So, we're five days from the start of the Christmas holiday here in Park City and while the snow has certainly been on the scarce side, it's been cold and all the resorts have been working to make snow as hard and fast as they can. I was out skiing over the weekend and conditions were surprisingly good. Of course we here in Park City are pretty spoiled as we normally have a much deeper snowpack by this time of the year, but it will come and resorts continue to make new snow and open new trails everyday.
This morning I was at the Waldorf Astoria hotel at Canyons Resort and heard about a new program with Talisker, Canyons, and Deer Valley. Talisker Club members have always had access to the Talisker lounge on mountain in Deer Valley and the golf course and spa at Tuhaye among many other amenities. Talisker purchased the Canyons resort a few years ago, and since the purchase have put many millions of dollars of upgrades into the resort, and now have included with the Talisker membership, amenities at Canyons Resort as well. These include valet parking right up at the resort (no need to take the people carrier lift up), members-only lounge at the Plaza and a members-only restaurant at mid-mountain Canyons. Talisker Corporation recently purchased the Waldorf Astoria hotel at the base of Canyons and is opening up memberships in Talisker Club to their owners as well. They're offering a very nice incentive for new owners who wish to try out the Talkisker Club by allowing new owners at the Waldorf Astoria to become members of Talisker Club for three years at 50% of the annual dues and the initial deposit buy-in not due until year four. This is a great program for owners to try out and discover how wonderful all the amenities of the Talisker Club are while owning a condo at the beautiful Waldorf Astoria Hotel.
Continuing with my theme from last week of talking about exceptional buys going into the ski season there are a couple more I would like to point out. First is a 3-bedroom condo in the Chateaux at Silver Lake at mid-mountain Deer Valley. The Chateaux is a wonderful hotel being run by the Stein Eriksen Lodge--a Forbes 4-star hotel--and right across the street from the lifts at mid-mountain Deer Valley. The Chateaux has a restaurant, a very comfortable bar and lounge with great views of the mountain, fitness room, spa, outdoor pool and whirlpool and full concierge service. The Chateaux offers conference facilities and therefore is heavily booked year-round. This particular 3-bedroom unit is priced well below recent comps at $1.295 million and has in the past generated around $100,000 per year in gross rental.
In Lower Deer Valley there's a project called Silver Baron Lodge right across from the parking lots at Deer Valley. There are 2- and 3-bedroom units in here that are priced very competitively, from the high $600,000s to the mid $700,000s. These are also terrific rental properties and are booked all year long.
Also in lower Deer Valley is a development called Daystar. In Daystar there is a beautifully remodeled uphill, (the preferred floor plan), unit with excellent views of Deer Valley. The owners of this unit had a kitchen designed specifically for this unit and is much larger and open than the original model. This is a 3 bd unit with hot tub, 2 car garage and is priced at $815,000.
With the Christmas holiday coming up in just a few days, the town is abuzz with activity with everyone looking forward to a very busy and hopefully snowy holiday. The first couple weeks of January are typically very slow which makes for a great time to visit and ski the local resorts. So plan your vacation and as always, please contact me for the latest on ski conditions, new restaurants and the "must-do" activities around town.
Showing posts with label Talisker Corp.. Show all posts
Showing posts with label Talisker Corp.. Show all posts
Wednesday, December 14, 2011
Thursday, June 9, 2011
Early June in the Mountains
Summer arrived this weekend! With temperatures approaching 80 degrees the golf courses were busy and all the local pools were full of residents enjoying the beautiful warm weather. Driving around town the nursery was doing booming business with people planting spring and summer flowers. Everyone was in their yards, weeding, cleaning up, sprucing up in anticipation that summer will be here to stay. However let's not get too excited as the forecast is for rain and snow most of the rest of this week. After all, it is only the second week of June.
Still pretty early in the year for any big events in town although most of the restaurants have reopened. Last summer Park City allowed the Main Street restaurants to build temporary outdoor patios on the street to allow outdoor dining and take advantage of the nice days. While only two restaurants took advantage of this last year, this past weekend driving on Main Street i saw many more restaurants building outdoor dining decks which adds a nice little flair to Main Street and is a very enjoyable way to spend lunchtime.
This past Sunday one of our newer restaurants, Talisker on Main, started serving Sunday brunch, so I felt obligated to try it out. Typical of Talisker, there was nothing simple, common, or ordinary on the menu but all was fabulous. I felt obligated to try the Eggs Benedict which was very interesting. They served three Eggs Benedict, all differently. The first was the traditional, poached egg on ham on a muffin however it came with shaved asparagus as well. The second one was a fried quail egg on pulled pork on a muffin, and the third was a breaded and deep fried egg over country fried chicken on a muffin. All served with a cayenne hollandaise sauce. Quite interesting and quite delicious.
Real estate continues to be quite active with sales spanning the entire range of homes and condos. As would be expected a lot of sales in the lower end (under $300K) for condos and lots, but we also saw a ski-in/ski-out home in The Colony with an asking price of $7.5 million sell last week. Condos around the ski resorts continue to be some of the best buys. At the Canyons resort we have a new Hyatt hotel and the Waldorf-Astoria. These two very well-known name brands are attracting a lot of visitors to the Canyons and with the money and improvements Talisker has made to the base area, (and perhaps a golf course this summer) we may finally see the Canyons Resort becoming our third world class resort. At Deer Valley the Montage Hotel in Empire Pass sold out its first offering of 15 units. The Montage had offered some terrific incentives as far as pricing and buyer incentives to jump start their sales program. While I expect the second release to come out shortly with additional buyer incentives, I do not anticipate that they will be quite as attractive as the first one was. It will be interesting to see how this plays for future sales.
