Unfortunately I have to start this week's blog with some very sad news. A local park city skier, "Speedy" Jaret Peterson tragically took his life on Monday. Speedy grew up in Park City, won a silver medal at the Vancouver Olympics in freestyle and like so many others, lost his battle with alcoholism and depression. Speedy will be missed by all and hopefully there is a lesson to be learned here.
On a much brighter note, the town is absolutely bustling with activity. Walking around Main Street, the shops are full, the restaurants are full and everyone seems to be in a good mood. Could there be a correlation between the oppressive heat wave the rest of the country is seeing and our beautiful mountain weather? IF you're reading this while living anywhere in the Midwest or Eastern US, my full intent is to make you jealous by telling you our daytime temps are in the high 70s to low 80s, with nighttime temps in the 50s and 60s. Visitors might think that we live here for the winters and skiing, but it's really the summers. They are so beautiful!
Showing posts with label Tuhaye. Show all posts
Showing posts with label Tuhaye. Show all posts
Friday, July 29, 2011
Tuesday, May 17, 2011
Middle of May in the Mountains
Well, it's still snowing. After a beautiful warm weekend woke up to heavy snow falling and about 3" on the ground. Forecast is for snow to continue through Friday, take a break Saturday and start up again Sunday. Oh well, life in the mountains!
This past Friday, the golf course at Tuhaye opened and I joined some clients/friends, for an opening round of golf. Kind of like being on first chair of opening day of ski season, we were first tee time on opening day of golf season. Now, for an unabashed plug for yoga. I started participating in yoga classes last winter and have continued on a regular basis, (for those that know me, the image of me doing yoga is interesting). In spite of all my injuries, that first day on the golf course, I hit the ball further and more consistent than I have for a couple years. So, no matter how humorous the thought of me doing yoga is, I will have to admit that the stretching and core exercises are beneficial. As a benefit of Talisker membership, both yoga and fitness classes are offered complimentary each week. Along with the on mountain lounge, golf course, spa, private fishing waters and jet boats, the fitness classes really make the club stand out.
This past Friday, the golf course at Tuhaye opened and I joined some clients/friends, for an opening round of golf. Kind of like being on first chair of opening day of ski season, we were first tee time on opening day of golf season. Now, for an unabashed plug for yoga. I started participating in yoga classes last winter and have continued on a regular basis, (for those that know me, the image of me doing yoga is interesting). In spite of all my injuries, that first day on the golf course, I hit the ball further and more consistent than I have for a couple years. So, no matter how humorous the thought of me doing yoga is, I will have to admit that the stretching and core exercises are beneficial. As a benefit of Talisker membership, both yoga and fitness classes are offered complimentary each week. Along with the on mountain lounge, golf course, spa, private fishing waters and jet boats, the fitness classes really make the club stand out.
Monday, August 17, 2009
New Developments
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In spite of the struggling but improving economy new developments at the ski resorts here in Park City continue to move forward. This past week Dakota Mountain Lodge at The Canyons opened for business. Dakota Mountain Lodge features a Golden Door Spa and is operated under the Waldorf Astoria flag. As one would expect with these marquis names, the rooms are spectacular. The spa is both beautiful and comfortable and the dining rooms/lounges boast beautiful views of The Canyons Resort. During the construction period of this property almost all of the units sold and are now closing. Since the grand opening last week the occupancy rate has been extremely high.
At Deer Valley Resort the St Regis hotel is nearing completion and is about 2/3 sold out. St Regis is built directly on a ski run in the Deer Crest area of Deer Valley and boasts stunning views of the Jordanelle Reservoir, Deer Valley Resort, and downtown Main Street in Park City. The St Regis is expected to open for business this December and early walk-through’s indicate that this hotel will easily live up to the St Regis standard. St Regis has raised the bar for prices with units selling for around $2000 per square foot.
In the Empire Pass area of Deer Valley there are two new projects under construction. Right in the heart of the village at Empire Pass is a project known as Flagstaff located directly on a ski run and across from the members Tower Club Lounge. The Flagstaff building should be completed and ready for occupancy sometime this ski season. Flagstaff is part of the Talisker Club offering both golf course amenities at Tuhaye and private restaurants on Deer Valley for the owner/members. Flagstaff had the unfortunate timing of coming on the market right as the resort market started slowing down followed by the economic meltdown last September. In spite of this, 7 out of the 24 units have sold and I expect that with the building completion scheduled this winter we will see more activity.
