By Todd Anderson
Nov 01, 2013
Historic Main St in Park City, Utah is just as much of a destination as our three world class ski resorts. When visitors aren’t skiing, biking, hiking etc. at Deer Valley, Canyons or Park City Mountain Resort they can often be found walking Main St enjoying the great restaurants, bars, galleries and shops.
There are three real estate offices located on Main Street and all of them have flyers in the windows to catch the eyes of passers-by. It is common to see people pointing at flyers and tapping on the glass while getting their friends to see what they see.
Comments run the gamut from “OMG that’s crazy” to “Look, we could afford a home here”. Resort towns everywhere get the same responses; I know that I do similar “window shopping” while I am on vacation. I do believe that Park City represents a strong value in terms of other resort cities. That is not to say that Park City is for everyone.
A recent look at Park City real estate data showed only 6 homes in the greater Park City area offered at under $500,000 an average asking price of well over $1 million. Slope-side homes with ski-in/ski-out access will start at double the average single family home price.
Outliers always grab the most attention. On the attainable side, condominiums for less than $100,000 are available in Park City and on the fantasy side are “Dream Homes” with every bell and whistle for $20 million or more. These two ends of the spectrum do prove that there is something for just about every budget in Park City, UT.
We at
YouInParkCity.com invite you to take a little time when you are in Park City and go a little further than just tapping the glass on our fishbowl. Walk into our office at 693 Main St. Park City, UT and let’s talk about the possibilities and the right home for you in Park City.
Call us at (888)968-4672 or email info@YouInParkCity.com
Tags: home shopping, Main St, Park City, resort, Utah
Posted in Park City Real Estate Notes |
0 Responses to "Window Shopping for Homes in Park City"
By Todd Anderson
May 29, 2013
Vail Resorts announced today that it has entered into a long term lease to assume all of the resort operations of Canyons Resort in Park City, Utah.
Vail lost out to Talisker a few years back in the bidding to purchase the resort, but is now coming back to take over the operations. Talisker Corporation has retained all of the development rights. In the original battle between Vail and Talisker for the purchase, Talisker’s lack of ski mountain operations background was a point of contention. In today’s press release Vail commended the work Talisker had done with $75M in improvements and other moves that had raised Canyons into the top ten ski resorts in North America as rated by the readers of Ski Magazine.
The website home page of Canyons Resort announces that “Utah is now Epic”. This refers to Canyons Resort being included as part of Vail Resorts’ Epic Pass which offers skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly, and Kirkwood all for $689 (20% below the price of a Canyons Resort pass last year).
The press release states that the companies agreed to a fifty year lease with six fifty year options to renew at a price of $25 Million per year plus a yearly increase and portion of EBITDA.
The agreement also includes the land which Talisker currently leases to Park City Mountain Resort. The leased land is mentioned as potential lease without additional consideration. The litigation between Talisker and Park City Mountain Resort is ongoing. The chairman and CEO of Vail Resorts is quoted as saying he hopes “Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts”. Great news for skiers and snowboarders at Canyons and Park City, but a questionable phrase for Powder Corp (Owner of Park City Mountain Resort).
Park City as a whole should only benefit from what Vail Resorts brings in terms of marketing and resort operation expertise.
Tags: canyons, Epic, Park City, resort, Ski, snowboard, Talisker, Utah, vail
Posted in Park City Real Estate Notes, Park City Skiing, Park City value |
0 Responses to "Canyons to be Operated by Vail Resorts"
By Todd Anderson
Dec 10, 2012
Park City was recently named as one of the top 5 Ski Resorts in the US in terms of “Awesomeness”.
Contributing author for Forbes.com Christopher Steiner notes how “ubiquitous rankings have become” and decided to rank ski resorts in his own terms as a measure of Awesomeness “do you need to know anything else?”
Park City was grouped as one resort due to the proximity of its three ski mountains (Canyons, Deer Valley and Park City Mountain Resort)all being within ten minutes of one-another. Similarly Alta and Snowbird were grouped together as were Vail and Beaver Creek (they were ranked #2 and #4 on the Ski Resort Awesomeness rankings). Jackson Hole led the way and Telluride came in at #3.
