Fall Colors

As you've heard me say many times, September is the best month in Park City. Bright blue skies, chilly nights, warm days and COLORS! It is amazing the difference since last Monday. Almost all the maples have turned and the aspens are beginning to turn as well. It is truly a magical time to be in the mountains.

Last Sunday was our annual fall classic, the Tour de Suds bike race. This is a mountain bike race from City Park in Park City to the top of Guardsman's Pass, which divides the Park City side of the Wasatch mountains and the Salt Lake city side, 7 1/2 miles in length and 2,700 vertical feet. So named "Tour de Suds" as it originally started at the Brew Pub on Main St, rode to the top and back down for what else, brews! This has developed into an annual event with most riders dressing in some sort of wacky costume. Other than that it's pretty quiet in town these days. Most music is done, all festivals but the Park Silly Sunday Markets are done and the restaurants are empty.

In real estate news, probably the thing affecting us the most is the erratic economy: one day stocks are up 300 points, the next down 400 and so the yo-yo goes. In looking at August 2010 versus August 2011 it's clear the uncertainty in the US and world economies is having an effect. Home sales for August 2010 were basically flat: 73 in 2010 compared with 75 in 2011. However the average sales price was down 12.6% from $755,900 in 2010 to $660,700 in 2011. Number of condo sales was up slightly: 37 in 2010 compared to 44 in 2011, for a 18.9% increase. But the average sold price increased quite dramatically, up 70%: $502,900 in 2010 to $854,000 in 2011. While this would appear to be great news, in looking at the numbers, the average sales price was skewed by five sales in Empire Canyon of Deer Valley with average sales price of almost $3.5M compared to 2 sales in 2010 with average sales prices of $2.5M and one sale in St. Regis in Deer Crest with a price of $3.2M where in August 2010 no sales in St. Regis. Another area that helped skew the prices was lower Deer Valley, 2 sales in August 2010 with average sales price of $894,500 and 3 sales in August 2011 with average sales price of $1,715,00, or up almost 92%. What this does show is that all aspects of the market are selling and high-end buyers are not afraid to jump in right now.

Last weekend was cold, rainy, and our first forecast with the snow level in it (albeit at 10,000 feet); a sure sign winter is on its way. So continue your ski workouts and let's go skiing when you're in town!

Spring, Finally!

Even though we still get some cold nights and occasional snow storms spring has arrived. The days are noticeably warmer and everyone is out and about. Driving around town I am seeing mountain bikers, road bikers, tennis courts are full and golf courses are busy. Afternoon BBQ’s are back in and people are out just generally enjoying the sunshine.

The economic news these days while still quite mixed seems to be more positive than negative. Every day we are hearing more stories and outlooks that reflect a positive attitude and a hint of recovery from the recession. I recently ran some numbers comparing January-April for the past 3 years and after steadily declining numbers this March actually showed an upturn for the first time. Click here to view graph http://www.flickr.com/photos/dhanlon532/3533334599/.

This is encouraging as it is the first time since 2006 that we have seen any increase. These numbers confirm what many brokers here in town have been feeling. The general consensus is that the signs are showing that we may be nearing the bottom of the market. Historically low interest rates combined with low home prices and an abundance of properties to choose from is giving the savvy buyer opportunities that rarely occur in the resort real estate market. In speaking with agents from the other western resorts of Colorado, Wyoming and Idaho they echo the same feelings.

With the summer calendar full of activities, great concerts and festivals, plan now to spend some time in the mountains. Come visit and experience the clean mountain air, cool nights and gorgeous scenery!

Art Fest Weekend

This coming weekend, August 1st, 2nd and 3rd is the annual Park City Arts Festival. This is such a great event with Main Street being turned into one big party. As with many events in park city, Main Street is closed to all vehicles, and vendors from all around the country set up tents to display their wears. Entry into our Arts Festival is limited and the competition to be allowed to participate is fierce. Judges from the Kimball Arts Center begin reviewing applicants during the winter months and by early spring have made their selection as to who they will allow in the year’s festival. With our close proximity to Salt Lake City and the cooler mountain temperatures a large number of Salt Lake City visitors make the drive up to partake in the festival. Friday night has become an advanced showing for the locals and is a terrific party. Everyone we know is out on the street looking at the art and drinking wine in an uncrowded and less hectic atmosphere. Saturday and Sunday is the main festival and we typically draw about 100,000 visitors for this.

