Following the very successful auction of 8 high end condos in Empire Pass it seems auction fever has struck in Park City. Two new projects have just announced their intent to auction their remaining units.
Showing posts with label Flagstaff. Show all posts
Showing posts with label Flagstaff. Show all posts
Monday, February 22, 2010
Auction Season in Park City
Following the very successful auction of 8 high end condos in Empire Pass it seems auction fever has struck in Park City. Two new projects have just announced their intent to auction their remaining units.
Friday, January 8, 2010
Early January In Park City
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!!!
Friday, December 11, 2009
Latest Happenings In Deer Valley
While there has been a lot happening in real estate here in the last week or two, let’s start by talking about just how cold it is. Yesterday morning it was -9 and warmed up to a balmy 15 degrees. This was actually quite pleasant as earlier in the week the high temperatures stayed in the single digits. This has been one of the coldest December’s that I have seen in a long time, and it feels much more like January than December. While everyone has been running around complaining about the cold and many of the people in the older historic Park City homes are dealing with frozen water pipes, the ski resort snow makers are having a field day making snow. Last weekend before it got really cold I spoke with Bob Wheaton (president of Deer Valley) who said that Deer Valley is pumping 7000 gallons of water per minute in snow making. That was before it got really really cold, so that number has increased this week. The snow making has been so good that Deer Valley is opening up new runs and lifts every day. Even without natural snow, we will have the majority of the mountain open for the Christmas Holiday. HOWEVER, the forecast is for 2 to 3 ft of snow this weekend! The skies are already starting to cloud up and the south winds are blowing strong, indicating a major change in weather. If the forecast holds true, we should have almost all of the mountain open by next weekend…just in time for Christmas!
Now back to real estate. As I mentioned last week the St. Regis hotel in the Deer Crest area of Deer Valley has opened. I took a tour of the hotel last Wednesday. Riding the funicular to the St. Regis was just the start of an incredible tour. The bar, lounges, restaurant’s and lobby’s are all spacious and beautifully decorated with spectacular views from every window. The highlights are the ski out patio, which will be the new “beach” for the Deer Valley après ski scene and the outdoor pool which even without the setting of the ski run’s and the mountain back drop is beautiful. But no visit to the St. Regis would be complete without a visit to the spa. The massage rooms invite you to relax and unwind but what will be most enjoyable is the couples massage room with private whirlpool. The waiting room for the spa has a stream flowing through it with river rocks for the bed. A must visit on any trip to Deer Valley will be the St. Regis, either for lunch or après ski, or for a romantic dinner in a beautiful setting.
The St. Regis has now closed on 10 units with a low price $1,040,000 for a 991 sq foot for a 1 bed/1 bath unit to a high of $5,454,000 for a 2947 sq ft 4 bed/5 bath unit. Along with this there are 49 units under contract and getting ready to close. These range in price from a low $1,540,000 for a 1502 sq ft 2 bed/2 bath to a high of $8,916,550 for 6229 sq ft 6 bed/7bath unit.
Another new development in the Empire Pass area of Deer Valley is a condominium project called The Flagstaff. This building has just been completed, as was the St. Regis, and they have just started closing on units. Flagstaff had pre-sold 8 units prior to completion and 5 of those have closed. These range from a low of $1,902,000 for a 2140 sq ft 3 bed/4 bath condo to a high of $2,322,000 for a 2140 sq ft 3 bed/4 bath unit. There are 3 units with contracts waiting to close and range from a low of $2,710,000 for a 1749 sq ft 2 bed/3 bath to a high of $3, 020,000 for a 2324 sq ft 3 bed/4 bath condo. The Flagstaff development is at Empire Pass and is part of the Talisker Club with direct ski in/ski out access and in the common area features a children’s game room, an adult pub and a wonderful outdoor fire-pit.
Another condominium building that was completed a year ago, called Silver Strike in Empire Pass, is trying a novel approach to jumpstart the market. 15 out of 34 units have closed to date, but there has only been one sale in the last 18 months. In order to generate interest the developer of Silver Strike is going to auction 8 of the best units in January. The units will have a minimum bid which will be more than 50% off of the current list price. The developer is hoping that there will be sufficient interest so that the bidding will increase prices from the minimum. It will be very interesting to see how this transpires and at what price the condos will actually sell for. This could be an interesting venture and be aware that all condo’s will come with the full Talisker Club membership. Should you have an interest in registering for the auction, you will have to be pre-registered so contact me and I will set you up. It could possibly be a way to pick up a brand new ski-in/ski-out condo in Empire Pass at a significantly reduced price.
As you can see there is a lot going here in real estate and it is very exciting. I skied this morning and despite the lack of natural snow the skiing is quite good so come out to Park City, enjoy some terrific skiing and let’s go look at some fabulous real estate opportunities.
Friday, September 25, 2009
The Mountains are on Fire
The mountains are on fire with color right now. The oaks and maples are brilliant red and the aspens are just starting to turn gold. Contrasted against the deep blue sky when driving or walking around town everyone’s gaze is captivated by the scenery. This weekend looks to be the last warm weekend until next summer so we will all be outside enjoying a variety of activities.
In real estate news two new projects in Deer Valley are just about completed. The St. Regis in the Deer Crest area is scheduled to start closing on units later in October. The St. Regis is the first true five star hotel to be built in the area and we are all eagerly awaiting its opening. Another project in the Empire pass area of Deer Valley called Flagstaff will also be completed for the ski season. Now that it is nearing completion sales have picked up with three new transactions in the last two weeks. These were 3 bedroom units selling the $3 million range.
