Well, it's still snowing. After a beautiful warm weekend woke up to heavy snow falling and about 3" on the ground. Forecast is for snow to continue through Friday, take a break Saturday and start up again Sunday. Oh well, life in the mountains!
This past Friday, the golf course at Tuhaye opened and I joined some clients/friends, for an opening round of golf. Kind of like being on first chair of opening day of ski season, we were first tee time on opening day of golf season. Now, for an unabashed plug for yoga. I started participating in yoga classes last winter and have continued on a regular basis, (for those that know me, the image of me doing yoga is interesting). In spite of all my injuries, that first day on the golf course, I hit the ball further and more consistent than I have for a couple years. So, no matter how humorous the thought of me doing yoga is, I will have to admit that the stretching and core exercises are beneficial. As a benefit of Talisker membership, both yoga and fitness classes are offered complimentary each week. Along with the on mountain lounge, golf course, spa, private fishing waters and jet boats, the fitness classes really make the club stand out.
Showing posts with label Park City Golf. Show all posts
Showing posts with label Park City Golf. Show all posts
Tuesday, May 17, 2011
Thursday, June 25, 2009
Western Mountain Resorts
This past week I hosted a conference for real estate agents of the western ski resort communities in Jackson Hole Wyoming. We had representatives from Sun Valley, Idaho, McCall, Idaho, Park City, Utah, Vail, Colorado, Breckenridge, Colorado, Steamboat Springs, Colorado, Winter Park, Colorado, Jackson Hole, Wyoming and Lake Tahoe, California. As president of the Western Mountain Resort Alliance my job among others was to moderate a panel discussion of all the resorts. Questions were asked of each representative about their current real estate markets, sales activity, prices, activity on new developments, and sales activity in their golf course communities.
While there were some striking differences between the resorts, the overall market activity was very similar. All of the resorts reported that sales numbers and dollar volume was down around 45-50% comparing this past ski season to the previous ski season. The big differences were apparent in average price and price per square foot in homes and condos sold. Vail grabbed everyone’s attention with new slope side condominium development’s selling for up to $2900 per square foot while Winter Park, CO said their new slope side development’s are selling for around $500 per square foot. Park City falls somewhere in the middle with new slope side development’s selling around a $1000 per square foot. However, Park City does show a penthouse condo in the Empire Pass area of Deer Valley under contract/pending at $1900 per square foot.
McCall, ID, home of Tamarack ski resort, reported that their prices have dropped low enough that nearly every property sold is receiving multiple offers. Several of the other resorts, particularly Breckenridge, are also experiencing a return of multiple offers being written for exceptional properties. Pretty much every resort is experiencing signs that the real estate market is turning for the better.
Near unanimous were the resorts reporting that home sales under $1.5 million and condo sales under $700,000 were the strongest parts of their market. Also unanimous was that vacant land sales were the weakest. The lack of land sales can be attributed to a lack of vacant land near the resorts and the unwillingness of lenders to make loans for undeveloped land.
We discussed at length how golf course communities were doing at each resort. Nearly unanimous was that vacant land and home sales in private golf course communities was extremely slow. Everyone felt that in the late 1990’s and early 2000’s too many golf course communities were developed and that there was just not enough demand for all the supply that came on the market. It appears to us that the resorts, in an effort to become a Four Seasons resort rather than just a winter resort, developed too many golf course communities. For instance, in the Vail area which encompasses an area from the Vail valley and continues west along I70 for about 70 miles there are now 13 golf courses and many of those are real estate communities also. That number got everyone’s attention until Park City announced that we now have 14 golf course communities in and around the immediate area. Jackson Hole only has 5 golf course communities. North Lake Tahoe has 4 golf course communities, all put in many years ago and now North Lake Tahoe is enforcing a moratorium on any new golf course communities. As a result the North Lake Tahoe communities have sold out of all developer product and re-sales are fairly strong. Perhaps the rest of the Western Resorts should pay attention to this lesson.