Also under construction and scheduled for completion for the 2010/11 ski season is the Montage condo hotel located at the base of the empire lift in Deer Valley. Montage is a boutique hotel/spa and is only the 3rd hotel built in this new emerging chain. Montage will feature about 30,000 square feet of spa and restaurant area with magnificent views of the empire pass ski runs. The condominium units at Montage have yet to be offered for sale and we eagerly await details on pricing, floor plans and finishes. Montage should easily rival the St Regis for quality and will have a superior location. Stay tuned for further updates on Montage.
It seems that this may be an early fall or a very short summer. This past weekend an unseasonably strong cold front came through Utah dropping daytime high temperatures into the mid 50’s. While it has warmed up very nicely this week, another cold front is expected to arrive tonight once again dropping temperatures into the 50’s or low 60’s tomorrow. After having lost summer weather in June which was the rainiest June on record, to now start loosing summer weather in August just does not seem right. Summers in the mountains are short enough to begin with! While summer may be quickly coming to an end we still have a couple of large events remaining. Next Thursday is the start of the Park City Jazz Festival under the stars at Deer Valley, and then we close out summer with Park City’s Miners Day celebrations (Labor Day for the rest of the country) in early September. The cooler but still warm days of September are a magical time of the year and would be a terrific time to visit us.
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.
Friday, June 5, 2009
New Developments
The weather this first week of June is cool and rainy with a forecast of snow for this weekend, which is pretty typical this time of year. However, the last two weeks of June are historically the driest two weeks of the year, so we eagerly await the expected precipitation this weekend.
The past year has seen a flurry of activity at the ski resorts with new condominium project developments. In the Empire Pass area of Deer Valley a new condominium project called Flagstaff is well under way with an expected completion date of late fall /early winter 2009. Flagstaff offers 3 and 4 bedroom condos with direct ski in/out access and ranges in price from $3,300,000 for a 3 bedroom to $6,000,000 for a 4 bedroom penthouse unit. Flagstaff is a part of The Talisker Club which offers a “members only” lounge on the mountain at Deer Valley Resort as well as access to the Mark O’Meara designed Tuhaye golf course which includes a clubhouse with a restaurant, spa and pool.
At The Canyons Resort several new condo projects are under construction or nearing completion also. Most noteworthy is The Dakota Mountain Lodge which features the Golden Door Spa which will be managed by the Waldorf-Astoria chain. With Talisker Corporation (the developer of Tuhaye Golf Course and the Empire Pass developments at Deer Valley) recently taking ownership at The Canyons resort and the addition of the Golden Door Spa and Waldorf-Astoria, it appears that The Canyons Resort will rightfully claim a spot as our 3rd world class destination resort.
In addition to Dakota Mountain Lodge other new projects at The Canyons are Sunrise @ Escala which features 1-2 bedroom condos starting at $695,000 and Juniper Landing which features 2-3 bedroom condos starting at $825,000. These condominium developments are all located in a new village just below the base area of the resort and will be connected to the ski area with a new chairlift that will be under construction this summer. Also planned for this development is a resort golf course that will wind among the condominium developments.
Park City is continuing to grow and prosper and this would be a terrific summer to come out and see what is new here to get a feel for where we are heading. It will not be long before the resorts are completely built out and the only properties available will be re-sale properties.
The past year has seen a flurry of activity at the ski resorts with new condominium project developments. In the Empire Pass area of Deer Valley a new condominium project called Flagstaff is well under way with an expected completion date of late fall /early winter 2009. Flagstaff offers 3 and 4 bedroom condos with direct ski in/out access and ranges in price from $3,300,000 for a 3 bedroom to $6,000,000 for a 4 bedroom penthouse unit. Flagstaff is a part of The Talisker Club which offers a “members only” lounge on the mountain at Deer Valley Resort as well as access to the Mark O’Meara designed Tuhaye golf course which includes a clubhouse with a restaurant, spa and pool.