With the ski season rapidly approaching I am getting more calls for buyers looking to pick up a ski home for this year while prices are still low. We have an excellent selection of homes and condos both on and off the mountain and most sellers are still willing to negotiate on their prices. This is the perfect combination for buyers and the savvy ones are taking advantage.
In real estate news two new projects in Deer Valley are just about completed. The St. Regis in the Deer Crest area is scheduled to start closing on units later in October. The St. Regis is the first true five star hotel to be built in the area and we are all eagerly awaiting its opening. Another project in the Empire pass area of Deer Valley called Flagstaff will also be completed for the ski season. Now that it is nearing completion sales have picked up with three new transactions in the last two weeks. These were 3 bedroom units selling the $3 million range.
With the ski season rapidly approaching I am getting more calls for buyers looking to pick up a ski home for this year while prices are still low. We have an excellent selection of homes and condos both on and off the mountain and most sellers are still willing to negotiate on their prices. This is the perfect combination for buyers and the savvy ones are taking advantage.
Monday, August 17, 2009
New Developments
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In spite of the struggling but improving economy new developments at the ski resorts here in Park City continue to move forward. This past week Dakota Mountain Lodge at The Canyons opened for business. Dakota Mountain Lodge features a Golden Door Spa and is operated under the Waldorf Astoria flag. As one would expect with these marquis names, the rooms are spectacular. The spa is both beautiful and comfortable and the dining rooms/lounges boast beautiful views of The Canyons Resort. During the construction period of this property almost all of the units sold and are now closing. Since the grand opening last week the occupancy rate has been extremely high.
At Deer Valley Resort the St Regis hotel is nearing completion and is about 2/3 sold out. St Regis is built directly on a ski run in the Deer Crest area of Deer Valley and boasts stunning views of the Jordanelle Reservoir, Deer Valley Resort, and downtown Main Street in Park City. The St Regis is expected to open for business this December and early walk-through’s indicate that this hotel will easily live up to the St Regis standard. St Regis has raised the bar for prices with units selling for around $2000 per square foot.
In the Empire Pass area of Deer Valley there are two new projects under construction. Right in the heart of the village at Empire Pass is a project known as Flagstaff located directly on a ski run and across from the members Tower Club Lounge. The Flagstaff building should be completed and ready for occupancy sometime this ski season. Flagstaff is part of the Talisker Club offering both golf course amenities at Tuhaye and private restaurants on Deer Valley for the owner/members. Flagstaff had the unfortunate timing of coming on the market right as the resort market started slowing down followed by the economic meltdown last September. In spite of this, 7 out of the 24 units have sold and I expect that with the building completion scheduled this winter we will see more activity.
Also under construction and scheduled for completion for the 2010/11 ski season is the Montage condo hotel located at the base of the empire lift in Deer Valley. Montage is a boutique hotel/spa and is only the 3rd hotel built in this new emerging chain. Montage will feature about 30,000 square feet of spa and restaurant area with magnificent views of the empire pass ski runs. The condominium units at Montage have yet to be offered for sale and we eagerly await details on pricing, floor plans and finishes. Montage should easily rival the St Regis for quality and will have a superior location. Stay tuned for further updates on Montage.
It seems that this may be an early fall or a very short summer. This past weekend an unseasonably strong cold front came through Utah dropping daytime high temperatures into the mid 50’s. While it has warmed up very nicely this week, another cold front is expected to arrive tonight once again dropping temperatures into the 50’s or low 60’s tomorrow. After having lost summer weather in June which was the rainiest June on record, to now start loosing summer weather in August just does not seem right. Summers in the mountains are short enough to begin with! While summer may be quickly coming to an end we still have a couple of large events remaining. Next Thursday is the start of the Park City Jazz Festival under the stars at Deer Valley, and then we close out summer with Park City’s Miners Day celebrations (Labor Day for the rest of the country) in early September. The cooler but still warm days of September are a magical time of the year and would be a terrific time to visit us.
Friday, June 5, 2009
New Developments
The weather this first week of June is cool and rainy with a forecast of snow for this weekend, which is pretty typical this time of year. However, the last two weeks of June are historically the driest two weeks of the year, so we eagerly await the expected precipitation this weekend.
The past year has seen a flurry of activity at the ski resorts with new condominium project developments. In the Empire Pass area of Deer Valley a new condominium project called Flagstaff is well under way with an expected completion date of late fall /early winter 2009. Flagstaff offers 3 and 4 bedroom condos with direct ski in/out access and ranges in price from $3,300,000 for a 3 bedroom to $6,000,000 for a 4 bedroom penthouse unit. Flagstaff is a part of The Talisker Club which offers a “members only” lounge on the mountain at Deer Valley Resort as well as access to the Mark O’Meara designed Tuhaye golf course which includes a clubhouse with a restaurant, spa and pool.
At The Canyons Resort several new condo projects are under construction or nearing completion also. Most noteworthy is The Dakota Mountain Lodge which features the Golden Door Spa which will be managed by the Waldorf-Astoria chain. With Talisker Corporation (the developer of Tuhaye Golf Course and the Empire Pass developments at Deer Valley) recently taking ownership at The Canyons resort and the addition of the Golden Door Spa and Waldorf-Astoria, it appears that The Canyons Resort will rightfully claim a spot as our 3rd world class destination resort.