Of interest in this Ski Resort Awesomeness ranking is the ratings of the skiing; the author rates Canyons as the best of the three resorts in Park City with Deer Valley second and Park City Mountain Resort third. Mr. Steiner definitely knows the resorts as he makes mention of the good and bad at all three. Canyons 9990 lift takes his top spot to ski while there (we’d throw in peak 5 as a great spot to make laps until 9990 opens) and he cautions against spending the day getting to something as the mountain is quite spread out. Deer Valley gets a strong recommendation not only as a fancy resort, but also for its great skiing terrain including trees and chutes. He calls Empire Lodge the greatest ski lodge in the world and calls the Deer Valley Turkey Chili the greatest single dish served mountainside anywhere. Forbes.com calls Jupiter Peak the best of the skiing at Park City Mountain Resort but laments the run-outs and the occasional crowds (for Utah). A thumbs-up was given for the ability to ski into Main St and ride the Town Lift back.
All-in-all it was a great positive article based almost solely on the ski aspects of Park City. When you throw in the other things that make the area great (restaurants, shopping, galleries, Sundance, nightlife, spas and all the non-ski-related amenities) Park City continues to shine as one of the most well-rounded destination vacations or place to call home.
For everyone east of the Rockies it was noted that no resort there made the list due to the snow and terrain not ranking in terms of Awesomeness versus the west.
For a complete version of the story see:
Top 10 Ski Resorts in the United States for 2013.
For information about Park City Real Estate contact a realty professional with the YouInParkCity.com Group at (888)968-4672.
Tags: awesomeness, canyons, Deer Valley, Park City, PCMR, ranking, resort, Rockies, Ski, Skiing, Utah
Posted in Park City Skiing, Park City value |
0 Responses to "Another Top Ten Rating for Park City"
By Todd Anderson
Dec 09, 2011
Park City Mountain Resort to Improve Base Area
Resort Officials of Park City Mountain Resort announced to the Park City Council and Planning Committee that they are beginning to explore new development around the resort base area.
In recent years the resort has positioned itself as a ski resort operator and not a developer. They now point to new base area development as a way to ensure that they are adequately taking care of their customers as well as increasing capacity for new resort guests.
There have been many rumors in the past about possible resort hotels going in at the base of the resort where the parking lots are currently located. The recent additions of the Hyatt Escala and Waldorf Astoria at Canyons Resort as well as the St Regis and Montage Hotels at Deer Valley leave Park City Mountain Resort without a luxury offering to compete with Deer Valley and Canyons. The lower lots near the base of the First Time Lift and Super-pipe would appear to be the most logical place for a new resort hotel and base area expansion. A Four Seasons Resort Hotel was once rumored for this location; maybe it is a step closer to reality (?).
The plans are still conceptual at this point, but as the supply of new luxury condominiums in Park City dwindles another resort property will make sense. The addition would be great for the Town of Park City as well as the Park City Mountain Resort.
Tags: canyons, condominium, Deer Valley, hotel, Luxury, Park City, Park City Mountain Resort, resort
Posted in Park City Real Estate Notes, Park City Skiing |
0 Responses to "Park City Luxury Ski-in/Ski-out Hotel"
By Todd Anderson
Dec 02, 2011
We are close to having one year of sales data for the Montage at Deer Valley and the sales data shows surprising strength given the overall market and world economy. Thirteen sales have been completed for Montage Deer Valley Residences. The sales represent just over 15% of the available units but were nearly 50% of all sales in Park City’s luxury real estate enclave of Empire Pass. Sales prices have ranged from $1.6M to $8M.
The latest release of residence models at Montage Deer Valley will feature a showcase residence that is a collaboration between interior designer Philip Gorrivan and One Kings Lane (a leading online site for designer décor, furnishings and accessories). The 3471 square foot home is a two story three bedroom, three bath model featuring a large great room, dining room, gourmet kitchen, and den. Three private balconies offer incomparable ski resort and valley views. The designer elements in the home have created a mountain modern feel in which each room has its own unique sense and appeal to the luxury Park City lifestyle. Our recent tour through this home was impressive.
The home will enjoy access to all of the Montage Deer Valley spa and resort services and amenities; not the least of which is its slope-side Deer Valley location.
For more information about this special Montage Deer Valley home or a private tour focused on luxury Park City and Deer Valley real estate contact YouInParkCity.com at (888)968-4672.
Search All Montage Deer Valley Listings
Tags: Deer Valley, Empire Pass, home, montage, Park City, Real Estate, resort, Ski
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Montage Deer Valley Real Estate"
By Todd Anderson
Nov 13, 2011
The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.
While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.
VS.
Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.
Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.
Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.
For in-depth neighborhood by neighborhood
real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.
