After 4 weeks of rain every single day, the sun came out this afternoon. Could this really be the start of summer? While the calendar tells us summer starts this weekend you never really know living in the mountains. But based on the calendar Park City begins the summer season this Friday. We will be kicking off the summer with a dinner and Jazz Festival on Main Street Friday night. This is knows as “Savor the Summit” where we close Main Street to traffic and put tables end to end from the top of Main to the bottom of Main. Our local restaurants all participate with a special menu to serve. And several Jazz bands will be performing along Main Street while people dine. This is a great event and really gets everyone going!
Next week on Wednesday the free concerts begin at Deer Valley Resort. These occur every Wednesday through August and have become the social event of the week. Everyone gets lawn seating, brings their favorite beverage, dinner and music is def secondary to the party.
In real estate happenings May was a very strong month for sales (considering the economy) with the number of contracts written surpassing July, 2008. This was really good news and hopefully a start to a solid recovery of our real estate market. June typically begins the home selling season as most people prefer to wait until school is out to move their families. Right now buyers have an excellent selection of homes to choose from in all price ranges and when combined with the historically low interest rates, I am optimistic that the home buying season will be good. Historically resort condo sales do not pick up again until about August, when the approaching ski season rekindles interest. We should start to see interest in golf course property now that summer has arrived and with the competition among all of the golf course communities there are some opportunities that we may not see again for a long time (more on the golf courses next week).
Thursday, June 18, 2009
Thursday, June 11, 2009
Rain Rain Go Away
This has been the wettest June on record, 10 out of 11 days this month have seen rain. On the positive side, I have never seen the mountains so green and lush, the reservoirs are full and the fire danger is extremely low. This all bodes well for the upcoming hot months of July and August. Fortunately, the snow level has been above 10,000 feet so we have not had to deal with snow.
In real estate news, the market turn around that I first noticed in March, continued through April and really picked up some steam in May. Beginning last September we experienced a steadily declining number of sales here in Park City. March saw the first significant increase in both closed sales and the number of pending contracts written. As an example: in February 2009 the Park City Board reported 42 pended transactions. In March that number jumped to 70, increased again in April to 83, and in May the Park City Board reported 98 pended contracts. The same held true for closed transactions. In February there were 50 closed transactions, in March there were 63, April saw 60 closed transactions, and May jumped up to 73 closed transactions. This is particularly interesting because April and May tend to be very slow months with fewer sales than the traditional busy ski season months (December-March).
What does this mean? Anybody’s guess at this point. Is this a beginning to the recovery? Or is it just a false spike brought on by low prices and low interest rates? Only time will tell at this point, but here in Park City we are experiencing more optimism then we have for quite some time.
This Sunday the “Park Silly” market held on lower Main Street begins its summer season. This is an eco-friendly market featuring artists, crafts, music, locally grown produce and food booths from local chefs. There is always a lot of fun energy and it is a great way to end your week. Don’t worry, the sun will come out and it will warm up so plan a vacation to Park City and experience summertime in the mountains.
In real estate news, the market turn around that I first noticed in March, continued through April and really picked up some steam in May. Beginning last September we experienced a steadily declining number of sales here in Park City. March saw the first significant increase in both closed sales and the number of pending contracts written. As an example: in February 2009 the Park City Board reported 42 pended transactions. In March that number jumped to 70, increased again in April to 83, and in May the Park City Board reported 98 pended contracts. The same held true for closed transactions. In February there were 50 closed transactions, in March there were 63, April saw 60 closed transactions, and May jumped up to 73 closed transactions. This is particularly interesting because April and May tend to be very slow months with fewer sales than the traditional busy ski season months (December-March).
What does this mean? Anybody’s guess at this point. Is this a beginning to the recovery? Or is it just a false spike brought on by low prices and low interest rates? Only time will tell at this point, but here in Park City we are experiencing more optimism then we have for quite some time.
This Sunday the “Park Silly” market held on lower Main Street begins its summer season. This is an eco-friendly market featuring artists, crafts, music, locally grown produce and food booths from local chefs. There is always a lot of fun energy and it is a great way to end your week. Don’t worry, the sun will come out and it will warm up so plan a vacation to Park City and experience summertime in the mountains.
Friday, June 5, 2009
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.
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.
Thursday, May 28, 2009
Memorial Weekend
While the Memorial Day weekend is the traditional start of summer throughout the country, Park City and other Rocky Mountain Ski Resorts have some time yet before summer really begins. Summer really begins in the mountains around the middle of June at which time we rarely see anymore snow, until fall. As is very typical more Park City residents left town over the weekend for warmer locations than visitors arrived.
Much of the Memorial weekend was cool and rainy (no snow!) but Memorial Day turned out to be quite pleasant. This week temperatures are near 70 degrees with only a few puffy clouds around, a great time to get outdoors and enjoy the mountains. While temperatures in the upper 60’s to low 70’s does not sound particularly warm at an elevation of 7000 feet and thin air the intensity of the sun is much more than at sea level. In June and July, when temperatures are consistently in the 80’s and even approaching 90, the intensity of the sun makes it surprisingly hot. Fortunately, even during these “hot” months the nighttime temperatures drop into the 50’s to make sleeping very pleasant. No air conditioners needed.
Summer concerts and other outdoor events will start about the middle of June and that is our official start of summer. By the middle of June all of our local restaurants have reopened and the town is bustling with visitors and activities. This is the perfect time to visit the mountains.