In addition to Dakota Mountain Lodge other new projects at The Canyons are Sunrise @ Escala which features 1-2 bedroom condos starting at $695,000 and Juniper Landing which features 2-3 bedroom condos starting at $825,000. These condominium developments are all located in a new village just below the base area of the resort and will be connected to the ski area with a new chairlift that will be under construction this summer. Also planned for this development is a resort golf course that will wind among the condominium developments.
Park City is continuing to grow and prosper and this would be a terrific summer to come out and see what is new here to get a feel for where we are heading. It will not be long before the resorts are completely built out and the only properties available will be re-sale properties.
The past year has seen a flurry of activity at the ski resorts with new condominium project developments. In the Empire Pass area of Deer Valley a new condominium project called Flagstaff is well under way with an expected completion date of late fall /early winter 2009. Flagstaff offers 3 and 4 bedroom condos with direct ski in/out access and ranges in price from $3,300,000 for a 3 bedroom to $6,000,000 for a 4 bedroom penthouse unit. Flagstaff is a part of The Talisker Club which offers a “members only” lounge on the mountain at Deer Valley Resort as well as access to the Mark O’Meara designed Tuhaye golf course which includes a clubhouse with a restaurant, spa and pool.
At The Canyons Resort several new condo projects are under construction or nearing completion also. Most noteworthy is The Dakota Mountain Lodge which features the Golden Door Spa which will be managed by the Waldorf-Astoria chain. With Talisker Corporation (the developer of Tuhaye Golf Course and the Empire Pass developments at Deer Valley) recently taking ownership at The Canyons resort and the addition of the Golden Door Spa and Waldorf-Astoria, it appears that The Canyons Resort will rightfully claim a spot as our 3rd world class destination resort.
In addition to Dakota Mountain Lodge other new projects at The Canyons are Sunrise @ Escala which features 1-2 bedroom condos starting at $695,000 and Juniper Landing which features 2-3 bedroom condos starting at $825,000. These condominium developments are all located in a new village just below the base area of the resort and will be connected to the ski area with a new chairlift that will be under construction this summer. Also planned for this development is a resort golf course that will wind among the condominium developments.
Park City is continuing to grow and prosper and this would be a terrific summer to come out and see what is new here to get a feel for where we are heading. It will not be long before the resorts are completely built out and the only properties available will be re-sale properties.
Tuesday, August 12, 2008
Real Estate Update
The summer months are busy times for developers in the Park City area. This is the time of the year to get developments going and closed in before the winter snows arrive. There are several new developments of interest this year.
Saint Regis in Deer Crest at Deer Valley is showing good progress with about 7 of the 11 stories completed. Saint Regis is a high-end ski-in, ski-out hotel located directly on the ski runs of Deer Valley. As of today, the Saint Regis is about 50% sold out with prices ranging from about $1,800 – $2,000 per square foot. The first 7 floors are hotel units which will come fully furnished and owners are required to put those in the Saint Regis rental pool. Floors 8-10 will be apartments where owner’s will pick and design their own furnishings and there is no requirement for rentals. The entire 11th floor was purchased by one individual for his personal and corporate use. Along with direct ski-in, ski out access, the Saint Regis will feature a slope side ski-to pool and all of the spa amenities Saint Regis is so famous for.
Another resort hotel in Upper Dear Valley next to Empire Lodge is the Montage. The Montage is a very high-end boutique hotel which will feature a 30,000 square foot spa area. Currently the Montage is operating a hotel in Laguna Beach, California and has another hotel under construction in Malibu, California, as well as the one in Deer Valley. No units or floor plans have been released yet, but we are anticipating a release of the first phase later this fall or early winter. We expect that prices for these units will be in the $2,500 per square foot range. The Montage is located at the base of the Empire Pass Lift and is in the heart of the best skiing in Deer Valley. This is a project to keep an eye on as early investors should do well.
Other developments at Empire Pass include Red Cloud, which is a 30 lot subdivision at the top of the Northside and Red Cloud lifts. There are currently 4 homes under construction of which one is a spec home that will be offered for sale this winter. In the Village at Empire Pass the new Flagstaff condominium building is well under construction and is about 25% sold out. At the Talisker Tower, which is a members-only Club House (featuring a lounge, weight room, outdoor pool and spa) they are completing the plans for about 20 luxurious condominiums. All of the residences at the Village at Empire Pass offer direct ski-in, ski-out access to the Silver Strike Lift and membership in the Talisker Club, which includes both the on-mountain amenities as well as the golf course at Tuhaye.
At the base of the Park City Resort, the Silver Star project is nearing completion. Silver Star offers condominium apartments, townhouses and single family homes all with direct ski access from a new lift put in specifically for Silver Star. Silver Star is located on an old mining site and the developers were careful to retain not only the mining flavor but also to restore many of the old mine buildings. Several of the restored mine buildings will be used as an Artist Colony and will become the headquarters for the Sundance Film Festival. An interesting feature at Silver Star is an old mine tunnel that in the early days of Park City Resort was used to transport skiers to the upper lifts of the mountain. To do this, skiers got on an old mine train, went through the mountain and then took a hoist up to the base of what is now the Thaynes Lift. Silver Star will be restoring parts of this and using it as a museum.
At the base of the existing resort center is a new development called the Lowell. The owner’s of the Lowell purchased an existing condominium building, gutted it and have replaced it with about a dozen very contemporary condos. This is the first new development at the Resort Center in many years, and has been well received. There are only six units left.
