I bet you will not see this posted on any other real estate site:
http://moneywatch.bnet.com/economic-news/blog/maximum-utility/housing-prices-are-we-there-yet/1258/
PARK CITY, Utah, April 6, 2011 /PRNewswire/ — When is a trend more than just a trend? Luxury property markets were not shielded from the recent real estate market collapse but current trends are showing promising growth in some market segments, particularly the ski resort market. Luxury real estate brokers in Aspen, Vail and Lake Tahoe say their regions have experienced a significant recovery in 2010. Sales in Lake Tahoe and Vail jumped an estimated 8% from 2009 to 2010 according to a recent article on http://www.renotahoerealestatenews.com/2011/01/27/state-of-the-real-estate-market-lake-tahoetruckee.
Early 2011 sales trend lines are even more promising. (Photo: http://photos.prnewswire.com/prnh/20110406/LA78135) Promontory (www.promontoryclub.com), a luxury second-home community in Park City, Utah, may be the bellwether of the mountain resort market turnaround. While sales quantity is not the only measure of improvement,Promontory’s jump from 49 sales in 2009 to 124 sales in 2010 (a 150% improvement) is solid evidence of buyer willingness to get back into the market. Promontory’s sales pace so far indicates that momentum is building in the luxury market as prices begin to recover. Promontory has seen 69 deals in just the first quarter of 2011 and is on track to do in excess of 300 transactions for the year. Even more significant are the trends found in Promontory’s measurement of two other indicators:
- Value Product on the Market: Promontory tracks the quantity of self-defined value inventory in its project, representing homes and lots that are selling at a fraction of the price they originally sold for in the 2006-2007 market peak. The portion of resale inventory identified as “value” had steadily risen from a low of 18 units in early 2009, to its peak of 102 units in August of 2010. Since August 2010, the number of value properties on the market has steadily dropped, with the lowest-priced inventory being cleared out of the market. This indicator is starting to give sellers a sense of renewed pricing power and the belief that they can afford to wait for the market to recover.
- Pricing Trends: Promontory also tracks the average price of sales each month. In the first two months of 2011, the average price of homes has risen over 15.5%. While these prices are still a ways from their peak in 2007, it does show promising signs that the market has room for further growth.
Promontory is one development that has positioned itself effectively for this improving market. With no third-party debt and a healthy home-owners’ association known as The Conservancy, the project is financially stable. Further, Promontory is offering exactly what today’s buyer wants: a full suite of amenities for all ages, such as two award-winning golf courses by Jack Nicklaus and Pete Dye, two member clubhouses with restaurants, a fitness center, spa and pool, a “kid’s-only” Kid’s Cabin and a world-class Equestrian Center. Buyers see exactly what they are getting today, not just a development promise for the future. Members rave about the quality of the facilities. While the global real estate market may not have completely stabilized, second-home buyers and mountain resort investors are finding some solid signs of recovery, particularly in quality projects like Promontory. And if pricing trends seen here and inAspen are any indication, the future is looking brighter every day. About Promontory Promontory is a 7,500 acre, 10-square-mile recreational second home and private mountain community in the heart of the Utah Rocky Mountains in Park City, Utah. Promontory’s unique mountain ranch setting offers diverse year-round recreational amenities and activities for the multi-generational family.
Media Contact: Dave Goff 480-776-8105 dgoff@obsports.com C.A. Roberts 480-948-1300 caroberts@obsports.com
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Park City, Utah–Red Ledges, a premier golf and four-season recreational community located just minutes from Park City, and The St. Regis Deer Valley, a world-class resort located slope-side upon the legendary groomed trails of Deer Valley Resort®, today announced an annual strategic partnership to offer exclusive amenity access between their respective memberships. “Our partnership with The St. Regis Deer Valley further exemplifies our commitment to creating premier lifestyle experiences for our members” Red Ledges and The St. Regis Deer Valley will share amenities, services and preferred rates offered for owners and residents at each respective establishment.
