End of Fall?

September and October are typically two of the prettiest months in the mountains. And this October has been exceptionally beautiful. The past couple of weeks have been spectacular with days in the lower 60s, and cold nights. The perfect weather for hiking, biking and even late season golf. It seems like the entire town has been outside taking advantage of these days, as we know that long winter is about to arrive. The NWS forecast is for the weather to turn this Friday, with rain turning to snow over the weekend and continuing well into next week.
With the world financial market continuing to be in disarray, our local real estate market also continues to be vulnerable to market uncertainty. While there have been buyers surfacing to take advantage of tremendous deals, others have seen their net worth diminish significantly and are having to pull back from second home purchases. For those who understand the real estate market, and that it will turn around and prove to be a terrific investment, there are tremendous opportunities right now. Here are links to three different articles that have been written in national publications on the opportunities to invest in vacation properties.

5 Timely Reasons to Invest in Vacation Property;
Wallstreet a Faceplant for Skiers?;
Talking Points: Second Homes

Even amidst all the turmoil, construction on new ski properties in Deer Valley continues. The St. Regis Hotel, in the Deer Crest area of Deer Valley, is moving right along. The St. Regis is a little over 50% sold out and is expected to open for next year’s ski season. Nakoma is an 18 unit subdivision of ski-in/ski-out homes in the Empire Pass area of Deer Valley. Of the nine homes in the first release, five are sold, and most of these should be completed and closed this ski season. These homes are around 5,500 square feet, have spectacular views of the new Lady Morgan Lift, and have prices starting at $5,600,000. The Montage Hotel is also moving forward with construction, with an expected completion date sometime in 2010. While there has not been any release of the number of units, the layout or prices, a waiting list for purchasing is growing.
All three local ski areas are wrapping up their summer projects, have tested their snow making systems, and are ready to make snow as soon as the temperatures drop low enough. While advanced reservations are running slightly behind this time last year, we feel that once the snow arrives, bookings will increase. History has shown us that skiers are making their reservations closer and closer to the actual dates of their trip so as to see where the best snow is and who has it. Fortunately, Utah is geographically situated to receive dependably abundant amounts of snow. This year in particular we feel that the ease of getting to the Utah ski resorts will make us even more attractive to the destination skier. We expect to see more long weekends, and less week or longer stays. For visitors coming for only a three or four day stay, the fact that they can fly direct to Salt Lake City from almost anywhere in the country, and be here in about 4 hours, gives us a unique advantage over the other Rocky Mountain ski resorts.

Number One Again!

Each year in its October issue, SKI Magazine publishes rankings of the major ski areas in North America based on reader input. This year Deer Valley is once again rated the number one ski resort in North America. The poll is based on input from readers of SKI Magazine who answer a survey asking them to rate resorts that they have visited. Deer Valley was rated number one in 11 of the 18 categories surveyed. These included grooming, on-mountain food services, and guest services. While all the categories are important in the ranking we are especially proud of the guest services ranking. Since its inception, Deer Valley has strived to set the standard for guest services and remarkably, over the last 26 years, has maintained the standard. Guests coming to Deer Valley are always impressed by the friendliness and helpfulness of all the resort staff. From ski check attendants to lift operators, restaurant personnel to mountain hosts, Deer Valley hires with the expectation that their guests will be treated as if they were staying in a fine hotel. This commitment to service and quality of ski experience has proved to be a winning combination as Deer Valley’s skier numbers increase every year and it has been rated the number one North American ski resort three out of the last seven years.

This commitment to excellence has translated to booming real estate sales in Deer Valley. The new Empire Pass area has been exceedingly popular with most of the condominium buildings selling out prior to completion of construction. Empire Pass features a variety of ski-in/ski-out condominium buildings, townhouse condominiums, and single family homes. Last winter, the first phase of single family homes, The Paintbrush at the Village at Empire Pass, sold all of their 18 homesites. This winter, there is a new area of homes called Nakoma. There will be 16 homes built with direct ski-in/ski-out access to the new Lady Morgan Express chairlift. These homes will be around 5,000 square feet, of the quality expected of Deer Valley, and all will have spectacular views of the ski runs of Deer Valley and the town of Park City.

With fall quickly arriving, we had our first frost this morning. We are seeing an increase in buyers looking to pick up a ski condo for this winter. This past week we have seen several condominiums in both lower and upper Deer Valley have contracts accepted. Our fear for this winter is a lack of inventory. The number of condos listed for sale is about 25% less than we had at this time last year. While there still are some excellent opportunities, they are selling faster than new units are coming on the market.

September is one of the most beautiful months in Park City, with daytime temperatures in the mid 60’s to 70’s, and chilly nights. The fall leaves have started to turn, which makes hiking and biking the local mountains especially beautiful. This is a great time to come out and visit, to enjoy fall in the mountains, and to see what’s new at the ski resorts and real estate opportunities at the various resorts.