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.

Number One Again!

Each year in its October issue, SKI Magazine publishes rankings of the major ski areas in North America based on reader input. This year Deer Valley is once again rated the number one ski resort in North America. The poll is based on input from readers of SKI Magazine who answer a survey asking them to rate resorts that they have visited. Deer Valley was rated number one in 11 of the 18 categories surveyed. These included grooming, on-mountain food services, and guest services. While all the categories are important in the ranking we are especially proud of the guest services ranking. Since its inception, Deer Valley has strived to set the standard for guest services and remarkably, over the last 26 years, has maintained the standard. Guests coming to Deer Valley are always impressed by the friendliness and helpfulness of all the resort staff. From ski check attendants to lift operators, restaurant personnel to mountain hosts, Deer Valley hires with the expectation that their guests will be treated as if they were staying in a fine hotel. This commitment to service and quality of ski experience has proved to be a winning combination as Deer Valley’s skier numbers increase every year and it has been rated the number one North American ski resort three out of the last seven years.

This commitment to excellence has translated to booming real estate sales in Deer Valley. The new Empire Pass area has been exceedingly popular with most of the condominium buildings selling out prior to completion of construction. Empire Pass features a variety of ski-in/ski-out condominium buildings, townhouse condominiums, and single family homes. Last winter, the first phase of single family homes, The Paintbrush at the Village at Empire Pass, sold all of their 18 homesites. This winter, there is a new area of homes called Nakoma. There will be 16 homes built with direct ski-in/ski-out access to the new Lady Morgan Express chairlift. These homes will be around 5,000 square feet, of the quality expected of Deer Valley, and all will have spectacular views of the ski runs of Deer Valley and the town of Park City.

With fall quickly arriving, we had our first frost this morning. We are seeing an increase in buyers looking to pick up a ski condo for this winter. This past week we have seen several condominiums in both lower and upper Deer Valley have contracts accepted. Our fear for this winter is a lack of inventory. The number of condos listed for sale is about 25% less than we had at this time last year. While there still are some excellent opportunities, they are selling faster than new units are coming on the market.

September is one of the most beautiful months in Park City, with daytime temperatures in the mid 60’s to 70’s, and chilly nights. The fall leaves have started to turn, which makes hiking and biking the local mountains especially beautiful. This is a great time to come out and visit, to enjoy fall in the mountains, and to see what’s new at the ski resorts and real estate opportunities at the various resorts.