A very interesting opportunity is in lower Deer Valley in a project called Silver Baron. About three weeks ago there were twelve units that had been owned by the developer and taken back by the bank and were offered for sale either individually or as a lump group. A savvy investor came in and purchased all 12 of them at a phenomenally aggressive price and is turning around and offering a select number for resale.The attractive part is that the price that he purchased them for is allowing him to put them back on the market at a price that is far below what comparable sales were this last winter for Silver Baron. He is offering these with the stipulation of a quick close but to make that attractive he is offering to carry financing until the buyer is able to secure conventional financing. This is an opportunity to acquire a relatively new condo at the base of Deer Valley at a price we won't see again.
Now, this demonstrates the importance of working with a long-time experienced agent who is tuned into the local market and where the deals are to be found. Resort markets are fast moving and when opportunities pop up, they rarely last long.
I hope that your weekend was enjoyable and if you get out to visit Park City this summer, you'll either stop by my office or call to say Hello. Remember I am always available to talk about what events are coming up, new and old standby restaurants, as well as where to go for activities.
Still pretty early in the year for any big events in town although most of the restaurants have reopened. Last summer Park City allowed the Main Street restaurants to build temporary outdoor patios on the street to allow outdoor dining and take advantage of the nice days. While only two restaurants took advantage of this last year, this past weekend driving on Main Street i saw many more restaurants building outdoor dining decks which adds a nice little flair to Main Street and is a very enjoyable way to spend lunchtime.
This past Sunday one of our newer restaurants, Talisker on Main, started serving Sunday brunch, so I felt obligated to try it out. Typical of Talisker, there was nothing simple, common, or ordinary on the menu but all was fabulous. I felt obligated to try the Eggs Benedict which was very interesting. They served three Eggs Benedict, all differently. The first was the traditional, poached egg on ham on a muffin however it came with shaved asparagus as well. The second one was a fried quail egg on pulled pork on a muffin, and the third was a breaded and deep fried egg over country fried chicken on a muffin. All served with a cayenne hollandaise sauce. Quite interesting and quite delicious.
Real estate continues to be quite active with sales spanning the entire range of homes and condos. As would be expected a lot of sales in the lower end (under $300K) for condos and lots, but we also saw a ski-in/ski-out home in The Colony with an asking price of $7.5 million sell last week. Condos around the ski resorts continue to be some of the best buys. At the Canyons resort we have a new Hyatt hotel and the Waldorf-Astoria. These two very well-known name brands are attracting a lot of visitors to the Canyons and with the money and improvements Talisker has made to the base area, (and perhaps a golf course this summer) we may finally see the Canyons Resort becoming our third world class resort. At Deer Valley the Montage Hotel in Empire Pass sold out its first offering of 15 units. The Montage had offered some terrific incentives as far as pricing and buyer incentives to jump start their sales program. While I expect the second release to come out shortly with additional buyer incentives, I do not anticipate that they will be quite as attractive as the first one was. It will be interesting to see how this plays for future sales.
A very interesting opportunity is in lower Deer Valley in a project called Silver Baron. About three weeks ago there were twelve units that had been owned by the developer and taken back by the bank and were offered for sale either individually or as a lump group. A savvy investor came in and purchased all 12 of them at a phenomenally aggressive price and is turning around and offering a select number for resale.The attractive part is that the price that he purchased them for is allowing him to put them back on the market at a price that is far below what comparable sales were this last winter for Silver Baron. He is offering these with the stipulation of a quick close but to make that attractive he is offering to carry financing until the buyer is able to secure conventional financing. This is an opportunity to acquire a relatively new condo at the base of Deer Valley at a price we won't see again.
Now, this demonstrates the importance of working with a long-time experienced agent who is tuned into the local market and where the deals are to be found. Resort markets are fast moving and when opportunities pop up, they rarely last long.
I hope that your weekend was enjoyable and if you get out to visit Park City this summer, you'll either stop by my office or call to say Hello. Remember I am always available to talk about what events are coming up, new and old standby restaurants, as well as where to go for activities.
Thursday, July 9, 2009
4th of July and Golf
This past weekend was the 4th of July here in Park City (and everywhere else). Park City has the quintessential small town 4th of July parade. Entries this year included the Park City junior kid’s hockey team, who periodically broke into fights on main street. The People’s Health Clinic with people walking down main street on crutches and hospital gown’s open in the back. The junior luge team with kids coming down main street on luges. Several local breweries with beer taps on the back of the float. And the girls gymnastic team performing handsprings down the road. The parade was followed by a town party in the City Park with music, children’s games and the annual rugby tournament. As expected, this was capped off with a fireworks display at 10pm (sundown in this part of the world). Parade’s in small town America are a must see and Park City’s is one of the most enjoyable I have seen.
The rains of June have ended and summer has definitely arrived. The sunshine and heat have brought the wildflowers out in such a dazzling display of colors that it is breathtaking just driving around town. The mountains the greenest I have ever seen and the golf courses are plush and in superb condition. This past weekend a new golf course just outside of Park City, called Red ledges opened for play. This is a Jack Nicklaus “signature” course and is one of the prettiest courses I have seen. It is set amongst the red rocks, just southeast of park city in the town of Heber. Typical of a Jack Nicklaus course, it also very difficult with narrow fairways and long 2nd shots to small greens. However the setting and the scenery keep the experience extremely enjoyable.
Several other private golf courses in town are Tuhaye, Promontory, Glenwild, Jeremy Ranch and Park Meadows. Both Jeremy Ranch and Park Meadows are older courses that have been around since the early 80’s. While these are private courses, membership is open to anyone, not just homeowners in the neighborhood. Of the two, I find Jeremy Ranch more scenic and interesting. Winding through a broad valley the course has a lot of elevation changes and beautiful views of the Wasatch Mountains.
Glenwild, which was the first true golf course community in Park City and designed by Tom Fazio, is the course for serious golfers. While the clubhouse is beautiful, and the fitness and spa rooms are excellent, Glenwild is really all about the golf. This is where Michael Jordan has a home and plays golf.
