get the most enjoyment from spring skiing, one has to plan their day carefully. First of all, come springtime, not all days are worth even skiing. If it doesn't freeze overnight and it is warm and humid during the day you're better off finding another activity, such as snowshoeing, biking, or even going to work. However when it does freeze overnight, you wait a little bit for the snow to soften then head for the east and southerly-facing slopes where you can find good corn snow. Then, as those slopes become too soft and sticky, look for the north-facing slopes and as the afternoon progresses, move to the western slopes. By doing this, you are trying to find each aspect at the perfect time for softness. And there may be times that you just have to quit, have lunch, and call it a day. Spring skiing is for relaxing, enjoying the sunshine, and recapping a great winter.

Closing week this year looks to be very, very good as we received a foot of snow Sunday, it is supposed to snow again tonight, and it looks like more snow Thursday, Friday, and Saturday. If the forecast holds true, it will be a great way to finish the year and we will close with a base of over 120" and powder skiing. It is time for thoughts to turn to white sand beaches and warm Caribbean water. Everyone in ski towns are ready to thaw out and relax.

It's been a pleasant surprise that as we wind down the ski season real estate sales have continued to stay strong. In looking across what has sold in the last couple of weeks, I have seen several multi-million-dollar homes and condos sold including two ski-in/ski-out condos in Deer Valley priced at over $6,000,000 and another ski-in/ski-out home in The Colony at Canyons Resort also priced well over $6,000,000. On the 15th of April I will be able to get the stats for the ski season and will put together an analysis of how this season's activity was and how it compared to the previous winter. So stay tuned for that and until then, enjoy spring and plan your summer vacation to the mountains.

Spring Skiing

Spring skiing in the Rockies takes on many shapes and forms. When we talk about spring skiing typically the thoughts turn to warm sunny days and soft or even slushy snow. But here in the Rockies, March and April can be very, very snowy, and it seems that the last few years some of the best powder skiing has been at the end of the season with this year being no exception. This is me skiing Deer Valley on Sunday!

It has been a crazy week with snow just about every day since last week Monday and the skiing just can not get any better. Deer Valley is now reporting a 118-inch base and it is snowing hard today with another foot of snow expected. But then the best news is, is that we are expecting warm sunny days starting Wednesday for classic spring skiing, at least until the weekend when more snow is forecast. This is a perfect time to come out and visit your favorite ski resort in the Rockies as the skiing is the best it’s been all year, crowds are down, and you can get great deals on lodging.

In real estate news, real estate sales continue to be quite strong (I’ll be doing an end of the season wrap up in mid April), but all indications are that this ski season's real estate sales are going to be substantially higher than last year. Of particular interest, to me, is the new montage hotel in Deer Valley. This is a high-end boutique luxury hotel located at the base of the Empire Lift with fabulous amenities and of course ski-in/ski-out access. The hotel opened for business December 9th of this year and prior to opening there were three pre-sales of the condos. The condos first went on sale at the end of last ski season. There have been five new sales this ski season with a penthouse for $6,000,000 just being sold last week. In addition there have been a couple of sales in the St. Regis, also located ski-in/ski-out in Deer Valley's Deer Crest area. After the 2009/2010 season with no new sales in St Regis, it is refreshing to see the high end buyer returning to the resort market. In looking at what is selling each day, I am seeing more sales over $2 mil than I have for quite some time. Is this a sign that the resort market is beginning to turn? Before jumping to any conclusions, let's see what the summer brings for sales, but this is certainly good news for resort real estate here in Park City/Deer Valley.

So stay tuned in a couple of weeks for the end of the year wrap-up which I think will be very interesting and until then come out and enjoy the fabulous spring skiing.

Park City's Version of Beachfront Property

As the founder and president of the Western Mountain Resort Alliance (formerly the Rocky Mountain Resort Alliance), I had the opportunity to travel to and visit almost all of the western ski resorts in Colorado, Wyoming, Idaho, Utah, and California. One of the things that I found that was very unique about Park City is the amount of ski-in/ski-out properties that we have. To most people, the term "ski-in/ski-out" is something they haven't heard before and is unique to ski towns. "Ski-in/ski-out" is pretty much what you would think the term implies: this can be a condo or a home, located directly on the ski slopes of one of our ski resorts. Here in Park City and Deer Valley, we have taken the definition to being right on the slope or at least at the base-area complex. If you have to walk across the street to get to skiing, we don't consider this ski-in/ski-out. As walking across the street to the beach is not considered beachfront prperty.

