Showing posts with label Park City Mountain Resort. Show all posts
Showing posts with label Park City Mountain Resort. Show all posts
Friday, March 19, 2010
Springtime in the Mountains
Wednesday, January 20, 2010
Park City Real Estate Year In Review
This week also begins the annual Sundance Film Festival. The Sundance Film Festival is the largest festival for independent film producers and always draws a huge crowd. The opening weekend is always the busiest with Main Street in Park City turned into a snowy version of Hollywood complete with star sightings. The Sundance Film Festival parties are the hottest ticket in town with locals using every connection they have to gain entry. Other than the traffic and that the restaurants are full, this is a great time to ski as the slopes are quiet and this year the snow is great.
I think that everyone here in Park City, real estate agents, merchants and lodging companies are thrilled that 2009 is over and that they survived. While 2009 was a very poor year for real estate sales the final numbers are not as bad as it felt. For instance, if we look at single family homes in all areas of our MLS the # of sales were up 2.2% and the average sales price was only down 3.7%. However, home sales in town and near the resorts are a different story. Old Town homes and in the vicinity of the Park City Resort showed a 30% increase in the # of homes sold in 2009 from 30 compared to 23 in 2008. But, the average sold price for a home in old town was down 12.8% for the year. Homes in lower Deer Valley saw a 57% decrease in the # of sales, 6 homes sold in 2009 compared to 14 in 2008, but a 29% increase in the average sold price. Deer Crest, a high end ski-in/ski-out community attached to Deer Valley saw 4 homes sold in 2009 compared to 1 in 2008 or a 300% increase but also saw the average sales price drop 43% to just under $3,500,000. Deer Crest is a newer community with spec homes still being built and it appears that several spec home builders just wanted out and lowered their prices to a point where the deal was just too good to pass up. In upper Deer Valley 9 homes sold in 2009 compared to 4 in 2008 for an increase of 125% and once again we saw a decrease in the average sold price of 28.7%. Other area’s around town were similarly mixed for example, Park Meadows, a mostly residential community saw prices drop 12.8% and the # of sales drop 21.7% but near the Canyons Resort, again a mostly ski-in/ski-out community of 2nd home owners, saw sales increase 25% and the average sold price increase to 45%.
Condominium sales for 2009 were generally hit harder than single family homes. For all condominium sales across all areas of the Park City board the # of sales dropped just over 18% and the average sales price dropped 6.6%. However, as we saw with single family homes, to get a true picture we have to look at specific areas and in some cases the reasons for the change. Old Town and the Park City Resort saw the # of sales for condominiums drop 55% last year and the average sales price drop over 33%. I think that this shows that our buyer is now looking for a newer, more modern and updated condo and is willing to buy further from the center of town to get more square footage for their buying dollar. I suspect that we will see this trend continuing for some time. If we look at condominium sales in Deer Crest we see that the average sold price increased over 64%. At first glance this seems very strange as condo sales prices throughout the rest of Deer Valley was significantly down but we have to remember that the St. Regis Hotel started closing it’s condo’s in November so this number reflects the beginning of very high end sales of condominiums in Deer Crest and is not a true reflection of the market. In upper Deer Valley while the # of sales was down 10.5% of 17 sales in 2009 compared to 19 in 2008 the average sold price dropped 28.1% in upper Deer Valley. In the newest area of Deer Valley, Empire Canyon, the number of sales dropped 38.5% which is easy to understand as in 2008 a large condo project was completed and closing. Where in 2009 the condo projects that were completed did not have the advantage of the pre-sales that occurred in the earlier strong part of the market. Also in Empire Canyon, the average sold price dropped 28.8% as investors who purchased earlier with idea of flipping their property and never occupying it were forced to lower their prices in many cases to below where they purchased it in order to get property sold.
Last Sunday was the much anticipated auction of the 8 Silver Strike condominiums in Empire Pass. I attended the auction and was pleased to see that all 8 units offered sold in about 30 minutes of bidding. The 8 units generally sold for 15 to 20% above the minimum bid and averaged $760 per square foot. In addition to the 8 units that sold during the auction a 9th unit was sold just after the auction was concluded. The developer has another 10 units in the project to sell and I am hearing that he is going to price these remaining units in the neighborhood of $760 per square foot. This will make Silver Strike the least expensive condo project in Empire Pass with direct ski-in/ski-out access and full Talisker club membership.
As with all real estate markets the numbers alone do not tell the entire story and the importance of a long time knowledgeable agent is dramatically illustrated.
This weekend I am traveling to Crested Butte, CO to meet with other resort real estate agents from the western ski resorts. Come back next week for a recap of resort real estate from resorts in California, Idaho, Wyoming, Colorado, Utah and British Columbia Canada. I expect that our discussions will be lively, interesting and very revealing.
Friday, December 18, 2009
Christmas In Park City
This is the start of the Christmas Holiday and the Park City resorts are ready. After a week of bitter cold, followed by a two day blizzard, this week has been quite warm with temperatures in the upper 30’s. Fortunately it is colder up on the mountain so the resorts have been able to make snow non-stop, even this week. Park City and Deer valley have been able to open new runs and lifts daily and as of today over half of the mountain is open. I expect both resorts to open new runs throughout the next couple of weeks.
The town is festive and decorated to bring out the holiday spirit in everyone. One of the great fun things in Park City is how all the condominium projects and private homes light up the trees. A nighttime drive around town with snow still in the tree branches and Christmas lights twinkling is really quite magical. Along with skiing we have many other activities such as sleigh rides and snowmobiling in the back country of Utah. Christmas is a special time of year and to spend it with family and friends in a place like Park City is simply the best.
I wish everyone the happiest of holidays and a prosperous 2010.
I wish everyone the happiest of holidays and a prosperous 2010.
