This past weekend the Freestyle World Cup came to Deer Valley with the best skiers in the world competing in aerials, Skiercross, and dual moguls. The Skiercross Saturday afternoon was extremely exciting. A good description of skiercross is the ski race Super G meets Roller Derby. Four skiers at a time on a twisting turning course with jumps and first on to the bottom wins. Saturday night featured the dual mogul competition under the lights. This is always a great party and about 10,000 people turned out for the competition. The US team did very well in the Skiercross and moguls. This has become an annual event in Deer Valley and one that we look forward to every year.
In real estate news, January 2008 saw real estate sales slightly slower than the same period last year. While visitors in town are looking, the feeling that we get is that everybody is a little cautious and not in a hurry. With the real estate news around the country, buyers are looking for bargains however sellers for the most part are holding fairly tight on their prices. While this is frustrating for many buyers everyone has to understand that the resort markets in the west are not the same as the national real estate market. We do not deal with sub-prime buyers and we are finding that visitors do want a vacation property, see the value in Park City real estate, and do have the means to purchase. Sellers, on the other hand, are generally not in a position where they have to sell, and are comfortable knowing that they have a great place to come visit and will wait for the market to turn if they have to. For resort real estate, this is the perfect time to purchase as the market is slower, there are more choices, and prices are somewhat more negotiable than in a hot market. In real estate, the time to purchase is during a downturn. Interest rates are lower than they have been for many years, and prices are not rising rapidly.
With the incredible snow that we are having this year, the town is full, lodging companies are expecting February to be 9-11% above last year for visitors and that should continue into march. This is a great time to come ski Utah, discover how wonderful the snow is and how easy it is to get here.
Luxury Homes, Recession-Proof So Far
Thursday, February 7, 2008
February 2008
February begins the real ski season in Park City. After the Christmas rush, January tends to be fairly quiet (other than during Sundance) and from the first of February through the end of the season we are very busy. This year it seems that is has been snowing at least five days every week which makes for incredible skiing and very happy guests. It seems like at least twice a week we hear the comment that “This is the best day of the year.”
The Presidents Week holiday, starting in the middle of the month is at least as busy or busier than Christmas. From then on, with school holidays continuing through March, the areas are busy and the town is full. Condo owners in town will be thrilled with the revenue that they are receiving this year. The word is out that Utah has the best snow in the country and the best snow that we have had in many years and visitors are booking vacations here. With three out of the last four years being excellent ski years Utah has the reputation that one can book a vacation here and be confident of excellent skiing. This translates to excellent rental revenues for owners and sellers find that their properties are in demand and therefore prices stay strong.
The Presidents Week holiday, starting in the middle of the month is at least as busy or busier than Christmas. From then on, with school holidays continuing through March, the areas are busy and the town is full. Condo owners in town will be thrilled with the revenue that they are receiving this year. The word is out that Utah has the best snow in the country and the best snow that we have had in many years and visitors are booking vacations here. With three out of the last four years being excellent ski years Utah has the reputation that one can book a vacation here and be confident of excellent skiing. This translates to excellent rental revenues for owners and sellers find that their properties are in demand and therefore prices stay strong.
Monday, January 21, 2008
Sundance and More
The Sundance Film Festival started January 17th and runs through the 27th. Sundance is the largest independent film festival and attracts filmmakers, producers, celebrities and onlookers from all over the world. During the festival, the town is full of filmmakers trying to sell their films, celebrities following the party scene, and visitors looking for the next hit film. It is a very exciting and busy time in our mountain town. Over the years, many films have come out of Sundance to become successful hits with national distribution.
This past weekend I was in Telluride, Colorado for a conference of resort Realtors from the Rocky Mountain west. Everyone is reporting that their market is strong, sales prices are continuing to rise, and dollar volume sold will be equal to or greater than last year. This is very different from what everyone is hearing in the national press about the housing slump. While the resort real estate markets are certainly not immune to the national market trends, we do seem to be somewhat insulated. Everyone is seeing that buyers, while cautious, are still looking for vacation property and have the means to purchase. We are fortunate in that our buyers are not subprime buyers and while the mortgage issues do make it more difficult, they are able to qualify for loans and purchase. Consistent throughout the resorts was activity through the Christmas holiday. Everyone felt that this Christmas was busier than usual with visitors looking at properties. While this did not translate to many sales, that is not unusual. We all find that our buyers who look over Christmas return later in the season or during the summer months to purchase. The entire US is having a great ski season and this translates to all of the ski areas doing well. I expect that the 2007-2008 ski season will end up a record one for Park City as well as the other western resorts. With a record number of visitors in town we are all hoping that this equates to more buyers and more sales.