Tags: CO, comparison, condominiums, homes, Park City, Real Estate, resort, sold, UT, vail, value
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Ski Resort Real Estate: Park City or Vail"
By Todd Anderson
Oct 11, 2011
For the fifth year in a row the readers of SKI Magazine have named Deer Valley as the number one resort in North America. This is the 6th time in the last 7 years that Deer Valley has been named number one overall. The resort has not been lower than 3rd in the last 11 years.
The rankings take in many different aspects of the resort and while Deer Valley may not be the toughest or largest resort, or get the best snow, its ranking as best overall is impressive. Deer Valley Resort always gets accolades for its grooming, food, andguest services. The editor of SKI Magazine notes that the size of the resort and the fact that snowboarding is not allowed helps Deer Valley to edge its large competitors Vail and Whistler for the number one spot.
The other Park City area resorts alos fared well with Park City Mountain Resort coming in at number 6 and Canyons Resort in the number 16 slot.
A new lifestyle category named Park City Mountain Resort as the best place in North America to ski with kids.
The consistent rankings from the readers of SKI Magazine have a great impact on tourism in Park City as well as housing values. A town with the best overall ski resort ranking which shares a ropeline with the resort ranked as the best place to ski with a family makes for quite a place to live or own a vacation home.
Tags: Deer Valley, Park City, ranking, resort, Ski
Posted in buyers, Park City Real Estate Notes, Park City Skiing, Park City value |
0 Responses to "Deer Valley Resort #1 (again)"
By Todd Anderson
Aug 21, 2010
We have talked for years about what is or is not a best buy and at $16,000,000 this one of a kind home named Deerfield Estate, in the Deer Crest area of Deer Valley, Utah without a doubt, qualifies.
Every week we look at homes in the Park City Real Estate and Deer Valley markets. Very rarely are we awed by a condominium or home. In the Deer Crest area of Deer Valley there are many very well done homes, the “Ski Dream Home” and others come to mind but this estate home on 4 acres is a notch above. In looking for adjectives I landed on elegant, sophisticated and comfortable. While most of the Deer Crest homes and lots are ski in ski out very few provide direct skier access to Deer Valley’s Snow Park Lodge. At the end of the ski day there is a private gondola to take you home.
The home’s statement of detail and quality starts when you enter the private gate to Deerfield Estate and continue up the drive to a grand vaulted portico from which hangs a custom iron lantern. The entrance to the home is two massive hand carved oak doors with antique bronze hardware that originally graced a Chicago mansion.
Deerfield Estate has all of the amenities one would expect in a luxury Deer Valley home but the finishes are in a class of their own; hand hewn posts, beams and trusses, hand painted tiles, custom bronze sconces and lighting fixtures and much more. To my chagrin many of the items needed to be explained to me by Bruce Martin, owner of Bruce Martin Interiors of Sun Valley, Idaho. http://www.brucemartininteriors.com/index.html
Created as one of the crown jewels of the Achristavest group, its team of designers and craftsmen took full advantage of this site’s breathtaking ski area and Jordanelle Reservoir views. There is even a intimate sitting area above the gondola from which the view is truly 360 degrees. This luxurious home gives you the feeling of being in the heart of the Deer Valley Resort and yet in a world of your own
Deerfield Estate is conveniently located ½ mile from the St. Regis, 1 mile from the Deer Crest gate and only 2 miles from the base of the Deer Valley Ski Resort’s Snow Park Lodge. Through the back entrance to Deer Crest it is only about 20 minutes to the private airfield in Heber. So if you are looking for the privacy with convenience, sophisticated elegance, and want that one of a kind ski mountain estate in Park City, UT; this home might be right for you.
Originally priced at $28,975,000 and reduced to $15,875,000 for auction this estate quality home easily qualifies for the YouInParkCity.com Best Buys list.
For more information on Deerfield Estate or to register for the upcoming auction, contact Rob Harris or Todd Anderson at the YouInParkCity.com group (888)968-4672.
Tags: auction, Deer Crest, Deer Valley, Deerfield Estate, home, Luxury, Real Estate, resort, Ski, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "A $16Million Real Estate Best Buy???"
By Todd Anderson
Jun 11, 2010
More than just the skiing, biking, golf, snowboarding, hiking or ...it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: The Park City Farmers Market
Every Wednesday throughout the summer, there is a local Park City Farmers Market held in the lower parking lot of The Canyons Resort.