Thursday, September 17, 2009
Still #1
While it has not hit the newsstands yet we have heard that the next issue of Ski Magazine will show Deer Valley Resort as the #1 rated ski resort in North America for the 3rd year in a row. The rankings are the result of a survey that Ski Magazine sends to its readers each year. Readers are asked to rate the resorts that they have visited on the quality of their experience in a number of key areas. The survey asks readers to rank their experience in areas such as; customer service, snow quality, variety of terrain, run’s, on mountain food service, and proximity to night life and other amenities as well as their overall experience. For the 3rd year in a row the readers of Ski Magazine have rated Deer Valley as their #1 favorite resort in North America. Given the number and quality of western ski resorts, this is quite an accomplishment and Deer Valley is justifiably proud that its commitment to their guests is acknowledged and appreciated. While I have not seen the rest of the survey, Park City and The Canyons Resorts are usually ranked in or near the top 10.
In looking at real estate pended sales for each month the trend that I noted that began in March continued through August and has strengthened. Each month since March the number of pended sales has increased from the previous month and is now similar to where we were in September 2007.
There is still much debate as to whether the economic recovery that we are seeing is real and sustainable. On one side, the feeling is that the continued high unemployment rate remains to be a detriment to the recovery and that as a result the economy is destined to grow weakly. The feeling is that until more Americans are employed consumer spending will continue to be slow. While there will certainly be spikes in spending brought on by stimulus programs such as “Cash for Clunkers”, these are temporary spikes and not sustainable.
On the other hand, optimists say that the rebound will help kick start a self- sustaining recovery where improved confidence leads to consumers and business’s starting to spending more. Time will tell which of these scenarios will come true, or will it be somewhere in between?
What I have seen in Park City is that in many areas the number of sales from January 1st through August 31st comparing 2008 to 2009 there were more sales in this time frame in 2009. However, the average sold price was generally down in 2009 compared to the same time frame in 2008. This reinforces my statements several weeks ago that the bargain hunter buyers have moved from a “wait and see” to a “buy” position. It is certainly true that if a property is not perceived as a bargain, buyers are rarely interested in it right now.
I do believe that as the bargain properties are removed from the market we will see a slow and gradual return of prices. I am already seeing some signs of this as sellers are beginning to not give away quite as much as they were a month ago. Fall is typically a transition month for sales where we start to see more investors and 2nd home buyers looking to pick up a ski property for the upcoming ski season. I think that the next two months are going to be very telling whether the recovery of the market in Park City is real or is just a temporary correction.
September has been particularly spectacular with warm days, cool nights, and right now the mountains are full of red oak and maple trees. Most everyone feels that this is the best month of the year so come out and visit us and experience fall in the Rocky Mountains.
In looking at real estate pended sales for each month the trend that I noted that began in March continued through August and has strengthened. Each month since March the number of pended sales has increased from the previous month and is now similar to where we were in September 2007.
There is still much debate as to whether the economic recovery that we are seeing is real and sustainable. On one side, the feeling is that the continued high unemployment rate remains to be a detriment to the recovery and that as a result the economy is destined to grow weakly. The feeling is that until more Americans are employed consumer spending will continue to be slow. While there will certainly be spikes in spending brought on by stimulus programs such as “Cash for Clunkers”, these are temporary spikes and not sustainable.
On the other hand, optimists say that the rebound will help kick start a self- sustaining recovery where improved confidence leads to consumers and business’s starting to spending more. Time will tell which of these scenarios will come true, or will it be somewhere in between?
What I have seen in Park City is that in many areas the number of sales from January 1st through August 31st comparing 2008 to 2009 there were more sales in this time frame in 2009. However, the average sold price was generally down in 2009 compared to the same time frame in 2008. This reinforces my statements several weeks ago that the bargain hunter buyers have moved from a “wait and see” to a “buy” position. It is certainly true that if a property is not perceived as a bargain, buyers are rarely interested in it right now.
I do believe that as the bargain properties are removed from the market we will see a slow and gradual return of prices. I am already seeing some signs of this as sellers are beginning to not give away quite as much as they were a month ago. Fall is typically a transition month for sales where we start to see more investors and 2nd home buyers looking to pick up a ski property for the upcoming ski season. I think that the next two months are going to be very telling whether the recovery of the market in Park City is real or is just a temporary correction.
September has been particularly spectacular with warm days, cool nights, and right now the mountains are full of red oak and maple trees. Most everyone feels that this is the best month of the year so come out and visit us and experience fall in the Rocky Mountains.
Friday, September 11, 2009
Fall In the Mountains
Last week I spoke about the Miner’s Day celebrations here in Park City, the parade, festivities in the park and the mucking and drilling contest.
September is a magical time of transition between summer and fall. The days are still quite warm and the nights are noticeably cooler. Because of the cold weather that we had in August, the oak and maple trees have turned and are dotting the hillside with reds and oranges. Hiking and mountain biking are the best right now, the trails are un-crowded and the contrast between the bright blue sky and colorful trees is something to behold.
The three Park City ski resorts are feverishly working to complete summer projects before the first snow of winter arrives. While the economic recession of the past year prevented any of the resorts from significant expansions, there is still much to do over the summer months. The resorts spend the off season doing maintenance on all the chair lifts, clearing aspen growth from ski runs, and general maintenance around the resort to ensure the best quality of experience for our guests. Starting around October we will see the influx of seasonal workers arriving in town. This is a fun time because there is a lot of energy in anticipation of the upcoming ski season.
The real estate market here in Park City continues to improve on a monthly basis. This past week there were two very strong condominium sales in the Empire Pass area of Deer Valley in the high 2-3 million dollar range. In addition, the Dakota Mountain Lodge at the Canyons has just been completed and buyers that have purchased there in the last two years are now closing in their units. This is particularly interesting, as one might expect buyers to be very nervous to be closing on a property that they wrote a contract on two years ago. Fortunately we are seeing the values hold and the buyers are realizing that their investment is still financially sound.
This past week I was asked to help a client find a ski-in/ski-out rental condo for the Christmas-New Years holiday week. I was very surprised at what few choices were still available. There were only about 6 condos still available with ski-in/ski-out access. This is great news, as it looks like visitors will be coming out again and are making plans well in advance.
Next week I will have the most recent statistics from August to share with-you so look for this information in next week’s blog.!
