Since the first of December, we have seen the fabulous St Regis at Deer Valley cut the ribbon, all the local ski resorts crank up the chairlifts, a nice storm followed by a bitter cold snap, two new local golf courses named “Top 5 new courses in the US”, and an Empire Pass condo development start an auction process on the remainder of their units….whew, the start of ski season has been action packed!
ST REGIS
I was not 100% sold on how this would turn out, but WHOA! It is truly a beautiful property. There are still some minor tweaks to make it “uber-skier friendly”….but I have to say they did a wonderful job and buyer who got in early should be very pleased. I have visited the hotel numerous times since the opening, and everything has been A+++….the food, service, drinks, and functionality of the building all hit the high marks. Here is a little run down:
-The St. Regis Deer Crest Resort features Utah’s first Jean-Georges restaurant and Remède Spa, North America’s only hotel funicular, a European style Ski Beach, a state-of-the-art fitness center and more than 14,000 square feet of indoor and outdoor meeting space. Spanning 12 acres, The St. Regis Deer Crest Resort also features 26 exclusive St. Regis Residences and 181 guest rooms, including 67 one-bedroom suites and 114 guest rooms, which can be combined with the suites to form two-, three- and four-bedroom accommodations.
The Ski Beach at The St. Regis Deer Crest Resort offers a European-style après ski experience. With panoramic mountain views surrounding the resort’s Ski Beach, guests and residents are invited to relax in chaise lounges on the resort’s 3,000-square-foot stone Mountain Terrace. Featuring a dramatic 40-foot long Fire Garden and a multi-tiered, year-round swimming pool bookended by two outdoor hot tubs, guests and residents can unwind while enjoying fare from the resort’s J&G Grill.
There are around 30 units still available if you are interested! Just give us a call/email. For booking a trip visit www.starwoodhotels.com or www.stregis.com.
SKI RESORTS
With about a foot of snow since Saturday all the resorts around Park City are open, except Sundance which will open this Friday (Dec 11).
The skiing has been good for the opening week, but cold! It looks like more runs are opening up everyday and with another storm coming this weekend, we should be good to go for the Christmas rush.
For more information, check www.skiutah.com
GOLF COURSE RANKINGS
In some great news for Red Ledges and Victory Ranch, both of their new golf courses took home spots in Golf.com’s “Top 5 new courses in the US”. Red Ledges took the top spot will Victory Ranch came in third….two great courses! Both developers are offering massive incentives for lot sales that occur within the next 30 days. Contact us for more info. Here is the list of the Top 5 new courses:
1. Red Ledges Golf Club
Heber City, Utah
7,653 yards, par 72
redledges.com
The 200th U.S. course from Jack Nicklaus is another winner. Meandering through Utah’s signature red rock landforms 45 minutes southeast of Salt Lake City, Red Ledges combines typical Nicklaus hallmarks (visual intimidation, supreme challenge) with atypical touches (jagged-edge bunkers, a blind shot here and there, carom-inducing contours and greens laced with false fronts).
Toss in stunning views of Mt. Timpanogos and the Heber Valley — most memorably from the 203-yard par-3 9th — and you’ve got a ledge that’s worth the climb.
2. Wilderness Club
Eureka, Mont.
7,207 yards, par 72
thewildernessclub.com
Designers: Nick Faldo/Schmidt-Curley
3. Ballyhack Golf Club
Roanoke, Va.
7,294 yards, par 72
ballyhackgolfclub.com
Designer: Lester George
4. Victory Ranch
Park City, Utah
7,599 yards, par 72
victoryranchclub.com
Designer: Rees Jones
5. Shooting Star of Jackson Hole
Teton Village, Wyo.
7,550 yards, par 72
shootingstarjh.com
Designer: Tom Fazio
EMPIRE PASS AT DEER VALLEY CONDOS TO BE AUCTIONED
The Silver Strike Lodge,a ski in/ski out property at Deer Valley, is apparently in a sticky financial situation. The empire Pass property is auctioning off the last 9 units in the complex at a 50% discount, starting at $1.1m!!! This auction is to take place on Jan. 17, 2010. Let us know if you would like floorplans or more details on the specific units, but this is a Screamin’ Deal! Just to put icing on the cake, the purchases include a membership at the luxurious Talisker Club (www.taliskerclub.com).
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We are experiencing our first significant snow fall of the season…getting about 4 inches today and another 2 to 4 inches expected over the next 24 hours. Let’s hope this winter will pick up where last season left off!!!
As the local golf courses close for the season, the real estate market continues to bump along at the same pace as it has for the last few months—which is good for this time of year considering the economic conditions.