At The Canyons Resort several new condo projects are under construction or nearing completion also. Most noteworthy is The Dakota Mountain Lodge which features the Golden Door Spa which will be managed by the Waldorf-Astoria chain. With Talisker Corporation (the developer of Tuhaye Golf Course and the Empire Pass developments at Deer Valley) recently taking ownership at The Canyons resort and the addition of the Golden Door Spa and Waldorf-Astoria, it appears that The Canyons Resort will rightfully claim a spot as our 3rd world class destination resort.
In addition to Dakota Mountain Lodge other new projects at The Canyons are Sunrise @ Escala which features 1-2 bedroom condos starting at $695,000 and Juniper Landing which features 2-3 bedroom condos starting at $825,000. These condominium developments are all located in a new village just below the base area of the resort and will be connected to the ski area with a new chairlift that will be under construction this summer. Also planned for this development is a resort golf course that will wind among the condominium developments.
Park City is continuing to grow and prosper and this would be a terrific summer to come out and see what is new here to get a feel for where we are heading. It will not be long before the resorts are completely built out and the only properties available will be re-sale properties.
Tuesday, August 19, 2008
Jazz Fest
This weekend is the annual Jazz Festival at Deer Valley. (http://www.parkcityjazz.org/) The headline acts for this year’s festival are Blues Traveler, Big Bad Vodoo Daddy and the Rippingtons. This three day event runs Friday through Sunday at the amphitheatre in Deer Valley. Also performing at the festival will be the Park City High School Jazz Band. The Park City High School Jazz Band is quite well know and has won numerous awards throughout the state and the country. The outdoor amphitheatre in Deer Valley is a terrific venue for concerts, located at the base of the resort with excellent views of the local mountains. As you can see from the headline acts, the festival is not a pure jazz festival, but a combination of jazz and blues. If you are an aficionado of jazz or blues, this annual event should be on your calendar of must “to dos”.The various golf course communities around the Park City area continue to flourish. Last weekend I was fortunate enough to have an opportunity to play at the Glenwild Golf Course, designed by Tom Fazio. The Glenwild course is an 18-hole championship course, set in a beautiful valley just to the north of Park City, with spectacular views of the Wasatch Range. The clubhouse at Glenwild is arguably the most beautiful of all the clubhouses around the area, with outdoor dining overlooking the golf course with views of all three Park City ski resorts. While Glenwild does offer a pool and tennis courts, the emphasis is certainly on the golf. Our Glenwild is a small community which is just about completely sold out, offering only re-sale lots and custom homes.
Last week I was at the Promontory Golf Course showing homes to a prospective buyer. Promontory has two golf courses, a Pete Dye Championship Course and the newly completed Jack Nicklaus Signature Course. I have not had the opportunity to play the Nicklaus Course yet, but word has it that is probably the best course in the state. Promontory differs from Glenwild in that, while golf is certainly the major attraction, it is not their only focus. Promontory has a wonderful spa/clubhouse with an indoor/outdoor pool adjoining a Children’s Center and a Members Clubhouse. Promontory also features an equestrian center, tennis courts and many miles of hiking/biking trails. Come winter the center court of the tennis facility converts to an ice skating rink and the hiking/biking trails convert to cross country ski trails. Promontory has made a conscious effort to offer recreational activities for the entire family. Promontory expects to start its third course this next summer which will be an Executive Course.
Tuhaye, one of the newest courses in town, features a Mark O’Meara Signature Course and is situated just to the east of Park City. Along with the golf pro shop, Tuhaye has completed it spa and fitness center with an outdoor pool and poolside café. This past Sunday I was fortunate enough to spend the afternoon at the Tuhaye pool overlooking the golf course with views up to Deer Valley. We decided that the views from the Tuhaye pool are the best of the three resort spas. Next in works for Tuhaye will be the Members Clubhouse and a 9-hole Executive Course. Tuhaye also has plans for an 18-hole Fazio Championship Course.
Just under way in the neighboring town of Heber is a new golf course community called Red Ledges. Red Ledges is also featuring a Nicklaus Signature Course and offers incredible views of Mt. Timpanogos. The course is well under way and at least 9 holes should be open by next summer. Currently Red Ledges is selling home sites and will soon be offering patio homes for sale as well.