At The Canyons Resort the big news is that Talisker Corporation, who is the developer of the new Empire Pass Area at Deer Valley as well as the Tuhaye Golf Course just outside of town, has closed on the purchase of the resort. While Talisker is still putting together their plans for development, we expect that the first improvements we will see will be in snowmaking and food service. Both of these areas were in dire need of improvement and unfortunately the previous owner, American Ski Corp. was in financial trouble and just did not have the means to develop the resort to its true potential. There are several new condominium developments under construction both at the base of the resort and further down valley. A new access lift is currently under construction to access these new developments.
The Colony, which is a very high-end ski-in, ski-out residential development is also in the process of installing a new access lift to enable skiers to return from the southernmost part of the resort back to the main area quickly and directly. The Colony is a spectacular home site development offering home sites of 5–100 acres. Covered with aspen forest and spectacular panoramic views, The Colony is probably the most beautiful of the residential developments in this area.
As you can see, Park City/Deer Valley continues to develop new properties with buyers from around the country purchasing many of the developments before they are completed. If it has been a while since you have visited Park City/Deer Valley, or have never looked at it from a real estate perspective, summer is a terrific time to look around and see what all the activity is about.
Saint Regis in Deer Crest at Deer Valley is showing good progress with about 7 of the 11 stories completed. Saint Regis is a high-end ski-in, ski-out hotel located directly on the ski runs of Deer Valley. As of today, the Saint Regis is about 50% sold out with prices ranging from about $1,800 – $2,000 per square foot. The first 7 floors are hotel units which will come fully furnished and owners are required to put those in the Saint Regis rental pool. Floors 8-10 will be apartments where owner’s will pick and design their own furnishings and there is no requirement for rentals. The entire 11th floor was purchased by one individual for his personal and corporate use. Along with direct ski-in, ski out access, the Saint Regis will feature a slope side ski-to pool and all of the spa amenities Saint Regis is so famous for.
Another resort hotel in Upper Dear Valley next to Empire Lodge is the Montage. The Montage is a very high-end boutique hotel which will feature a 30,000 square foot spa area. Currently the Montage is operating a hotel in Laguna Beach, California and has another hotel under construction in Malibu, California, as well as the one in Deer Valley. No units or floor plans have been released yet, but we are anticipating a release of the first phase later this fall or early winter. We expect that prices for these units will be in the $2,500 per square foot range. The Montage is located at the base of the Empire Pass Lift and is in the heart of the best skiing in Deer Valley. This is a project to keep an eye on as early investors should do well.
Other developments at Empire Pass include Red Cloud, which is a 30 lot subdivision at the top of the Northside and Red Cloud lifts. There are currently 4 homes under construction of which one is a spec home that will be offered for sale this winter. In the Village at Empire Pass the new Flagstaff condominium building is well under construction and is about 25% sold out. At the Talisker Tower, which is a members-only Club House (featuring a lounge, weight room, outdoor pool and spa) they are completing the plans for about 20 luxurious condominiums. All of the residences at the Village at Empire Pass offer direct ski-in, ski-out access to the Silver Strike Lift and membership in the Talisker Club, which includes both the on-mountain amenities as well as the golf course at Tuhaye.
At the base of the Park City Resort, the Silver Star project is nearing completion. Silver Star offers condominium apartments, townhouses and single family homes all with direct ski access from a new lift put in specifically for Silver Star. Silver Star is located on an old mining site and the developers were careful to retain not only the mining flavor but also to restore many of the old mine buildings. Several of the restored mine buildings will be used as an Artist Colony and will become the headquarters for the Sundance Film Festival. An interesting feature at Silver Star is an old mine tunnel that in the early days of Park City Resort was used to transport skiers to the upper lifts of the mountain. To do this, skiers got on an old mine train, went through the mountain and then took a hoist up to the base of what is now the Thaynes Lift. Silver Star will be restoring parts of this and using it as a museum.
At the base of the existing resort center is a new development called the Lowell. The owner’s of the Lowell purchased an existing condominium building, gutted it and have replaced it with about a dozen very contemporary condos. This is the first new development at the Resort Center in many years, and has been well received. There are only six units left.
At The Canyons Resort the big news is that Talisker Corporation, who is the developer of the new Empire Pass Area at Deer Valley as well as the Tuhaye Golf Course just outside of town, has closed on the purchase of the resort. While Talisker is still putting together their plans for development, we expect that the first improvements we will see will be in snowmaking and food service. Both of these areas were in dire need of improvement and unfortunately the previous owner, American Ski Corp. was in financial trouble and just did not have the means to develop the resort to its true potential. There are several new condominium developments under construction both at the base of the resort and further down valley. A new access lift is currently under construction to access these new developments.
The Colony, which is a very high-end ski-in, ski-out residential development is also in the process of installing a new access lift to enable skiers to return from the southernmost part of the resort back to the main area quickly and directly. The Colony is a spectacular home site development offering home sites of 5–100 acres. Covered with aspen forest and spectacular panoramic views, The Colony is probably the most beautiful of the residential developments in this area.
As you can see, Park City/Deer Valley continues to develop new properties with buyers from around the country purchasing many of the developments before they are completed. If it has been a while since you have visited Park City/Deer Valley, or have never looked at it from a real estate perspective, summer is a terrific time to look around and see what all the activity is about.
Friday, May 9, 2008
Spring Market Update
Spring has arrived and the snow is (very) slowly giving way to green grass and warmer days. May is an excellent time to reflect on the past real estate season and the outlook for the remainder of the year.