By far the majority of ski resorts in the western United States are built on forest service land which precludes their ability to have private homes located anywhere other than at the base or in town, thus severely limiting what can be ski-in/ski-out. Park City is very unique in that the ski areas here are all built on private land, mostly owned by the major mining company, United Park City Mines, and therefore is available for development. Particularly Deer Valley, which was designed more of what you would think of as a golf course country club with homes surrounding the resort. The same goes for The Canyons Resort here in Park City. When Edgar Stern first developed Deer Valley, he had the idea of developing it more like a country club and sold off parcels of land adjacent to the resort to private parties to develop homesites and condos. This is very evident as you ski around Deer Valley and ski through beautiful on-mountain homes and condo projects. At The Canyons Resort, the most prominent area of ski-in/ski-out homes is a development called The Colony at White Pine Canyon. This is an incredibly beautiful piece of land, broken mostly into five- and ten-acre homesites, all with direct ski-in/ski-out access to The Canyons Resort.

As with beachfront property, the scarcity and desirability of the product drives the pricing on these properties. For instance, at the Silver Lake area of mid-mountain Deer Valley, the least expensive ski-in/ski-out three-bedroom condo is priced at $1.4 million. If you are willing to walk a block or two to the resort, you can find a three-bedroom condo in the lower $900s. In an area of Deer Valley called Deer Crest, which is almost exclusively ski-in/ski-out homesites, a vacant lot of about one acre will start at $1 million and go up to about $3 million for the most desirable lots. For a finished home in the Deer Crest development, the lowest-priced home currently on the market is around $3.4 million, with the highest-priced just over $19 million. For comparison, there is a section of Deer Crest that does not have direct ski-in/ski-out access and a 10,000-square foot new home with incredible views can be purchased for under $3 million.

Resort real estate is really not much different from real estate anywhere else in the axiom of "location, location, location" is as true here as in any other real estate market. The focus of the location in our resorts IS the resort. And as in all resorts, the further you are from the focus of the resort, the more you get for your dollar. However, as you get farther from the resort, the rentability and the dollar amount that you can command for a vacation rental drops rapidly. So when contemplating purchasing a vacation property at one of our resorts, several questions need to be asked: Do I want true ski-in/ski-out and is the convenience and ambiance of being "on the mountain" enough to justify the price, or am I willing to settle for either a short walk or a short drive to get more of a home at a lesser price. Interestingly enough, these are the same questions that renters ask themselves when looking to book their vacation. One point that I always try to make to potential buyers if they have decided they do not need direct ski-in/ski-out access is that once they have to drive to the resort--that is, pack up the car with all the gear and load the family in--it doesn't matter if you're driving five minutes or ten minutes to get to a resort. But that extra five minute drive can get you a substantially larger property for the price.

In the age of the internet, most buyers are shopping online as there are many terrific websites to help you find properties. What you can't get a feel for online is the location, which translates to desirability, rentability, and resale-ability. This is where the knowledge of a local Realtor becomes invaluable.

It is snowing hard here today with 2-3 feet expected overnight and I am looking forward to an incredible powder day in the morning. Book your vacation to Park City and let me show you our mountains, and the terrific opportunities we have in resort real estate.

Springtime in the Mountains

It is the middle of March and the days are getting longer, the sun is shining and spring skiing is on. Spring skiing means not having to bundle up like you are in the arctic, sitting outside on the deck for lunch and après ski outside looking at the mountains.

Montage at Deer Valley

The big news this week is the first release of condominium units at the new Montage Resort Spa and Hotel in Deer Valley.

Park City Real Estate Year In Review

While today I want to talk about the 2009 real estate year lets first talk about what is really important, IT’S SNOWING! This season has been one of the driest on record but we received about 18 inches in the last couple days, it is currently snowing, and the forecast is for snow for the remainder of the week.