The weekly event is held rain or shine. It is one of those great spots around town where you are bound to run into friends. Stop by and grab lunch, along with some fresh produce, local raised beef and lamb, fresh fish, bread, cheese, flowers and more. The Wednesday Park City Farmers Market is a great stop for food and snacks on your way to the free concert at Deer Valley too.
The market is also home to some local artisans featuring sculptures, art, jewelry, antiques and more. The Wednesday Market has been the inspiration for a few other indoor and outdoor markets around Park City and it is still one of the best.
For more information about the Park City Farmers Market, go to: http://www.parkcityfarmersmarket.com/.
The Park City Farmers Market gives locals and visitors alike a sense that our community is not just about our resort amenities, Summit county not long ago was a mixture of mining and farming communities and to the east of park City, the farming still thrives. Local markets such as this one provide an easy way to be "green"...think global, buy local.
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: community, Deer Valley, farmers, food, local, market, Park City, Real Estate, resort, UT, Utah, value
Posted in Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "Park City Real Estate Value #4"
By Todd Anderson
Apr 04, 2010
Park City, UT: Montage Resort Deer Valley construction goes on 24hrs per day.
Park City, Utah officials have given Montage Deer Valley Resort developers the OK to work 24 hours per day. This marks the first time in over 30 years that officials have allowed for such a construction schedule. The unique location of the Montage Deer Valley Resort allows for a schedule that should have minimal effect on nearby property owners and guests.
The Montage Deer Valley will sit at an elevation of over 8000' next to the Empire Canyon Lodge and Ruby and Empire Express ski lifts at Deer Valley Resort in Park City. The Deer Valley Ski Resort closes for the season on April 11, 2010 which will minimize the number of guests and owners staying in residences in the Empire Pass area of Park City.
The Montage Deer Valley recently celebrated its "topping off" marking a construction milestone with an evergreen tree placed atop the structure after the last beam was put in place. Over 900 workers are presently working within the wrapped scaffolding construction site. The ability to work 24 hours a day will help keep the resort on track for its anticipated opening in December of 2010. The resort will have 174 guest rooms, a 35,000 square foot spa facility, 15,000 square feet of convention space, multiple dining options including 24 hour in room dining services plus indoor and outdoor recreational spaces.
The Montage Deer Valley recently released its initial pricing for the 81 private residences with prices starting at just over $2 million and ranging up to nearly $8 million. Incentives are being offered to early buyers which include season ski passes at Deer Valley Resort, guided skiing privileges, Talisker Club access and stays at the Montage Beverly Hills or Montage Laguna Beach.
A model residence is complete and available for viewing by prospective buyers. For more info contact a YouInParkCity.com real estate professional.
Tags: construction, Deer Valley, empire canyon, hotel, montage, Park City real estate, prices, residence, resort, Ski
Posted in buyers, Park City Real Estate Notes, Park City Skiing |
0 Responses to "Montage Deer Valley Construction Full Speed Ahead"
By Todd Anderson
Feb 15, 2010
The successful auction of property at the Empire Pass area in Park City has spurred another Park City area real estate auction. The Lodge at the Westgate announced last week that it will hold an auction to sell 44 of its whole ownership condominiums on the 28th of March.
Like the auction held last month, the developer has set minimum bids for the units at slightly below half of the current asking prices. Units are being offered with a minimum price starting as low as $149,000 for a 360 square foot studio. Models range up to a four bedroom four bath penthouse with a minimum bid of $995,000.
If the auction at Silver Strike in Deer Valley is any indication, prices will be bid up only modestly and other real estate sales near The Canyons Resort will likely be on hold as Buyers and Sellers wait to see the final results. Prices in the Empire Canyon area of Deer Valley are still adjusting after the auction held there last month.
The auction at The Lodge at the Westgate Park City should pique the interest of many with national advertising in Sunday's Edition of the New York Times and other metropolitan areas. The initial bid pricing for the units places them near the asking prices of property resales at Silverado and lower than offerings at the nearby Sundial Lodge and Escala Lodges. Determining the value of The Lodges at Westgate isn't easily done due to the number of available condominiums near The Canyons Resort. While the Westgate is not a true ski-in, ski-out property, the amenity package that the Westgate offers is impressive. The prices of all condominium property near the base of The Canyons as well as the fate of the still to open Sunrise at Escala will likely be impacted by the auction.
For more information about real estate near The Canyons Resort and to discuss the likely impact of the upcoming auction at The Lodges at The Westgate Park City may have, contact a professional with YouInParkCity.com.