Thursday, July 16, 2009
Summer in the Mountains
After the wettest June on record the month of July arrived and with it came summer. Since the 1st of July the weather has been hot and sunny with just the occasional afternoon thunderstorm. As a result of the early rain and warm sunny days the mountains are a symphony of color. When out hiking, mountain biking, or even driving over some of the mountain passes, one can not help but be amazed by the array of flowers and all of the various colors. Both visitors and locals can’t stop talking about how beautiful the mountains are right now. Another welcomed benefit to the rain is that the hiking/biking trails are well packed down and not thick and dusty like in many years past. This is certainly a year to come out and see for your self how spectacular summertime in the mountains can be.
Last weekend Park City hosted its annual Food and Wine Classic. Friday was the Main Street Wine Stroll where vintners from around the world displayed for participants to sample. The event started on the plaza of the Town Lift right on lower Main Street and then continued to the top of Main Street where various restaurants and galleries hosted a stop. At each stop a group of vintners poured samples of their wine while the restaurant or gallery provided a delicious array of food. The event, always popular, was a huge success and my group finished off the evening with an outdoor dinner at a local restaurant (owned by Robert Redford) where Rich Wyman performed. Rich Wyman is a local recording star who frequently travels to Ireland and northern Europe for concerts. His music is both entertaining and exciting and at the end of his show we all toasted each other to a delightful evening in Park City. Visit www.richwyman.com for more info on this wonderful artist.
In Real Estate news the market turnaround that we first saw starting in March has continued through the month of June. We saw the number of real estate contracts written and accepted begin to increase in the month of March and each following month has been stronger than the previous month. While we are certainly still in a “buyers market”, I am beginning to detect a bit of urgency on the buyer’s side as the exceptional deals are being snatched up. Even though the news that we hear every day indicates that the nationwide real estate market has yet to bottom out, the western resorts are a different animal. For the past 18 months we have seen numerous buyers wanting to purchase a vacation home here in Park City but felt that they were better off waiting for the real estate market to correct itself. Now that the market correction seems to have occurred, this pent up demand is the driving force behind our market turnaround. The word about the continued monthly increase in sales has filtered down to our buyers who are seeing the writing on the wall. During this recent real estate downturn it is often said that no buyer wants to be the first to leap into the market but they but they certainly don’t to be last either.
While I would still say that the majority of transactions are in the $1 million and under price range we continue to see a number of purchases above $3 million also. An interesting home that has just come on the market is a 20,000 square foot home situated on 60 + acres near mid mountain Deer Valley and is listed for $55,000,000. While the home is spectacular the setting on over 60 wooded acres makes this a one of a kind property. For more information on this property type this link into your internet browser : http://pcmls.com/Pub/EmailView.asp?r=1298536824&s=PKC&t=PKC.
While this number appears astronomical, and it certainly is, an estate home in Aspen just sold for $40,000,000. As always, there are buyers willing to pay for the unique property that cannot be duplicated.
One of the unique attributes of Park City/Deer Valley is the amount of developable land not only directly on but high up on the mountain. Because most western ski resorts are on national forest land, we are unique in our ability to build ski homes directly on the upper elevations of the resorts.
This is the summer to visit us and when you do, take some time and let me show you what is so unique about Park City and Deer Valley.
Last weekend Park City hosted its annual Food and Wine Classic. Friday was the Main Street Wine Stroll where vintners from around the world displayed for participants to sample. The event started on the plaza of the Town Lift right on lower Main Street and then continued to the top of Main Street where various restaurants and galleries hosted a stop. At each stop a group of vintners poured samples of their wine while the restaurant or gallery provided a delicious array of food. The event, always popular, was a huge success and my group finished off the evening with an outdoor dinner at a local restaurant (owned by Robert Redford) where Rich Wyman performed. Rich Wyman is a local recording star who frequently travels to Ireland and northern Europe for concerts. His music is both entertaining and exciting and at the end of his show we all toasted each other to a delightful evening in Park City. Visit www.richwyman.com for more info on this wonderful artist.
In Real Estate news the market turnaround that we first saw starting in March has continued through the month of June. We saw the number of real estate contracts written and accepted begin to increase in the month of March and each following month has been stronger than the previous month. While we are certainly still in a “buyers market”, I am beginning to detect a bit of urgency on the buyer’s side as the exceptional deals are being snatched up. Even though the news that we hear every day indicates that the nationwide real estate market has yet to bottom out, the western resorts are a different animal. For the past 18 months we have seen numerous buyers wanting to purchase a vacation home here in Park City but felt that they were better off waiting for the real estate market to correct itself. Now that the market correction seems to have occurred, this pent up demand is the driving force behind our market turnaround. The word about the continued monthly increase in sales has filtered down to our buyers who are seeing the writing on the wall. During this recent real estate downturn it is often said that no buyer wants to be the first to leap into the market but they but they certainly don’t to be last either.
While I would still say that the majority of transactions are in the $1 million and under price range we continue to see a number of purchases above $3 million also. An interesting home that has just come on the market is a 20,000 square foot home situated on 60 + acres near mid mountain Deer Valley and is listed for $55,000,000. While the home is spectacular the setting on over 60 wooded acres makes this a one of a kind property. For more information on this property type this link into your internet browser : http://pcmls.com/Pub/EmailView.asp?r=1298536824&s=PKC&t=PKC.
While this number appears astronomical, and it certainly is, an estate home in Aspen just sold for $40,000,000. As always, there are buyers willing to pay for the unique property that cannot be duplicated.
One of the unique attributes of Park City/Deer Valley is the amount of developable land not only directly on but high up on the mountain. Because most western ski resorts are on national forest land, we are unique in our ability to build ski homes directly on the upper elevations of the resorts.
This is the summer to visit us and when you do, take some time and let me show you what is so unique about Park City and Deer Valley.
Friday, May 15, 2009
Spring, Finally!
Even though we still get some cold nights and occasional snow storms spring has arrived. The days are noticeably warmer and everyone is out and about. Driving around town I am seeing mountain bikers, road bikers, tennis courts are full and golf courses are busy. Afternoon BBQ’s are back in and people are out just generally enjoying the sunshine.