In final comments almost all of the representatives were optimistic that the increased activity we have seen in the last couple months will continue through the summer months and in to next year.
While there were some striking differences between the resorts, the overall market activity was very similar. All of the resorts reported that sales numbers and dollar volume was down around 45-50% comparing this past ski season to the previous ski season. The big differences were apparent in average price and price per square foot in homes and condos sold. Vail grabbed everyone’s attention with new slope side condominium development’s selling for up to $2900 per square foot while Winter Park, CO said their new slope side development’s are selling for around $500 per square foot. Park City falls somewhere in the middle with new slope side development’s selling around a $1000 per square foot. However, Park City does show a penthouse condo in the Empire Pass area of Deer Valley under contract/pending at $1900 per square foot.
McCall, ID, home of Tamarack ski resort, reported that their prices have dropped low enough that nearly every property sold is receiving multiple offers. Several of the other resorts, particularly Breckenridge, are also experiencing a return of multiple offers being written for exceptional properties. Pretty much every resort is experiencing signs that the real estate market is turning for the better.
Near unanimous were the resorts reporting that home sales under $1.5 million and condo sales under $700,000 were the strongest parts of their market. Also unanimous was that vacant land sales were the weakest. The lack of land sales can be attributed to a lack of vacant land near the resorts and the unwillingness of lenders to make loans for undeveloped land.
We discussed at length how golf course communities were doing at each resort. Nearly unanimous was that vacant land and home sales in private golf course communities was extremely slow. Everyone felt that in the late 1990’s and early 2000’s too many golf course communities were developed and that there was just not enough demand for all the supply that came on the market. It appears to us that the resorts, in an effort to become a Four Seasons resort rather than just a winter resort, developed too many golf course communities. For instance, in the Vail area which encompasses an area from the Vail valley and continues west along I70 for about 70 miles there are now 13 golf courses and many of those are real estate communities also. That number got everyone’s attention until Park City announced that we now have 14 golf course communities in and around the immediate area. Jackson Hole only has 5 golf course communities. North Lake Tahoe has 4 golf course communities, all put in many years ago and now North Lake Tahoe is enforcing a moratorium on any new golf course communities. As a result the North Lake Tahoe communities have sold out of all developer product and re-sales are fairly strong. Perhaps the rest of the Western Resorts should pay attention to this lesson.
In final comments almost all of the representatives were optimistic that the increased activity we have seen in the last couple months will continue through the summer months and in to next year.
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.
Wednesday, July 16, 2008
Hiking in Park City
July is one of the best months for hiking in the local mountains. With the late and very wet springs that we just had, the wild flowers are just now in full bloom. As we walk along any of the numerous trails in Park City there is an amazing array of colors with Columbine, Lupine, Bluebells and Mountain Daisies all in full bloom. Walking under the canopy of towering Aspens, it is easy to get distracted. It is also the time of year that deer and moose are taking advantage of the tender new foliage and are constant companions on the trails. We are very fortunate here in Park City to have an organization such as the Mountain Trails Foundation which builds and maintains many miles of hiking/biking trails. One of the most popular trails is know as the mid-mountain trail. This trail begins at mid-mountain Deer Valley at an elevation of 8,200 feet and follows the 8,000 foot contour across the mountains through Park City Mountain Resort, the Canyons Resort and ending just to the north of the Utah Olympic Sports Park. One of the great things on this trail is that there are numerous entry and exit points so that whether you have all day or just an hour or two, there are wonderful loops.
One of my favorite areas for hiking is in the Uinta Mountains just to the east of Park City. The Uinta’s contain most of the high elevation peaks in Utah, with peaks ranging from 12,000 to over 13,000 feet, contain about 500 lakes and, for the most part, is a wilderness area accessible only by hiking or horseback. This range offers spectacular views and is a must visit for outdoor enthusiasts coming to Park City.