Market Analysis
This past winter was one of the most interesting that I have seen in my 19 years of real estate. Record snowfall brought incredible ski conditions, a record number of visitors to town, and the fewest number of real estate sales in over 5 years. It’s not that visitors did not want to own real estate here, but the constant barrage of negative press made buyers nervous, cautious, and wanting to wait to see what’s going to happen. Comparing the ski season, December 1, April 30 of this year to last year, here are some numbers: Number of Transactions for Single Family Homes is down 45%, and 44% for condos. Interestingly enough, during the same period the average sales price of a home went up 46% and the average sales price of condos rose 22%. In looking at the other destination ski resorts throughout the Rockies, I see that the same trend has occurred at the other resorts. This tells me that people continue to want vacation property and that our prices are still perceived as a good value. Whistler, in British Columbia, is the only resort in the west which reported an increase in number of condo sales (up 8%) and a 100% increase in sold price. This is understandable as Whistler is reaping the benefits of the upcoming 2010 Winter Olympics and the favorable exchange rate between the US dollar and the Canadian dollar.
Some specific areas of interest here in Park City are:
Old Town (including the Park City resort):
Single Family Homes were down 47% in number of sales (8 this year compared to 15 last year) and the average sales price was down 20 % ($1,376,000 compared to $1,712,000).
Lower Deer Valley:
Single Family Homes were down 71% (2 compared to 7) but up 7% in average sales price ($2,375,000 compared to $2,218,000).
Upper Deer Valley (Silver Lake):
The number of sales were off 43% (4 compared to 7) and the average sales price was down 2% ($5,411,000 compared to $5,507,000).
All of the areas within the city limits:
The number of home sales was off 26% (34 compared to 60) and the average sold price was down 3% ($2,419,000 compared to $2,500,000). This small decrease in sold price is reflective of resort markets where sellers generally do not have to sell, have the means to wait out a slowdown, and thus are not willing to drop their prices significantly.
For condominium sales:
Old Town (including Park City resort):
The number of sales was down 26% (54 compared to 73), but the average sold price was up 38% ($1,130,000 compared to $818,000). This is in large part due to the new Silver Strike project which was completed this winter.
Lower Deer Valley condos:
Number of sales were down 28% (13 compared to 18), and up 1% in average sales price ($1,195,000 to $1,188,000).
Upper Deer Valley:
Even in number of sales (11 compared to 12 last year), but average sales price was up 20% ($2,660,000 compared to $2,216,000).
For all areas within the city limits:
Condo sales were down 40% (108 compared to 180) and average sales price was up 24% ($1,331,000 compared to $1,075,000).
I frequently attend national real estate meetings where I make a point of speaking with agents from around the country. From my conversations, it appears that the resort real estate market is holding much stronger than many of the residential markets. Agents from the metropolitan non-resort areas for the most part are describing markets where the number of sales are down even more significantly than ours and sold prices are also significantly down.
From visitors that I spoke with and showed around this past winter it is very clear that they still want to buy here, will buy here, but are just looking for an increase in their comfort level. We saw this in 2001 and 2002 where terrorist attacks and wars created uncertain times, where buyers were also nervous and cautious about purchasing. In 2004 and 2005, confidence level returned and there was a pent-up demand for vacation properties throughout the West. At that time, all of the resorts experienced a frenzy of buying where properties were selling as fast as they came on the market, often with multiple offers. While no one can say when, I expect we will see something similar in the next couple of years. In 2007, many buyers that I had been working with for some time said to me, “Why didn’t you make me buy in 2005?!” In the next three years I expect that I will be hearing similar statements and that people who purchased during this downturn will be feeling very smug.
News on New Developments
Empire Pass at Deer Valley is moving forward. Last summer the second Arrowleaf building in Empire Pass was completed with all but one unit sold prior to completion. The Silver Strike condominium building is well under way and is expected to be completed early this summer. Last summer, the new Flagstaff condominium building broke ground and should be completed for the 2009/2010 ski season. The ski-in/ski-out homesites being built by Christopher Homes are under construction with two of the 18 homes pre-selling prior to completion. In addition nine lots in Red Cloud at the top of the mountain were released this winter and there were two sales in the Red Cloud subdivision, both well over $4 million.
Montage is a new luxury resort spa hotel under construction at the base of the Empire lift at Deer Valley. Completion is expected for sometime during the 2010/2011 ski season and we expect the first relase of condominiums to be late this summer or early this winter. The Montage will feature a 30,000 square foot spa, restaurants, and lounges. While no specifics have been announced as far as prices, floorplans, or sizes of units, we are expecting the first release to come out between $2,200 and $2,500 per foot. The Montage will certainly have the premier location of any of the resort hotel spas in Deer Valley and Park City. Watch for further updates as information becomes available.
The St. Regis Hotel in Deer Crest at Deer Valley is steadily progressing and about 65% sold out. Two units just sold this past week. The St. Regis will feature a spectacular slopeside pool, deck, and lounge area with ski access from the Deer Hollow ski run. There are only 25 units left with completion expected in early summer 2009.
Silver Star is a new development at the base of the Park City Resort, is ski-in/ski-out, and is a combination of condominium apartments, townhouses, and single family homes. The project is about 70% completed and was completely sold out prior to breaking ground. In addition to the residential community in Silver Star the developers have painstakingly chosen to preserve the mining heritage and have converted many of the original mine buildings into an artist colony which will be the home of next year’s Sundance Film Festival.
