For the fifth weekend in a row it was a stormy and snowy Saturday. Park City and Deer Valley received another 4 inches of snow, with Alta and Snowbird receiving about 18 inches. Needless to say, the new snow has increased the excitement around town and we are all hoping that this is a sign of a cold and snowy winter.
In real estate, we are experiencing a spike in activity which I expect is being brought on by the early snowfall. It appears that many buyers are taking advantage of the low interest rates and stable prices to pick up a rental ski condo for this season. With rental companies reporting very strong pre-season bookings, buyers have seen that this is a great time to purchase and receive the benefits of a strong rental season. While it’s getting late in the year, a few people are still picking up older condos in original condition to remodel for this year. While becoming fewer and fewer, the older condos around the Park City resort continue to be excellent buys as the remodeled prices continue to attract higher and higher resale values.
It is looking like it is going to be a fabulous ski season, so plan your vacation to Park City, Deer Valley now, before everything is booked!
Monday, October 22, 2007
Monday, October 8, 2007
More Snow
We seem to be settling into a wonderful pattern of storms every few days. Saturday was cold and several inches of snow fell. The mountains are very white with crystal blue sky and the fall colors are at their peak. What a wonderful time of the year to be in the mountains!
In speaking with my friends in the other Rocky Mountain resorts, it appears that resort real estate is definitely not following the national trend. The resorts of Whistler, Jackson Hole, Steamboat Springs, Vail and Aspen are all showing an increase in number of sales, dollar volume, and sold price for this year. Resorts such as Park City, Telluride, and Sun Valley are showing sales volume either even with or very slightly down from last year, but dollar volume is up and sold prices are up. This verifies what we’ve known for quite some time, that the resort real estate market is very different from typical residential real estate. As our mountain towns have a very limited supply of land available for development, the amount of property we have for sale is limited. By supply and demand, if the demand continues to be strong (which it is), and our supply is limited (which it is), then the markets hold strong or continue to increase. While we know that no real estate market is immune to up and down trends, the resort markets seem to be steadier.
Right now we are seeing a flurry of activity as buyers are looking to purchase a rental property for the ski season. All of the property management companies tell me that their bookings are significantly up for this year, and buyers are looking to cash in. This is the perfect time to come out and look for property, before the busy ski season, when you can actually get into all of the units that are for sale, have choices of property to purchase, and find sellers who are more negotiable now than during the height of the income-producing season.
Monday, October 1, 2007
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!
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!
Monday, September 24, 2007
It is SNOWING!
This morning we woke up to the season’s first snowfall. Two- to three inches on the ground and still snowing. While we know that this will melt off as soon as the sun comes out, the season’s first snow is always exciting and a sign of good things to come. The aspens are beginning to turn their brilliant gold and this mixed with the red maples and the white snow will make for a spectacular week here in Park City.
While these are the quiet days in town, there is the beginning of excitement as the winter employees begin to arrive and the ski areas and shops in town start gearing up for the winter season. The first snowfall brings on a little more urgency for the resorts to finish up their summer projects, get the lifts in working order, and finish up grooming on the mountain. The three resorts have been busy, either adding lifts, new runs, more snowmaking, or general improvements to the resorts. We are all looking forward to and anticipating the upcoming ski season.
In real estate, we have seen a bit of an increase in activity as buyers are in town picking up late-season bargains for this upcoming ski season. Right now there is a good supply and variety of homes and condos near the resorts. Many of these units have been remodeled and are excellent rentals. From speaking with the lodging companies, winter bookings are filling up quickly, so if you’ve not already made your reservations, it is time to do so.
While these are the quiet days in town, there is the beginning of excitement as the winter employees begin to arrive and the ski areas and shops in town start gearing up for the winter season. The first snowfall brings on a little more urgency for the resorts to finish up their summer projects, get the lifts in working order, and finish up grooming on the mountain. The three resorts have been busy, either adding lifts, new runs, more snowmaking, or general improvements to the resorts. We are all looking forward to and anticipating the upcoming ski season.
In real estate, we have seen a bit of an increase in activity as buyers are in town picking up late-season bargains for this upcoming ski season. Right now there is a good supply and variety of homes and condos near the resorts. Many of these units have been remodeled and are excellent rentals. From speaking with the lodging companies, winter bookings are filling up quickly, so if you’ve not already made your reservations, it is time to do so.
Monday, September 10, 2007
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.
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.
Wednesday, August 29, 2007
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.
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.
Wednesday, August 22, 2007
Jazz Festival Weekend
This weekend, Deer Valley is the host for the annual Park City International Jazz Festival. This is the tenth year for the Jazz Festival, which has grown to host both the stars and up and coming stars of the jazz world. The festival this year will be Friday night, Saturday evening, and Sunday afternoon.
Summer is beginning to wind down, but our activities are still going strong. Recent rains have kept the mountains exceptionally green for this time of the year, and the hiking/biking trails are less dusty than July. The hot summer days are over, evenings are cooler, and late August/September are terrific times to visit.
With all the recent news about lenders going out of business and difficulties in obtaining financing for properties, many buyers and sellers are concerned about the effect on our market. While we believe that this will certainly have some effect on our market, we also feel that our buyers tend to be strong enough that financing is not as much of an issue here as in some other markets. Because of the type of properties and the price point, we do not deal in the sub-prime market and for the majority of our second-home owners, qualifying for the purchase of a vacation home is rarely an issue. Our sellers also tend to be strong enough that they do not have to sell and therefore, do not feel pressured to drastically lower prices in order to get a property sold. The majority of our owners feel that the market for vacation properties is still strong, and that at worst case, they have a terrific home to visit and in many cases, are receiving excellent rental income.
The winter ski season is quickly approaching, and this is an excellent time to be looking for ski property. The town is a little bit slower, so it is easier to get into properties and sellers tend to be more negotiable now than during the ski season.
Summer is beginning to wind down, but our activities are still going strong. Recent rains have kept the mountains exceptionally green for this time of the year, and the hiking/biking trails are less dusty than July. The hot summer days are over, evenings are cooler, and late August/September are terrific times to visit.
With all the recent news about lenders going out of business and difficulties in obtaining financing for properties, many buyers and sellers are concerned about the effect on our market. While we believe that this will certainly have some effect on our market, we also feel that our buyers tend to be strong enough that financing is not as much of an issue here as in some other markets. Because of the type of properties and the price point, we do not deal in the sub-prime market and for the majority of our second-home owners, qualifying for the purchase of a vacation home is rarely an issue. Our sellers also tend to be strong enough that they do not have to sell and therefore, do not feel pressured to drastically lower prices in order to get a property sold. The majority of our owners feel that the market for vacation properties is still strong, and that at worst case, they have a terrific home to visit and in many cases, are receiving excellent rental income.
The winter ski season is quickly approaching, and this is an excellent time to be looking for ski property. The town is a little bit slower, so it is easier to get into properties and sellers tend to be more negotiable now than during the ski season.
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