The economic news these days while still quite mixed seems to be more positive than negative. Every day we are hearing more stories and outlooks that reflect a positive attitude and a hint of recovery from the recession. I recently ran some numbers comparing January-April for the past 3 years and after steadily declining numbers this March actually showed an upturn for the first time. Click here to view graph http://www.flickr.com/photos/dhanlon532/3533334599/.
This is encouraging as it is the first time since 2006 that we have seen any increase. These numbers confirm what many brokers here in town have been feeling. The general consensus is that the signs are showing that we may be nearing the bottom of the market. Historically low interest rates combined with low home prices and an abundance of properties to choose from is giving the savvy buyer opportunities that rarely occur in the resort real estate market. In speaking with agents from the other western resorts of Colorado, Wyoming and Idaho they echo the same feelings.
With the summer calendar full of activities, great concerts and festivals, plan now to spend some time in the mountains. Come visit and experience the clean mountain air, cool nights and gorgeous scenery!
The economic news these days while still quite mixed seems to be more positive than negative. Every day we are hearing more stories and outlooks that reflect a positive attitude and a hint of recovery from the recession. I recently ran some numbers comparing January-April for the past 3 years and after steadily declining numbers this March actually showed an upturn for the first time. Click here to view graph http://www.flickr.com/photos/dhanlon532/3533334599/.
This is encouraging as it is the first time since 2006 that we have seen any increase. These numbers confirm what many brokers here in town have been feeling. The general consensus is that the signs are showing that we may be nearing the bottom of the market. Historically low interest rates combined with low home prices and an abundance of properties to choose from is giving the savvy buyer opportunities that rarely occur in the resort real estate market. In speaking with agents from the other western resorts of Colorado, Wyoming and Idaho they echo the same feelings.
With the summer calendar full of activities, great concerts and festivals, plan now to spend some time in the mountains. Come visit and experience the clean mountain air, cool nights and gorgeous scenery!
Tuesday, March 24, 2009
Springtime
Spring has often been described as a battle between winter and summer. No where is this more true than here in the mountains. Last Saturday was a picture perfect day with record high temperatures in the 60’s and yesterday we received 28 inches of new snow at Alta. Spring is the time of the year where one day you are skiing in a turtleneck and windbreaker and the next day hat, goggles and full winter gear. This is what makes spring skiing so fun.
For the past year I have been saying that we may be looking back to this time as the opportunity to have purchased resort real estate at bargain prices. With the stock market slowly heading upward for the past two weeks and news reports that new housing starts were up in Feb and sales of existing homes were very strong, this prophecy may be becoming true. While it certainly continues to be a buyers market here in Park City as well as the other western ski resorts, I have definitely seen an increase in activity. Here in Park City I have seen the number of contracts written and accepted slowly increase. I have also been receiving calls much more frequently to show my listings and for information regarding them. While we certainly have not turned the corner to becoming a sellers market, we very well may be nearing the bottom of this buyers market. One of the signs that we may be nearing the bottom is that I am seeing a large increase in purchases by investors. These investors have been sitting on the side lines waiting for the right moment and their move tells me that this is the right time to purchase. Time will tell. But with the extremely low interest rates, a good selection of properties on the market, and sellers willing to negotiate, we could be looking back to this spring and saying “Why didn’t I purchase then?”
All three of the park city ski resorts, Deer Valley, Park City Mountain Resort and The Canyons are scheduled to close on April 12th. With just 2 and ½ weeks left to our ski season come out visit us and take advantage of these days.
For the past year I have been saying that we may be looking back to this time as the opportunity to have purchased resort real estate at bargain prices. With the stock market slowly heading upward for the past two weeks and news reports that new housing starts were up in Feb and sales of existing homes were very strong, this prophecy may be becoming true. While it certainly continues to be a buyers market here in Park City as well as the other western ski resorts, I have definitely seen an increase in activity. Here in Park City I have seen the number of contracts written and accepted slowly increase. I have also been receiving calls much more frequently to show my listings and for information regarding them. While we certainly have not turned the corner to becoming a sellers market, we very well may be nearing the bottom of this buyers market. One of the signs that we may be nearing the bottom is that I am seeing a large increase in purchases by investors. These investors have been sitting on the side lines waiting for the right moment and their move tells me that this is the right time to purchase. Time will tell. But with the extremely low interest rates, a good selection of properties on the market, and sellers willing to negotiate, we could be looking back to this spring and saying “Why didn’t I purchase then?”
All three of the park city ski resorts, Deer Valley, Park City Mountain Resort and The Canyons are scheduled to close on April 12th. With just 2 and ½ weeks left to our ski season come out visit us and take advantage of these days.
Monday, February 9, 2009
Ski Free in Park City
Did you know that you can ski free at any of the three Park City resorts? The Park City Chamber and Visitors Bureau in partnership with our three resorts, Park City Resort, Deer Valley Resort and The Canyons Resort offer a free lift ticket for guests skiing the same day that they arrive. This is our way of showing just how easy it is to get to Park City and that from just about anywhere in the US, a visitor can leave their home in the morning and be on the slopes of any one of our three resorts that afternoon. To get the free ticket one needs to fill out a questionnaire, show their boarding pass or some other proof of flight arriving that same day, and an out of state drivers license or other ID. To see more details on this, (There are some black out dates) and to get the form to print out, go to my website, www.DennisHanlon.com, and click on the Ski Free button and follow the instructions from there. Utah and Park City are so easy to get to that we want to reward our visitors with this treat.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.
Monday, December 1, 2008
Let the skiing begin
Thanksgiving has come and gone and we are ready for the ski season. All we need now is snow. November started very strong with several feet of snow, but for the most part it has been warm and sunny since. The good news is that, for the most part, nights have been cold enough to make snow. All of the resorts have been making snow every chance they can get, which allowed Park City Resort to open last Friday and will allow Deer Valley Resort to open this Saturday.