Promontory, the second golf course community in Park City, has two 18 hole golf courses. The first course which has been open for several years was designed by Pete Dye. Their second course, which is going into its second season, is a Jack Nicklaus designed course. While Promontory certainly has a strong golf presence, I consider it more of a family oriented community. Promontory features the best children’s center in the area, a beautiful pool and spa, small lakes where children can fish and sail, and an outfitters cabin for hiking and biking in the summer, snowshoeing and cross country skiing in the winter. Promontory also has an excellent tennis facility with a beautiful stadium center court. For someone looking for golf, and activities for the entire family, Promontory is the best in the area.
Tuhaye, one of the newer golf communities around Park City, is best suited for golf enthusiasts who are also avid skiers. Tuhaye features a Mark O’Meara designed course and in the works is a Fazio course as well. While Tuhaye has an excellent spa and arguably the best pool in the area, the member’s clubhouse has yet to be built. What is unique about Tuhaye is that club members enjoy the golf facilities and a member’s clubhouse called The Tower Club, located on the mountain at Deer Valley Ski Resort. The Tower Club, which has ski-in/ski-out access, features a lounge where members can get lunch during their ski day avoiding the crowded Deer Valley restaurants or stop in après ski for a snack and favorite beverage. While Promontory has a member’s lounge located in the village at Silver Lake at Deer Valley and Red Ledges plans to build a clubhouse at the bottom of the gondola in Deer Crest, Tuhaye is the only club that offers a true ski in facility, on the mountain, where members can dine.
Victory Ranch is a golf and fishing community with the golf course scheduled to open later this summer. This is a spectacular course set high on a bluff overlooking the Jordanelle reservoir and the Wasatch range. I have driven this course and from the looks of it the views are going to be stunning and the course extremely enjoyable. What victory ranch offers that is unique is the Provo river running through it with world class trout fishing. No other course or community in the area can offer this amenity.
For the golf enthusiast Park City offers a total of 14 public and private courses each with their own unique characteristic. Whether you are a serious golfer, a golf/skier, golfer/fly fisher, or golfer/spa person, there is something for every taste. Come enjoy Park City in the summer, see how much father your ball flies in our thin mountain air and take advantage of the activities we have to offer.
The rains of June have ended and summer has definitely arrived. The sunshine and heat have brought the wildflowers out in such a dazzling display of colors that it is breathtaking just driving around town. The mountains the greenest I have ever seen and the golf courses are plush and in superb condition. This past weekend a new golf course just outside of Park City, called Red ledges opened for play. This is a Jack Nicklaus “signature” course and is one of the prettiest courses I have seen. It is set amongst the red rocks, just southeast of park city in the town of Heber. Typical of a Jack Nicklaus course, it also very difficult with narrow fairways and long 2nd shots to small greens. However the setting and the scenery keep the experience extremely enjoyable.
Several other private golf courses in town are Tuhaye, Promontory, Glenwild, Jeremy Ranch and Park Meadows. Both Jeremy Ranch and Park Meadows are older courses that have been around since the early 80’s. While these are private courses, membership is open to anyone, not just homeowners in the neighborhood. Of the two, I find Jeremy Ranch more scenic and interesting. Winding through a broad valley the course has a lot of elevation changes and beautiful views of the Wasatch Mountains.
Glenwild, which was the first true golf course community in Park City and designed by Tom Fazio, is the course for serious golfers. While the clubhouse is beautiful, and the fitness and spa rooms are excellent, Glenwild is really all about the golf. This is where Michael Jordan has a home and plays golf.
Promontory, the second golf course community in Park City, has two 18 hole golf courses. The first course which has been open for several years was designed by Pete Dye. Their second course, which is going into its second season, is a Jack Nicklaus designed course. While Promontory certainly has a strong golf presence, I consider it more of a family oriented community. Promontory features the best children’s center in the area, a beautiful pool and spa, small lakes where children can fish and sail, and an outfitters cabin for hiking and biking in the summer, snowshoeing and cross country skiing in the winter. Promontory also has an excellent tennis facility with a beautiful stadium center court. For someone looking for golf, and activities for the entire family, Promontory is the best in the area.
Tuhaye, one of the newer golf communities around Park City, is best suited for golf enthusiasts who are also avid skiers. Tuhaye features a Mark O’Meara designed course and in the works is a Fazio course as well. While Tuhaye has an excellent spa and arguably the best pool in the area, the member’s clubhouse has yet to be built. What is unique about Tuhaye is that club members enjoy the golf facilities and a member’s clubhouse called The Tower Club, located on the mountain at Deer Valley Ski Resort. The Tower Club, which has ski-in/ski-out access, features a lounge where members can get lunch during their ski day avoiding the crowded Deer Valley restaurants or stop in après ski for a snack and favorite beverage. While Promontory has a member’s lounge located in the village at Silver Lake at Deer Valley and Red Ledges plans to build a clubhouse at the bottom of the gondola in Deer Crest, Tuhaye is the only club that offers a true ski in facility, on the mountain, where members can dine.
Victory Ranch is a golf and fishing community with the golf course scheduled to open later this summer. This is a spectacular course set high on a bluff overlooking the Jordanelle reservoir and the Wasatch range. I have driven this course and from the looks of it the views are going to be stunning and the course extremely enjoyable. What victory ranch offers that is unique is the Provo river running through it with world class trout fishing. No other course or community in the area can offer this amenity.
For the golf enthusiast Park City offers a total of 14 public and private courses each with their own unique characteristic. Whether you are a serious golfer, a golf/skier, golfer/fly fisher, or golfer/spa person, there is something for every taste. Come enjoy Park City in the summer, see how much father your ball flies in our thin mountain air and take advantage of the activities we have to offer.
Tuesday, August 12, 2008
Real Estate Update
The summer months are busy times for developers in the Park City area. This is the time of the year to get developments going and closed in before the winter snows arrive. There are several new developments of interest this year.
