Archive for January, 2008
Park City MLS | Deer Valley MLS
January 27th, 2008 Categories: Real Estate, Statistics & Trends
Quick & Easy Park City MLS Research for Buyers
Researching possible real estate investments in Utah has never been so easy.
Thanks to the internet, it’s now possible to preview properties from the comfort of your own home or anywhere you have an internet connection by using one of the public MLS (Multiple Listing Service) portals…they’re the same real estate search engines that real estate agents use.
To Search for properties in Park City & Deer Valley Utah, use the Park City Utah MLS.
The public side of the Park City MLS (PCMLS) allows you to search for “Active” listings–properties that are currently listed for sale through a Park City real estate brokerage.
Unless you are a licensed Utah real estate agent with a paid-current subscription to the Park City MLS, you will not have access to historical “closed” or “pending” sales data from the MLS.
If you need this type of statistical reporting, we can run a quick query and email you the historical sales data you need in just a few minutes, or you can struggle for hours trying to find it yourself. But…
If you have enough time on your hands and if you know your way around a courthouse or county website, you can pull the recorded sales prices yourself, right?
Wrong–Utah is a Non-Disclosure State.
What does “non-disclosure” mean with regards to property sales records? In short, in a non-disclosure state, transaction sale prices are not reflected in the public records.
How can that be? In Utah, the sales document that is recorded at the County Recorder’s office is typically a Deed of Trust. The Deed of Trust usually only shows how much money was borrowed against a particular property, NOT the sales Price.
Is Zillow Useful in Utah?
Not really. The popular online real estate site Zillow relies on public county records as their primary data sourcethat drives their ”Zestimate” algorithms. Since sales prices are not reflected in the county records of counties in Utah, most Utah “Zestimates” are incorrect because of lack of data.
This lack of public data is a big challenge for data aggregators like Zillow and Trulia in the following non-disclosure states: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Wyoming, and Utah. So, if you can’t use the Park City MLS or Zillow…
Find Out What Your Park City Property is Worth…Click Here!
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Promontory and Credit Suisse Announce Agreement
January 25th, 2008 Categories: Golf, Real Estate
Note: Looks like we spoke too soon!
Here is a Promontory Update from February 24, 2009.
This was our original Promontory Post…
Kudos to Credit Suisse for Playing Their Hand Right!
In the volatile world of real estate development, developers and their financial backers invariably face-off.
This time, cool heads prevailed.
From where we sit, it sounds like the Pivotal/Promontory Group and Credit Suisse/investors put their heads together and forged an everybody-wins solution, averting what could have been an ugly outcome.
Who Knows the Real Story Behind Friday’s Promontory Press Release?
We weren’t at the negotiating table, so this is purely speculation on our part, but…
What better way for bankers to secure their investment than to step up and buy the whole enchilada?
Was the ”Mortgage Crisis” to Blame For Rising Inventory?
The last year hasn’t been an easy period for existing Promontory property owners or for the developer as they have competed against one-another to sell lots.
We watched with keen interest as “re-sale” inventory of vacant lots at Promontory swelled to nearly 100 lots over the past year, not including lots available directly from the developer.
When the circle of repeat buyers at Promontory–the same guys that kept puchasing additional lots in each new developer release–couldn’t get financing for additional purchases at Promontory, was there trouble in paradise?
We’ve noticed the Summit County Notice of Defaults referencing the occasional Promontory parcel, but it doesn’t seem to be a disproportionately large number of pre-foreclosures in Promontory relative to the rest of the Park City real estate market.
Any Promontory Cognoscenti Want to Comment?
Please click the “leave a response” link below to share your thoughts on this big announcement.
Here’s the Promontory Press Release:
PARK CITY, UTAH, Jan. 25, 2008
Promontory, a luxury second-home community in Park City, and a syndicate of investors led by Swiss investment bank Credit Suisse have reached an agreement in principle on the sale of the Promontory operating and development companies. Parties are currently negotiating definitive documents for the closing, anticipated in February, 2008.
The agreement provides for retention of key Promontory management personnel and the continued operation of Promontory as one of the nation’s premier private club communities. Said Rich Sonntag, Managing Director of Promontory, “Though the Utah resort real estate market has remained strong, it is valuable for Promontory to be aligned with such financial strength while awaiting a rebound in the national real estate market.”
For additional information, contact: Rich Sonntag, Managing Director, Promontory, 435.333.4025.