Last week wrapped up the girls Fast Pitch Softball Tournaments here in town. This was a three week event featuring teams from all over the country and was, as usual, a huge success. At the ski resorts the lifts are running for hiking and lift-serve mountain biking. And as I mentioned last week, the trails are beautiful with lush foliage and wild flowers.
We are definitely seeing an increase in activity in real estate. Not only have I been seeing an increase in calls and interest from buyers, in looking at the daily sales sheets from the board of realtors, the number of sales has increased dramatically in the last couple of weeks. As the summer wanes and we get closed to fall, we typically do see an increase in business as people are looking to pick up their property for next winter’s ski vacations. Even though much of the news these days is filled with stories about how difficult it is to obtain financing, which while it is certainly more difficult than in past years, financing is obtainable for qualified buyers. Interest rates are low and combined with a wide variety of available vacation homes, buyers are feeling that this is the time to purchase

Fall Colors

What a weekend! Snow all day Saturday gave way to crystal blue skies on Sunday. The combination of dark blue sky, white mountaintops, the gold aspens and red maples made Sunday one of the prettiest days of the year. It seemed that the whole town was out hiking or biking on the trails. We have been receiving regular snowstorms this fall with more snow forecast for tonight and later this week. The high peaks are very white, and it looks like the snow is here for the year. This is creating a lot of excitement in town, and an added urgency for the ski resorts to finish up their projects. The new Lady Morgan Express Lift at Deer Valley is taking shape and looks like it will offer some excellent intermediate and advanced skiing. Everyone is talking about the new terrain and we are all eager to get up and explore it.

In real estate news, the new Empire Pass development at Deer Valley continues to be the shining star. The Grand Lodge at the base of the Northside Lift is completed and the wait was worthwhile as it is a beautiful building with the best ski access. There are a couple of resale opportunities in the Grand Lodge on the ski slope level with views up the mountain. New at the base of the Empire Lift, work is underway at a feverish pace for the new Montage Resort Spa. This is going to be a very high-end boutique hotel with over 30,000 square feet of spa area. While it is currently under construction, we do not anticipate that sales of the units to begin until the hotel is nearer to completion, in about two years.

In the Village at Empire, the Silver Strike building is nearing completion with about 12 units available. The new Flagstaff condominium building has just started construction with expected release of units in December. Construction has also begun on the new pool at the Talisker Tower Club.

Along with the spectacular colors and early season snows, there is a lot of excitement going on at the resorts and this is a wonderful time of year to come and see what’s going on!

Summer Activities Begin!

The biking and hiking trails have all dried out from the winter snow and the summer flowers are beginning to bloom. This is a wonderful time to explore the many miles of trails in and around the Park City area. The aspens and oaks provide cool shade while the columbine and paintbrush provide brilliant displays of color through the forest. From now through fall, the biking and hiking trails will be full of people taking advantage of the beautiful mountain summers. In addition, Deer Valley, Park City, and The Canyons resorts have all opened their lifts for lift-served mountain biking, hiking, or just a scenic ride. In Deer Valley, Royal Street Café at mid-mountain is now open for lunch, with outdoor dining overlooking the slopes. Park City base area is open, with the Alpine Slide, Zip Line, Alpine Coaster, climbing wall and many other activities for children and children of all ages. The Canyons resort is offering the gondola, open for scenic rides, hiking and mountain biking, and the Red Pine Lodge, located mid-mountain, is now open for lunch. The mid-mountian lodges at both Deer Valley and The Canyons are in spectacular settings and offer a cooler and less hectic alternative to dining in downtown Park City.

Through the remainder of June through most of July, the wildflower season is in full bloom. If you have not seen an alpine meadow with all the wildflowers in bloom, you need to put this on your life’s To-Do list. The full spectrum of colors set against mountain peaks are truly spectacular and worth the effort to get there. This is shaping up to be a terrific summer, full of concerts, festivals, and a full array of activities. Plan your trip to visit Park City and the mountains and you will understand why we live here.