Snowmaking itself is quite an art and the Park City resorts have it down pat. There are two basic types of snowmaking systems, one is an air and water system and the other is an airless system. The air and water system has two hoses, each connected to an outlet. One outlet pumping water and the other highly compressed air. The two hoses are then connected to a “gun” which is really just a mixing chamber with a nozzle at the opening. Highly compressed air is pumped into the chamber and water is injected into this. This is then forced out of the nozzle at very high speeds, which breaks the water into a super fine mist that freezes on contact with cold air and falls as snow. The airless system uses a long tube with a fan blade at the bottom end and a ring of water injection nozzles at the far end or opening. The fan pushes a large column of air through the tube and water is injected into this column at the opening. The airless system can produce large amounts of snow in very cold temperatures and has an advantage of being much quieter than the air/water system. Here in Park City we see the ski areas using the airless systems in areas around homes and condos. The air/water system has an advantage in that it can be used at much warmer temperatures than the airless systems. In the air/water system air is forced through a small nozzle at very high pressure. As the air leaves the nozzle it rapidly expands which causes a cooling effect. Thus, in marginal conditions this cooling effect creates an effective temperature lower than the actual air temperature. The drawbacks to the air/water system are that it is very loud and does not produce as much snow as the airless system. Another expense to the air/water system is that is requires huge air compressors to force the air up the mountain under high pressure and also requires cooling units as air is heated when it is compressed. So in an air/water system the amount of piping throughout the mountain is doubled (one pipe for air, one pipe for water) and air compressors and cooling units have to be added. All of which greatly increases the installation and operating costs. Snowmaking systems such as we run here in Park City can pump 5,000-10,000 gallons of water per minute and costs several thousand dollars per hour to operate. While extremely expensive, snowmaking guarantees skiing when Mother Nature is fickle.
Both Snowbird and Alta ski resorts have been open since early November. As these resorts are higher in elevation, with a base of 8,000 feet and a summit of around 11,000 feet the temperatures are colder, and because of their unique geographical location in the Wasatch Range, they both receive much more snow than the Park City side. Unique to Utah is the Great Salt Lake and its effect on snowfall. Particularly this time of year, the lake is fairly warm. As cold, low pressure systems sweep down from the northwest and pass over the Great Salt Lake, large amounts of moisture move from the warm lake water to these cold storms. (Most everyone has heard about the “lake effect” storms coming off the Great Lakes-most notably Lake Erie-and hitting Buffalo, New York.) These cold storms, having picked up moisture across the Great Salt Lake, continue moving southeast and are forced into the ever narrowing Big and Little Cottonwood canyons. As the moisture laden clouds are pushed into the canyons they are also pushed upward until, at the end of the canyon, they hit the wall of the mountains. At this point the clouds are pushed upward dramatically and can no longer hold the moisture. As a result, heavy amounts of snow fall from these clouds as they linger over the crest of the Wasatch.
As the storms roll over the crest of the Wasatch to the Park City Mountains, the air drops down the back side of the mountains, warms up and can hold more moisture. Another unique feature to Utah’s weather is the basin and range. Between the Wasatch Mountains of Utah and the Sierra Nevada mountains of California are a series of relatively small north-south running mountain ranges. As low pressure systems move in from the north they are preceded by strong south winds. These south winds are funneled between these north-south running mountain ranges and sweep across the desert basins. As these winds move across the desert they kick up large amounts of sand and dust which, combined with the clouds, create additional mechanisms for snow to form. This is nature’s version of cloud seeding and is unique to Utah. Because of all of these unique geographic features, Utah receives more snow than would be expected in a desert State, with Snowbird and Alta receiving the majority of it. One other point is that as these storms roll across the western desert, they tend to dry out, creating the “Utah fluff” that we are so famous for.
Now that you know why Utah receives so much snow and why it is so light and dry, makes plans to experience it for yourself. To paraphrase the great ski film producer, Warren Miller, “If you don’t ski Utah this season, you’ll just be one year older when you finally do.”
Snowmaking itself is quite an art and the Park City resorts have it down pat. There are two basic types of snowmaking systems, one is an air and water system and the other is an airless system. The air and water system has two hoses, each connected to an outlet. One outlet pumping water and the other highly compressed air. The two hoses are then connected to a “gun” which is really just a mixing chamber with a nozzle at the opening. Highly compressed air is pumped into the chamber and water is injected into this. This is then forced out of the nozzle at very high speeds, which breaks the water into a super fine mist that freezes on contact with cold air and falls as snow. The airless system uses a long tube with a fan blade at the bottom end and a ring of water injection nozzles at the far end or opening. The fan pushes a large column of air through the tube and water is injected into this column at the opening. The airless system can produce large amounts of snow in very cold temperatures and has an advantage of being much quieter than the air/water system. Here in Park City we see the ski areas using the airless systems in areas around homes and condos. The air/water system has an advantage in that it can be used at much warmer temperatures than the airless systems. In the air/water system air is forced through a small nozzle at very high pressure. As the air leaves the nozzle it rapidly expands which causes a cooling effect. Thus, in marginal conditions this cooling effect creates an effective temperature lower than the actual air temperature. The drawbacks to the air/water system are that it is very loud and does not produce as much snow as the airless system. Another expense to the air/water system is that is requires huge air compressors to force the air up the mountain under high pressure and also requires cooling units as air is heated when it is compressed. So in an air/water system the amount of piping throughout the mountain is doubled (one pipe for air, one pipe for water) and air compressors and cooling units have to be added. All of which greatly increases the installation and operating costs. Snowmaking systems such as we run here in Park City can pump 5,000-10,000 gallons of water per minute and costs several thousand dollars per hour to operate. While extremely expensive, snowmaking guarantees skiing when Mother Nature is fickle.