In the past 10 ten days we have seen a daily average of 9 new properties come on the market, 10 listings experience a price change on a daily basis, 3.5 go under contract, and an average of 3.6 close per day. Notables are:
NEW:
-Stag Lodge unit in Deer Valley at $2.995m; 4bd/5ba; 3320 sq ft; $902psf…seems like a high ppsf number to shoot for.
-Lodges at Bear Hollow unit at $349,000; 3bd/2ba; 1328 sq ft; $262psf…not a bad deal.
-Glenwild lot at $449,000 for over an acre
-Promontory home at $819,000!!! 5bd/7ba; 4000 sq ft; $205psf….screamin’ deal if you like Promontory!
-Tuhaye lot at $650,000—look for our notes below on the golf course property activity
PENDING:
-Black Bear Lodge in Upper Deer Valley at Silver Lake for $599,000; 1076 sq ft; 2bd/2ba; $558psf…sweet deal with great amenities and very close to skiing.
-Bellearbor in Deer Valley at $2,900,000; 4bd/5ba; 4030 sq ft; $719psf
-Promontory Golf Cabin at $1.65m; 4bd/6ba; $264psf…good deal for this Buyer!
CLOSED:
-April Mountain townhome for $1.19m; 5bd/4ba; 3420 sq ft; $347psf
-Promontory home at $800,000; 5bd/6ba; 7270 sq ft; $110psf…another deal—those seem to be what is driving the market and we need to clear the glut before we can establish a real “new normal”.
-Tuhaye lot at $410,000…they are seeing some nice end of season activity out there.
With golf season wrapping up, the golf course developments in Park City have seen some nice activity this summer and fall! A few high notes are:
-Since July 1, 2009 Tuhaye has seen: 15 homesites closed, 2 homesites pending, 3 reservations (on new release not yet recorded and able to close) in Whispering Hawk—-$275,000 price point! This June Robb Report named Talisker Club “Best of the Best” for Mountain Resort Community, in their annual issue.
-Glenwild seeing 4 lots and 1 home close in the past month.
-Promontory seeing 15 lots close, 1 lot under contract, 10 homes close, and 3 homes under contract since July 1, 2009…the price points are way down (as you can see from the activity report above), but we are clearing that glut away!
Tags: april mountain, bear hollow, deer valley, deer valley real estate, empire pass, glenwild, glenwild real estate, market update, park city, park city real estate, park city realty, park city wire, parkcitywire, promontory, promontory bankruptcy, promontory golf, promontory real estate, silver lake, talisker, talisker club, tuhaye, upper deer valley
As the trees here in the Park City area start to lose their leaves, we are all getting that itch for ski season to start! (See below for Utah ski resorts opening dates) The real estate market has actually seen some good activity for this time of year…it is nothing great, but it could be worse, right?!?
Over the past 10 days we have seen the following on a daily basis:
-8 properties hit the marketplace
-12 experience a change in price daily
-4 go under contract per day
-4 close escrow
For this time of year, that is not terrible. The high points of activity are:
NEWLY LISTED:
-Screamin’ deal at Black Bear Lodge at Silver Lake in Upper Deer Valley for $600,000; 2bd/2ba; 1076 sq ft; $558 PSF…great deal, just steps from the slopes, and minutes to Main St
-Lodges at Bear Hollow unit at $329,000; 3bd/2ba; 1319 sq ft; $249 psf
-Newpark townhome listed at $325,000; 2bd/3ba; 1271 sq ft; $255 psf
PRICE CHANGES:
-Galleria unit on Main St Park City down $20k to $209,000
-Old Town lot down $300k to $200,000! Sweet deal for a long term hold!!!
-Deer Mtn home down $250k to $500,000; 4bd/4ba, great views!
-Tuhaye home down $900k to $2.4m; 4bd/6ba….very nice home. Starting to see some activity at Tuhaye!
PENDING:
-Pinnacle unit in Deer Valley at $1.295m; 4bd/4ba; 3708 sq ft; $349 psf
-A lot in the Oaks in Deer Valley at $695,000
-Promontory home at $1.295m; 4bd/6ba; 5652 sq ft; $229 psf…there are some amazing deals out at Promontory!
-Promontory cabin at $1.15m; 4bd/5ba; 4175 sq ft; $275 psf…clearing the glut of inventory at Promontory one property at a time!
-Tuhaye lot at $700,000…1 property pending and 3 closings is pretty good activity at Tuhaye
CLOSED:
-Pinnacle at Deer Valley for $685,000; 3bd/4ba; 3708 sq ft; $185 psf…great deal for this buyer!
-3 Tuhaye lots priced at $299,000; $350,000; $1.8m!!!