As with many ski resort towns, Park City is going through a change from strictly a ski town to a Four-Seasons Resort and Golf Mecca. If you are a golf enthusiast, high altitude golf is extremely enjoyable as the thinner air allows us to feel like John Daly. The local courses should be open well into October so make plans to come out and visit us and enjoy the beautiful fall weather.
Wednesday, July 16, 2008
Hiking in Park City
July is one of the best months for hiking in the local mountains. With the late and very wet springs that we just had, the wild flowers are just now in full bloom. As we walk along any of the numerous trails in Park City there is an amazing array of colors with Columbine, Lupine, Bluebells and Mountain Daisies all in full bloom. Walking under the canopy of towering Aspens, it is easy to get distracted. It is also the time of year that deer and moose are taking advantage of the tender new foliage and are constant companions on the trails. We are very fortunate here in Park City to have an organization such as the Mountain Trails Foundation which builds and maintains many miles of hiking/biking trails. One of the most popular trails is know as the mid-mountain trail. This trail begins at mid-mountain Deer Valley at an elevation of 8,200 feet and follows the 8,000 foot contour across the mountains through Park City Mountain Resort, the Canyons Resort and ending just to the north of the Utah Olympic Sports Park. One of the great things on this trail is that there are numerous entry and exit points so that whether you have all day or just an hour or two, there are wonderful loops.
One of my favorite areas for hiking is in the Uinta Mountains just to the east of Park City. The Uinta’s contain most of the high elevation peaks in Utah, with peaks ranging from 12,000 to over 13,000 feet, contain about 500 lakes and, for the most part, is a wilderness area accessible only by hiking or horseback. This range offers spectacular views and is a must visit for outdoor enthusiasts coming to Park City.
In real estate news, I am seeing some signs of an improving real estate market here. I’ve been receiving an increased number of calls lately for people looking to pick up an investment or ski condo this summer. And while the national economic news is still pretty dismal, many buyers are beginning to look at our prices as a good investment. Last week I visited a new golf course project called Red Ledges in a neighboring town of Heber, about 20 minutes from Park City. Red Ledges will feature a Nicklaus Signature course as well as a Cliff Drysdale Tennis Academy, and offer some of the most beautiful view of Mount Timpanogos and the Wasatch Range. The golf course is currently under construction and at least nine holes are expected to be open for next summer.
The Mark O’Meara course at Tuhaye is now in it’s third full season of operation and people that I have taken there to play feel that it is the most interesting and enjoyable of the private courses around the area. Lot and home sales in Tuhaye are doing well and I have been meeting several new owners who are calling Tuhaye “Home”
Upcoming events to look forward to is the Park City Arts Festival the first week of August and the Deer Valley Jazz Festival August 21-24. If your schedule permits you to visit Park City during any of these times these are definitely events to participate in.
One of my favorite areas for hiking is in the Uinta Mountains just to the east of Park City. The Uinta’s contain most of the high elevation peaks in Utah, with peaks ranging from 12,000 to over 13,000 feet, contain about 500 lakes and, for the most part, is a wilderness area accessible only by hiking or horseback. This range offers spectacular views and is a must visit for outdoor enthusiasts coming to Park City.
In real estate news, I am seeing some signs of an improving real estate market here. I’ve been receiving an increased number of calls lately for people looking to pick up an investment or ski condo this summer. And while the national economic news is still pretty dismal, many buyers are beginning to look at our prices as a good investment. Last week I visited a new golf course project called Red Ledges in a neighboring town of Heber, about 20 minutes from Park City. Red Ledges will feature a Nicklaus Signature course as well as a Cliff Drysdale Tennis Academy, and offer some of the most beautiful view of Mount Timpanogos and the Wasatch Range. The golf course is currently under construction and at least nine holes are expected to be open for next summer.
The Mark O’Meara course at Tuhaye is now in it’s third full season of operation and people that I have taken there to play feel that it is the most interesting and enjoyable of the private courses around the area. Lot and home sales in Tuhaye are doing well and I have been meeting several new owners who are calling Tuhaye “Home”
Upcoming events to look forward to is the Park City Arts Festival the first week of August and the Deer Valley Jazz Festival August 21-24. If your schedule permits you to visit Park City during any of these times these are definitely events to participate in.
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.
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