This week also begins the annual Sundance Film Festival. The Sundance Film Festival is the largest festival for independent film producers and always draws a huge crowd. The opening weekend is always the busiest with Main Street in Park City turned into a snowy version of Hollywood complete with star sightings. The Sundance Film Festival parties are the hottest ticket in town with locals using every connection they have to gain entry. Other than the traffic and that the restaurants are full, this is a great time to ski as the slopes are quiet and this year the snow is great.

I think that everyone here in Park City, real estate agents, merchants and lodging companies are thrilled that 2009 is over and that they survived. While 2009 was a very poor year for real estate sales the final numbers are not as bad as it felt. For instance, if we look at single family homes in all areas of our MLS the # of sales were up 2.2% and the average sales price was only down 3.7%. However, home sales in town and near the resorts are a different story. Old Town homes and in the vicinity of the Park City Resort showed a 30% increase in the # of homes sold in 2009 from 30 compared to 23 in 2008. But, the average sold price for a home in old town was down 12.8% for the year. Homes in lower Deer Valley saw a 57% decrease in the # of sales, 6 homes sold in 2009 compared to 14 in 2008, but a 29% increase in the average sold price. Deer Crest, a high end ski-in/ski-out community attached to Deer Valley saw 4 homes sold in 2009 compared to 1 in 2008 or a 300% increase but also saw the average sales price drop 43% to just under $3,500,000. Deer Crest is a newer community with spec homes still being built and it appears that several spec home builders just wanted out and lowered their prices to a point where the deal was just too good to pass up. In upper Deer Valley 9 homes sold in 2009 compared to 4 in 2008 for an increase of 125% and once again we saw a decrease in the average sold price of 28.7%. Other area’s around town were similarly mixed for example, Park Meadows, a mostly residential community saw prices drop 12.8% and the # of sales drop 21.7% but near the Canyons Resort, again a mostly ski-in/ski-out community of 2nd home owners, saw sales increase 25% and the average sold price increase to 45%.

Condominium sales for 2009 were generally hit harder than single family homes. For all condominium sales across all areas of the Park City board the # of sales dropped just over 18% and the average sales price dropped 6.6%. However, as we saw with single family homes, to get a true picture we have to look at specific areas and in some cases the reasons for the change. Old Town and the Park City Resort saw the # of sales for condominiums drop 55% last year and the average sales price drop over 33%. I think that this shows that our buyer is now looking for a newer, more modern and updated condo and is willing to buy further from the center of town to get more square footage for their buying dollar. I suspect that we will see this trend continuing for some time. If we look at condominium sales in Deer Crest we see that the average sold price increased over 64%. At first glance this seems very strange as condo sales prices throughout the rest of Deer Valley was significantly down but we have to remember that the St. Regis Hotel started closing it’s condo’s in November so this number reflects the beginning of very high end sales of condominiums in Deer Crest and is not a true reflection of the market. In upper Deer Valley while the # of sales was down 10.5% of 17 sales in 2009 compared to 19 in 2008 the average sold price dropped 28.1% in upper Deer Valley. In the newest area of Deer Valley, Empire Canyon, the number of sales dropped 38.5% which is easy to understand as in 2008 a large condo project was completed and closing. Where in 2009 the condo projects that were completed did not have the advantage of the pre-sales that occurred in the earlier strong part of the market. Also in Empire Canyon, the average sold price dropped 28.8% as investors who purchased earlier with idea of flipping their property and never occupying it were forced to lower their prices in many cases to below where they purchased it in order to get property sold.

Last Sunday was the much anticipated auction of the 8 Silver Strike condominiums in Empire Pass. I attended the auction and was pleased to see that all 8 units offered sold in about 30 minutes of bidding. The 8 units generally sold for 15 to 20% above the minimum bid and averaged $760 per square foot. In addition to the 8 units that sold during the auction a 9th unit was sold just after the auction was concluded. The developer has another 10 units in the project to sell and I am hearing that he is going to price these remaining units in the neighborhood of $760 per square foot. This will make Silver Strike the least expensive condo project in Empire Pass with direct ski-in/ski-out access and full Talisker club membership.

As with all real estate markets the numbers alone do not tell the entire story and the importance of a long time knowledgeable agent is dramatically illustrated.