On the economic side while our country is certainly not out of the woods yet, each day I hear some positive news. This was not the case 2 months ago when everything from the news emphasized how bad the economy was and little hope for a quick recovery. Whether or not you agree with the approach that President Obama has taken, his aggressive action appears to be turning the tide, at least in the short term. This appears to have translated to buyer confidence which has translated to an increase in purchase contracts being written. This morning’s news was that home sales across the country increased in April 2009. This is the first time that home sales have shown an increase for quite a long time. Many real estate analysts are coming out and saying that while there will still be area’s that are slow to recover, the U.S. Real Estate market may have bottomed out. Time will tell but it sure feels like that here in Park City.
Much of the Memorial weekend was cool and rainy (no snow!) but Memorial Day turned out to be quite pleasant. This week temperatures are near 70 degrees with only a few puffy clouds around, a great time to get outdoors and enjoy the mountains. While temperatures in the upper 60’s to low 70’s does not sound particularly warm at an elevation of 7000 feet and thin air the intensity of the sun is much more than at sea level. In June and July, when temperatures are consistently in the 80’s and even approaching 90, the intensity of the sun makes it surprisingly hot. Fortunately, even during these “hot” months the nighttime temperatures drop into the 50’s to make sleeping very pleasant. No air conditioners needed.
Summer concerts and other outdoor events will start about the middle of June and that is our official start of summer. By the middle of June all of our local restaurants have reopened and the town is bustling with visitors and activities. This is the perfect time to visit the mountains.
On the economic side while our country is certainly not out of the woods yet, each day I hear some positive news. This was not the case 2 months ago when everything from the news emphasized how bad the economy was and little hope for a quick recovery. Whether or not you agree with the approach that President Obama has taken, his aggressive action appears to be turning the tide, at least in the short term. This appears to have translated to buyer confidence which has translated to an increase in purchase contracts being written. This morning’s news was that home sales across the country increased in April 2009. This is the first time that home sales have shown an increase for quite a long time. Many real estate analysts are coming out and saying that while there will still be area’s that are slow to recover, the U.S. Real Estate market may have bottomed out. Time will tell but it sure feels like that here in Park City.
Wednesday, May 20, 2009
The Bell is Ringing
For the past couple of months I have been talking about how this is the time to be purchasing resort real estate (you are probably getting tired of hearing this from me). However, for those of you who are waiting for a bell to ring to signal the right time, the bell is ringing loud and clear. Now just what makes me say this??? Springtime in the mountain resorts is typically a very slow time of the year. But for the last few weeks I have seen the number of sales increasing each week, which is contrary to the spring buying season. I have observed that the bargain hunters have moved from a “watch and wait” position to a “buy” position. This past week was particularly striking as the sales numbers for our office for the past week totaled over $21,000,000 in sales. This is reminiscent of the good ole’ days of 2005 and 2006. When investors and bargain hunters move to a buy position they are sending a strong signal that if we are not at the bottom of the market we are so close that now is the time. Copy and paste this link in your web browser to view the number of pended sales in Park City from July 2008-April 2009: http://www.flickr.com/photos/dhanlon532/3548952415/.
Last weekend was the warmest weekend of the year so far with temperatures approaching 80 degrees. All of the outdoor enthusiasts were outside biking, hiking and playing golf. With the first warm weather of the spring the aspens suddenly leap out with their bright green and fresh leaves, it is a truly a magical time of year to watch the hills go from brown to green in just two days. Right now the aspens have leaped out to an elevation of 8000 feet with the higher elevation aspens still covered in snow. It will be another few weeks for these higher elevation aspens to leap out.
This weekend is the memorial holiday and all of the local pools open and it will be a time when parkites fire up the bbq’s and enjoy the warm days of spring. Happy Memorial Weekend!
Last weekend was the warmest weekend of the year so far with temperatures approaching 80 degrees. All of the outdoor enthusiasts were outside biking, hiking and playing golf. With the first warm weather of the spring the aspens suddenly leap out with their bright green and fresh leaves, it is a truly a magical time of year to watch the hills go from brown to green in just two days. Right now the aspens have leaped out to an elevation of 8000 feet with the higher elevation aspens still covered in snow. It will be another few weeks for these higher elevation aspens to leap out.
This weekend is the memorial holiday and all of the local pools open and it will be a time when parkites fire up the bbq’s and enjoy the warm days of spring. Happy Memorial Weekend!
Friday, May 15, 2009
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!
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!
Friday, May 8, 2009
QTR
Last week I attended a presentation where the topic was “Quality Time Remaining”. The thought behind this is that all too often we put off doing something or purchasing something that we really want and suddenly it becomes too late to enjoy it. This is particularly true in real estate and even more so in resort real estate. As our families grow and our children go on with their own lives, we often think about that vacation property where our families can gather and enjoy each other’s company again. However, it is so easy to say, “Now is just not the right time” or perhaps, “prices will be lower next year” or “the perfect property will come along in the next few years”. While we wait for that perfect opportunity or perfect property to come along we have lost the time with our family and loved ones that can never be recaptured. We all know that we only have so much time to really enjoy our lives and what value can we place on this?
Many of my clients have come to realize just how important this is as they spend more and more time enjoying their vacation home in park city with family and friends. Frequently my clients tell me that while they had only intended to use their vacation property occasionally during the ski season they end up spending quite a lot of time during the summer months as well. When deciding if now is the right time for you to purchase your vacation home or even go on a vacation, remember QTR and take advantage of it.
Many of my clients have come to realize just how important this is as they spend more and more time enjoying their vacation home in park city with family and friends. Frequently my clients tell me that while they had only intended to use their vacation property occasionally during the ski season they end up spending quite a lot of time during the summer months as well. When deciding if now is the right time for you to purchase your vacation home or even go on a vacation, remember QTR and take advantage of it.
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