In real estate news, I am seeing some signs of an improving real estate market here. I’ve been receiving an increased number of calls lately for people looking to pick up an investment or ski condo this summer. And while the national economic news is still pretty dismal, many buyers are beginning to look at our prices as a good investment. Last week I visited a new golf course project called Red Ledges in a neighboring town of Heber, about 20 minutes from Park City. Red Ledges will feature a Nicklaus Signature course as well as a Cliff Drysdale Tennis Academy, and offer some of the most beautiful view of Mount Timpanogos and the Wasatch Range. The golf course is currently under construction and at least nine holes are expected to be open for next summer.
The Mark O’Meara course at Tuhaye is now in it’s third full season of operation and people that I have taken there to play feel that it is the most interesting and enjoyable of the private courses around the area. Lot and home sales in Tuhaye are doing well and I have been meeting several new owners who are calling Tuhaye “Home”
Upcoming events to look forward to is the Park City Arts Festival the first week of August and the Deer Valley Jazz Festival August 21-24. If your schedule permits you to visit Park City during any of these times these are definitely events to participate in.
One of my favorite areas for hiking is in the Uinta Mountains just to the east of Park City. The Uinta’s contain most of the high elevation peaks in Utah, with peaks ranging from 12,000 to over 13,000 feet, contain about 500 lakes and, for the most part, is a wilderness area accessible only by hiking or horseback. This range offers spectacular views and is a must visit for outdoor enthusiasts coming to Park City.
In real estate news, I am seeing some signs of an improving real estate market here. I’ve been receiving an increased number of calls lately for people looking to pick up an investment or ski condo this summer. And while the national economic news is still pretty dismal, many buyers are beginning to look at our prices as a good investment. Last week I visited a new golf course project called Red Ledges in a neighboring town of Heber, about 20 minutes from Park City. Red Ledges will feature a Nicklaus Signature course as well as a Cliff Drysdale Tennis Academy, and offer some of the most beautiful view of Mount Timpanogos and the Wasatch Range. The golf course is currently under construction and at least nine holes are expected to be open for next summer.
The Mark O’Meara course at Tuhaye is now in it’s third full season of operation and people that I have taken there to play feel that it is the most interesting and enjoyable of the private courses around the area. Lot and home sales in Tuhaye are doing well and I have been meeting several new owners who are calling Tuhaye “Home”
Upcoming events to look forward to is the Park City Arts Festival the first week of August and the Deer Valley Jazz Festival August 21-24. If your schedule permits you to visit Park City during any of these times these are definitely events to participate in.
Wednesday, July 9, 2008
I’ve moved!
The big news here in Park City this week is that I have left Sotheby’s Real Estate and moved to Prudential Utah. As with any change, there are always a variety of reasons, but one of the most compelling for me is that Prudential has by far and away the largest percentage of the market. This is a move that I feel will benefit both my Sellers and Buyers. I am currently located in the Prudential office on historic Main Street with many of the top agents from Prudential. The energy level and excitement are contagious and I look forward to this next stage in my career.
This past weekend was 4th of July and the Park City parade was as quaint and fabulous as always. Where else but in a western mountain ski town can you have a float featuring a real snowman made from snow still up on the ski resorts? The parade was followed by festivities in City Park, music, games, rugby, volleyball and all that is traditional for a 4th of July celebration. The day’s activities were capped by a spectacular fireworks display shot from the base of the Park City Resort against the mountains.
Here is a link to an interesting article that I found in Travel + Leisure GOLF Digest. It is an article from a writer who has been here in the winter time but came out last summer and played several of our beautiful mountain golf courses. Enjoy the article, and if you are a golfer I hope this will entice you visit Park City in the summer, as we all know how spectacular the winter is. If you are lucky enough to visit Park City this summer, please stop in the Prudential office at the bottom of Main Street and say “hello”.