-Grand Lodge unit at Empire Pass in Deer Valley at $1.995m; 3bd/4ba; 2067 sq ft; $965 psf…still hovering around that $1000 psf level at Empire Pass!
-Promontory lot at $275,000
-Glenwild home at $2.95m; 5bd/7ba; 8750 sq ft; $337psf.
Other News and Notes:
-The hotel industry is predicting this ski season’s numbers will be much like last years
-Opening ski resort dates:
Park City Mountain Resort is shooting for the earliest date on Nov. 21.
The Canyons Resort is next on Nov. 27.
Deer Valley Resort continues with its date of Dec. 5.
Most of the 11 Utah resorts have announced their dates throughout November and December, with Solitude hoping for the earliest on Nov. 13.
Tags: Add new tag, deer valley, deer valley real estate, empire pass, glenwild, glenwild real estate, main street, market update, old town, park city, park city real estate, park city realty, park city wire, promontory, promontory golf, promontory real estate, talisker, talisker club, tuhaye, upper deer valley, utah
From the Park Record:
Deer Valley employees have been tight lipped this week, but now they can brag all they want. Deer Valley has been named the best ski area in North America by the readers of SKI Magazine for the third year in a row. Staffers celebrated quietly earlier this week but were asked to keep the news under wraps until the formal announcement was released. According to Deer Valley President Bob Wheaton, the resort topped five categories including Guest Services, Slope Grooming, On-mountain Food and Dining. As always, Wheaton deferred all of the credit for the honor to his staff. “I am very pleased and proud of the staff that earned this award,” he said. Each year, SKI Magazine sends 20,000 ballots to its readers and also collects votes online. According to Wheaton, Whistler Blackcomb in British Columbia, Canada earned the No. 2 spot and Colorado’s Vail took third. In the 20-plus years that SKI has been conducting the poll, only Vail has matched Deer Valley’s hat trick.
Credit Market Makes Economists Nervous
Interest rates are low and home prices are down, but banks continue to be stingy with loans.
At the height of the housing boom, seven out of 10 mortgages were approved. At the end of 2008, only five out of 10 got the green light. During the boom years, homebuyers could qualify for the cheapest rates with a credit score of 660. Today, they need 740 or better.
“Banks are going to be in a defensive posture for several years. Most borrowers can’t meet their criteria,” says Christopher Whalen, managing director at research firm Institutional Risk Analytics.
Consumers cut back borrowing by $21.6 billion from June to July, the biggest drop since the Federal Reserve began keeping records in 1943. That made some analysts nervous.
The reduction in borrowing could slow the economic recovery, says David Olson, president of Access Mortgage Research & Consulting.
“If they cut back, it would be catastrophic,” Olson says. “We could have a second downturn.”
Source: The Associated Press, Stevenson Jacobs (09/17/2009)
Tags: deer valley, deer valley real estate, empire pass, park city, park city real estate, park city realty, park city wire, parkcitywire, promontory, promontory real estate, talisker, talisker club, tuhaye, upper deer valley
With the fishing, golf, hiking, and biking being phenominal, we are enjoying a superb summer in Park City! The Deer Valley Lodging bankruptcy is still dragging out and there have not been any developments on that front in a month or so….except for the fact they are selling the building they own in Lower Deer Valley and trying to get $4.1m for it! Talk about having your head in the clouds…I guess that is why they are in the situation they are in!
Construction on the St Regis seems to be moving along, and they are looking to open sometime late this fall. The Dakota Mountain Lodge (a Waldorf-Astoria property) just opened at the Canyons. Other summer openings are Red Ledges golf course and Victory Ranches golf course. I have not played Victory Ranch yet, but the Red Ledges course is challenging and beautiful! It is a must see…from the looks of it, the Victory Ranch course is going to be amazing too!
The market continues to behave just like it has the past few months…which is: moving slightly lower to sideways, inventory coming onto the marketplace fast than it is being sold, and sellers having to adjust their prices to attract buyers.
We see an average of:
-12 properties come on the market per day
-16 adjust their prices (mostly lower) on a daily basis
-5 close escrow daily
-4 properties go under contract per day
We are often asked questions like: what area is holding up the best? where is the best place to get a deal? etc, etc. The truth is the market is all over the board….you can have a property sell for 50% more than a similar property right down the street. Prices are erratic at this point in time, and are just based on each Seller’s situation.
A few areas that have seen some nice activity are:
-Red Ledges putting 7 lots and 2 cabins under contract this summer.
-Promontory seems to be working on clearing the glut of re-sales on the market putting 2 homes and 4 lots under contract in the last month (albeit, at deep discounts!)
-Old Town has seen 6 properties go under contract in the past 20 days.
…not suprising to see these enjoyable summer area see activity during these months.
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