Saint Regis in Deer Crest at Deer Valley is showing good progress with about 7 of the 11 stories completed. Saint Regis is a high-end ski-in, ski-out hotel located directly on the ski runs of Deer Valley. As of today, the Saint Regis is about 50% sold out with prices ranging from about $1,800 – $2,000 per square foot. The first 7 floors are hotel units which will come fully furnished and owners are required to put those in the Saint Regis rental pool. Floors 8-10 will be apartments where owner’s will pick and design their own furnishings and there is no requirement for rentals. The entire 11th floor was purchased by one individual for his personal and corporate use. Along with direct ski-in, ski out access, the Saint Regis will feature a slope side ski-to pool and all of the spa amenities Saint Regis is so famous for.
Another resort hotel in Upper Dear Valley next to Empire Lodge is the Montage. The Montage is a very high-end boutique hotel which will feature a 30,000 square foot spa area. Currently the Montage is operating a hotel in Laguna Beach, California and has another hotel under construction in Malibu, California, as well as the one in Deer Valley. No units or floor plans have been released yet, but we are anticipating a release of the first phase later this fall or early winter. We expect that prices for these units will be in the $2,500 per square foot range. The Montage is located at the base of the Empire Pass Lift and is in the heart of the best skiing in Deer Valley. This is a project to keep an eye on as early investors should do well.
Other developments at Empire Pass include Red Cloud, which is a 30 lot subdivision at the top of the Northside and Red Cloud lifts. There are currently 4 homes under construction of which one is a spec home that will be offered for sale this winter. In the Village at Empire Pass the new Flagstaff condominium building is well under construction and is about 25% sold out. At the Talisker Tower, which is a members-only Club House (featuring a lounge, weight room, outdoor pool and spa) they are completing the plans for about 20 luxurious condominiums. All of the residences at the Village at Empire Pass offer direct ski-in, ski-out access to the Silver Strike Lift and membership in the Talisker Club, which includes both the on-mountain amenities as well as the golf course at Tuhaye.
At the base of the Park City Resort, the Silver Star project is nearing completion. Silver Star offers condominium apartments, townhouses and single family homes all with direct ski access from a new lift put in specifically for Silver Star. Silver Star is located on an old mining site and the developers were careful to retain not only the mining flavor but also to restore many of the old mine buildings. Several of the restored mine buildings will be used as an Artist Colony and will become the headquarters for the Sundance Film Festival. An interesting feature at Silver Star is an old mine tunnel that in the early days of Park City Resort was used to transport skiers to the upper lifts of the mountain. To do this, skiers got on an old mine train, went through the mountain and then took a hoist up to the base of what is now the Thaynes Lift. Silver Star will be restoring parts of this and using it as a museum.
At the base of the existing resort center is a new development called the Lowell. The owner’s of the Lowell purchased an existing condominium building, gutted it and have replaced it with about a dozen very contemporary condos. This is the first new development at the Resort Center in many years, and has been well received. There are only six units left.
At The Canyons Resort the big news is that Talisker Corporation, who is the developer of the new Empire Pass Area at Deer Valley as well as the Tuhaye Golf Course just outside of town, has closed on the purchase of the resort. While Talisker is still putting together their plans for development, we expect that the first improvements we will see will be in snowmaking and food service. Both of these areas were in dire need of improvement and unfortunately the previous owner, American Ski Corp. was in financial trouble and just did not have the means to develop the resort to its true potential. There are several new condominium developments under construction both at the base of the resort and further down valley. A new access lift is currently under construction to access these new developments.
The Colony, which is a very high-end ski-in, ski-out residential development is also in the process of installing a new access lift to enable skiers to return from the southernmost part of the resort back to the main area quickly and directly. The Colony is a spectacular home site development offering home sites of 5–100 acres. Covered with aspen forest and spectacular panoramic views, The Colony is probably the most beautiful of the residential developments in this area.
As you can see, Park City/Deer Valley continues to develop new properties with buyers from around the country purchasing many of the developments before they are completed. If it has been a while since you have visited Park City/Deer Valley, or have never looked at it from a real estate perspective, summer is a terrific time to look around and see what all the activity is about.
Saint Regis in Deer Crest at Deer Valley is showing good progress with about 7 of the 11 stories completed. Saint Regis is a high-end ski-in, ski-out hotel located directly on the ski runs of Deer Valley. As of today, the Saint Regis is about 50% sold out with prices ranging from about $1,800 – $2,000 per square foot. The first 7 floors are hotel units which will come fully furnished and owners are required to put those in the Saint Regis rental pool. Floors 8-10 will be apartments where owner’s will pick and design their own furnishings and there is no requirement for rentals. The entire 11th floor was purchased by one individual for his personal and corporate use. Along with direct ski-in, ski out access, the Saint Regis will feature a slope side ski-to pool and all of the spa amenities Saint Regis is so famous for.
Another resort hotel in Upper Dear Valley next to Empire Lodge is the Montage. The Montage is a very high-end boutique hotel which will feature a 30,000 square foot spa area. Currently the Montage is operating a hotel in Laguna Beach, California and has another hotel under construction in Malibu, California, as well as the one in Deer Valley. No units or floor plans have been released yet, but we are anticipating a release of the first phase later this fall or early winter. We expect that prices for these units will be in the $2,500 per square foot range. The Montage is located at the base of the Empire Pass Lift and is in the heart of the best skiing in Deer Valley. This is a project to keep an eye on as early investors should do well.
Other developments at Empire Pass include Red Cloud, which is a 30 lot subdivision at the top of the Northside and Red Cloud lifts. There are currently 4 homes under construction of which one is a spec home that will be offered for sale this winter. In the Village at Empire Pass the new Flagstaff condominium building is well under construction and is about 25% sold out. At the Talisker Tower, which is a members-only Club House (featuring a lounge, weight room, outdoor pool and spa) they are completing the plans for about 20 luxurious condominiums. All of the residences at the Village at Empire Pass offer direct ski-in, ski-out access to the Silver Strike Lift and membership in the Talisker Club, which includes both the on-mountain amenities as well as the golf course at Tuhaye.