Both Snowbird and Alta ski resorts have been open since early November. As these resorts are higher in elevation, with a base of 8,000 feet and a summit of around 11,000 feet the temperatures are colder, and because of their unique geographical location in the Wasatch Range, they both receive much more snow than the Park City side. Unique to Utah is the Great Salt Lake and its effect on snowfall. Particularly this time of year, the lake is fairly warm. As cold, low pressure systems sweep down from the northwest and pass over the Great Salt Lake, large amounts of moisture move from the warm lake water to these cold storms. (Most everyone has heard about the “lake effect” storms coming off the Great Lakes-most notably Lake Erie-and hitting Buffalo, New York.) These cold storms, having picked up moisture across the Great Salt Lake, continue moving southeast and are forced into the ever narrowing Big and Little Cottonwood canyons. As the moisture laden clouds are pushed into the canyons they are also pushed upward until, at the end of the canyon, they hit the wall of the mountains. At this point the clouds are pushed upward dramatically and can no longer hold the moisture. As a result, heavy amounts of snow fall from these clouds as they linger over the crest of the Wasatch.
As the storms roll over the crest of the Wasatch to the Park City Mountains, the air drops down the back side of the mountains, warms up and can hold more moisture. Another unique feature to Utah’s weather is the basin and range. Between the Wasatch Mountains of Utah and the Sierra Nevada mountains of California are a series of relatively small north-south running mountain ranges. As low pressure systems move in from the north they are preceded by strong south winds. These south winds are funneled between these north-south running mountain ranges and sweep across the desert basins. As these winds move across the desert they kick up large amounts of sand and dust which, combined with the clouds, create additional mechanisms for snow to form. This is nature’s version of cloud seeding and is unique to Utah. Because of all of these unique geographic features, Utah receives more snow than would be expected in a desert State, with Snowbird and Alta receiving the majority of it. One other point is that as these storms roll across the western desert, they tend to dry out, creating the “Utah fluff” that we are so famous for.
Now that you know why Utah receives so much snow and why it is so light and dry, makes plans to experience it for yourself. To paraphrase the great ski film producer, Warren Miller, “If you don’t ski Utah this season, you’ll just be one year older when you finally do.”
Tuesday, November 4, 2008
Snowy Election Day
It is Election Day here in Park City and snowing very hard. Looking out my window I see several inches of snow on the rooftops and the mountains are white. Forecast is for 1-2 feet by tomorrow afternoon and more snow this weekend and again next week. The resorts have all begun snowmaking, and with this cold storm they should be able to put down a good base in the next couple of weeks. Park City and The Canyons resorts are scheduled to open November 21st and Deer Valley resort December 6th. We seem to have settled into a good stormy pattern after a very warm and dry October. This all bodes well for a great opening to the ski season.
It is Election Day in America, and it appears that the world economy is cautiously optimistic about a change in administration. The US stock market is up strongly again today, which seems to imply that the large investors feel that, whoever wins, it will be a positive change from the current administration.
From talking with a variety of property managers here in town I have the feely that while everyone remains optimistic, there is a certain amount of nervousness. The holiday seasons are solidly booked, but the question remains how well the slower parts of the year will bear. The Deer Valley Ski School has been sold out of lessons for Christmastime and President’s Week for about a month. I suspect that the amount of snow we get, particularly early snow, will have a greater impact on visitor days than in the past years. I anticipate that many visitors will be taking shorter stays and will be booking closer to their scheduled vacation to see who has the best snow and conditions. Fortunately, Utah consistently receives excellent snow. Many writers in the ski magazines have said that “a poor snow year in Utah would be a banner year for most resorts.”
Last spring Delta Airlines, which has a hub in Salt Lake City, started a direct flight from Salt Lake City to Paris, France. This flight has been so successful that Delta is now considering a direct Salt Lake City to Tokyo flight as well. These should do wonders for our visitor days and increase profits for our property owners. As Utah is further west than Colorado and further east than California, both European and Asian skiers have traditionally not made the extra effort to get here. With the Paris, and hopefully Tokyo routes, we are anticipating a new market of European and Asian visitors, particularly with the strong Euro.
The snow is here, looks like more is on the way, and we are off to a great start to the ski season. I hope to see you here this winter. Meanwhile, click here to enjoy photos of beautiful Park City, Utah.
It is Election Day in America, and it appears that the world economy is cautiously optimistic about a change in administration. The US stock market is up strongly again today, which seems to imply that the large investors feel that, whoever wins, it will be a positive change from the current administration.
From talking with a variety of property managers here in town I have the feely that while everyone remains optimistic, there is a certain amount of nervousness. The holiday seasons are solidly booked, but the question remains how well the slower parts of the year will bear. The Deer Valley Ski School has been sold out of lessons for Christmastime and President’s Week for about a month. I suspect that the amount of snow we get, particularly early snow, will have a greater impact on visitor days than in the past years. I anticipate that many visitors will be taking shorter stays and will be booking closer to their scheduled vacation to see who has the best snow and conditions. Fortunately, Utah consistently receives excellent snow. Many writers in the ski magazines have said that “a poor snow year in Utah would be a banner year for most resorts.”
Last spring Delta Airlines, which has a hub in Salt Lake City, started a direct flight from Salt Lake City to Paris, France. This flight has been so successful that Delta is now considering a direct Salt Lake City to Tokyo flight as well. These should do wonders for our visitor days and increase profits for our property owners. As Utah is further west than Colorado and further east than California, both European and Asian skiers have traditionally not made the extra effort to get here. With the Paris, and hopefully Tokyo routes, we are anticipating a new market of European and Asian visitors, particularly with the strong Euro.
The snow is here, looks like more is on the way, and we are off to a great start to the ski season. I hope to see you here this winter. Meanwhile, click here to enjoy photos of beautiful Park City, Utah.