Here is a link to an interesting article that I found in Travel + Leisure GOLF Digest. It is an article from a writer who has been here in the winter time but came out last summer and played several of our beautiful mountain golf courses. Enjoy the article, and if you are a golfer I hope this will entice you visit Park City in the summer, as we all know how spectacular the winter is. If you are lucky enough to visit Park City this summer, please stop in the Prudential office at the bottom of Main Street and say “hello”.
Monday, May 19, 2008
Calm before the storm
Summer, at least temporarily, has arrived in Park City. What a beautiful weekend! Temperatures in the 70s, golf course opened, barbecues going, and everyone taking advantage of the outdoors. However, as is all too typical for this time of year, snow is forecast starting Tuesday night through the weekend. As we get later in the spring the time between snowstorms gets longer and the weather is nicer. If this is a typical spring, we still have another three to four weeks that it can snow. It rarely snows after the middle of June.
As far as real estate goes in the Park City area, we are just beginning to see early signs of the market recovering. Buyers that have been looking throughout the winter are coming back to town and are writing contracts on properties. Additionally, the national economic news seems to be improving as well. There are signs that the economy is beginning to improve and more articles are appearing that we have not gone into a recession and probably will not. In talking with my fellow realtors from the other resorts, I am hearing that one of the reasons for the drop-off in number of offers having been written for the first quarter of this year can be attributed to the different expectations of buyers and sellers. With all the headline “doom and gloom” real estate news, and the factual downturn in the real estate market in areas like Florida, California, and Nevada, a growing percentage of buyers come into town expecting sellers to accept offers 30-40% off of their asking price. Here in Park City, as well as many of the other resorts, listing agents have always made an effort to counsel their sellers to put a price on their property that is realistic and within the expectations of whatever the current market is. We as agents find no value in letting our sellers list their properties at 20-40% over what they will take. We definitely advise our sellers that while they do need to leave a little room for negotiations, they need to price the property realistically and close to what they will accept. As a consequence, while buyers are frequently making offers substantially below asking price, the sellers feel that their price is fair, realistic, and they are not willing to accept offers that are significantly lower.
Because the market is significantly slower than it has been, we as agents are recommending to our sellers that they price their property aggressively, and at a point that it will actually sell. As a result, there are many excellent buys for the savvy investor. On a fairly regular basis, I see new listings come on at very favorable prices or older listings have a price reduction to make them favorable. For the smart investor who has cash, and can move quickly, there is an opportunity to make a lot of money in today’s market. This is not a market for the flipper who is looking to purchase a property, maybe make a few minor repairs and put it back on the market for a significant profit. Today’s market is such that a buyer who has staying power and can hold onto a property for a few years has an opportunity to see strong appreciation and a significant return on their investment. As with all of life, when looked at intelligently, a downturn in the real estate market can lead to an upside. A real estate investor from Florida that I spoke with yesterday mentioned that he was selling several condos to a cash buyer at deeply discounted prices. He mentioned that he is always looking for bargains, at which point I asked why he was selling the condos at such a discounted rate. I asked him if at that price would it be attractive for him to purchase, to which he answered, of course. So my obvious next question was, why are you selling and not holding onto them? Which he agreed with me, and is now going to hold onto them. Right now there are excellent opportunities in the stock market, financial markets, and certainly in real estate. The smart investor knows that trying to predict the bottom of any market is impossible, but to buy when prices are low will always be wise and profitable.