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Deer Valley’s Not the Only Smart Money Bet in Town…
January 25th, 2008 Categories: Park City
Park City’s Best Cash Flow Condos (Part III)
If Your Last Park City Vacation Was Before the Olympics, Pay Attention!
Don’t be misled to believe that Deer Valley is the only area where savvy investors are parking investment dollars in these volatile economic times.
Some of the new developments in Park City offer high quality new construction and potential for year-round rental demand. Don’t miss out on these attractive new possibilities…
In Park City, we see a few properties the represent attractive values for investment-minded buyers looking to maximize their monthly cash flow.
The Hotel Park City has a Proven Track Record of Rental Demand
Hotel Park City is a full-service hotel, conveniently located on Park Avenue as you enter Park City.
The hotel features meeting rooms, a spa, outdoor swimming pool, Ruth’s Chris Steakhouse, and lots of year-round group business like weddings, corporate events, that create demand for rooms in the off-season months.
Condos in the Hotel Park City range from studios to 2 bedroom suites. Click here for available condos for sale in the Hotel Park City.
Silver Star Finds A Niche in Park City
I had a frank conversation with the president of one of Park City’s most influential property management companies last year, and he mentioned that Silver Star filled their biggest need as a management company…
“We need ‘Deer Valley quality,’ but ski-in, ski-out at Park City Mountain Resort for families with snowboarders.”
When the developer released the units, they had to cut off reservations after just a couple of weeks because they received more than 500 reservations for less than 100 units!
Now construction on the project is complete and the area is looking great. The Sundance Institute relocated it’s corporate headquarters from Salt Lake City to the Silver Star neighborhood, where it is the anchor commercial tenant.
Silver Star includes town-homes, Village Loft flats, and Cottage homes. Prices range from under $1 million to about $3 million. Click here for available properties for sale at Silver Star.
Waldorf Astoria Park City
You may also want to check out the Waldorf Astoria Park City, which opened in 2009.
Like the other properties we have mentioned in this series, luxurious amenities (like the award-winning Golden Door Spa and Spruce Restaurant) and conference spaces will help increase your off-season rental demand.
Unit sizes in the Waldorf Astoria Park City (AKA Dakota Mountain Lodge) range from studios to 4 bedrooms. Prices range from $300k to over $2 million. Click here to browse available Waldorf Astoria Park City condos for sale.
Related Articles:
The Best Cash-Flow Condos in Deer Valley (Part II)
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
St. Regis Resort & Residences Deer Valley: Overview & Amenities
The Halo Effect of Branded Hotels in Park City & Deer Valley
Park City and Deer Valley’s Best Cash Flow Condos are…
St. Regis Resort and Residences, Deer Crest
Deer Valley Montage Hotel
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Park City Home Prices Defy National Trends
January 25th, 2008 Categories: Park City, Real Estate, Statistics & Trends
Park City’s niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.
One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our mar
ket has not slowed down the way many markets across the nation have. Buyers can find good values, but prices remain strong in all areas of our market.
Owners of luxury second (or third or more) homes have not been affected by the ‘mortgage crisis’ so there is not an urgency to sell. Out of state buyers who see desperate sellers and foreclosures on the rise in their home states assume they can get a mountain home for a bargain.
We have had clients who have based their offers on the ‘doom and gloom statistics’ from their home states, and have been quite suprised (and disappointed) when the home they want sells for 97% of the listing price, over and over again.
The state of Utah continues to see very low unemployment and massive growth in both population and industry.
Park City is one of Utah’s most desirable places to live not only because of it’s natural beauty and wealth of activities and ameneties, but also because of it’ s proximity to the capital, Salt Lake City.
Comparing illustrates what I have been saying. The number of residential units sold is down marginally from ‘06 to ‘07,
However, the average sales price of single family homes rose 15% while condos rose 45%!
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Park City and Deer Valley’s Best Cash Flow Condos are…
January 25th, 2008 Categories: Deer Valley®, Hotels & Lodging
It’s one of the most common queries we receive from investment-minded buyer clients.
Park City & Deer Valley Owners Love Winter Revenue
Not surprisingly, the winter months will generate the bulk of your annual rental revenue. There’s demand for rental properties in Deer Valley, Park City, and at The Canyons Resort.
How To Generate Rental Income When it’s not Snowing?
The trick–from an investment perspective–is to discover which properties will be rented during the other 8 months of the year, albeit at lower nightly rental rates than in the peak winter season.