It has snowed here in Park City 29 of the last 36 days and is snowing hard again this morning. If you have not visited Park City in the past this is the year to see what Utah snow and skiing is all about.
This past weekend I was in Telluride, Colorado for a conference of resort Realtors from the Rocky Mountain west. Everyone is reporting that their market is strong, sales prices are continuing to rise, and dollar volume sold will be equal to or greater than last year. This is very different from what everyone is hearing in the national press about the housing slump. While the resort real estate markets are certainly not immune to the national market trends, we do seem to be somewhat insulated. Everyone is seeing that buyers, while cautious, are still looking for vacation property and have the means to purchase. We are fortunate in that our buyers are not subprime buyers and while the mortgage issues do make it more difficult, they are able to qualify for loans and purchase. Consistent throughout the resorts was activity through the Christmas holiday. Everyone felt that this Christmas was busier than usual with visitors looking at properties. While this did not translate to many sales, that is not unusual. We all find that our buyers who look over Christmas return later in the season or during the summer months to purchase. The entire US is having a great ski season and this translates to all of the ski areas doing well. I expect that the 2007-2008 ski season will end up a record one for Park City as well as the other western resorts. With a record number of visitors in town we are all hoping that this equates to more buyers and more sales.
It has snowed here in Park City 29 of the last 36 days and is snowing hard again this morning. If you have not visited Park City in the past this is the year to see what Utah snow and skiing is all about.
Thursday, January 10, 2008
Snow, Snow, and MORE Snow!
It has been snowing here in Park City every day for the past week and a half. And the skiing is the best I have ever seen. It seems that each day we receive about a foot of the famous Utah powder. Since December 1, Snowbird has received about 16 feet of snow. All of the resorts of course are thrilled with all of the lifts and terrain open. Deer Valley’s new Lady Morgan Express lift offers some exceptional advanced skiing here at Deer Valley.
Typically, the two weeks after New Year’s are quiet and slow in town. However this year, with the epic skiing conditions, the town has not slowed down as much as usual. The word is out on how much snow we have received and skiers are taking advantage of the snow and the availability of places to stay. These first two weeks of January very often is the best skiing of the year. The snow is cold, and without a lot of skiers, the snow stays soft. If you have never skied Utah, this the year to come out and discover for yourself Utah powder.
Typically, the two weeks after New Year’s are quiet and slow in town. However this year, with the epic skiing conditions, the town has not slowed down as much as usual. The word is out on how much snow we have received and skiers are taking advantage of the snow and the availability of places to stay. These first two weeks of January very often is the best skiing of the year. The snow is cold, and without a lot of skiers, the snow stays soft. If you have never skied Utah, this the year to come out and discover for yourself Utah powder.
January 2008
Now that the Christmas holidays have ended I can step back and reflect on this year’s holiday season. This Christmas was the busiest that I have seen for real estate. With the exceptional snow, the town was completely full and guests experienced the best possible conditions on the mountains. I talked to numerous guests who were here for the first time and couldn’t stop commenting on what a fabulous place this is. The ease of getting here, the wonderful town and its restaurants, and so much variety in skiing that they wondered why they hadn’t been here before and that they really needed to own a place here. I also talked to many guests who have been coming here for several years and have decided that it’s really time to buy. Many guests felt that with the slightly slower market that this is the right time to purchase when they have choices and sellers have more negotiable than during times of the hot market.
The first couple weeks of January are typically very slow and an excellent time to come out and visit. January 17th starts the Sundance Film Festival for 10 days where the town will be hopping with independent filmmakers trying to sell their new films, celebrities looking to be seen in the hot spots around town and visitors looking to catch a glimpse of the celebrities. During the Sundance Film Festival the town and the restaurants may be packed but the ski slopes are empty as everyone is attending films. Many of my clients are now realizing this and while it may be difficult getting dinner reservations, it is a fabulous time to ski with the best snow and no crowds. Come out, take a look around, and see why Utah is known for “the greatest powder on Earth.”
The first couple weeks of January are typically very slow and an excellent time to come out and visit. January 17th starts the Sundance Film Festival for 10 days where the town will be hopping with independent filmmakers trying to sell their new films, celebrities looking to be seen in the hot spots around town and visitors looking to catch a glimpse of the celebrities. During the Sundance Film Festival the town and the restaurants may be packed but the ski slopes are empty as everyone is attending films. Many of my clients are now realizing this and while it may be difficult getting dinner reservations, it is a fabulous time to ski with the best snow and no crowds. Come out, take a look around, and see why Utah is known for “the greatest powder on Earth.”