This weekend I am traveling to Crested Butte, CO to meet with other resort real estate agents from the western ski resorts. Come back next week for a recap of resort real estate from resorts in California, Idaho, Wyoming, Colorado, Utah and British Columbia Canada. I expect that our discussions will be lively, interesting and very revealing.

This Week In Park City

Last week I had the pleasure of visiting a new restaurant in Park City, Talisker on Main. This restaurant is operated by the Talisker Club which has the club facilities at Deer Valley Resort and the golf club facilities just outside of town. The restaurant is very small and offers an intimate dining experience for Talisker members and the general public. The restaurant is designed to showcase Talisker’s award winning chef, John Murcko, and the amenities that Talisker offers. The menu offers a pleasant variety and the meal was absolutely delicious. I was there with several clients and everyone agreed that it was one of the finest meals we have had in Park City. This should be must visit restaurant on your next trip here.


Last weekend was the Visa Freestyle World Cup at Deer Valley. This event featured the best men and women freestyle skiers in the world in aerials and mogul competitions. This was a great preview for the upcoming Olympics in Vancouver BC next month. Thursday, the weekend kicked off with a band and street dance on lower Main Street. Friday, under the lights was the men’s/women’s aerial finals. This is truly amazing to watch as these young kids soar 60 to 70 feet straight up in the air while performing numerous back-flips combined with twisting rotations. And then trying to land on a steep snow covered slope. Saturday night featured the men and women duel mogul contests. This event is skier vs. skier in a head to head single elimination run down a steep mogul field with two jumps interspersed on the hill. The skiers are judged on speed, form, and their turning technique on the bumps. As speed is one of the major criteria in selection the winner of each run, by the time of the quarter finals, the skiers are almost straight running the bumps. This is quite a spectacle and the crowd really get’s into it! The events both Friday & Saturday nights drew large crowds from visitors and locals and has become one of the “must attend” parties of the winter season.

In Real Estate News this Sunday is the much anticipated and talked about auction of 8 Silver Strike condominiums in the Empire Pass area of Deer Valley. For the last few weeks the upcoming auction has been the talk of the town and almost everyone I meet on the ski-lift has heard about it. It is going to be very interesting to see what happens. I expect that all 8 of the auction units will be sold, but at what price remains to be seen? Come back next week for an update on the Silver Strike auction!

In other Real Estate News the St. Regis Hotel in Deer Valley continues to close on its units. Prior to opening the doors in early December there were 59 units sold which represent about 2/3rds of the entire development. So far 23 of the units have actually sold with a remaining 36 anticipated to close within the next 4 to 6 weeks. The St. Regis at Deer Valley has been the most successful condo/hotel project in the US for 2009. The fact that the buyers, many who have had their unit under contract for 5 years, are closing at record high prices approaching $2000 per square foot is a testimonial to the quality of the St. Regis and a renewed confidence by the consumer in the Park City real estate market.

Next week I will have the final numbers for real estate sales in 2009 and will provide a re-cap of the year. I expect that this will be very interesting and probably a little bit of a surprise to see what our final numbers are.

The 2009-2010 ski seasons have been the driest season since 1976. The fact that the skiing at Deer Valley is actually quite good is a tribute to the snowmakers and grooming crew. Without their efforts and expertise we would not be skiing yet this year. My hat is off in congratulations on a job well done to the Deer Valley snowmaking crew! The one benefit to a low snow year like this is lots of sunshine so if you are in the frigid east come west and replenish your spirits in the beautiful rocky mountain sunshine.

Early January In Park City

While the eastern half of the U.S. is locked in a deep freeze, we in the Rockies are basking in warm sunshine. Even at 8000 feet today’s temperature is approaching 30 degrees. While the warmth certainly feels good, and it’s nice not having to clear the driveway every day, we would all be much happier with more snow. I would call the skiing “adequate”, but then I am a fanatic skier also. While for us we would refer to the current ski conditions as marginal, most resorts would be thrilled with our current conditions. All of the resorts have around 95%, or more, of the mountain open. And anywhere that the resorts make snow has very good coverage. So while we certainly are not showing off our Sunday best dress, the skiing is quite good and the weather is spectacular. The great thing about January is with a low sun angle, even on warm days such as today, the snow stays cold and crisp. Plus, the slopes are nearly empty. The first two weeks of January are traditionally the slowest time of the season, following Christmas break, and then here in Park City, the Sundance film festival is the last 10 days of the month. During Sundance the traffic is bad, restaurants are full, and the ski slopes are empty. If you are willing put up with a busy town it is a great time to ski.