Amenities Help Maximize Park City Rental Income
The difference that top cash-flow properties offer relative to inferior cash-flow properties is on-site amenities.
Take Stein Eriksen Lodge, for example. The new conference center they built a few years ago, plus the spa, restaurants, bar, room service, and business center are all additional profit centers for the owners, who share in the profits from these assorted operations.
Most important is the group business that the hotel’s group sales office generates. Bringing groups of 100-300 people at a time to the lodge for 3 or 4 days tends to boost the occupancy!
Increased Rental Revenue = Increased Appreciation Potential
Here’s the catch…as the management has improved the profitability of the hotel and owner profit sharing has increased, why would an owner want to sell their unit? You will have to be very patient–and very lucky–to find an available unit for sale at Steins.
Click here to check for Stein Eriksen condos listed for sale. If you don’t see any, please email us at Steins@ParkCityRealEstateGuide.com if you want us to include you on our Priority Notification List of any new units for sale at this premier Deer Valley property.
However, Stein’s isn’t the only property that offers potential investors an attractive investment opportunity. This story is continued here:
The Best Cash-Flow Condos in Deer Valley (Part II)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
Dakota Mountain Lodge and Waldorf=Astoria Announcement
Deer Valley Montage Hotel
St. Regis Resort and Residences, Deer Crest
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Do You Make Any of These 3 Critical Buyer Mistakes When Shopping For a Park City Ski Home?
January 24th, 2008 Categories: Real Estate, The Canyons®
Mistake #1: Wrong Location…Inferior Ski Access
If you have the capacity to own a home anywhere, why would you compromise the convenience of ski access?
When you’re searching for the right ski home for your family, don’t buy a ski home first and later learn the truth later that your ski access is an icy luge run down a steep hill into your ski room–or even worse–an exhausting crawl uphill to start your ski day.
The perfect ski home has gentle ski access that allows beginners and skiers of all ages to easily and painlessly access the ski runs.
See how easy the ski access is in the photo to the right? A level approach through an open glade of aspens provides easy ski-in access. A gently sloping downhill ski-out makes for an easy traverse back onto the run for skiers and snowboarders alike.
Beware the marketing liberties often taken by over-eager real estate agents–not all ski access is created equal!
Unfortunately, you can’t trust some money-grubbing developers either.
We know of one development in Deer Valley currently marketing $5-8 Million homes for sale as ski-in/ski-out that actually require a pretty hefty walk before you’re skiing.
Think about all the kids’ skis & poles you’ll be carrying too!
We recognized this potential consumer trap years ago, so we began publishing the Deer Valley Real Estate Guide.
The Deer Valley Real Estate Guide gives potential owners the no-fluff reality about neighborhood ski access in all of Deer Valley’s nooks and crannies.
Mistake #2: Buy a Ski Home at the Wrong Ski Resort
Not all ski areas are created equal. Most areas allow snowboarders, but others–like Deer Valley and Alta ski areas in Utah–prohibit snowboarding on their mountains.
Let’s face it–your own generation may prefer skiing to snowboarding, but your kids and grand-kids may very well want to try snowboarding one of these years.
Don’t bother trying to deny it…
The younger generation is much more likely to watch The Winter X Games that begin today, than a re-run of your old favorite “Aspen Extreme” that’s frankly not so extreme by today’s standards!
Can you dispute the excitement and awe of the death-defying tricks these airborne adrenaline junkies inspire on their snowmobiles, in the terrain park, and in the half-pipe?
The biggest benefit of owning a Park City ski home at either Park City Mountain Resort or The Canyons Resort is “choice.”
Your family and guests will know no boundaries when it comes to which type of boards to strap on… If you own a home in The Colony, you can even switch from skis to a snowboards after lunch, thanks to your enviable slope-side location.
Have you thought about how your resort location impacts your exit strategy–the part about not restricting the possible future buyers of your home to elitist skiers only?
What about your future buyer’s desire to live on a mountain where their kids and grand-kids can snowboard?
Mistake #3: Buy the Wrong Home
With real estate markets around the country in turmoil and properties taking longer to sell, your investment can be safer by purchasing a ski home that appeals to the maximum number of buyers.
What do Park City Ski Home Buyers Want?
Vacation homes are a great way for friends and families to reconnect away from the grind of daily life.
When you’re living in your ski home, you’ll certainly want an open floor plan that allows for open lines of communication, both visual and auditory.