At the base of the Park City Resort, the Silver Star project is nearing completion. Silver Star offers condominium apartments, townhouses and single family homes all with direct ski access from a new lift put in specifically for Silver Star. Silver Star is located on an old mining site and the developers were careful to retain not only the mining flavor but also to restore many of the old mine buildings. Several of the restored mine buildings will be used as an Artist Colony and will become the headquarters for the Sundance Film Festival. An interesting feature at Silver Star is an old mine tunnel that in the early days of Park City Resort was used to transport skiers to the upper lifts of the mountain. To do this, skiers got on an old mine train, went through the mountain and then took a hoist up to the base of what is now the Thaynes Lift. Silver Star will be restoring parts of this and using it as a museum.
At the base of the existing resort center is a new development called the Lowell. The owner’s of the Lowell purchased an existing condominium building, gutted it and have replaced it with about a dozen very contemporary condos. This is the first new development at the Resort Center in many years, and has been well received. There are only six units left.
At The Canyons Resort the big news is that Talisker Corporation, who is the developer of the new Empire Pass Area at Deer Valley as well as the Tuhaye Golf Course just outside of town, has closed on the purchase of the resort. While Talisker is still putting together their plans for development, we expect that the first improvements we will see will be in snowmaking and food service. Both of these areas were in dire need of improvement and unfortunately the previous owner, American Ski Corp. was in financial trouble and just did not have the means to develop the resort to its true potential. There are several new condominium developments under construction both at the base of the resort and further down valley. A new access lift is currently under construction to access these new developments.
The Colony, which is a very high-end ski-in, ski-out residential development is also in the process of installing a new access lift to enable skiers to return from the southernmost part of the resort back to the main area quickly and directly. The Colony is a spectacular home site development offering home sites of 5–100 acres. Covered with aspen forest and spectacular panoramic views, The Colony is probably the most beautiful of the residential developments in this area.
As you can see, Park City/Deer Valley continues to develop new properties with buyers from around the country purchasing many of the developments before they are completed. If it has been a while since you have visited Park City/Deer Valley, or have never looked at it from a real estate perspective, summer is a terrific time to look around and see what all the activity is about.
Friday, May 9, 2008
Spring Market Update
Spring has arrived and the snow is (very) slowly giving way to green grass and warmer days. May is an excellent time to reflect on the past real estate season and the outlook for the remainder of the year.
Market Analysis
This past winter was one of the most interesting that I have seen in my 19 years of real estate. Record snowfall brought incredible ski conditions, a record number of visitors to town, and the fewest number of real estate sales in over 5 years. It’s not that visitors did not want to own real estate here, but the constant barrage of negative press made buyers nervous, cautious, and wanting to wait to see what’s going to happen. Comparing the ski season, December 1, April 30 of this year to last year, here are some numbers: Number of Transactions for Single Family Homes is down 45%, and 44% for condos. Interestingly enough, during the same period the average sales price of a home went up 46% and the average sales price of condos rose 22%. In looking at the other destination ski resorts throughout the Rockies, I see that the same trend has occurred at the other resorts. This tells me that people continue to want vacation property and that our prices are still perceived as a good value. Whistler, in British Columbia, is the only resort in the west which reported an increase in number of condo sales (up 8%) and a 100% increase in sold price. This is understandable as Whistler is reaping the benefits of the upcoming 2010 Winter Olympics and the favorable exchange rate between the US dollar and the Canadian dollar.
Some specific areas of interest here in Park City are:
Old Town (including the Park City resort):
Single Family Homes were down 47% in number of sales (8 this year compared to 15 last year) and the average sales price was down 20 % ($1,376,000 compared to $1,712,000).
Lower Deer Valley:
Single Family Homes were down 71% (2 compared to 7) but up 7% in average sales price ($2,375,000 compared to $2,218,000).
Upper Deer Valley (Silver Lake):
The number of sales were off 43% (4 compared to 7) and the average sales price was down 2% ($5,411,000 compared to $5,507,000).
All of the areas within the city limits:
The number of home sales was off 26% (34 compared to 60) and the average sold price was down 3% ($2,419,000 compared to $2,500,000). This small decrease in sold price is reflective of resort markets where sellers generally do not have to sell, have the means to wait out a slowdown, and thus are not willing to drop their prices significantly.
For condominium sales:
Old Town (including Park City resort):
The number of sales was down 26% (54 compared to 73), but the average sold price was up 38% ($1,130,000 compared to $818,000). This is in large part due to the new Silver Strike project which was completed this winter.
Lower Deer Valley condos:
Number of sales were down 28% (13 compared to 18), and up 1% in average sales price ($1,195,000 to $1,188,000).
Upper Deer Valley:
Even in number of sales (11 compared to 12 last year), but average sales price was up 20% ($2,660,000 compared to $2,216,000).
For all areas within the city limits:
Condo sales were down 40% (108 compared to 180) and average sales price was up 24% ($1,331,000 compared to $1,075,000).
I frequently attend national real estate meetings where I make a point of speaking with agents from around the country. From my conversations, it appears that the resort real estate market is holding much stronger than many of the residential markets. Agents from the metropolitan non-resort areas for the most part are describing markets where the number of sales are down even more significantly than ours and sold prices are also significantly down.
From visitors that I spoke with and showed around this past winter it is very clear that they still want to buy here, will buy here, but are just looking for an increase in their comfort level. We saw this in 2001 and 2002 where terrorist attacks and wars created uncertain times, where buyers were also nervous and cautious about purchasing. In 2004 and 2005, confidence level returned and there was a pent-up demand for vacation properties throughout the West. At that time, all of the resorts experienced a frenzy of buying where properties were selling as fast as they came on the market, often with multiple offers. While no one can say when, I expect we will see something similar in the next couple of years. In 2007, many buyers that I had been working with for some time said to me, “Why didn’t you make me buy in 2005?!” In the next three years I expect that I will be hearing similar statements and that people who purchased during this downturn will be feeling very smug.
