Park City Gated Golf Course Community Update

By Todd Anderson

Jul 07, 2015

The Park City, UT golf season is in full swing (pardon the pun), so how are real estate sales doing in the nearby gated golf course communities?

Glenwild

There is definitely a renewed interest in Glenwild. There are currently ten homes in some stage of the build process. Ten homes have sold in the past year and three are under contract for sale; this is a huge increase versus the six homes that sold from July 2013 to July 2014. There are 16 homes for sale and 21 building lots, so there is still quite a bit of inventory and buyers are still somewhat calling the shots in Glenwild. Asking prices for Glenwild building lots range from $450K to $1.6M with a median price of $690K. Home prices in Glenwild range from 1.85M to $7.5M with a median price of $2.67M; finished square foot asking price is at $441/ft which is up 25% from a year ago while the median asking price is up $500K from the sales over the past year. The golf course is one of the best in the state and the community has as many permanent residents as vacation homes which speaks volumes about the accessibility of Glenwild to both Park City and Salt Lake City.

Promontory

With two full 18 hole courses and a list of community amenities too long to mention, Promontory is the biggest player in gated golf course communities in Park City. With 180 active listings Promontory makes up nearly 15% of the available real estate in the Greater Park City area and while it isn’t as hot as some local subdivisions, Promontory real estate is moving well. With over 100 building lots for sale and prices ranging from $99K to $1.4M there is a lot to choose from. Be careful to note which lots have a membership attached and check with us to learn about developer incentives on certain building lots for sale. Ready to move into homes are available from $1M to $7.25M with a median asking price of just under $2M (like Glenwild this value is up 25% from the sales of the past year). The new clubhouse at the Jack Nicklaus Painted Valley Golf Course is open and gorgeous. New “cabin” properties with a more modern look and feel than those at the Pete Dye course offer fantastic views of Deer Valley to the south over the course. With more amenities still under construction, Promontory has some great Park City gated golf course community real estate offerings.

Victory Ranch

When it comes to gated golf communities in Park City, this one may be my favorite (although there are trade-offs considering accessibility to Park City). The Rees Jones Designed course is tough but fair and the fishing on a four plus mile private stretch of the Upper Provo is truly something special. Current offerings at Victory Ranch are limited mostly to “cabin” product in pre or under-construction status and building lots. There are 20 active lots for sale ranging from $325K to $1.2M. Cabins (think newly constructed 3-4 bedroom 2500-3000 square foot residences) are available from $1.5-$2M. Ten lots have sold in the past year with a median price just under $600K; the thing to remember about Victory Ranch is that while the area covers nearly 7000 acres, there will only be 350 homes. Last month the Robb Report named Victory Ranch a top 10 place to buy a summer vacation home.

Tuhaye

On the north side of the Jordanelle Reservoir from Victory Ranch sits Tuhaye with its Mark O’Meara designed golf course and easy access to Park City (including ski access at Deer Valley Resort®). Currently there are 18 available building lots and 10 homes for sale at Tuhaye. Lots range from $179K to $799K as with Promontory be careful about whether or not sales include a Talisker Club membership. Home prices range from $775K to $3.195M. Prices at Tuhaye are currently $100 per square foot less than similar homes in Promontory or Glenwild. The questionable status of the area since it has gone into bank receivership may present good values, but there is more risk involved.

Red Ledges

The Red Ledges “four season” community is located in Heber City about 25 minutes’ drive from Park City. This gated community surrounding a Jack Nicklaus Signature golf course (ground was recently broken on an additional Nicklaus Designed 12 hole par 3 course). The community also features a Jim McLean Golf school, Cliff Drysdale Tennis School, Equestrian facility, pool and fitness center. Sales at Red Ledges have been strong with 24 homes sold and 79 building lots sold over the past 12 months. Home sales ranged from $533K to $2.4M with a median price of $793K. Lot sales had a median sales price of $240K. Current offerings for home range from $559K to $2.6M with lots available from $149K-$495K. The brisk

Private Gated Golf Course Communities in and around Park City, Utah are experiencing solid sales and increasing prices overall. To figure out which community best suits you contact a golf realty professional with the YouInParkCity.com Group info@youinparkcity.com or (435)962-9472. We’ll show you the communities and play a round.

Tags: Glenwild, Park City, park city golf, Park City real estate, Promontory, Red Ledges, Tuhaye, Utah, Victory Ranch, gated golf, private golf, golf real estate
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Park City Private Golf Community Udpate

By Todd Anderson

May 01, 2013

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving.