The partnership will provide access to first-rate recreation, including the award-winning Jack Nicklaus Signature Golf Course, Jim McLean Golf School and skiing at the No. 1 ski resort in North America, paired with fine dining at Chef Jean-Georges Vongerichten’s acclaimed J&G Grill, and the customized indulgences of the Reméde Spa as part of The St. Regis Deer Valley and its new Deer Crest Club. “Our partnership with The St. Regis Deer Valley further exemplifies our commitment to creating premier lifestyle experiences for our members,” said Mitchel Burns, Red Ledges COO. “Together, Red Ledges and The St. Regis Deer Valley represent the premier service and recreational offerings in the area, providing our owners with the very best of amenities in a beautiful mountain setting.” “We are continuing to expand our relationships with select partners such as Red Ledges to expand the exceptional services provided to our residents and guests,” said Stan Kaminski, General Manager of The St. Regis Deer Valley. “The bespoke amenities of The St. Regis Deer Valley, paired with Red Ledges’ award-winning Jack Nicklaus Signature Golf Course, further validate the stature of Park City and the Heber Valley as world-class destinations.” Red Ledges and The St. Regis Deer Valley will share additional services, including the Cliff Drysdale Tennis School at Red Ledges, and spa, fitness and swim facilities at both properties. Members and residents will be invited to participate in special member-only events, and will receive other special advantages and incentives at each property. About Red Ledges Red Ledges is a premier private recreational mountain community in Heber Valley, Utah, that opened its 18-hole Jack Nicklaus Signature Golf Course in July 2009. Golf Magazine named Red Ledges the No. 1 Best New Private Golf Course in 2009. Red Ledges was also named Best Golf Course in Utah in 2010 by Best of State Awards, Utah’s premier recognition and awards program. Red Ledges will encompass approximately 1,200 homes across nearly 2,000 acres, and it will host such amenities as a Nicklaus Design nine-hole short course, a Jim McLean Golf School, a Cliff Drysdale Tennis School, a premier spa and fitness facility, and an equestrian center with indoor and outdoor facilities. For more information, visit www.redledges.com. About The St. Regis Deer Valley The St. Regis Deer Valley is a $320 million project spanning 12 acres and featuring 181 guest rooms, including 67 exquisite one bedroom suites and 114 luxurious rooms which can be paired with the suites to form spacious two, three and four bedroom combinations. The St. Regis Deer Valley also has 26 grand private residences on premises. The most luxurious amenities of any mountain resort in the world are offered; these include the iconic 24-hour St. Regis butler service, a signature Jean-Georges restaurant, ski valets, a 14,000-square-foot Reméde spa with pools, a Val d’Isere style ski “beach,” a world-class wine cellar, and year-round recreational activities. The slope-side resort is located at Deer Valley Resort®, just 39 miles from Salt Lake City International Airport and one mile from Main Street in Park City.
The St. Regis Deer Valley is owned by Deer Crest Janna L.L.C. For additional information, please access www.stregisdeervalleyresidences.com and www.stregisdeervalley.com/. About St. Regis Hotels & Resorts Combining classic sophistication and modern luxury, the St. Regis brand remains faithful to its commitment to excellence. Founded by John Jacob Astor IV with the opening of the first St. Regis Hotel in New York City over a century ago, the St. Regis brand of hotels is known for its unique luxury dimension, customized service and refined elegance, all in the best destinations worldwide. Plans for this brand to globally continue its legacy include long-awaited St. Regis U.S. and Latin American hotels and resorts in Bal Harbour, Buenos Aires and the Riviera Maya. In Asia, St. Regis has also announced plans to open hotels in Bangkok, Chengdu, Kuala Lumpur, Sanya Yalong Bay and Tianjin. In Africa and the Middle East, the St. Regis brand will continue to expand in Abu Dhabi, Cairo, Doha and Mauritius. The distinctive trait of the St. Regis experience is customized service and attention, coveted locations and luxurious design. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com.
