Fall?

In an earlier blog I mentioned that August in the western mountains tends to start cooling off unlike much of the U.S. which is still sweltering underneath the summer sun. This August in particular has been quite cool with an early snow already and several early mornings of frost. This past weekend the mountain oak tree’s started turning and we are just beginning to see hints of red leaves spotting the mountain sides, a sure sign that Fall is near.

This past weekend Deer Valley Resort was the host to the annual Park City Jazz Festival. This was three days of great music, food and too much wine. Deer Valley is a terrific host in that they allow patrons to bring in picnic baskets and their favorite beverage. The headline act this year was Al Jarreau. While he is certainly getting up there in years, he can still perform with the best.
Now on to Real Estate news. Fall through early winter is quite active here, unlike Spring when the town is quiet and interest in real estate drops off dramatically. Buyers are looking to purchase their ski condo early enough to start booking rental reservations for the upcoming ski season. Sellers understand this so they are now putting units on the market so there is an excellent selection of properties to choose from. While we are certainly still in a buyers market I am beginning to see the first hints of a change. Several sellers recently have felt that the market, if not having already turned, is about to and are prepared to stay closer to the original asking price. I think that this fall and winter season may be quite interesting as buyers will still have the mindset of a bottoming real estate market and sellers may be seeing the light at the end of the tunnel. Click here to read an article about the real estate "turnaround" or copy and paste this link into your browser: http://www.dailyfinance.com/2009/08/27/could-the-end-be-near-housing-guru-shiller-senses-home-price-re/

New Developments

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.

Has Summer Arrived?

After 4 weeks of rain every single day, the sun came out this afternoon. Could this really be the start of summer? While the calendar tells us summer starts this weekend you never really know living in the mountains. But based on the calendar Park City begins the summer season this Friday. We will be kicking off the summer with a dinner and Jazz Festival on Main Street Friday night. This is knows as “Savor the Summit” where we close Main Street to traffic and put tables end to end from the top of Main to the bottom of Main. Our local restaurants all participate with a special menu to serve. And several Jazz bands will be performing along Main Street while people dine. This is a great event and really gets everyone going!

Next week on Wednesday the free concerts begin at Deer Valley Resort. These occur every Wednesday through August and have become the social event of the week. Everyone gets lawn seating, brings their favorite beverage, dinner and music is def secondary to the party.

In real estate happenings May was a very strong month for sales (considering the economy) with the number of contracts written surpassing July, 2008. This was really good news and hopefully a start to a solid recovery of our real estate market. June typically begins the home selling season as most people prefer to wait until school is out to move their families. Right now buyers have an excellent selection of homes to choose from in all price ranges and when combined with the historically low interest rates, I am optimistic that the home buying season will be good. Historically resort condo sales do not pick up again until about August, when the approaching ski season rekindles interest. We should start to see interest in golf course property now that summer has arrived and with the competition among all of the golf course communities there are some opportunities that we may not see again for a long time (more on the golf courses next week).

Jazz Fest

This weekend is the annual Jazz Festival at Deer Valley. (http://www.parkcityjazz.org/) The headline acts for this year’s festival are Blues Traveler, Big Bad Vodoo Daddy and the Rippingtons. This three day event runs Friday through Sunday at the amphitheatre in Deer Valley. Also performing at the festival will be the Park City High School Jazz Band. The Park City High School Jazz Band is quite well know and has won numerous awards throughout the state and the country. The outdoor amphitheatre in Deer Valley is a terrific venue for concerts, located at the base of the resort with excellent views of the local mountains. As you can see from the headline acts, the festival is not a pure jazz festival, but a combination of jazz and blues. If you are an aficionado of jazz or blues, this annual event should be on your calendar of must “to dos”.

The various golf course communities around the Park City area continue to flourish. Last weekend I was fortunate enough to have an opportunity to play at the Glenwild Golf Course, designed by Tom Fazio. The Glenwild course is an 18-hole championship course, set in a beautiful valley just to the north of Park City, with spectacular views of the Wasatch Range. The clubhouse at Glenwild is arguably the most beautiful of all the clubhouses around the area, with outdoor dining overlooking the golf course with views of all three Park City ski resorts. While Glenwild does offer a pool and tennis courts, the emphasis is certainly on the golf. Our Glenwild is a small community which is just about completely sold out, offering only re-sale lots and custom homes.