The big news at The Canyons is that earlier this winter, American Ski Corporation, the owner, dissolved, paving the way for the sale of the resort. There was a fierce battle between Vail Resorts and Talisker Corporation for the resort. Talisker is the developer of Empire Pass at Deer Valley and the Tuhaye golf community just outside of town. After several heated court battles, the courts have ruled that Talisker’s offer to purchase was legitimate and above board. This has paved the way for Talisker to purchase the resort and it is expected that they will close on the purchase as early as the end of May 2008. This is very good news for the Canyons, as it will bring a much-needed infusion of money, and energy back to the resort. In anticipation of this purchase, we saw good activity in an area called The Colony, a ski-in/ski-out home development adjoining the Canyons where six lots sold and two homes, one being a home listed for over $14,000,000 sold. When Talikser has completed the purchase of the Canyons and the news is released, I expect that there will be a flurry of activity for lots and homes in the Colony as well as the new condominium developments at the base of the Canyons Resort.
Very exciting news at the Canyons is that a new condominium project called Dakota has aligned itself with Golden Door Spas and the Waldorf-Astoria hotel chain. Bringing these two nationally known hospitality giants to the Canyons Resort speaks volumes about their confidence and where they see the future of the resort.
The Promontory golf club and home development is going through some rough times. Promontory opened up its second signature golf course last summer, a Jack Nicholas-designed championship course, but its two major creditors, Credit Suisse and Wells Fargo bank have forced the developer into a chapter 11 restructuring situation. It is felt that Promontory will emerge from this, be back in business, but most likely with a new owner and management team. In the meantime construction on their third championship golf course is on hold.
The Tuhaye golf course and community was quite active this winter in both lot sales and homes. Tuhaye has benefited from being a part of a unique club concept called the Talisker Club. The Talisker Club has combined golf amenities with ski amenities at Deer Valley, fishing, boating, and horseback riding. This club concept is the first of its kind which allows members the luxury of year-round activities, whereas clubs that have amenities just on a ski area or golf course only provide activities for a small part of the year. This is a very successful idea and from the number of inquiries I received last winter, it has been well received.
There is nothing that Park City loves more than real estate gossip. And the latest news here is that Jim Lewis has sold his company, Lewis, Wolcott & Dornbush Real Estate and the new owner has joined us with Sotheby’s International. Our new name is Summit Sotheby’s International Realty. While this of course does not change me or my relationship with any of my clients, it does bring the power of the Sotheby’s name to our marketing. The Sotheby’s International connections should bring quite a lot of marketing power and exposure to my sellers’ properties that LWD as an independent company could never afford to do. Combine the Sotheby’s name, direct flights from Paris to Salt Lake on Delta, a very favorable exchange rate between the euro and the dollar, I am anticipating an increase in foreign visitors and buyers, particularly from western Europe.
As we slowly move towards summer, it seems like winter will not let go. We are cautiously optimistic for real estate sales this summer and we have seen a flurry of activity this spring. We are all hoping that the economy rights itself and consumer confidence once again reemerges. In the meantime owners of property here in Park City are enjoying the use of their home or condo, both during the ski season as well as during the summer months.
Market Analysis
This past winter was one of the most interesting that I have seen in my 19 years of real estate. Record snowfall brought incredible ski conditions, a record number of visitors to town, and the fewest number of real estate sales in over 5 years. It’s not that visitors did not want to own real estate here, but the constant barrage of negative press made buyers nervous, cautious, and wanting to wait to see what’s going to happen. Comparing the ski season, December 1, April 30 of this year to last year, here are some numbers: Number of Transactions for Single Family Homes is down 45%, and 44% for condos. Interestingly enough, during the same period the average sales price of a home went up 46% and the average sales price of condos rose 22%. In looking at the other destination ski resorts throughout the Rockies, I see that the same trend has occurred at the other resorts. This tells me that people continue to want vacation property and that our prices are still perceived as a good value. Whistler, in British Columbia, is the only resort in the west which reported an increase in number of condo sales (up 8%) and a 100% increase in sold price. This is understandable as Whistler is reaping the benefits of the upcoming 2010 Winter Olympics and the favorable exchange rate between the US dollar and the Canadian dollar.
Some specific areas of interest here in Park City are:
Old Town (including the Park City resort):
Single Family Homes were down 47% in number of sales (8 this year compared to 15 last year) and the average sales price was down 20 % ($1,376,000 compared to $1,712,000).
Lower Deer Valley:
Single Family Homes were down 71% (2 compared to 7) but up 7% in average sales price ($2,375,000 compared to $2,218,000).
Upper Deer Valley (Silver Lake):
The number of sales were off 43% (4 compared to 7) and the average sales price was down 2% ($5,411,000 compared to $5,507,000).
All of the areas within the city limits:
The number of home sales was off 26% (34 compared to 60) and the average sold price was down 3% ($2,419,000 compared to $2,500,000). This small decrease in sold price is reflective of resort markets where sellers generally do not have to sell, have the means to wait out a slowdown, and thus are not willing to drop their prices significantly.
For condominium sales:
Old Town (including Park City resort):
The number of sales was down 26% (54 compared to 73), but the average sold price was up 38% ($1,130,000 compared to $818,000). This is in large part due to the new Silver Strike project which was completed this winter.
Lower Deer Valley condos:
Number of sales were down 28% (13 compared to 18), and up 1% in average sales price ($1,195,000 to $1,188,000).