You don’t have to ski or snowboard to have a good time in Park City, Utah. Besides the Sundance Film Festival and all things Robert Redford, there are a slew of other fabulous ways to spend your days and nights in the resort town. Park City proves itself well in the luxury category. We put together a list of ways to live well in the city known for having the “Greatest Snow On Earth” (and being the site of a few scenes in Dumb and Dumber), and all without having to ever put on those godforsaken foot and calf-suffocating ski boots.
Apres Ski In a way, resort hopping the apres ski scene is Park City’s other great sporting event. The French term specifically refers to the drinking and revelry that ensues after a long day of skiing or snowboarding. The art of the cocktail is nothing to scoff at in snow country and up in these mountains the Mormon influence shunning drinking and nightlife is forgotten. Alta Resort’s Sitzmark Bar is a classic. Off-resort, check out High West Distillery and Saloon. They make their own whiskey and vodka and have a killer, innovative cocktail list with drinks like the High West Silver Julep using High West’s Silver Oat Whiskey and Rendezvous Rye. Park City’s Main Street features a collection of classic, mountain and Western motif bars and nightclubs like No Name Saloon, The Sidecar, and The Spur. There’s also Downstairs, owned by Danny Masterson of “That 70s Show” fame, a hip rocker lounge that celebrities typically flock to when they’re in town.
Shop Ski bunny fashion is no joke in Park City. Locals and pros sport some of the slickest and brightest colored gear and pseudo-gear from brands like The North Face, Patagonia, and Lululemon, or, hanging in resort shopping areas in Park City Mountain Resort, Deer Valley Resort and The Canyons. It’s hard to resist not purchasing a brilliant blue fleece when witness to everyone else looking fashionably ski hip. There’s shopping too for the fashion-forward who prefer to wear something that’s also stylish away from the resorts. Along Main Street are adorable boutiques like Bunya Bunya and Mary Jane’s with clothing and accessories handmade by local artists and independent designers. Park City also has the largest collection of factory outlet stores in northern Utah.
Spa With all this energy exerted to perfect powdered slopes, it’s no wonder the resorts then clued in to create equally magical, post-snow healing spas. Go to the Remede Spa in the St. Regis Deer Crest Resort for an apres-ski dip in the bi-level heated Infinity pool. Then follow with the Laboratoire Remede anti-aging facials and body treatments to treat those sun and wind burned cheeks. There’s also the uber-luxe, high-end Stein Eriksen Lodge (named for the Olympic skier who is known to drop by), a newly redone 20,000 square foot space (see photo above). The Nordic-inspired haven is replete with cozy fireplaces and salt stone therapies. Book the Apres-ski Muscle Strain Therapy and Soak that promises to get the body ready in time for the next day’s activities. The recently opened Montage Deer Valley takes a holistic approach to their 35,000 square foot hideaway. Try a combo like their alpine-inspired treatment and a toxin-cleansing Vichy shower. The signature treatment Surrender is always a guest pleaser. Guests get to customize their relaxation experience by choosing an array of treatmentsa la carte.
Golf Park City doesn’t shut down when the snow melts. The summer and then late spring and early fall months are just as visually magnificent as the winter ones. Besides a landscape-boasting bike and hiking trails, reservoirs and hot springs, there’s an extensive world of golf that emerges from ski heaven. Park City has become nationally recognized for having some seriously high-end golf real estate overlooking Olympic ski runs. There’s Promontory, with its Pete Dye Canyon Course andPainted Valley – a Jack Nicklaus course. Taking it up a few more notches is the mega posh,Glenwild. The Tom Fazio-designed, 950-acre golf sanctuary is touted by Golf Digest as being the best in the entire state.
Culture For some education and culture head to The Park City Museum for a little history about the former silver mining town with a variety of interactive exhibits and documentaries. There’s a jail, a dynamite fuse, a 1926 fire truck, an old gondola, and a mining cage to make learning feel a little more real. Down the street is The Egyptian Theatre Company. Park City has a long history of live performances dating back to the town’s mining days. The 182-seat theater is a hot-spot during the Sundance Film Festival but it’s also a top venue for plays and comedy shows.