Monday, December 31, 2007
New Year's Week
It is New Year's Eve day in beautiful Park City and the skiing is incredible. Sunday was one of those wintry days where the winds were howling 40-50 miles per hour and the snow was falling at 2-3 inches per hour. It was a day to bundle up in your ski suit, hat and goggles, and ski some of the best powder of the year. Those who braved the storm were rewarded with short lift lines and the finest of Utah fluff.
With New Year's falling on a Tuesday this year, we are anticipating to be busier than usual for the days following New Year's. The first week of January is typically very slow and a great time to come skiing as it is uncrowded and the conditions are at the best.
The past few days I've had several clients call me (as well as new guests who stop in at the office) to comment on what a beautiful place this is and that they have to buy something. The ease of getting to Park City, the spectacular mountains and the abundance of the famous Utah powder come together a compelling argument to own property here. Visitors to our town are impressed with the friendliness and the ease of getting around compared to other resorts. With the terrific winter we are having, if you have not visited Park City in the past, this is the year to do so. But come prepared to be impressed enough to want to own here as well.
With New Year's falling on a Tuesday this year, we are anticipating to be busier than usual for the days following New Year's. The first week of January is typically very slow and a great time to come skiing as it is uncrowded and the conditions are at the best.
The past few days I've had several clients call me (as well as new guests who stop in at the office) to comment on what a beautiful place this is and that they have to buy something. The ease of getting to Park City, the spectacular mountains and the abundance of the famous Utah powder come together a compelling argument to own property here. Visitors to our town are impressed with the friendliness and the ease of getting around compared to other resorts. With the terrific winter we are having, if you have not visited Park City in the past, this is the year to do so. But come prepared to be impressed enough to want to own here as well.
Monday, December 24, 2007
Christmas Week in Park City
It is Christmas week in Park City and the skiing is fabulous. Last week we received about 2 ½ feet of famous Utah powder and several more storms are forecast for this week. The town is all decked out in its finest and visitors are here. Christmas in the mountains is a magical time with snowy roofs, Christmas lights, and everyone with Christmas spirit.
This past Saturday, Deer Valley’s new Lady Morgan Express Lift opened with much fanfare and 200 acres of steep, untracked powder. The Lady Morgan Express Lift offers excellent black diamond skiing and of course, some wonderful groomed easy runs back to the Empire Lodge.
This week the new Flagstaff building in the Village at Empire Pass begins accepting reservations. Flagstaff is the newest development by East West Partners and will offer more common area and amenities than any of their previous buildings. As is typical in Empire Pass, Flagstaff will be directly on the Silver Buck ski run offering guests convenient ski-in/ski-out access. Flagstaff is expected to be completed for the 2009/2010 ski season. Silver Strike condominiums in Empire Pass are well under construction with completion expected during the summer of 2008. This building is about 50% sold out now and is being developed by the developers of the Ironwood townhouses and the Grand Lodge at the base of the Northside lift. There is a model open in the building and the finishes are as expected from this terrific developer.
It appears that we are in a cold and snowy pattern for this winter so this is the year to visit Park City, discover how easy we are to get to, and find out what everyone raves about when they talk about Utah snow. With ten ski resorts within an hour’s drive of Park City there is enough variety to keep even the most demanding skier entertained for a vacation here. Come experience Utah for yourself and of course when you are here, visit my office at mid-mountain Deer Valley and I’ll give you the local’s report on where to ski.
This past Saturday, Deer Valley’s new Lady Morgan Express Lift opened with much fanfare and 200 acres of steep, untracked powder. The Lady Morgan Express Lift offers excellent black diamond skiing and of course, some wonderful groomed easy runs back to the Empire Lodge.
This week the new Flagstaff building in the Village at Empire Pass begins accepting reservations. Flagstaff is the newest development by East West Partners and will offer more common area and amenities than any of their previous buildings. As is typical in Empire Pass, Flagstaff will be directly on the Silver Buck ski run offering guests convenient ski-in/ski-out access. Flagstaff is expected to be completed for the 2009/2010 ski season. Silver Strike condominiums in Empire Pass are well under construction with completion expected during the summer of 2008. This building is about 50% sold out now and is being developed by the developers of the Ironwood townhouses and the Grand Lodge at the base of the Northside lift. There is a model open in the building and the finishes are as expected from this terrific developer.
It appears that we are in a cold and snowy pattern for this winter so this is the year to visit Park City, discover how easy we are to get to, and find out what everyone raves about when they talk about Utah snow. With ten ski resorts within an hour’s drive of Park City there is enough variety to keep even the most demanding skier entertained for a vacation here. Come experience Utah for yourself and of course when you are here, visit my office at mid-mountain Deer Valley and I’ll give you the local’s report on where to ski.
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