As far as real estate goes in the Park City area, we are just beginning to see early signs of the market recovering. Buyers that have been looking throughout the winter are coming back to town and are writing contracts on properties. Additionally, the national economic news seems to be improving as well. There are signs that the economy is beginning to improve and more articles are appearing that we have not gone into a recession and probably will not. In talking with my fellow realtors from the other resorts, I am hearing that one of the reasons for the drop-off in number of offers having been written for the first quarter of this year can be attributed to the different expectations of buyers and sellers. With all the headline “doom and gloom” real estate news, and the factual downturn in the real estate market in areas like Florida, California, and Nevada, a growing percentage of buyers come into town expecting sellers to accept offers 30-40% off of their asking price. Here in Park City, as well as many of the other resorts, listing agents have always made an effort to counsel their sellers to put a price on their property that is realistic and within the expectations of whatever the current market is. We as agents find no value in letting our sellers list their properties at 20-40% over what they will take. We definitely advise our sellers that while they do need to leave a little room for negotiations, they need to price the property realistically and close to what they will accept. As a consequence, while buyers are frequently making offers substantially below asking price, the sellers feel that their price is fair, realistic, and they are not willing to accept offers that are significantly lower.
Because the market is significantly slower than it has been, we as agents are recommending to our sellers that they price their property aggressively, and at a point that it will actually sell. As a result, there are many excellent buys for the savvy investor. On a fairly regular basis, I see new listings come on at very favorable prices or older listings have a price reduction to make them favorable. For the smart investor who has cash, and can move quickly, there is an opportunity to make a lot of money in today’s market. This is not a market for the flipper who is looking to purchase a property, maybe make a few minor repairs and put it back on the market for a significant profit. Today’s market is such that a buyer who has staying power and can hold onto a property for a few years has an opportunity to see strong appreciation and a significant return on their investment. As with all of life, when looked at intelligently, a downturn in the real estate market can lead to an upside. A real estate investor from Florida that I spoke with yesterday mentioned that he was selling several condos to a cash buyer at deeply discounted prices. He mentioned that he is always looking for bargains, at which point I asked why he was selling the condos at such a discounted rate. I asked him if at that price would it be attractive for him to purchase, to which he answered, of course. So my obvious next question was, why are you selling and not holding onto them? Which he agreed with me, and is now going to hold onto them. Right now there are excellent opportunities in the stock market, financial markets, and certainly in real estate. The smart investor knows that trying to predict the bottom of any market is impossible, but to buy when prices are low will always be wise and profitable.
Tuesday, April 29, 2008
Golf Course News
With the snow slowly melting the local golf courses are gearing up for summer play. The Park City Golf Course along with the private golf courses of Glenwild, Promontory and Tuhaye are all hoping for a mid-May opening. Even though we continue to get snowstorms each week, the days in between the storms are getting progressively warmer and the courses are beginning to green up.
What will be very interesting this year is to see what happens with Promontory. Promontory is a very large golf course community with two championship courses and many homesites. Promontory is going through some financial struggles and trying to work out an amicable situation with its creditors. Earlier this year, Credit Suisse announced that it had taken over the operation of the community and amenities. Since that time Wells Fargo Bank, the second lien-holder has forced the Pivotal Group (which is the developer of the community) to file for chapter 11 bankruptcy which is allowing them to reorganize while still having capital to operate.
Glenwild Golf Course is in the enviable position of having been the first true golf course community built in the area. As a result, Glenwild has 90+% of its properties sold with the golf course and clubhouse seasoned and functioning smoothly.
Tuhaye, one of the newest courses, seems to be doing well, mostly as a result of its affiliation with Deer Valley Ski Resort. Talisker, the underlying developer, has created a unique club concept combining the golf course amenities with a clubhouse and dining facilities on the mountain at Deer Valley. This gives Talisker Club members a true year-round recreation program in ski country. I expect that this unique program will allow Talisker and the Tuhaye Golf Course to remain strong during these difficult times.
There are three new golf course communities underway in the surrounding areas and I will be very interested to see how they do. If we look at how many available lots there are combined in all the communities that are either built or under construction we have about a 30-year supply of inventory. As a result, I do not expect that all the golf communities will survive. As with all real estate purchases, this emphasizes the importance of using a local and knowledgeable real estate agent to guide you in the right direction.
