Local Area And Real Estate News

Park City Real Estate Auction

By Todd Anderson
Feb 15, 2010

The Lodge at Westgate Park City - Auction property             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
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Park City Real Estate 3rd Q 2009 Sales

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
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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
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Recognizing Park City, UT Strengths

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."Park City Barn Winter

        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
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More Reasons to Visit (and Live In) Park City

By Todd Anderson
Sep 26, 2008

          Not to be out-surveyed by Ski Magazine (see the previous www.YouinParkCity.com/blog ), Skiing Magazine has come up with more reasons to visit and enjoy the Park City winter scene.  The current edition highlights a survey conducted to identify reasons, other than skiing, why Park City ranks as one of the best ski destinations in North America.           Need your skis tuned?  Jans Mountain Outfitters was ranked as the third best in the country.  They have stores in town and on the mountain at Deer Valley and Park City Mountain Resort.           Don't want a hassle with resort transportation.  Don't worry, it's free from anyplace in town and from all major resort locations within miles of the three ski resorts.  But for a special treat, try the Karaoke Cab (the Music Taxi is also a good ride).  It was ranked as the second best value in the survey.           Want to enjoy the après scene after putting in a big day on the slopes?  Park City was ranked as the fifth best overall in the country.  Best dining was the Seafood Buffet at Deer Valley's Snowpark Lodge. Butcher's Chop House downtown received special mention.  For upscale dining, Stein Erickson's at Deer Valley is the only five-star restaurant listed in the survey.  And, don't forget the music and dancing where Harry O's pulled in top honors.  On any night you might see Metallica, 50 Cent, LL Cool J, Nas, or any other nationally recognized personality. See the YouInParkCity.com Events calendar and Dining guide for more info.           If you weren't a part of this survey, come to Park City to discover the Best for yourself.  Chances are you will be coming back for many years to come.           Make your plans to ski Park City's three resorts - Deer Valley, Park City Mountain Resort and The Canyons - now.  We'll have the snow ready for you soon.  And don't forget the summertime activities (ask a local and they'll tell you they moved here for the winter and stay because of the summer).  We have some very special, un-crowded things to do until it snows.           Once you've experienced Park City, you'll want to make it a lifetime experience, and any of the agents with YouInParkCity.com can help make that happen.  Check out the website, then call or email for more information. Posted by Ken Drummet

Tags: Deer Valley, dining, events, Park City, Park City Mountain Resort, rankings, Ski, Skiing, survey, The Canyons, UT, Utah
Posted in buyers, Park City Real Estate Notes, Park City Skiing | 0 Responses to "More Reasons to Visit (and Live In) Park City "

Park City Ranks Best in Ski Magazine

By Todd Anderson
Sep 24, 2008

Park City scores again with 3 resorts in SKI Magazines top 15 ski resorts in North America!           SKI Magazine released its annual reader's survey and Deer Valley has retained its top spot as the # 1 ski resort in North America.  Park City Mountain Resort moved up from sixth to fifth place and The Canyons jumped from 18th to 13th place.  In short another great year for the Park City ski resorts!            Skiers and resort home buyers today are looking for more than just the skiing; they are looking for a total vacation experience.  A Park City vacation starts with the ease of getting to the slopes from Salt Lake City Airport (only 30 minutes away), extends to the night life of Main Street, shopping and other entertainment for the non-skiers,  cross country skiing and snow shoeing represent just some of the experience that goes far beyond Park City's 3 Ski (and snowboard) Resorts.            Deer Valley has been ranked #1 four out of the past eight years.  They continue to be ranked #1 in service, food and grooming year after year.   Deer Valley limits itself to 6,500 skiers per day skiing on its two thousand plus acres.  The limitation is set not by how many people the mountain can handle, but by how many skiers the resort can handle in terms of food service. Un-crowded slopes lead to a great experience.  For accessibility Park City is by far the best ski location in North America, offering free skiing on your day of arrival. None of others can this offer this convenience.           These great reader poll results should make Park City real estate the beneficiary of more people putting Park City into their ski plans.  Park City is more and more being recognized as one of the premier ski and resort destinations in the world.  It remains on a cost /value comparison a better value than Vail or Aspen.  The fact that interest rates are currently very favorable (although tougher in terms of qualifying) bodes well for real estate sales. Great ratings from skiers and snowboarders will keep Park City real estate desirable to own and help to keep property values here high.           All three Park City Ski Resorts and the city itself are very pleased with the ratings again this year.  SKI Magazine Top Ten North American Ski Areas:

Posted by Michael Jacobson

Tags: Deer Valley, Park City, poll, resort home, resorts, Salt Lake City, Ski, Ski Magazine, Skiing, snowboarding, The Canyons, top ten, vacation
Posted in Park City Real Estate Notes, Park City Skiing | 0 Responses to "Park City Ranks Best in Ski Magazine"

 
 
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