Presidents Week

Today is the start of the Presidents Week holiday. Here in Park City this means the town is full of skiers and visitors. Fortunately, we have been receiving snow about every other day and ski conditions are about a good as they get. Everyone is going to have a fabulous weekend.
In real estate news, we are definitely in a “buyer” market”. This translates to some exceptional opportunities for buyers to obtain a ski property at prices that we may not see again. I read a very interesting article on a buyers market and wanted to share with you some of the thoughts.
“A buyer’s market should be just that--a buyer’s market. It’s not a fence sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot shuffling market. It’s a buyers market. By its very name it means buyers should be doing one thing and one thing only--buying. So where are the buyers and why aren’t they buying?”
“The great irony of a buyer’s market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually it feels like the only thing they are buying.”
“Their reluctance is ironic since not so long ago buyers were incredibly excited about buying--and it was a seller’s market. Prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying, even though the advantage was all to the seller.”
While there is no ringing bells or flashing lights to signal when we have reached the bottom of the market, what we can say with a high degree of confidence, is that in the not to distant future buyers will be looking back to this year and asking themselves why didn’t they buy in ‘09?
While we are having what, for Utah, is an average snow year, the skiing is terrific. Most resorts would classify the snowfall that we have received this year, and our conditions, as exceptional. Come out and visit and find out what skiing Utah is all about. And let me take you on a ski tour of our local resorts.

Ski Free in Park City

Did you know that you can ski free at any of the three Park City resorts? The Park City Chamber and Visitors Bureau in partnership with our three resorts, Park City Resort, Deer Valley Resort and The Canyons Resort offer a free lift ticket for guests skiing the same day that they arrive. This is our way of showing just how easy it is to get to Park City and that from just about anywhere in the US, a visitor can leave their home in the morning and be on the slopes of any one of our three resorts that afternoon. To get the free ticket one needs to fill out a questionnaire, show their boarding pass or some other proof of flight arriving that same day, and an out of state drivers license or other ID. To see more details on this, (There are some black out dates) and to get the form to print out, go to my website, www.DennisHanlon.com, and click on the Ski Free button and follow the instructions from there. Utah and Park City are so easy to get to that we want to reward our visitors with this treat.
After nearly a week of beautiful sunny weather, snow has once again arrived. It has been snowing all day today and the forecast is for snow for much of the next 7 days. This is a perfect time to come out and experience Utah powder.
Not surprising, real estate has been slower than normal this ski season, but not dead. Properties are selling, Sellers are negotiating their price and Buyers are picking up excellent bargains on ski homes and condos that most certainly will increase in value over the next few years. If you have ever considered purchasing a vacation home in a ski town now is the time to do it. Mortgage interest rates are extremely low and real estate prices are similar to what they were in 2005. If you would like more information on what I consider to be excellent investments, please contact me by email at Dhanlon532@aol.com or by phone at 435-640-5851. I look forward to hearing from you, but most of all hope that you do visit Park City and take advantage of the fabulous skiing.

January Skiing

January is typically my favorite month of the year for skiing. Cold, dry snow and no crowds make for ideal conditions. This past January we have seen a mix of weather and snow conditions. The month started out cold and snowy, then turned warm and spring like, and now has returned to a cold, snowy pattern. The Sundance Film Festival, which is a showcase of independant film producers has been in town for the past week and a half. While the town is crazy full of people (pedestrians, stars, cars)…the ski slopes are almost empty. This year during the Sundance Festival we enjoyed unseasonably warm weather, gorgeous blue skies and excellent skiing. Then, just as Sundance came to an end this past weekend, the snow started falling again. Park City and Deer Valley received nearly three feet of snow over the weekend, making yesterday one of the best days of the year. For most of our visitors coming right after the Christmas break, it is difficult to get away again in January. However, if there is anyway that you can, it is one of the best times of the year to go skiing.

Fabulous Deer Valley!

These photos were taken on New Year's Eve, 2008. Wish you were here! Click to view.