Upper Deer Valley:
Even in number of sales (11 compared to 12 last year), but average sales price was up 20% ($2,660,000 compared to $2,216,000).
For all areas within the city limits:
Condo sales were down 40% (108 compared to 180) and average sales price was up 24% ($1,331,000 compared to $1,075,000).
I frequently attend national real estate meetings where I make a point of speaking with agents from around the country. From my conversations, it appears that the resort real estate market is holding much stronger than many of the residential markets. Agents from the metropolitan non-resort areas for the most part are describing markets where the number of sales are down even more significantly than ours and sold prices are also significantly down.
From visitors that I spoke with and showed around this past winter it is very clear that they still want to buy here, will buy here, but are just looking for an increase in their comfort level. We saw this in 2001 and 2002 where terrorist attacks and wars created uncertain times, where buyers were also nervous and cautious about purchasing. In 2004 and 2005, confidence level returned and there was a pent-up demand for vacation properties throughout the West. At that time, all of the resorts experienced a frenzy of buying where properties were selling as fast as they came on the market, often with multiple offers. While no one can say when, I expect we will see something similar in the next couple of years. In 2007, many buyers that I had been working with for some time said to me, “Why didn’t you make me buy in 2005?!” In the next three years I expect that I will be hearing similar statements and that people who purchased during this downturn will be feeling very smug.
News on New Developments
Empire Pass at Deer Valley is moving forward. Last summer the second Arrowleaf building in Empire Pass was completed with all but one unit sold prior to completion. The Silver Strike condominium building is well under way and is expected to be completed early this summer. Last summer, the new Flagstaff condominium building broke ground and should be completed for the 2009/2010 ski season. The ski-in/ski-out homesites being built by Christopher Homes are under construction with two of the 18 homes pre-selling prior to completion. In addition nine lots in Red Cloud at the top of the mountain were released this winter and there were two sales in the Red Cloud subdivision, both well over $4 million.
Montage is a new luxury resort spa hotel under construction at the base of the Empire lift at Deer Valley. Completion is expected for sometime during the 2010/2011 ski season and we expect the first relase of condominiums to be late this summer or early this winter. The Montage will feature a 30,000 square foot spa, restaurants, and lounges. While no specifics have been announced as far as prices, floorplans, or sizes of units, we are expecting the first release to come out between $2,200 and $2,500 per foot. The Montage will certainly have the premier location of any of the resort hotel spas in Deer Valley and Park City. Watch for further updates as information becomes available.
The St. Regis Hotel in Deer Crest at Deer Valley is steadily progressing and about 65% sold out. Two units just sold this past week. The St. Regis will feature a spectacular slopeside pool, deck, and lounge area with ski access from the Deer Hollow ski run. There are only 25 units left with completion expected in early summer 2009.
Silver Star is a new development at the base of the Park City Resort, is ski-in/ski-out, and is a combination of condominium apartments, townhouses, and single family homes. The project is about 70% completed and was completely sold out prior to breaking ground. In addition to the residential community in Silver Star the developers have painstakingly chosen to preserve the mining heritage and have converted many of the original mine buildings into an artist colony which will be the home of next year’s Sundance Film Festival.
The big news at The Canyons is that earlier this winter, American Ski Corporation, the owner, dissolved, paving the way for the sale of the resort. There was a fierce battle between Vail Resorts and Talisker Corporation for the resort. Talisker is the developer of Empire Pass at Deer Valley and the Tuhaye golf community just outside of town. After several heated court battles, the courts have ruled that Talisker’s offer to purchase was legitimate and above board. This has paved the way for Talisker to purchase the resort and it is expected that they will close on the purchase as early as the end of May 2008. This is very good news for the Canyons, as it will bring a much-needed infusion of money, and energy back to the resort. In anticipation of this purchase, we saw good activity in an area called The Colony, a ski-in/ski-out home development adjoining the Canyons where six lots sold and two homes, one being a home listed for over $14,000,000 sold. When Talikser has completed the purchase of the Canyons and the news is released, I expect that there will be a flurry of activity for lots and homes in the Colony as well as the new condominium developments at the base of the Canyons Resort.
Very exciting news at the Canyons is that a new condominium project called Dakota has aligned itself with Golden Door Spas and the Waldorf-Astoria hotel chain. Bringing these two nationally known hospitality giants to the Canyons Resort speaks volumes about their confidence and where they see the future of the resort.
The Promontory golf club and home development is going through some rough times. Promontory opened up its second signature golf course last summer, a Jack Nicholas-designed championship course, but its two major creditors, Credit Suisse and Wells Fargo bank have forced the developer into a chapter 11 restructuring situation. It is felt that Promontory will emerge from this, be back in business, but most likely with a new owner and management team. In the meantime construction on their third championship golf course is on hold.
The Tuhaye golf course and community was quite active this winter in both lot sales and homes. Tuhaye has benefited from being a part of a unique club concept called the Talisker Club. The Talisker Club has combined golf amenities with ski amenities at Deer Valley, fishing, boating, and horseback riding. This club concept is the first of its kind which allows members the luxury of year-round activities, whereas clubs that have amenities just on a ski area or golf course only provide activities for a small part of the year. This is a very successful idea and from the number of inquiries I received last winter, it has been well received.