Tags: auction, Deer Valley, Empire Pass, Escala, lodge, ownership, Park City real estate, property, resort, silverado, sundial, The Canyons, westgate
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Auction"
By Todd Anderson
Jan 27, 2010
Park City real estate encompasses many showcase homes and ultra high-end luxury properties. Slope-side homes in The Colony at The Canyons, Upper Deer Valley, Deer Crest, and more as well as golf course homes in Glenwild, Tuhaye and Promontory commonly see price tags of over $5 million (in fact there are over 60 such homes currently listed on the Park City MLS). But the home at 5000 Royal St. in Park City's Upper Deer Valley real estate area with an asking price of $55 million stands apart in the premium Park City property listings.
What makes this Park City home different from the others (apart from the price tag)? There are many features that one would expect of a luxury residence in Deer Valley. The home is over 20,000 square feet and includes 12 bedrooms and 16 baths and custom built furniture throughout. The gourmet kitchen is designed to make a professional chef feel at home while still being a comfortable living area. Exterior spaces offer great gathering areas amid the pines away from nearly any city feel. A large gaming room provides a location for hours of fun and an indoor pool and hot tub make for alternative recreation to the outdoors. Two attached garages provide adequate capacity for transportation. The hillside location provides great views. The home's location, while not slope-side is just yards from the slopes at Deer Valley and minutes from Historic Main St. Park City. These things can be found in many of Park City and Deer Valley luxury resort residences. What 5000 Royal St has that others don't is: a private 60+ acre estate, the size of the estate alone is something that sets it apart; the fact that it is so central to Park City makes it truly one of a kind. While there may be the ability to subdivide apportions of the estate, it would be a shame. An attached heated garage is capable of storing and show-casing a car or "toy" collection of 20 or more vehicles. The main home lies within a 3 acre fenced and landscaped grounds.
The construction and materials of this home come with a story as do the residents and guests. The home was constructed with logs reclaimed from the Yellowstone park area of Wyoming. The logs represent the structural integrity of the home as steel beams were not used. This is truly "old world" craftsmanship that took years to complete. The rustic finishes and western feel are authentic and irreplaceable. The Huntsman family has many fond memories of the estate. The home has been an escape for Governors, Heads of State and Prime Ministers from around the world. This home can truly be said to stand apart from other multi-million dollar homes in Deer Valley, Park City, Utah or the world.
Contact your YouInParkCity.com real estate professional for more.
Tags: 5000 Royal, Deer Valley, estate, Huntsman, Luxury, MLS, Park City, property, Real Estate, residence, resort, Royal St, upper
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Park City Utah's $55M Property"
By Todd Anderson
Dec 23, 2009
Real estate prices in Park City, Utah show a wide array of ownership possibilities. Single family home prices start in the mid $300K range and top out at over $50M. While there are homes that may be considered reasonably attainable for the average buyer, the influences of the luxury resort community impact averages and median pricing. Of the nearly 600 homes currently listed for sale across the Park City MLS, more than one third presently are priced above 2 million dollars. Over sixty percent of the homes on the market are priced at $1M and above. These offerings bring the average asking price to well over $2 million.
Many agents in the Park City area have considered these multi-million dollar homes and their Buyers and Sellers to be somewhat insulated from the effects of the national economy. There is without a doubt a certain air among Sellers that the price they paid or believed the home was worth a few years ago is still the current value. Other Sellers however are aggressively making price reductions in an effort to move their property. It would almost appear as if these Sellers are living in different worlds.
Here are some examples of each:
In the Glenwild subdivision - a 200 unit private development of custom luxury homes situated around Utah's best rated golf course - a showcase home finished and offered for sale in the middle of 2008 has seen price reductions of over $2M since its first offering. The price reductions and aggressive changes make for a nearly 40% off sale price.
In the Deer Crest community of 144 homesites and the new St. Regis luxury hotel, the "Ski Magazine Dream Home" with its 6 bedrooms, 10 baths, 15 fireplaces, fantastic view and ski-in/ski-out location has actually seen its price rise by over $2M during the 3 years that it has been offered for sale.
The Promontory golf club and resort second home community in Park City has after emerging from bankruptcy seen prices slashed in many cases by more than half of original asking price. Some homes in this area have been priced below their replacement or build costs in an effort to move them quickly.
The new Dakota Mountain Lodge at The Canyons Resort is part of the Waldorf-Astoria collection of luxury hotels. The resort condominium hotel has been open just a few months and still has over 50 contracts still waiting to close (most all were written years ago during the height of the Park City real estate boom). One owner recently closed on their 4 bedroom 4 bath top floor model and immediately offered it for sale at $300K over the price they paid.