Monday, September 15, 2008
#1 Again
For the second year in a row and the 4th out of the last 8 years, the readers of Ski Magazine have voted Deer Valley as the # 1 ski resort in North America! Deer Valley was ranked ahead of Vail,# 2 and Whistler/Blackcomb # 3. Deer Valley's founder, Edger Stern, built the resort on the premise that skiers are looking for more than just a place to put on skis and slide on a mountain. Edger put customer service as his top priority and the results have paid off. Today's guest has come to expect a superior level of guest service, from the ski instructors, to lift attendants, to restaurant employees, to grooming. Deer Valley consistently is ranked the # 1 resort in these categories. Even though the resort has a reputation as being a 'tame' mountain, (wrongly so), our guests are looking for a vacation experience for the entire family. (if you are under the impression that Deer Valley is just a groomed intermediate mountain, come spend a day skiing with me)
Park City Mountain Resort climbed from # 6 last year to # 5 this year, and The Canyons moved from # 18 to # 13. With our consistent and high quality snow, ease of getting here, a vibrant town and many high quality restaurants, visitors realize that Utah and Park City can always be counted on for a wonderful experience. The October issue of Ski Magazine comes out later this week and it is the most read issue of the year. Skiers are now planning their vacations for the year and are looking for the poll, but more importantly, the readers comments on their experience. When reading the polls, it is interesting to see that the visitor is looking for more than just skiing. They are looking for town, a variety of activities other than skiing, quality lodging, and ease of travel. We are finding that travel has become so cumbersome lately, that families are looking for resorts with direct flights. Having to make connecting flights to resorts, with airline delays, weather delays and the hassle of the airports is just not acceptable any longer. Salt Lake City, with it's international airport and only an easy 30 minute drive to Park City makes us the easiest resort to visit in the West.
Park City Mountain Resort climbed from # 6 last year to # 5 this year, and The Canyons moved from # 18 to # 13. With our consistent and high quality snow, ease of getting here, a vibrant town and many high quality restaurants, visitors realize that Utah and Park City can always be counted on for a wonderful experience. The October issue of Ski Magazine comes out later this week and it is the most read issue of the year. Skiers are now planning their vacations for the year and are looking for the poll, but more importantly, the readers comments on their experience. When reading the polls, it is interesting to see that the visitor is looking for more than just skiing. They are looking for town, a variety of activities other than skiing, quality lodging, and ease of travel. We are finding that travel has become so cumbersome lately, that families are looking for resorts with direct flights. Having to make connecting flights to resorts, with airline delays, weather delays and the hassle of the airports is just not acceptable any longer. Salt Lake City, with it's international airport and only an easy 30 minute drive to Park City makes us the easiest resort to visit in the West.
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”.
Tuesday, April 1, 2008
Spring Skiing?
While the calendar may say it’s April 1, it feels more like December. After about a foot of new snow over the weekend, we woke up to temperatures near zero this morning which is making for incredible skiing for this time of the year. This year it appears that true spring skiing is still several weeks away. Visitors to town are enjoying uncrowded slopes and perfect ski conditions, very unusual for this time of the year. With only two weeks to go to the end of the ski season here for the local resorts, this past week saw the town alive with spring festivities. We had concerts Thursday, Friday, and Saturday nights on Main Street, and the Canyons held their traditional pond-skimming contest on Saturday. For the pond-skimming competition, the resort digs a large pond out of the snow, lines it with plastic, and fills it with water. The goal then is for skiers to ski down to the pond and maintain enough speed and balance to make it all the way across. This rarely happens. The event is filled with laughter, music, and many very wet skiers in a variety of costumes. If you ever have a chance to see one of these events, make a point of it.
Recently, the IRS has clarified some of its rules regarding 1031 “like-kind” exchanges and the ability of owners to use their property. The IRS has ruled that as long as owners have their property available for rent at market rates, they may use it for up to 14 days per year plus reasonable days for maintenance and upkeep and still qualify as an exchange property. As always, it is important to document usage, stays for maintenance purpose and amount of time the property is rented each year. Check with your accountant or an exchange accommodator for full details on these new rulings.
Recently, the IRS has clarified some of its rules regarding 1031 “like-kind” exchanges and the ability of owners to use their property. The IRS has ruled that as long as owners have their property available for rent at market rates, they may use it for up to 14 days per year plus reasonable days for maintenance and upkeep and still qualify as an exchange property. As always, it is important to document usage, stays for maintenance purpose and amount of time the property is rented each year. Check with your accountant or an exchange accommodator for full details on these new rulings.
April 2008
As we wrap up the 2007-2008 ski season, it’s a good time to reflect on the past year. The skiing was the best it has been in many years with what seemed like snow every day from mid-December until February. Long-time visitors to Park City rediscovered our famous powder skiing and first-time visitors discovered what Utah skiing is really all about. It seemed like every other day in January we were saying that it was the best day of the year. All of the snow and all of the publicity brought record numbers of visitors to town. It will be interesting to see the final visitor nights but from what management companies have been telling me, this was their busiest year ever. And from the difficulty that I had showing properties, this was certainly true from my perspective. The ski shop owners are all smiles. Visitors to town were buying new skis, new ski outfits, and of course, everyone needed accessory items like gloves, hats, and goggles. This has certainly been good news to condo owners, store owners, and restaurant owners as news of economic downturns throughout the rest of the country seem to be the headlines every other day.
All of the Park City resorts are scheduled to close April 13, even though we will have around a 10-foot base and incredible skiing. Starting Monday, April 14, not only will the town be quiet from lack of visitors, but the residents will be headed south for warmer climates in an attempt to thaw out their frozen bones. Mid-April through May is definitely the quietest time of the year in Park City. Time for everyone to catch up with old friends, swap stories of the winter, and make summer plans. Quite humorously, I just received the schedule for the Men’s Golf Association and the first tournament is scheduled for April 27. Considering that there is still three feet of snow on the golf course and it is not melting quickly, I don’t see much chance of this occurring. Spring is the time for everyone to recoup, recharge the batteries, and prepare for a busy summer season. Now is the time to make your plans to come out and visit Park City and experience summer in the mountains.
All of the Park City resorts are scheduled to close April 13, even though we will have around a 10-foot base and incredible skiing. Starting Monday, April 14, not only will the town be quiet from lack of visitors, but the residents will be headed south for warmer climates in an attempt to thaw out their frozen bones. Mid-April through May is definitely the quietest time of the year in Park City. Time for everyone to catch up with old friends, swap stories of the winter, and make summer plans. Quite humorously, I just received the schedule for the Men’s Golf Association and the first tournament is scheduled for April 27. Considering that there is still three feet of snow on the golf course and it is not melting quickly, I don’t see much chance of this occurring. Spring is the time for everyone to recoup, recharge the batteries, and prepare for a busy summer season. Now is the time to make your plans to come out and visit Park City and experience summer in the mountains.