What will be very interesting this year is to see what happens with Promontory. Promontory is a very large golf course community with two championship courses and many homesites. Promontory is going through some financial struggles and trying to work out an amicable situation with its creditors. Earlier this year, Credit Suisse announced that it had taken over the operation of the community and amenities. Since that time Wells Fargo Bank, the second lien-holder has forced the Pivotal Group (which is the developer of the community) to file for chapter 11 bankruptcy which is allowing them to reorganize while still having capital to operate.
Glenwild Golf Course is in the enviable position of having been the first true golf course community built in the area. As a result, Glenwild has 90+% of its properties sold with the golf course and clubhouse seasoned and functioning smoothly.
Tuhaye, one of the newest courses, seems to be doing well, mostly as a result of its affiliation with Deer Valley Ski Resort. Talisker, the underlying developer, has created a unique club concept combining the golf course amenities with a clubhouse and dining facilities on the mountain at Deer Valley. This gives Talisker Club members a true year-round recreation program in ski country. I expect that this unique program will allow Talisker and the Tuhaye Golf Course to remain strong during these difficult times.
There are three new golf course communities underway in the surrounding areas and I will be very interested to see how they do. If we look at how many available lots there are combined in all the communities that are either built or under construction we have about a 30-year supply of inventory. As a result, I do not expect that all the golf communities will survive. As with all real estate purchases, this emphasizes the importance of using a local and knowledgeable real estate agent to guide you in the right direction.
Friday, April 25, 2008
The snow is melting SLOWLY
The snow is finally melting in Park City. Here is a photo taken this morning. You can almost see my front door behind the snowbank.
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This photo was taken in January of my backyard:.JPG)
This photo was taken in February:
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And this photo was taken this morning. It will be a while before we're golfing, that's for sure!.JPG)
Monday, April 2, 2007
Easter in the Mountains
It is Easter Week here in Park City. Visitors and guests are soaking in the warm spring sun while skiing and strolling around town. This is the time of the year when we ski for a few hours in the morning, have a leisurely lunch, and take the afternoon to sightsee. Spring is a wonderful time at the ski resorts, when the ski shops are offering terrific end of the season sales on clothing and ski equipment. This is a great time to pick up needed items or that new outfit for next year.
Of particular interest here is that the Park City Municipal Golf Course opens today. As a result of the unseasonably warm spring this year, the course is in excellent condition and ready for play. There is nothing like a few hours of skiing in the morning, lunch on the deck, and a leisurely round of golf in the afternoon. Even though we know that we have a good two more months of snowstorms, it’s nice to feel the warm sun and enjoy these spring days. This is definitely the transition time of year when we are waiting for the hiking/biking trails to dry out and the aspens to start greening up. This is also the time of the year when our thoughts turn to warm locations with warm sand and no snow.
Along with the bargains at the ski shops, this is also the time of year to pick up some great deals in real estate. Often times, owners may be ready to accept a lower offer on their home or condo than they would during the ski season, knowing that their rental income will be less for the next few months, and there are not many buyers around. Another advantage to looking at real estate now is that we can actually get into these rental condos that are booked constantly during the ski season. Of particular interest is a three-bedroom condo that I saw yesterday, on the mountain, in Silver Lake Village at mid-mountain Deer Valley. This is in a development called Royal Plaza, located right outside Deer Valley’s mid-mountain Lodge and next to the ticket booth. This is a top-floor, three-bedroom three bath condo with stunning views, and a large deck and hot tub overlooking the ski runs on Bald Mountain. There are only a couple of three-bedroom units in this small development, and this is the first one to be available in over 10 years. While it does need a complete remodel, its uniqueness in location and size make this condo the year’s best buy.
Now is the time to start planning your summer vacation to the mountains, to take in the cool mountain air and the many arts and music festivals around town.