News on New Developments
Empire Pass at Deer Valley is moving forward. Last summer the second Arrowleaf building in Empire Pass was completed with all but one unit sold prior to completion. The Silver Strike condominium building is well under way and is expected to be completed early this summer. Last summer, the new Flagstaff condominium building broke ground and should be completed for the 2009/2010 ski season. The ski-in/ski-out homesites being built by Christopher Homes are under construction with two of the 18 homes pre-selling prior to completion. In addition nine lots in Red Cloud at the top of the mountain were released this winter and there were two sales in the Red Cloud subdivision, both well over $4 million.
Montage is a new luxury resort spa hotel under construction at the base of the Empire lift at Deer Valley. Completion is expected for sometime during the 2010/2011 ski season and we expect the first relase of condominiums to be late this summer or early this winter. The Montage will feature a 30,000 square foot spa, restaurants, and lounges. While no specifics have been announced as far as prices, floorplans, or sizes of units, we are expecting the first release to come out between $2,200 and $2,500 per foot. The Montage will certainly have the premier location of any of the resort hotel spas in Deer Valley and Park City. Watch for further updates as information becomes available.
The St. Regis Hotel in Deer Crest at Deer Valley is steadily progressing and about 65% sold out. Two units just sold this past week. The St. Regis will feature a spectacular slopeside pool, deck, and lounge area with ski access from the Deer Hollow ski run. There are only 25 units left with completion expected in early summer 2009.
Silver Star is a new development at the base of the Park City Resort, is ski-in/ski-out, and is a combination of condominium apartments, townhouses, and single family homes. The project is about 70% completed and was completely sold out prior to breaking ground. In addition to the residential community in Silver Star the developers have painstakingly chosen to preserve the mining heritage and have converted many of the original mine buildings into an artist colony which will be the home of next year’s Sundance Film Festival.
The big news at The Canyons is that earlier this winter, American Ski Corporation, the owner, dissolved, paving the way for the sale of the resort. There was a fierce battle between Vail Resorts and Talisker Corporation for the resort. Talisker is the developer of Empire Pass at Deer Valley and the Tuhaye golf community just outside of town. After several heated court battles, the courts have ruled that Talisker’s offer to purchase was legitimate and above board. This has paved the way for Talisker to purchase the resort and it is expected that they will close on the purchase as early as the end of May 2008. This is very good news for the Canyons, as it will bring a much-needed infusion of money, and energy back to the resort. In anticipation of this purchase, we saw good activity in an area called The Colony, a ski-in/ski-out home development adjoining the Canyons where six lots sold and two homes, one being a home listed for over $14,000,000 sold. When Talikser has completed the purchase of the Canyons and the news is released, I expect that there will be a flurry of activity for lots and homes in the Colony as well as the new condominium developments at the base of the Canyons Resort.
Very exciting news at the Canyons is that a new condominium project called Dakota has aligned itself with Golden Door Spas and the Waldorf-Astoria hotel chain. Bringing these two nationally known hospitality giants to the Canyons Resort speaks volumes about their confidence and where they see the future of the resort.
The Promontory golf club and home development is going through some rough times. Promontory opened up its second signature golf course last summer, a Jack Nicholas-designed championship course, but its two major creditors, Credit Suisse and Wells Fargo bank have forced the developer into a chapter 11 restructuring situation. It is felt that Promontory will emerge from this, be back in business, but most likely with a new owner and management team. In the meantime construction on their third championship golf course is on hold.
The Tuhaye golf course and community was quite active this winter in both lot sales and homes. Tuhaye has benefited from being a part of a unique club concept called the Talisker Club. The Talisker Club has combined golf amenities with ski amenities at Deer Valley, fishing, boating, and horseback riding. This club concept is the first of its kind which allows members the luxury of year-round activities, whereas clubs that have amenities just on a ski area or golf course only provide activities for a small part of the year. This is a very successful idea and from the number of inquiries I received last winter, it has been well received.
There is nothing that Park City loves more than real estate gossip. And the latest news here is that Jim Lewis has sold his company, Lewis, Wolcott & Dornbush Real Estate and the new owner has joined us with Sotheby’s International. Our new name is Summit Sotheby’s International Realty. While this of course does not change me or my relationship with any of my clients, it does bring the power of the Sotheby’s name to our marketing. The Sotheby’s International connections should bring quite a lot of marketing power and exposure to my sellers’ properties that LWD as an independent company could never afford to do. Combine the Sotheby’s name, direct flights from Paris to Salt Lake on Delta, a very favorable exchange rate between the euro and the dollar, I am anticipating an increase in foreign visitors and buyers, particularly from western Europe.
As we slowly move towards summer, it seems like winter will not let go. We are cautiously optimistic for real estate sales this summer and we have seen a flurry of activity this spring. We are all hoping that the economy rights itself and consumer confidence once again reemerges. In the meantime owners of property here in Park City are enjoying the use of their home or condo, both during the ski season as well as during the summer months.
Market Analysis
This past winter was one of the most interesting that I have seen in my 19 years of real estate. Record snowfall brought incredible ski conditions, a record number of visitors to town, and the fewest number of real estate sales in over 5 years. It’s not that visitors did not want to own real estate here, but the constant barrage of negative press made buyers nervous, cautious, and wanting to wait to see what’s going to happen. Comparing the ski season, December 1, April 30 of this year to last year, here are some numbers: Number of Transactions for Single Family Homes is down 45%, and 44% for condos. Interestingly enough, during the same period the average sales price of a home went up 46% and the average sales price of condos rose 22%. In looking at the other destination ski resorts throughout the Rockies, I see that the same trend has occurred at the other resorts. This tells me that people continue to want vacation property and that our prices are still perceived as a good value. Whistler, in British Columbia, is the only resort in the west which reported an increase in number of condo sales (up 8%) and a 100% increase in sold price. This is understandable as Whistler is reaping the benefits of the upcoming 2010 Winter Olympics and the favorable exchange rate between the US dollar and the Canadian dollar.
Some specific areas of interest here in Park City are:
Old Town (including the Park City resort):
Single Family Homes were down 47% in number of sales (8 this year compared to 15 last year) and the average sales price was down 20 % ($1,376,000 compared to $1,712,000).