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.
December 2007
Did you know that you can ski free at Park City, Deer Valley, and the Canyons resorts? The three Park City resorts have a ski-for-free promotion to emphasize just how easy it is to get here from anywhere in the country and ski the same day. To take advantage of this program all you need to do is to fill out a voucher (click here for more information), bring in your same-day boarding pass, and an out-of-state photo ID. Bring these three items at any of the ticket booths at any of the three Park City resorts and you will receive a free lift ticket for that day.
December is the start of the ski season with Deer Valley opening December 8, and both Park City and the Canyons Resort already open. After a warm and dry November, December has started as its typical cold and stormy month. We received about a foot of snow this first weekend, and the forecast is for a series of storms to blow through in the next few weeks. As is typical, the week between Christmas and New Years, the town is booked full. However, there is still plenty of lodging available before Christmas and a great time to ski with little crowds.
In real estate there are several new developments either available now or within the next couple of weeks at all three resorts. As land and construction costs continue to increase, the new developments are becoming quite pricey, which makes many of the resale condos particularly good deals. For the most part, resale homes and condos can be purchased at below replacement costs. As the resorts continue to grow and prosper there is good opportunity for appreciation with these resale properties. Before Christmas and the first couple of weeks in January are typically a little slower here and are excellent times to get in and see what is available before the holiday rush.
December is the start of the ski season with Deer Valley opening December 8, and both Park City and the Canyons Resort already open. After a warm and dry November, December has started as its typical cold and stormy month. We received about a foot of snow this first weekend, and the forecast is for a series of storms to blow through in the next few weeks. As is typical, the week between Christmas and New Years, the town is booked full. However, there is still plenty of lodging available before Christmas and a great time to ski with little crowds.
In real estate there are several new developments either available now or within the next couple of weeks at all three resorts. As land and construction costs continue to increase, the new developments are becoming quite pricey, which makes many of the resale condos particularly good deals. For the most part, resale homes and condos can be purchased at below replacement costs. As the resorts continue to grow and prosper there is good opportunity for appreciation with these resale properties. Before Christmas and the first couple of weeks in January are typically a little slower here and are excellent times to get in and see what is available before the holiday rush.
Monday, October 22, 2007
Ski Season
For the fifth weekend in a row it was a stormy and snowy Saturday. Park City and Deer Valley received another 4 inches of snow, with Alta and Snowbird receiving about 18 inches. Needless to say, the new snow has increased the excitement around town and we are all hoping that this is a sign of a cold and snowy winter.
In real estate, we are experiencing a spike in activity which I expect is being brought on by the early snowfall. It appears that many buyers are taking advantage of the low interest rates and stable prices to pick up a rental ski condo for this season. With rental companies reporting very strong pre-season bookings, buyers have seen that this is a great time to purchase and receive the benefits of a strong rental season. While it’s getting late in the year, a few people are still picking up older condos in original condition to remodel for this year. While becoming fewer and fewer, the older condos around the Park City resort continue to be excellent buys as the remodeled prices continue to attract higher and higher resale values.
It is looking like it is going to be a fabulous ski season, so plan your vacation to Park City, Deer Valley now, before everything is booked!
In real estate, we are experiencing a spike in activity which I expect is being brought on by the early snowfall. It appears that many buyers are taking advantage of the low interest rates and stable prices to pick up a rental ski condo for this season. With rental companies reporting very strong pre-season bookings, buyers have seen that this is a great time to purchase and receive the benefits of a strong rental season. While it’s getting late in the year, a few people are still picking up older condos in original condition to remodel for this year. While becoming fewer and fewer, the older condos around the Park City resort continue to be excellent buys as the remodeled prices continue to attract higher and higher resale values.
It is looking like it is going to be a fabulous ski season, so plan your vacation to Park City, Deer Valley now, before everything is booked!
Monday, September 10, 2007
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.
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.
Monday, June 18, 2007
Summer Activities Begin!
The biking and hiking trails have all dried out from the winter snow and the summer flowers are beginning to bloom. This is a wonderful time to explore the many miles of trails in and around the Park City area. The aspens and oaks provide cool shade while the columbine and paintbrush provide brilliant displays of color through the forest. From now through fall, the biking and hiking trails will be full of people taking advantage of the beautiful mountain summers. In addition, Deer Valley, Park City, and The Canyons resorts have all opened their lifts for lift-served mountain biking, hiking, or just a scenic ride. In Deer Valley, Royal Street Café at mid-mountain is now open for lunch, with outdoor dining overlooking the slopes. Park City base area is open, with the Alpine Slide, Zip Line, Alpine Coaster, climbing wall and many other activities for children and children of all ages. The Canyons resort is offering the gondola, open for scenic rides, hiking and mountain biking, and the Red Pine Lodge, located mid-mountain, is now open for lunch. The mid-mountian lodges at both Deer Valley and The Canyons are in spectacular settings and offer a cooler and less hectic alternative to dining in downtown Park City.
Through the remainder of June through most of July, the wildflower season is in full bloom. If you have not seen an alpine meadow with all the wildflowers in bloom, you need to put this on your life’s To-Do list. The full spectrum of colors set against mountain peaks are truly spectacular and worth the effort to get there. This is shaping up to be a terrific summer, full of concerts, festivals, and a full array of activities. Plan your trip to visit Park City and the mountains and you will understand why we live here.
Through the remainder of June through most of July, the wildflower season is in full bloom. If you have not seen an alpine meadow with all the wildflowers in bloom, you need to put this on your life’s To-Do list. The full spectrum of colors set against mountain peaks are truly spectacular and worth the effort to get there. This is shaping up to be a terrific summer, full of concerts, festivals, and a full array of activities. Plan your trip to visit Park City and the mountains and you will understand why we live here.
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