Of particular interest here is that the Park City Municipal Golf Course opens today. As a result of the unseasonably warm spring this year, the course is in excellent condition and ready for play. There is nothing like a few hours of skiing in the morning, lunch on the deck, and a leisurely round of golf in the afternoon. Even though we know that we have a good two more months of snowstorms, it’s nice to feel the warm sun and enjoy these spring days. This is definitely the transition time of year when we are waiting for the hiking/biking trails to dry out and the aspens to start greening up. This is also the time of the year when our thoughts turn to warm locations with warm sand and no snow.
Along with the bargains at the ski shops, this is also the time of year to pick up some great deals in real estate. Often times, owners may be ready to accept a lower offer on their home or condo than they would during the ski season, knowing that their rental income will be less for the next few months, and there are not many buyers around. Another advantage to looking at real estate now is that we can actually get into these rental condos that are booked constantly during the ski season. Of particular interest is a three-bedroom condo that I saw yesterday, on the mountain, in Silver Lake Village at mid-mountain Deer Valley. This is in a development called Royal Plaza, located right outside Deer Valley’s mid-mountain Lodge and next to the ticket booth. This is a top-floor, three-bedroom three bath condo with stunning views, and a large deck and hot tub overlooking the ski runs on Bald Mountain. There are only a couple of three-bedroom units in this small development, and this is the first one to be available in over 10 years. While it does need a complete remodel, its uniqueness in location and size make this condo the year’s best buy.
Now is the time to start planning your summer vacation to the mountains, to take in the cool mountain air and the many arts and music festivals around town.
Monday, March 26, 2007
Skiing...and Golf!
It’s that great time of the year when it’s possible to ski great spring skiing in the morning and play golf in the afternoon. This past weekend was absolutely beautiful here in Park City with temperatures in the upper 50’s. Saturday was some of the best skiing of the year and Sunday took out the golf clubs for the first time.
One of the great things about this time of the year is that one day we have shirtsleeve spring skiing weather while the next day could be deep powder. In fact, that is this week’s forecast. Storms are rolling in starting tonight, and the forecast is for 1-2 feet of snow by Wednesday morning. So Wednesday looks to be a great powder day, followed by return to spring for the weekend.
Springtime often brings good deals on ski area real estate. Many times sellers whose properties have not sold during the ski season can be more open to offers and more motivated to sell now rather than holding onto their property until next ski season. This can be a boon for buyers looking to get into the ski market and obtain a ski condo at the best prices and terms. While here in Park City/Deer Valley, we had an excellent season with strong sales, there is a good supply of resale condos on the market, offering buyers a variety of choices between slopeside, in-town, or in one of the neighboring communities. Contact me for more information on what I feel are excellent buys this time of the year.
With the changing of the seasons, comes a changing of interest in our buyers. Golf properties start to pick up steam and here in Park City, we have many excellent choices. From homes on the city’s municipal golf course right in Park City to the five private golf courses, we offer a variety of single-family lots to build on, townhouses and cabins, as well as custom homes. With the mild winter that we had, builders were able to complete homes more quickly than normal. What this means is that there are many beautiful custom homes either completed or nearing completion on the golf courses. With a good selection out there, this could be a perfect time to pick up the best home at a good price.
One of the great things about this time of the year is that one day we have shirtsleeve spring skiing weather while the next day could be deep powder. In fact, that is this week’s forecast. Storms are rolling in starting tonight, and the forecast is for 1-2 feet of snow by Wednesday morning. So Wednesday looks to be a great powder day, followed by return to spring for the weekend.
Springtime often brings good deals on ski area real estate. Many times sellers whose properties have not sold during the ski season can be more open to offers and more motivated to sell now rather than holding onto their property until next ski season. This can be a boon for buyers looking to get into the ski market and obtain a ski condo at the best prices and terms. While here in Park City/Deer Valley, we had an excellent season with strong sales, there is a good supply of resale condos on the market, offering buyers a variety of choices between slopeside, in-town, or in one of the neighboring communities. Contact me for more information on what I feel are excellent buys this time of the year.