The developers of the Silver Strike Lodge in the Empire Pass area of Deer Valley are auctioning 8 units of the development next month with opening bids set at approximately half of their original asking price. Approximately one third of the homes and condominiums that are complete in the Empire Pass area are currently offered for sale.
Sellers in the Park City real estate market appear to have dramatically different ideas of current valuations. In the end, no matter what belief the Sellers have about the market, it is the Buyers that will set the value. Recent sales would appear to show that those Sellers willing to negotiate and/or aggressively reduce their prices are those that will sell their properties in our current market.
For more information regarding Park City sales trends, home valuation opinions, and marketing alternatives
contact a YouInParkCity.com real estate professional.
Tags: Deer Crest, Deer Valley, Empire Pass, Glenwild, Luxury, market, Park City, prices, Promontory, Real Estate, resort, sellers, Ski
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate's Different Worlds"
By Todd Anderson
Oct 16, 2009
The end of September marks a shift in focus for Park City and Deer Valley real estate Buyers. Traditionally we see a shift away from single family residential homes and toward resort and ski property as the winter nears. This marks a good time to take a look back and compare the latest quarter real estate sales with past years.
Park City real estate sales for the 3rd quarter 2009 show only a small drop in sales and unit volume versus the same period last year. Unit sales were effectively flat while dollar volume dropped by about 9%. -Note that for statistic purposes The YouInParkCity.com Group uses only sales in the 84060 and 84098 zip codes and only considers sales of single family homes, condominiums and vacant land- The 3rd quarter of 2008 is when sales in the Park City area started seeing the impacts of the economic downturn and people began to realize that we were not totally insulated from the national housing crisis.
The downturn in dollar volume indicates that prices have receded slightly. Price corrections have varied greatly by neighborhood and the relatively small unit volume means that a few sales can have a large impact statistically. As a case in point, Dakota Mountain Lodge at The Canyons Resort sales represent over 10% of the dollar volume for this past quarter.
Pricing in general is also showing downward pressure as the sold prices versus the list price was off by 8% while the list prices had shown an 8% discount already.
Year to date sales versus the same period in 2008 show a decrease in dollar and unit volume of over 35%. The fact that the current period is flat may indicate that the downward market pressures have subsided and we are experiencing a bottom. There is a "feel" among most REALTORS® in town that business is getting better. Most agents are busy with many clients searching for values and beginning to write offers.
To discuss more in depth statistics and analysis of the Park City and Deer Valley real estate markets, contact a YouInParkCity.com realty professional.
Tags: Buyer, condominiums, Deer Valley, homes, market, Park City, quarter, Real Estate, realtor, realty, resort, statistics, The Canyons
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate 3rd Q 2009 Sales"
By Todd Anderson
Jul 20, 2009
St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more
As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers.
The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly.
The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner.
In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels.
The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction area of Park City just off hwy 224 near the I-80 interchange. The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out.
In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward.
The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.
Tags: canyons, Dakota, Deer Crest, Deer Valley, home owner, hotel, kimball junction, lodge, Luxury, mountain, Park City, planning, property, Real Estate, research park, resort, st. regis, treasure hill
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Real Estate News: Park City, Utah"
By Todd Anderson
Jun 17, 2009
Golf courses and spas are a major component of resort real estate in the Park City and Deer Valley area. Many of the real estate communities in The Canyons area of Park City have some reliance on golf in the area. A meeting will be held today to discuss why the proposed golf course adjacent to The Canyons Resort in Park City, Utah has not come to fruition.
In the late 1990's as part of The Canyons Resort specially planned area (SPA), a golf course was required as part of the plan. The plan required a course to be in place by 2002.
The Spa allows for increased density at the base of The Canyons Resort and has many conditions which allow for the density increase such as a golf course (golf is often developed as "open space" in large development and SPA areas in and around Park City, Utah), roads, trails public right-of-ways, etc. Many of the problems with the proposed golf course and overall development of the base area at The Canyons Resort stem from the fact that there are over 25 different land owners involved dealing with complicated trades, leases and other transactions to get the original SPA approved.
With the Talisker Corp. as the new owner of The Canyons Resort, it was widely anticipated that due to its golf background, the course would move forward quickly. This has yet to happen and the lawsuits surrounding the area can only make matters worse.
Many of the real estate developments within and around The Canyons and Park City have made mention of the future course and no doubt many Buyers have made real estate purchases based on the proposed course.