In the past 12 months there have been 149 sales plus 35 pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.

Tags: community, Glenwild, Golf, homes, market, Park City, park city golf, private, Promontory, Red Ledges, slaes, Tuhaye, Utah, Victory Ranch
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Park City Golf Real Estate Recap

By Todd Anderson

Oct 26, 2012

The six inches of snow that fell on Main St. Park City yesterday told us that it is probably time to take the golf clubs out of the car for the season and start thinking about getting in shape for ski season.

Golf is near and dear to the YouInParkCity.com group so with the days getting shorter and the golf season coming to an end we thought it would be good to recap what has happened so far this year in five amazing Park City golf communities which boast some of the top courses in the state. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional.

January 1 through August 31 there were 121 sales and pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time period in 2011 total sales and pending sales were 160 properties. For both years the majority of sales were in Promontory as distressed inventory was sold. Even though the number of sales was less in 2012 than in 2011, there are several very positive indicators for real estate in the Park City golf communities. One, there have been several bulk sales in these communities to builders which are not included in the Park City MLS numbers. Two, in Promontory we are seeing a few developer sales as opposed to distressed re-sales. Three, we are seeing an increase in plans being submitted and homes under construction. Four, Promontory, Red Ledges and Tuhaye have added or will break ground next spring on their already significant amenity infrastructure. We also expect exciting announcements from Victory Ranch as the new owners solidify their plans.

We will present a series of blogs in the next few weeks with an overview of each gated golf course community. For an in-depth analysis of a particular area, part of town, or specific property type that interests you contact a real estate professional with YouInParkCity.com at 1-888-968-4672.

Tags: Glenwild, Golf, Park City, Promontory, Red Ledges, sales, Tuhaye, Utah, Victory Ranch
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Deer Valley ranked #6 in Best Places for Second Homes

By Todd Anderson

Mar 12, 2011

The March 5^th, 2010 edition of Barron's PENTA ranked Deer Valley, UT as #6 among the top 15 places to own a second home. PENTA is a standalone quarterly pullout section of Barron's which focuses on individuals with $5M or more to invest. In considering the rankings Barron's focused "In seeking out and ranking these havens, we looked for beauty, comfort, convenience, a range of lifestyles and -- always the paramount criterion at Barron's -- value. We wanted prices that had clearly hit bottom and were either rising or ready to rise." The article also notes that "home prices in moneyed enclaves climbed more than 10% last year". The accolades are great; Deer Valley deserves to be named one of the best places in the country to own a second (or first) home. Deer Valley without a doubt ranks among the top spots in the world for the criteria of beauty, comfort, convenience and range of lifestyle opportunities. The Barron's article notes that the proximity of Park City to Salt Lake International Airport gives the area an advantage over other rocky mountain ski destinations. Reasons why Deer Valley and Park City, UT in general are worthy of these accolades are too numerous to list. The Barron's PENTA article goes on to name and include a photo of a home in Tuhaye as the place to be in Deer Valley. The article notes that sales in 2009 in Tuhaye were 0 while the median price for 2010 was $1.3M (there were 9 single family home sales shown across the Park City MLS for the area in 2010). Worth noting within this is the fact that nearly all of the sales were bank REO or distressed sales (something that wasn't mentioned in the article). These sales may represent the new market values for the area and very well may mark the bottom of the market in which case the value proposition for Tuhaye is very strong. Tuhaye has great views of Deer Valley though it is not necessarily part of what locals and Park City real estate professionals recognize as Deer Valley. This is not the first time that Park City and Deer Valley have been recognized as one of the world's best places to own a vacation home; the fact that this trend continues points to the fact that what makes this are desirable has not changed. Call the YouInParkCity.com Group of Keller Williams Park City Real Estate to discuss the current opportunities for home ownership in one of the best places to own a (first or) second home Deer Valley, Utah (888)968-4672.