With the changing of the seasons, comes a changing of interest in our buyers. Golf properties start to pick up steam and here in Park City, we have many excellent choices. From homes on the city’s municipal golf course right in Park City to the five private golf courses, we offer a variety of single-family lots to build on, townhouses and cabins, as well as custom homes. With the mild winter that we had, builders were able to complete homes more quickly than normal. What this means is that there are many beautiful custom homes either completed or nearing completion on the golf courses. With a good selection out there, this could be a perfect time to pick up the best home at a good price.
Monday, March 12, 2007
Spring has Sprung!
This past weekend brought soft snow, deep blue skies, t-shirts and wine on the deck. There is nothing quite like spring skiing in the Rockies! Now with the early change to Daylight Savings Time, the snow softens a little later in the day and afternoons on the deck last just a little longer. The recent snows of the past three weeks have assured us excellent coverage for the remainder of the ski season. Even though we are now enjoying the warm spring days, I have been here long enough to know that the snow is not over and there will be more powder days ahead. One of the best things about spring skiing are the frequent snow storms followed by warm sunshine. In spring, it is important to understand the mountain and follow the sun. What I mean by this is early morning, pick the slopes that the sun is already on and has softened. As the day progresses, slowly switch to the more northerly facing slopes, which soften later and offer the best afternoon skiing. Of course, for variety, the west facing slopes in the afternoon with “snow cone” conditions can be a lot of fun.
In real estate, springtime often equates to many good buys in ski condos. Frequently sellers are more motivated at this time, and buyers can realize better deals on condos. This can be an excellent opportunity to purchase a ski condo or home at very favorable price and terms. Even though the winter has been quite busy, there is still a very good selection of ski properties in Park City/Deer Valley. Whether you are looking for something on the slopes or in town, we have a wide variety and I can almost always find the right property for you.
As the weather turns warm in the springtime, our thoughts turn to golf and golf course properties. Park City offers several beautiful golf course communities, three of which are gated and are often offer homesites and homes for sale. For more detailed description on all of the golf courses in Park City and what they have to offer, go to the Golf Course area of my site. If you’d like more information on what Park City or Park City real estate has to offer in the beautiful springtime, please contact me.
In my last newsletter, I spoke of the Interconnect Tour, which is a guided backcountry tour connecting six of Utah’s premier resorts in one day. While springtime offers fewer powder days in the backcountry, touring through the Wasatch on a warm day and corn snow is unbeatable. If you are planning a trip to Park City this spring, I would highly recommend booking a springtime Interconnect Tour. To see an interesting article on this, click here for a story that The New York Times ran on Sunday.
In real estate, springtime often equates to many good buys in ski condos. Frequently sellers are more motivated at this time, and buyers can realize better deals on condos. This can be an excellent opportunity to purchase a ski condo or home at very favorable price and terms. Even though the winter has been quite busy, there is still a very good selection of ski properties in Park City/Deer Valley. Whether you are looking for something on the slopes or in town, we have a wide variety and I can almost always find the right property for you.
As the weather turns warm in the springtime, our thoughts turn to golf and golf course properties. Park City offers several beautiful golf course communities, three of which are gated and are often offer homesites and homes for sale. For more detailed description on all of the golf courses in Park City and what they have to offer, go to the Golf Course area of my site. If you’d like more information on what Park City or Park City real estate has to offer in the beautiful springtime, please contact me.
In my last newsletter, I spoke of the Interconnect Tour, which is a guided backcountry tour connecting six of Utah’s premier resorts in one day. While springtime offers fewer powder days in the backcountry, touring through the Wasatch on a warm day and corn snow is unbeatable. If you are planning a trip to Park City this spring, I would highly recommend booking a springtime Interconnect Tour. To see an interesting article on this, click here for a story that The New York Times ran on Sunday.
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