Park City Real Estate Auction

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 28^th 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
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Golf at The Canyons Resort in Park City

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"