Tags: Barron's, Deer Valley, Park City, Real Estate, second home, Tuhaye, UT
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New Lower Prices at Victory Ranch Club and Red Ledges

By Todd Anderson

Jul 01, 2010

Golf Course Development Projects Add New Lower Price Point Options Recent economic changes have led to some rethinking and new options at local private club golf course communities. Announcements have been made by Red Ledges and Victory Ranch that they will be offering new smaller clustered homes for prices less than that of some original lot sales. Victory Ranch Club will offer complete homes in the 1500-2100 square foot range with starting prices under $750,000. These homes will utilize local timber and stone with designs meant to blend in with the surrounding natural landscape and fit well within the Victory Ranch Club community. The current offering is for 11 semi-private homes on ¼ to ½ acre lots, three models are available. Similarly, Red Ledges has announced a partnership with Ivory Homes for the construction of smaller and more economical homes within Red Ledges. The Mountain Villas at Red Ledges by Ivory homes will offer 5 models (two single family and 3 attached) ranging from 1300 square feet to over 2600 square feet. Options will be available for finished basements and plenty of upgrades. The homes will be located along the 6^th fairway of the Jack Nicklaus Signature golf course which was recently named the best new private course by Golf Magazine. These new home offerings could be an indication that the developers are seeing a need for something other than 4000+ square foot second homes or they could be a sign of the new economic reality worldwide. Likely they are a combination of the two. Lot sales and construction of new homes at Victory Ranch and Red Ledges has been slower than the developers would like despite discounts of 30% or more and other sales incentives. With this addition, both of these golf and social club communities are now offering new product at a price similar to recent bank owned property listings at Promontory and Tuhaye. These new offerings will definitely make sense to more people both in terms of price and size. The impacts on other prices within these communities and other nearby similar communities is worth a discussion. To explore golf and social club home and vacation home opportunities contact a professional with http://youinparkcity.com/ .

Tags: development, Golf, homes, Park City, prices, Promontory, Real Estate, Red Ledges, sales, social club, Tuhaye, Utah, Victory Ranch
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Park Meadows Golf Real Estate in Park City

By Todd Anderson

Jun 23, 2009

Park City & Deer Valley real estate can boast of having many fine golf communities completed or nearing completion. These include Glenwild, Tuhaye, Promontory Ranch, Hideout Canyon, Victory Ranch and Red Ledges. Promontory features two courses, an equestrian center, club houses and numerous kids programs. Tuhaye has one course (plus another in the works), a ski boat on the Jordanelle Reservoir, many kids programs but is unique in that its membership includes the Talisker Club amenities at Deer Valley ski resort. Victory Ranch will have an exceptional course but what separates it from the other clubs is that it has private river frontage on the Upper Provo River and fantastic fly fishing, Red Ledges will open its Jack Nicklaus designed course 4^th of July weekend and will have world class tennis facilities and other amenities. Glenwild's crown jewel is its Fazio designed golf course. It is a golf country club type of community complete with workout room, restaurant and swimming pool. All of the above are gated communities.

I think Park Meadows Country Club, which often seems to fly under the radar screen, is worth considering when a family is deciding to purchase a primary residence or vacation home in a Park City and wants golf to be a part of their Park City lifestyle. It is not a gated real estate community and does not have many of the built in programs and amenities associated with these other clubs. On the other hand it is located within the Park City town limits which means all of the activities and amenities in Park City are readily available to families that purchase a home in Park Meadows and join the Park Meadows Country Club. Some of the amenities in Park City are the Racquet Club, the free bus system, the Skate Park and City Park. The Park City restaurants, clubs, events and shopping match its real estate in being world class.

Park Meadows Country Club, originally designed by Jack Nicklaus, was renovated last year by John Harbottle. Park Meadows has a swimming pool, restaurant and workout room. It is adjacent to the Park City Racquet Club and is part of the city-wide free Park City bus system, a real plus for getting kids to and from all that Park City, Utah has to offer.

No one knows what Park City real estate areas will appreciate more rapidly as we climb out of this recession but if I had to put money on it I would bet homes, condominiums and lots inside of the Park City town limits to bounce back more rapidly just based on the principle of scarcity.

If you are considering the purchase a home or condominium in the Park City or Deer Valley area and want to live on or near a golf course don't forget to take a peek at Park Meadows.

For more info on Park City Real Estate contact a YouInParkCity.com Keller Williams Park City Real Estate specialist.