The proposed golf course at The Canyons could play an important role in making the resort and surrounding tourism driven developments more profitable year-round. Most of the newer real estate developments in The Canyons area (The Grand Summit, The Sundial Lodge, Escala, Vintage on the Strand, The Westgate, Dakota Mountain Lodge, Fairway Springs and more) have made some claim to proximity to and added benefit to owners and guests that the proposed golf course at The Canyons will bring.
Unfortunately, golf courses are not cure-all prescriptions for real estate and tourism. Local private and semi-private Park City area golf courses are experiencing difficulties. These can be seen by the recent bankruptcy and subsequent emergence from bankruptcy at Promontory, as well as the exodus of over 100 members at the Jeremy Ranch golf club and heavily discounted memberships becoming available at Park Meadows Country Club.
The completion of the proposed course at The Canyons Resort in Park City will be a welcome addition by area golfers and tourists alike, but how well the Park City area which boasts more than 14 golf courses (and at least 3 more on the way) within a 20 mile drive can absorb enough tee times to make them all work is yet to be seen. The effect on the real estate surrounding the Park City and Deer Valley area golf courses is a great discussion.
For more information about golf related real estate opportunities in the Park City and Deer Valley areas, contact a YouInParkCity.com real estate agent.
Tags: canyons, Dakota, Deer Valley, Escala, Golf, golf course, Grand Summit, Jeremy, Park City, Park Meadows, Promontory, Real Estate, resort, Talisker, The Canyons, tourism, Utah
Posted in Park City Golfing, Park City Real Estate Notes |
0 Responses to "Golf at The Canyons Resort in Park City"
By Todd Anderson
May 06, 2009
The Park City Board of Realtors welcomed speakers from the Rocky Mountain Resort Alliance (RMRA) at its monthly luncheon last week. The alliance is made up of the Boards of Realtors from destination ski towns in the western United States. The alliance includes Park City, Utah, Sun Valley, Idaho, Jackson Hole, Wyoming, Whistler, BC, Aspen, Vail, Steamboat Springs, Telluride, Summit County, and Winter Park, CO. Speakers were present from Lake Tahoe area of California as well as Vail, Co and Jackson Hole, WY.
The real estate sales statistics for first quarter of 2009 were presented to the Park City Board attendees for each area in the Alliance. A quick look at the statistics gives an immediate sense of "misery loves company". Statistics across the board show sales figures being down from 50% to 75% along with falling median sales prices. There does not seem to be any area that is immune to the effects of the National and International economic downturns especially since it is combined with the current squeeze on credit markets.
The interesting part of the meeting was the discussion that followed. It was noted by each of the speakers that there were bright spots and areas (price ranges) that are seeing activity. Much of the activity is in the lower and entry level end. Some areas also noted sales activity on the very high end of the market. Many of the "bright spots" in the current market may be attributed to the small sample size we are dealing with when looking at the latest quarter statistics. The speakers all seemed to agree that there are many "lookers" in the current market and that while many people are waiting for the bottom, there is a sense of pent-up demand.
All of the resort towns in the Rocky Mountain Resort Alliance seemed to agree that it is a Buyers market and Park City real estate is right in step with the others. Increased inventories and few sales are leading to strong values in the secondary home and vacation markets.
For more information; contact your YouinParkcity.com Keller Williams Park City Real estate Agent.
Tags: alliance, aspen, CO, jackson, market, Park City, prices, Real Estate, realtors, resort, Rocky Mountain, sales, statistics, sun valley, Utah, vacation, vail
Posted in buyers, Park City Economy, sellers |
0 Responses to "Rocky Mountain Resort Alliance Statistics"
By Todd Anderson
Nov 23, 2008
For many people the name Sundance brings to mind a famous, high profile, independent film festival held each January in Park City. Crowds, traffic, famous and not-so-famous Hollywood types and paparazzi complete the idea of Sundance for these people. Sundance Resort is truly the opposite of the festival image.
The Sundance Resort is located about 30 miles southwest of Park City, Utah, and a short drive northeast of the Provo/Orem area of Utah. It is a quiet area tucked up a canyon with a feeling that is miles away from city hustle and bustle. The area is known for its rustic charm and its owner Robert Redford. Redford stumbled across this place in the 1950’s and purchased a cabin lot in Sundance in 1961. As development threatened to move into the area in the late 60’s, Redford rallied friends and investors to purchase 3000 acres and stave off the development. What has resulted from these actions that started thirty years ago is an area of 6000 acres of which more than 5000 acres is part of an environmental easement and a 450 acre ski and summer resort.