Lower Deer Valley:
Single Family Homes were down 71% (2 compared to 7) but up 7% in average sales price ($2,375,000 compared to $2,218,000).
Upper Deer Valley (Silver Lake):
The number of sales were off 43% (4 compared to 7) and the average sales price was down 2% ($5,411,000 compared to $5,507,000).
All of the areas within the city limits:
The number of home sales was off 26% (34 compared to 60) and the average sold price was down 3% ($2,419,000 compared to $2,500,000). This small decrease in sold price is reflective of resort markets where sellers generally do not have to sell, have the means to wait out a slowdown, and thus are not willing to drop their prices significantly.
For condominium sales:
Old Town (including Park City resort):
The number of sales was down 26% (54 compared to 73), but the average sold price was up 38% ($1,130,000 compared to $818,000). This is in large part due to the new Silver Strike project which was completed this winter.
Lower Deer Valley condos:
Number of sales were down 28% (13 compared to 18), and up 1% in average sales price ($1,195,000 to $1,188,000).
Upper Deer Valley:
Even in number of sales (11 compared to 12 last year), but average sales price was up 20% ($2,660,000 compared to $2,216,000).
For all areas within the city limits:
Condo sales were down 40% (108 compared to 180) and average sales price was up 24% ($1,331,000 compared to $1,075,000).
I frequently attend national real estate meetings where I make a point of speaking with agents from around the country. From my conversations, it appears that the resort real estate market is holding much stronger than many of the residential markets. Agents from the metropolitan non-resort areas for the most part are describing markets where the number of sales are down even more significantly than ours and sold prices are also significantly down.
From visitors that I spoke with and showed around this past winter it is very clear that they still want to buy here, will buy here, but are just looking for an increase in their comfort level. We saw this in 2001 and 2002 where terrorist attacks and wars created uncertain times, where buyers were also nervous and cautious about purchasing. In 2004 and 2005, confidence level returned and there was a pent-up demand for vacation properties throughout the West. At that time, all of the resorts experienced a frenzy of buying where properties were selling as fast as they came on the market, often with multiple offers. While no one can say when, I expect we will see something similar in the next couple of years. In 2007, many buyers that I had been working with for some time said to me, “Why didn’t you make me buy in 2005?!” In the next three years I expect that I will be hearing similar statements and that people who purchased during this downturn will be feeling very smug.
News on New Developments
Empire Pass at Deer Valley is moving forward. Last summer the second Arrowleaf building in Empire Pass was completed with all but one unit sold prior to completion. The Silver Strike condominium building is well under way and is expected to be completed early this summer. Last summer, the new Flagstaff condominium building broke ground and should be completed for the 2009/2010 ski season. The ski-in/ski-out homesites being built by Christopher Homes are under construction with two of the 18 homes pre-selling prior to completion. In addition nine lots in Red Cloud at the top of the mountain were released this winter and there were two sales in the Red Cloud subdivision, both well over $4 million.
Montage is a new luxury resort spa hotel under construction at the base of the Empire lift at Deer Valley. Completion is expected for sometime during the 2010/2011 ski season and we expect the first relase of condominiums to be late this summer or early this winter. The Montage will feature a 30,000 square foot spa, restaurants, and lounges. While no specifics have been announced as far as prices, floorplans, or sizes of units, we are expecting the first release to come out between $2,200 and $2,500 per foot. The Montage will certainly have the premier location of any of the resort hotel spas in Deer Valley and Park City. Watch for further updates as information becomes available.
The St. Regis Hotel in Deer Crest at Deer Valley is steadily progressing and about 65% sold out. Two units just sold this past week. The St. Regis will feature a spectacular slopeside pool, deck, and lounge area with ski access from the Deer Hollow ski run. There are only 25 units left with completion expected in early summer 2009.
Silver Star is a new development at the base of the Park City Resort, is ski-in/ski-out, and is a combination of condominium apartments, townhouses, and single family homes. The project is about 70% completed and was completely sold out prior to breaking ground. In addition to the residential community in Silver Star the developers have painstakingly chosen to preserve the mining heritage and have converted many of the original mine buildings into an artist colony which will be the home of next year’s Sundance Film Festival.
The big news at The Canyons is that earlier this winter, American Ski Corporation, the owner, dissolved, paving the way for the sale of the resort. There was a fierce battle between Vail Resorts and Talisker Corporation for the resort. Talisker is the developer of Empire Pass at Deer Valley and the Tuhaye golf community just outside of town. After several heated court battles, the courts have ruled that Talisker’s offer to purchase was legitimate and above board. This has paved the way for Talisker to purchase the resort and it is expected that they will close on the purchase as early as the end of May 2008. This is very good news for the Canyons, as it will bring a much-needed infusion of money, and energy back to the resort. In anticipation of this purchase, we saw good activity in an area called The Colony, a ski-in/ski-out home development adjoining the Canyons where six lots sold and two homes, one being a home listed for over $14,000,000 sold. When Talikser has completed the purchase of the Canyons and the news is released, I expect that there will be a flurry of activity for lots and homes in the Colony as well as the new condominium developments at the base of the Canyons Resort.
Very exciting news at the Canyons is that a new condominium project called Dakota has aligned itself with Golden Door Spas and the Waldorf-Astoria hotel chain. Bringing these two nationally known hospitality giants to the Canyons Resort speaks volumes about their confidence and where they see the future of the resort.
The Promontory golf club and home development is going through some rough times. Promontory opened up its second signature golf course last summer, a Jack Nicholas-designed championship course, but its two major creditors, Credit Suisse and Wells Fargo bank have forced the developer into a chapter 11 restructuring situation. It is felt that Promontory will emerge from this, be back in business, but most likely with a new owner and management team. In the meantime construction on their third championship golf course is on hold.
