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.

Miner's Day in Park City

This coming weekend of September 1, 2, and 3rd, while most of the country celebrates Labor Day weekend, here in Park City, we pay tribute to our mining history with “Miner’s Day” celebrations on Monday, September 3rd. This is another example of the small-town flavor of Park City, where we have our traditional parade down Main Street, then activities at City Park. These activities are topped off by the mucking and drilling contests.

These contests involve both and current and former miners from the area, who pit their skills against each other. The drilling competition involves a large block of granite rock in which the miners hoist a heavy and unwieldy pneumatic drill and see who can drill five holes in the smallest amount of time. The mucking competition involves a small ore-cart with a pneumatic scoop shovel attached to the front. This cart and scoop are on a railroad track and are controlled by the operator who moves the scoop into a pile of waste rock and dumps it into the cart behind. This is again a time competition to see who can fill the cart in the least amount of time. The mucking and drilling contests have become the highlight of the day and always draw a large crowd.

We have all been hearing the daily news about the difficulties with the mortgage industry and its effect on the housing market. Park City’s local lenders have been making a point of letting everyone know that because they have portfolio lenders, they are able to make loans on homes, condos and land here in the area. While we have seen some slowdown in the market because of the national news, vacation property is still desirable and Park City remains one of the most desirable resorts in the U.S.

All three ski areas have new home and condominium developments being completed for this upcoming ski season. These developments all have terrific ski access and come in a variety of product from townhouses to homes to multi-level condominium buildings and a little bit of vacant land for homesites. Deer Valley resort is just completing two new condominium buildings on the mountain. Arrowleaf B and the Grand Lodge, both in Empire Pass, are in the final completion stages. At Park City, two new condominium projects: the Lowell, located in the resort center at the base of the mountain, should be completed early this winter, and Silver Star, which is a new project with its own lift, is also being completed. The Canyons resort has several new condominium projects either under construction or about to break ground. With the new lift expansions at the Canyons, these will have very convenient ski access.

Miner’s Day weekend is the traditional end to summer and in Park City, the leaves have begun to change. With the shorter days and cooler nights, the red leaves of the maples are starting to dot the hillsides. This is a terrific time to come out and visit, enjoy the beautiful fall colors and see what’s new at the resorts. For the latest information on any of the new projects or resale condos, please give me a call.