There is nothing that Park City loves more than real estate gossip. And the latest news here is that Jim Lewis has sold his company, Lewis, Wolcott & Dornbush Real Estate and the new owner has joined us with Sotheby’s International. Our new name is Summit Sotheby’s International Realty. While this of course does not change me or my relationship with any of my clients, it does bring the power of the Sotheby’s name to our marketing. The Sotheby’s International connections should bring quite a lot of marketing power and exposure to my sellers’ properties that LWD as an independent company could never afford to do. Combine the Sotheby’s name, direct flights from Paris to Salt Lake on Delta, a very favorable exchange rate between the euro and the dollar, I am anticipating an increase in foreign visitors and buyers, particularly from western Europe.
As we slowly move towards summer, it seems like winter will not let go. We are cautiously optimistic for real estate sales this summer and we have seen a flurry of activity this spring. We are all hoping that the economy rights itself and consumer confidence once again reemerges. In the meantime owners of property here in Park City are enjoying the use of their home or condo, both during the ski season as well as during the summer months.
Monday, December 3, 2007
It's Snowing!
IT’S SNOWING IN PARK CITY! We received about a foot of snow over the weekend and the forecast is for continued snow with up to six feet in the next two weeks. Park City and the Canyons are both open with limited terrain and Deer Valley opens Saturday, December 8. With continued snow and cold weather, the resorts will be opening new terrain almost daily. Click on the ski resorts button the left side of this page for the most current and accurate conditions, or call me and I will give you a first-hand report on what is happening.
In real estate news, I attended a presentation for the new Flagstaff condominium project in Empire Pass. Flagstaff is the latest of the East West Partners developments at the base of the Silver Strike lift in Deer Valley. Flagstaff will consist of 37 two-, three-, and four-bedroom condominiums with over 5,000 square feet of gathering spaces for its guests. The gathering spaces will include a pub, the first in Empire Pass, a children’s center, and a gathering and relaxing room for adults. Prices start at $2,310,000 for a two-bedroom, $2,860,000 for a three-bedroom, and $5,000,000 for a four-bedroom plus loft. Reservations for this project will start on the 19th of December and East West is offering a 7% discount to the first seven buyers. If you would like more information on this development, any of the other new developments at the ski resorts, or excellent opportunities in the resale market, give me a call or stop by my office when you’re in town.
In real estate news, I attended a presentation for the new Flagstaff condominium project in Empire Pass. Flagstaff is the latest of the East West Partners developments at the base of the Silver Strike lift in Deer Valley. Flagstaff will consist of 37 two-, three-, and four-bedroom condominiums with over 5,000 square feet of gathering spaces for its guests. The gathering spaces will include a pub, the first in Empire Pass, a children’s center, and a gathering and relaxing room for adults. Prices start at $2,310,000 for a two-bedroom, $2,860,000 for a three-bedroom, and $5,000,000 for a four-bedroom plus loft. Reservations for this project will start on the 19th of December and East West is offering a 7% discount to the first seven buyers. If you would like more information on this development, any of the other new developments at the ski resorts, or excellent opportunities in the resale market, give me a call or stop by my office when you’re in town.
Monday, October 1, 2007
Fall Colors
What a weekend! Snow all day Saturday gave way to crystal blue skies on Sunday. The combination of dark blue sky, white mountaintops, the gold aspens and red maples made Sunday one of the prettiest days of the year. It seemed that the whole town was out hiking or biking on the trails. We have been receiving regular snowstorms this fall with more snow forecast for tonight and later this week. The high peaks are very white, and it looks like the snow is here for the year. This is creating a lot of excitement in town, and an added urgency for the ski resorts to finish up their projects. The new Lady Morgan Express Lift at Deer Valley is taking shape and looks like it will offer some excellent intermediate and advanced skiing. Everyone is talking about the new terrain and we are all eager to get up and explore it.
In real estate news, the new Empire Pass development at Deer Valley continues to be the shining star. The Grand Lodge at the base of the Northside Lift is completed and the wait was worthwhile as it is a beautiful building with the best ski access. There are a couple of resale opportunities in the Grand Lodge on the ski slope level with views up the mountain. New at the base of the Empire Lift, work is underway at a feverish pace for the new Montage Resort Spa. This is going to be a very high-end boutique hotel with over 30,000 square feet of spa area. While it is currently under construction, we do not anticipate that sales of the units to begin until the hotel is nearer to completion, in about two years.
In the Village at Empire, the Silver Strike building is nearing completion with about 12 units available. The new Flagstaff condominium building has just started construction with expected release of units in December. Construction has also begun on the new pool at the Talisker Tower Club.
Along with the spectacular colors and early season snows, there is a lot of excitement going on at the resorts and this is a wonderful time of year to come and see what’s going on!
In real estate news, the new Empire Pass development at Deer Valley continues to be the shining star. The Grand Lodge at the base of the Northside Lift is completed and the wait was worthwhile as it is a beautiful building with the best ski access. There are a couple of resale opportunities in the Grand Lodge on the ski slope level with views up the mountain. New at the base of the Empire Lift, work is underway at a feverish pace for the new Montage Resort Spa. This is going to be a very high-end boutique hotel with over 30,000 square feet of spa area. While it is currently under construction, we do not anticipate that sales of the units to begin until the hotel is nearer to completion, in about two years.
In the Village at Empire, the Silver Strike building is nearing completion with about 12 units available. The new Flagstaff condominium building has just started construction with expected release of units in December. Construction has also begun on the new pool at the Talisker Tower Club.
Along with the spectacular colors and early season snows, there is a lot of excitement going on at the resorts and this is a wonderful time of year to come and see what’s going on!
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