Christmas in Park City

It is Christmas week in Park City and as it seems to be typical for the past few years it is snowing and snowing and snowing. We received close to a foot of snow last Friday. A few additional inches over the weekend and today is a full on white-out with an additional 12 to 20 inches expected. In addition, we are expecting an equally impressive storm on Christmas Day. Unlike most cities, ski towns are unique in that we eagerly anticipate and look forward to snowstorms, the larger the better.

Christmastime in Park City is a special time of the year. Main Street is very festive with lights and decorations. Visitors to town are busily shopping for last minute gifts and local restaurants are opening their doors to cold and hungry skiers. While this week before Christmas kicks off the holiday and ski season, the town does not become full until the day after Christmas. Once again Christmas visitors will find Park City piled high with snow and looking in every respect like the world class resort town it is. The improvements that all three Park City resorts have made over the summer add to the enjoyment of our skiers.

In real estate news, while the economy continues to teeter, buyers are here and many are finding extraordinary deals. Most everyone I speak with is convinced that we are close enough to the bottom of the market that combined with the lowest interest rates we have seen in years, that now is an excellent time to purchase for investment and personal use. The question that I ask everyone is “In three to five years do you feel that Park City/Deer Valley properties will be worth more than they are today?” The answers that I get are a resounding “Yes”. With this in mind, isn’t this the time to purchase your vacation property and start enjoying quality family time here in Park City?

Winter has arrived.

This past Saturday, winter finally arrived in Park City. Snow, cold, and more snow. It has now been snowing pretty consistently for three days. And while we’ve only received about a foot of snow out of this, it is white and looking very much like Christmas around here. The cold weather, high temperatures only in the teens, has allowed the resorts to make incredible amounts of snow. Snowmaking is running around the clock and the resorts are opening up new runs everyday. With Christmas week starting Friday, the snow and cold come just in time.
Last week I attended a panel discussion with several developers from Vail and Lake Tahoe. An interesting point from the developers in Vail was that when the Ritz-Carlton opened is doors in Beaver Creek they saw an immediate change in the type of visitor. The Ritz-Carlton brought a higher level of visitor that Vail had not seen before and they also experienced a sudden increase in real estate and a jump in prices. The point of this story is that we have two very high end hotels in the process of construction-the St. Regis and The Montage. The St. Regis is anticipating opening in 2009 and The Montage in 2010. The experience of these developers from Vail indicates that we will also experience a new type of visitor to Park City and, very likely, an increase in real estate prices. Factor into the mix lower real estate prices and a difficult economy and buyers of real estate in Park City this year could be feeling pretty smug in a year or two.
While the Christmas holidays are rapidly approaching, different property management companies tell me that there are still vacancies so make your plans and come visit Park City this Christmas.

Snow is on the way

Deer Valley Ski resort opened last weekend with a limited amount of ski runs open. The good news is WE ARE SKIING! Even better news is that a major pattern change in the weather is forecast for this Saturday. It appears that winter will finally arrive as storms are stacked up in the Pacific and are aimed at Utah. If the forecast holds true I expect that by the weekend of the 19th all of the resorts should be near to 100% open...just in time for Christmas.
Alta and Snowbird are about 70% open with terrific skiing. I expect to make the trip over to Alta this weekend to experience for myself the new snow. It looks like we may get several feet of snow over the weekend. And I will report on this next Monday.
In real estate news, while sales are certainly sluggish, they are not dead. Buyers are here and many are finding excellent bargains and are realizing that this is a great time to pick up a ski property. Instead of losing another ski season, without having a 2nd home here, deriving excellent income and enjoying the use of it, this really is a unique time and opportunity to invest in Park City/Deer Valley.
With Christmas rapidly approaching the town will be busy and the condos full. So plan a vacation in January when the skiing is fabulous and no one is here. The first two weeks right after Christmas is historically a very quiet time as everyone is recovering from the Christmas holidays. The last 10 days of January the Sundance Film Fesitval comes to town. While the town is crowded, the ski slopes are empty. The end of January is the perfect opportunity to have the mountains to yourself and be able to take in some of the Sundance films. Start planning your trip now and come see why Utah’s motto is “The greatest snow on earth”.