Tags: condominium, Deer Valley, Glenwild, Golf, home, Nicklaus, Park City, Park Meadows, Promontory, Real Estate, Red Ledges, Skiing, Talisker, Tuhaye, Victory Ranch
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Talisker Completes Purchase of The Canyons Resort

By Todd Anderson

Jul 01, 2008

The 123.1 Million dollar sale of The Canyons Resort is reported to have been completed yesterday June 30, 2008. The purchase price is reported to have been $52.1 million in cash and $71 million in senior secured notes to American Ski Company. The sale should put an end to Vail Resorts attempt to purchase the resort although Talisker does retain an option to sell the resort at a future date. Talisker will assume responsibility for pending litigation by The Canyons Resort's former owner Wolf Mountain which claims that American Ski Company defaulted on its lease and that the property should go back to Wolf Mountain. Talisker plans to keep the current management team of The Canyons Resort in place with Mike Gore as the managing director. There are no plans currently for any major upgrades to the mountain as it is already too late in the summer and planning process to start improvements for the 2008-2009 snow season. There are currently plans for some access lifts to be completed this summer. Talisker officials stated that they will begin looking at the resort's development master plan soon. The sale of the resort includes as much as 3 million square feet of developable real estate located at the base of the resort as well as mid-mountain. Talisker will run the resorts 3700 acres under a lease agreement with Wolf Mountain (this lease is a major portion of what Talisker has purchased from American Ski Company). Talisker is a privately held corporation that owns over 10,000 acres in and around Park City. They are the developers of the luxury residences at the Empire Canyon area of the Deer Valley Resort as well as the Tuhaye golf resort just outside of Park City. The Canyons Resort has made great strides in recent years opening new terrain and offering new real estate opportunities in the Park City area. The sale of the resort to a luxury resort owner/operator should benefit the area and its surroundings. For information on how this may affect your property or future property aquisitions usr the contact us button at the top of the page.

Tags: Deer Valley, development, Luxury, Park City, Real Estate, Talisker, The Canyons Resort, Tuhaye
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Park City Golf Communities

By Todd Anderson

Jan 28, 2008

The January/February edition of Travel and Leisure Golf includes a feature article naming "America's TOP 100 Golf Communities"; subtitled their "Annual List of the Best Places to Live-and Live Well". The list includes Promontory, Talisker (aka Tuhaye) and Glenwild (all here in Park City, Utah). The list was comprised with under the following criteria: "To be eligible, communities must offer property owners an opportunity for membership in an affiliated private golf club. Limited public access to the course- such as for guests at a resort- is allowed but may detract from a community's ranking. Each property is reviewed in the following six categories, in order of importance: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural activities; management, service and programming options, nongolf amenities, such as full service spa, equestrian center or marina; and environmental stewardship." These requirements take quite a few areas out of the mix; even so, finding 3 of the 100 in the Park City area seems implausible.

Don't get me wrong. I think that each of these communities is deserving of high accolades and that each community has its own unique selling points. As a resident of the area currently looking at Park City's local ski resorts all showing over an 80" snow base, I long to get out and play some golf. Granted I currently ski 3-4 times a week and love it, I do look forward to being outside without 6 layers of clothing. Like many ski resort area residents, I can say that I moved to the area for the skiing, but stay because of the summers. Summers here are fantastic and the golf at these three communities measure up well.

Promontory was given the #6 spot on the list of 100. It opened its second 18-hole course this year (a Jack Nicklaus design to compliment its Pete Dye Canyon Course). This area was the first of the club-type properties in the Park City area and covers 7500 acres. Its seemingly endless compliment of alternative amenities includes skiing, fishing, equestrian facilities and a 5000 sq ft area devoted to kids. See Promontory under the Park City Information/golf section of youinparkcity.com

Talisker (this is the name of the club amenity, the golf course and its attached community is named Tuhaye) earned the #14 spot on the list. Of the three communities in the rankings, this may be the most well rounded (at least from a skier's perspective). It is also the newest and its amenities just keep coming. Its golf course is a Mark O'Meara design and there is talk of a Tom Fazio designed course on the way. See Tuhaye under the Park City Information/golf section of youinparkcity.com

Glenwild is the true golf community mentioned here in that it has no skiing counterpart involved. It does measure up to the extras in the review categories with its spa and pool facilities, but not to the extent of the other two here. Its golf course, though, sets the standard for the state and nearly always sits at number one on lists. It is rumored that a well known former NBA star recently purchased a home in the area which is limited to just 200 build-able home-sites. See Glenwild under the Park City Information/golf section of youinparkcity.com

All-in-all, these are three great golf communities and when you look at their proximity to a major airport and the limitless opportunities for outdoor recreation that Park City and Utah offer, I can see where these may be part of the top 100 in the nation. Personally, I think that my top picks might come from areas with a longer golfing season. Until then, skiing will have to fill the void.

Tags: Communities, Glenwild, Golf, Park City, Promontory, Real Estate, Ski, Skiing, Talisker, Travel and Leisure, Tuhaye
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