The Sundance Resort has space for only 250 nightly guests in its 95 cabins. In addition to this, there are only 300 private homes in the area. The residences here vary from A-frame cabins to magnificent homes with beautiful interior finishes and fabulous views masked behind an unpretentious mountain contemporary exterior.
It is the unpretentious nature of Sundance that makes it a truly special place. Sundance has great restaurants and spa amenities, but its beauty is natural and comes from its lack of development and awe inspiring views of Mt Timpanogos’ 12000’ peak. The resorts’ environmental easements and wilderness area feel will keep it genuinely different from its nearby ski resort neighbors in Park City. The true scarcity, low-key feel and lack of mega-resort status make Sundance priceless in comparison to other resorts.
For more on skiing at Sundance Resort, see the December 2008 edition of SKI or go to www.SkiNet.com. For information on Sundance estate opportunities including the home pictured above, go to www.YouInParkCity.com and www.2983RidgeTopRd.com.
Tags: film, for sale, orem, Park City, property, provo, Real Estate, resort, robert redford, Ski, Skiing, sundance, timpanogos, UT, Utah
Posted in Uncategorized, buyers, Park City Skiing, sellers |
0 Responses to "Sundance Resort Living"
By Todd Anderson
Oct 12, 2008
Amidst all of the recent horrible national housing and economy news Park City, UT has received some great accolades. In addition to the release of The SKI Magazine readers' poll recognizing Deer Valley as the top ski resort in North America (see our www.YouInParkCity.com blog post from September 24), Park City has been mentioned by Forbes Traveler and featured in a USA Today article this past week.
In the ForbesTraveler.com article which falls under their "Inspirations" section, travel writer Sarah Tuff Dunn in naming Park City, Utah as one of the 20 prettiest towns in America says:
"I was struck by just how blue the sky was, and how dry the air, during a ski trip one March. I was used to soggy or icy conditions back East. After I skied seemingly bottomless powder at nearby Deer Valley, the whole town of Park City (which looked like a candy village, thanks to all the different colors of the Victorian buildings) seemed like it was on some crazy high from the sun, the snow and the altitude."
Photographer Krist (who also contributed to the list) sums up the intangible quality shared by the pretty towns on his list: "They haven't been homogenized, they still have their local character-and the charm is real."
See
http://www.forbestraveler.com/best-lists/americas-prettiest-towns-story.html for the rest of the list.
While Forbes was recognizing the beauty of Park City, UT, the USA Today was touting how easy it is to get here. Beauty can be very subjective, but location isn't. Larry Olmstead, travel writer for the USA Today, notes in the Friday Oct 10, 2008 article titled: Second homes: Park City is just a hop, skip and a ski slope away:
With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.
But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.
The article goes on to describe real estate opportunities in and around Park City's three resorts - The Canyons, Deer Valley, and Park City Mountain Resort -
see (
http://www.usatoday.com/travel/destinations/secondhomes/2008-10-09-park-city-utah_N.htm?csp=34 ).
What stands out most is the age old real estate mantra: location, location, location. While Park City is experiencing the same economic and finance pressures as the rest of the Nation, the town has something that won't change. Park City is a very desirable place to be. For those of us lucky enough to live here, we are in a place that many people come to vacation. For those who own a second home here, you have a beautiful place to go and recharge your batteries that is easy to get to from most places in the USA. Our location and the scarcity of beautiful and easily accessible towns will keep home values in Park City stronger in times of economic uncertainty.
For information on the average costs of housing in the Park City area see the neighborhood sections of
http://www.youinparkcity.com/ or call us at 888-968-4672.
Posted by Todd Anderson
Todd@YouInParkCity.com
Tags: Deer Valley, location, Park City, Park City Mountain Resort, Real Estate, resort, scarcity, second home, Ski, The Canyons, Utah, vacation
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Recognizing Park City, UT Strengths"
Historic Main St in Park City, Utah is just as much of a destination as our three world class ski resorts. When visitors aren’t skiing, biking, hiking etc. at Deer Valley, Canyons or Park City Mountain Resort they can often be found walking Main St enjoying the great restaurants, bars, galleries and shops.
There are three real estate offices located on Main Street and all of them have flyers in the windows to catch the eyes of passers-by. It is common to see people pointing at flyers and tapping on the glass while getting their friends to see what they see.
Jenny Clark