In real estate news the two weeks of the Christmas holidays were pleasantly busy. People were stopping in at open houses and the questions they asked were indicative of serious buyers. It was enjoyable to have my phone ringing with agents wanting to show my listings. We are certainly still in a buyers market but I see signs of a change. As the great deals get picked up and inventory dwindles, we will start to see sellers holding much more firm to their prices than they have in the past. Right now the hot commodity is as expected, properties on or very near the slopes. Almost everyone who has an interest in Park City real estate has heard about the upcoming auction of the Silver Strike condo’s in Empire Pass. This auction is the talk of the town and around 200 people have already registered. Interestingly enough, we are now starting to see serious buyers who realize that the odds of getting one of these auction properties is slim, so they are taking advantage of some terrific opportunities in other ski developments. For example, a new condo project called Flagstaff, also in Empire Pass, is discounting their list price 30% for the next 3 to 4 buyers. The Grand Lodge located at the base of the Northside lift at Deer Valley Resort has only one developer unit left, a beautiful 5 bed penthouse unit looking straight up the mountain. This unit is listed for $3,800,000 and I suspect that the developer is willing to make a great deal on this to get the last condo off his books. While there are great deals like this all over town and in every price range, you have to know where they are and which ones truly are good deals. This is where working with a local and experienced real estate agent is so important.

Come out, take advantage of empty ski slopes and great weather. If you are in the market for a ski home be sure to call me….and send the eastern snow to the west!!!

A Retrospective Of Park City

Going in to this Christmas week we were all very curious and a little nervous to see just what the real estate activity was going to be. While certainly not back to the good ‘ole’ days, everyone is reporting a dramatic increase in activity over last year. Open houses are busy with people seriously looking to buy this season. This is such a welcome change from last year and the mood in town is so much more upbeat than it has been for a long time.


A year ago the global financial crisis had begun just as we entered into the busy winter season and almost every financial decision was placed on hold as the nation watched the crisis deepen. This year is a very different story as now the U.S. is beginning a real recovery as the winter season begins. The stock market has regained much of its loss and even though unemployment remains high consumers are feeling more confident that the recovery is real. Proof of this is exemplified by the numerous closings of sales and the opening of the St. Regis Hotel and Flagstaff condominiums in Deer Valley. While most of these transactions were contracted nearly three years ago the fact that these owners are closing on the transactions is a demonstration of their confidence in the recovery and that their expectations of the product has been exceeded.

Park City is nearing its final build-out as we near 2010. With the exception of the two main parking lots and base areas of all three ski resorts, the core area of Park City is all built out. The physical constraints of our small valley make for a very limited amount of future development. Inventory’s of listings in the Park City area are diminishing again and with continued low interest rates combined with low prices I expect to continue their decline. At some point in the very near future we all anticipate that interest rates will start an upward decline as we enter a more inflationary period. This is what makes buying now such an unusual opportunity…some may say the “perfect storm” for buyers. Many of us remember the two previous recessions when interest rates were over 17% simultaneous with an economic downturn, which makes this downturn so unusual. Buyers now have the opportunity that they have always wished for, to wind back the clock on prices and low interest rates.

An important element of this point in time is that is has humbled all of us and we have to push the reset button, however it also helps up refocus on what is important and that is the lifestyle that we live here in Park City and all the good things it brings. If you have already established a beach head here in Park City I hope that you can take this winter to visit and remember just what brought you here in the first place. For those of us who live here this past year has been an opportunity to do the same thing. There may never be a better time to own a piece of what you always wanted. Whether it is for the first time or to see it with fresh eyes, I am here to show you around and help you discover what makes Park City such a special place to live.

I wish everyone a happy and safe New Years and a welcome end to the roller coaster ride of the first decade of the new millennium. Here is to a prosperous 2010-Happy New Year Everyone!