See how this home (above photo) in The Colony boasts a spacious designer kitchen that’s open to the great room and dining room? You’ll also want to have additional gathering areas for larger groups of people, like a downstairs hearth room with bar…
Equally important is a home that allows for privacy from others in the home.
You’ll want a master suite where you can sneak away with your spouse and enjoy some peace and quiet. Ideal master bedroom locations don’t share walls or floor with any other bedroom suites for maximum privacy.
Amenities separate the best homes from the rest…
What distinguishes one luxurious ski home from another?
- A well-organized ski prep room keeps dozens of gloves, hats, and goggles neat and tidy
- State-of-the-art electronics, climate, and security systems increase convenience and safety
- A professional quality home theatre & multi-media room brings movies and sports to life
- Home offices in discrete locations allow you to attend to important business uninterrupted
- Wine cellars insure special bottles are property stored for maximum drink-ability
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St. Regis Resort and Residences, Deer Crest
January 21st, 2008 Categories: Deer Valley®, Hotels & Lodging
New St. Regis Raises the Bar in Deer Valley
The St. Regis Resort & Residences, Deer Crest is destined to become a signature landmark on the Deer Valley landscape. Perched atop a hill that overlooks Lower Deer Valley and Deer Crest, the St. Regis boasts a slopeside setting of exquisite natural beauty along the ski slopes of Deer Valley® resort.
The hotel is almost 70% sold out–Only about 30 properties remain unsold in the hotel.
Another 5 Star Hotel in Deer Valley, Utah?
The St. Regis hotels in San Francisco, New York, and Monarch Beach have earned their 5 stars already, so it’s reasonable to expect that The St. Regis Resort & Residences, Deer Crest will join Stein Eriksen Lodge as Utah’s only Mobil 5 Star rated hotels. The hotel is being built in accordance with Mobil’s 400 Point checklist. Construction is under way, but the hotel is not yet finished. For those of you who plan your vacations years in advance, you can’t make rental reservations yet!
Click Here for Prices of Available St. Regis Condos for Sale
Last we checked, there were only a couple of units officially offered for sale across the Park City MLS…
But in reality, you can select from any of the remaining units in the building at this point.
If you can’t find the unit configuration you want among the St. Regis Condos & Residences Listings for sale, get a copy of the St. Regis Cheat Sheet here!
St. Regis Completion Date: Summer 2009
Related Stories:
St. Regis Deer Valley Signature Restaurant Announced
St. Regis Resort & Residences Deer Valley: Construction Update
St. Regis Resort & Residences Deer Valley: Overview & Amenities
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Are Deer Valley Condo Prices Holding?
January 20th, 2008 Categories: Deer Valley®, Statistics & Trends
I just received this question from a potential vacation-home shopper in Southern California, wondering how Deer Valley real estate prices are faring amid the turbulent national real estate market.
A Warning About Deer Valley Real Estate Prices…
The numbers are not what you expect in light of the real estate “news” from around the USA. 
Deer Valley condo prices have not only held–they have actually increased!
Why are Deer Valley Prices increasing while prices across the country are falling? At the most basic level, it’s simple supply and demand in action.
Ski-in/Ski-out Deer Valley Real Estate Is Scarce
People have successfully invested in Deer Valley real estate because of the relative scarcity of prime Deer Valley properties. Deer Valley’s “safe-haven”positioning as a second-home and resort community has provided critical insulation from downward national trends.
Deer Valley Owners Have “Staying Power”
With so many cash buyers (about 50% of our clients’ transactions in 2007), we’re also not seeing a surge in foreclosures and “distress” sales. In truth, most sellers don’t “need” to sell their Deer Valley property, like sellers in “primary” home communities.
| CONDOMINIUMS: Pending Sales as of 1-20-2008 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
|
High |
Low |
Average |
Median |
|
List Price Summary: |
$8,916,550 |
$550,00 |
$3,064,998 |
$2,775,450 |
| CONDOMINIUMS: Summary Statistics Jan-Dec 2007 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
High |
Low |
Average |
Median |
|
|
List Price: |
$4,395,000 |
$595,000 |
$1,955,381 |
$1,897,000 |
|
Sales Price: |
$4,100,000 |
$570,000 |
$1,904,781 |
$1,886,400 |
| CONDOMINIUMS: Summary Statistics Jan-Dec 2006 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$4,195,000 |
$399,900 |
$1,437,404 |
$1,225,000 |
|
Sales Price: |
$3,775,259 |
$399,900 |
$1,388,741 |
$1,155,000 |
|
Avg Days on Market: 286 |
120 Condos Sold |
Average List price= |
|
Average Sales price= |
The Story Behind the Deer Valley Sales Numbers
One critical component is the weight of “New Construction” in the Deer Valley Condo sales summary. To be fair, many of the pending sales, and sold comps in 2007 were actually sales that pended in 2005 and 2006 when the national market was on fire. Some of these ultra high end ski-in/ski-out condo lodge buildings take 18-36 months to build.