Last week I was at the Promontory Golf Course showing homes to a prospective buyer. Promontory has two golf courses, a Pete Dye Championship Course and the newly completed Jack Nicklaus Signature Course. I have not had the opportunity to play the Nicklaus Course yet, but word has it that is probably the best course in the state. Promontory differs from Glenwild in that, while golf is certainly the major attraction, it is not their only focus. Promontory has a wonderful spa/clubhouse with an indoor/outdoor pool adjoining a Children’s Center and a Members Clubhouse. Promontory also features an equestrian center, tennis courts and many miles of hiking/biking trails. Come winter the center court of the tennis facility converts to an ice skating rink and the hiking/biking trails convert to cross country ski trails. Promontory has made a conscious effort to offer recreational activities for the entire family. Promontory expects to start its third course this next summer which will be an Executive Course.

Tuhaye, one of the newest courses in town, features a Mark O’Meara Signature Course and is situated just to the east of Park City. Along with the golf pro shop, Tuhaye has completed it spa and fitness center with an outdoor pool and poolside café. This past Sunday I was fortunate enough to spend the afternoon at the Tuhaye pool overlooking the golf course with views up to Deer Valley. We decided that the views from the Tuhaye pool are the best of the three resort spas. Next in works for Tuhaye will be the Members Clubhouse and a 9-hole Executive Course. Tuhaye also has plans for an 18-hole Fazio Championship Course.

Just under way in the neighboring town of Heber is a new golf course community called Red Ledges. Red Ledges is also featuring a Nicklaus Signature Course and offers incredible views of Mt. Timpanogos. The course is well under way and at least 9 holes should be open by next summer. Currently Red Ledges is selling home sites and will soon be offering patio homes for sale as well.

As with many ski resort towns, Park City is going through a change from strictly a ski town to a Four-Seasons Resort and Golf Mecca. If you are a golf enthusiast, high altitude golf is extremely enjoyable as the thinner air allows us to feel like John Daly. The local courses should be open well into October so make plans to come out and visit us and enjoy the beautiful fall weather.

Jazz Festival Weekend

This weekend, Deer Valley is the host for the annual Park City International Jazz Festival. This is the tenth year for the Jazz Festival, which has grown to host both the stars and up and coming stars of the jazz world. The festival this year will be Friday night, Saturday evening, and Sunday afternoon.

Summer is beginning to wind down, but our activities are still going strong. Recent rains have kept the mountains exceptionally green for this time of the year, and the hiking/biking trails are less dusty than July. The hot summer days are over, evenings are cooler, and late August/September are terrific times to visit.

With all the recent news about lenders going out of business and difficulties in obtaining financing for properties, many buyers and sellers are concerned about the effect on our market. While we believe that this will certainly have some effect on our market, we also feel that our buyers tend to be strong enough that financing is not as much of an issue here as in some other markets. Because of the type of properties and the price point, we do not deal in the sub-prime market and for the majority of our second-home owners, qualifying for the purchase of a vacation home is rarely an issue. Our sellers also tend to be strong enough that they do not have to sell and therefore, do not feel pressured to drastically lower prices in order to get a property sold. The majority of our owners feel that the market for vacation properties is still strong, and that at worst case, they have a terrific home to visit and in many cases, are receiving excellent rental income.

The winter ski season is quickly approaching, and this is an excellent time to be looking for ski property. The town is a little bit slower, so it is easier to get into properties and sellers tend to be more negotiable now than during the ski season.

Successful Arts Fest!

This past weekend the Park City Arts Festival was held, and was extremely successful. Artists from all over the country exhibited their wares on Main Street, and the street was busy with buyers. This event is one of the highlights of the summer, and is eagerly anticipated by residents and visitors.

The next major event coming up is August 24-26, and is the Park City International Jazz Festival. This three-day event features world-renowned jazz artists and is held at Deer Valley Resort. This event is always a sell-out, so early ticket purchases are encouraged.

August in the mountains signals the end of the summer heat. Days are a little cooler, summer thunderstorms are more abundant, and the mountains are very green. August and September are perfect months to come visit, go hiking or mountain biking on the mountain trails, or just relax and soak up the summer sun.