The Tuhaye golf course and community was quite active this winter in both lot sales and homes. Tuhaye has benefited from being a part of a unique club concept called the Talisker Club. The Talisker Club has combined golf amenities with ski amenities at Deer Valley, fishing, boating, and horseback riding. This club concept is the first of its kind which allows members the luxury of year-round activities, whereas clubs that have amenities just on a ski area or golf course only provide activities for a small part of the year. This is a very successful idea and from the number of inquiries I received last winter, it has been well received.
There is nothing that Park City loves more than real estate gossip. And the latest news here is that Jim Lewis has sold his company, Lewis, Wolcott & Dornbush Real Estate and the new owner has joined us with Sotheby’s International. Our new name is Summit Sotheby’s International Realty. While this of course does not change me or my relationship with any of my clients, it does bring the power of the Sotheby’s name to our marketing. The Sotheby’s International connections should bring quite a lot of marketing power and exposure to my sellers’ properties that LWD as an independent company could never afford to do. Combine the Sotheby’s name, direct flights from Paris to Salt Lake on Delta, a very favorable exchange rate between the euro and the dollar, I am anticipating an increase in foreign visitors and buyers, particularly from western Europe.
As we slowly move towards summer, it seems like winter will not let go. We are cautiously optimistic for real estate sales this summer and we have seen a flurry of activity this spring. We are all hoping that the economy rights itself and consumer confidence once again reemerges. In the meantime owners of property here in Park City are enjoying the use of their home or condo, both during the ski season as well as during the summer months.
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.
Wednesday, March 5, 2008
Talisker Purchases the Canyons
The big news in Park City this week is that it appears that Talisker is set to purchase the Canyons Resort from American Ski Corp. This past year has seen a hotly-contested fight between Talisker Corp, a Toronto-based real estate developer, and Vail Resorts, for the rights to purchase the Canyons Resort. With recent court rulings and the dropping of objections from other land owners, Talisker is now in line to close on the purchase. While the sale of the Canyons to either Vail or Talisker was good news for the struggling resort, Talisker brings to the table the financial backing to finally bring the resort up to its potential. The first thing that we should see is increased snowmaking, better foodservice in the restaurants and more attention to customer service.
As the ski season enters its final month of operation, we are seeing several developments on the mountain offering terrific incentives to buyers to purchase this year rather than waiting. These incentives are often a combination of discounted price and attractive financing opportunities. At the same time, owners of resale properties are often more motivated on their price and willing to look at and negotiate offers. All of this adds up to spring being a terrific time to look at and purchase a ski property.
This winter continues to be terrific in terms of snowfall and visitors to town. Even though it is March, we continue to receive a fresh coating of snow every few days. The surface conditions on the resorts are much more like winter conditions than the wet spring snow that often occurs in March. With the longer days and warmer weather and excellent skiing conditions, this is a great time to come visit and see what Utah skiing is all about.
As the ski season enters its final month of operation, we are seeing several developments on the mountain offering terrific incentives to buyers to purchase this year rather than waiting. These incentives are often a combination of discounted price and attractive financing opportunities. At the same time, owners of resale properties are often more motivated on their price and willing to look at and negotiate offers. All of this adds up to spring being a terrific time to look at and purchase a ski property.
This winter continues to be terrific in terms of snowfall and visitors to town. Even though it is March, we continue to receive a fresh coating of snow every few days. The surface conditions on the resorts are much more like winter conditions than the wet spring snow that often occurs in March. With the longer days and warmer weather and excellent skiing conditions, this is a great time to come visit and see what Utah skiing is all about.
Monday, November 5, 2007
Big News at the Canyons!
The headline news this past week is that the disputed sale of the Canyons resort to either Vail or Talisker is closer to being resolved. Both Talisker Corporation and Vail have been battling each other all summer for the rights to purchase the Canyons resort. Earlier in the summer, Talisker had announced that it had reached a deal with American Ski Corp., the current owner of the canyons to purchase the resort for $100 million. Immediately after this announcement, Vail resorts claimed that they had rights to purchase the resort and filed a motion in federal court in Denver to block the sale of the resort to Talisker. At the end of October, after hearing arguments from both sides, the federal court ruled that Vail had lost out in a fair, competitive bidding situation, and that the court would not block the sale of the Canyons resort to Talisker Corp. While there still are some hurdles to overcome, this was a significant step for Talisker to proceed with the purchase. Talisker is hoping to complete the purchase before the end of this year.
As a result, savvy investors are looking to properties at the Canyons resort, either the new developments at the base or vacant land in the Colony, as an excellent investment opportunity. With the federal reserve having cut interest rates again, and the overall real estate market slower than in the past years, this appears to be an excellent time to invest in Park City.
As a result, savvy investors are looking to properties at the Canyons resort, either the new developments at the base or vacant land in the Colony, as an excellent investment opportunity. With the federal reserve having cut interest rates again, and the overall real estate market slower than in the past years, this appears to be an excellent time to invest in Park City.
Monday, July 23, 2007
Big Changes at the Canyons
The big news this week is that American Ski Corporation the owner of The Canyons resort here in PC, has sold the ski resort to Talisker Group. Talisker is a Toronto-based real estate development company that is developing the new Empire Pass area at Deer Valley as well as the Tuhaye golf course. This is exciting in that Talisker will bring an influx of money and renewed energy to the Canyons. For several years now, American Ski Corporation has been struggling financially, which left the Canyons resort in limbo. There is tremendous development potential at the Canyons, but ASC did not have the funds to realize this. While Talisker has not and is not a ski area operator, the bet around town is that Vail resorts will take over the day-to-day operations of the resort. Tune in for more details on this.
Summer is in full swing here, with music and art festivals weekly. The mountain trails are full of hikers and bikers, the golf courses are running at capacity, and the various pools around town are full. Come out, enjoy the cool mountain summers, and find out about exciting opportunities at the Canyons resort, Deer Valley, and Park City resorts.
Summer is in full swing here, with music and art festivals weekly. The mountain trails are full of hikers and bikers, the golf courses are running at capacity, and the various pools around town are full. Come out, enjoy the cool mountain summers, and find out about exciting opportunities at the Canyons resort, Deer Valley, and Park City resorts.
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