Days On Market Might Not Be What You Think
When you see the days on market stats increase from 286 DOM to 357 DOM from 2006 to 2007, it’s counting from the date the condos are listed for sale until the sale closes (ie when construction is complete). What you’re actually seeing is a long “under-contract” period, and not necessarily properties sitting on the market forever. Does that make sense?
Deer Valley Quality Gets Better Every Year
There’s also been a difference in the quality and location of inventory over the years. The new construction that’s available today is certainly more expensive to build (land, labor, materials) than the “new” construction that was available in 2005. The trend has certainly been towards higher quality materials and construction as developers push to raise their prices with successive projects, much to the delight of “early” buyers who watch their property values rise with each successive release of new inventory.
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How Sundance Impacts Park City Real Estate
January 18th, 2008 Categories: Dining & Entertainment, Lifestyle & Activities
Most Sundance Film Festival attendees are here in Park City for reasons that have nothing
to do with shopping for real estate…
It’s a great week to watch movies, meet interesting and talented people from around the world, and hobnob with big shots from Hollywood, LA, and New York.
Do Sellers of Park City real estate benefit from Sundance?
The biggest benefit most sellers in Park City and Deer Valley, Utah enjoy is an opportunity to rent their properties for above-market rates for the ten days of the Sundance Film Festival.
True, any exposure is better than no exposure, but Sellers shouldn’t get their hopes up that the buyer for their property will appear during the festival. The likelihood is slim because most hotel and lodging beds are filled with festival-goers, not skiers and prospective investors. True, some festival goers are flush with cash, but they’re not necessarily in the market to buy…
Park City buyers struggle to tour properties…
For the few people in town this week who are interested in real estate, the Sundance Film Festival can be a big challenge. Nearly every rental property in Park City is booked for the festival. Visitors paying hundreds or even thousands of dollars per night for their lodging don’t want to open their homes and condos for real estate agents and prospective buyers to tour. Would you?
The energy in Park City is fantastic during Sundance
Attending the Sundance Film Festival is a great time to enjoy one of the annual highlights of life in Park City, but it’s certainly not an accurate representation of what life in Park City is really like during the rest of the year.
Drink an extra Red Bull, espresso, or whatever else causes your adrenaline level to redline. You’ll need it, as the nightlife continues until the sun rises, people-watching is never more entertaining, and you can catch a quick nap between films.
Sundance Attire–Dress for Success
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2008 Sundance Film Festival Begins In Park City
January 17th, 2008 Categories: Dining & Entertainment, Lifestyle & Activities, Park City
The PIB’S arrive in Park City, Utah for the best film festival of the year.
People in Black. The standard dress–film guide in one hand, cell phone jammed to ear with the other, trendy black clothing, cool glasses, and completely inappropriate shoes for our epic Utah snow. Six feet of snow since Christmas! Oh, season ski pass holders are very happy indeed! The slopes will be empty…and more snow is on the way!!
The worldwide exposure that Sundance Film Festival brings to bear on Park City, Utah is one of the many factors that have helped our town’s phenomenal reputation.
What’s not to love about Park City during Sundance!
Tickets to Sundance screenings on opening weekend are as scarce as prime dinner reservations but it gets easier after the weekend when the celebs jet off for warmer climes, …need Sundance Tickets?
Park City is due near record cold temps the next couple nights and the possibility of a big snow storm on Sunday. How will the PIB’s react? Should be very fun to watch indeed!
The next ten days are some of the best parties, people watching, and worst traffic of the year in Park City, Utah.
Tune in for Sundance updates…
Nothing Hollywood presents can be nearly as amusing as watching Harvey Weinstein’s assistants trying to wrangle young starlets up to his suite. The money in Vegas is on Harvey firing at least one assistant before he buys a film.
You just can’t go out to dinner, show property, or drive anywhere in Park City during 10 days of Sundance…a small price to pay to work and live in ‘the greatest place on earth’.
How does Sundance impact Park City Real Estate?
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