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…
How Can You Find Out What Your Park City Property is Worth?
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Promontory and Credit Suisse Announce Agreement
January 25th, 2008 Categories: Golf, Real Estate
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 neighborhood where savvy investors are parking investment dollars in these volatile economic times.
If you haven’t paid attention to some of the new developments in Park City that offer high quality new construction and potential for year-round rental demand, you might be missing out on some attractive new possibilities you didn’t even know existed…
In Park City proper, 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.
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 biggest and most influential property managment companies last year, and he mentioned that Silver Star filled their biggest need as a managment 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 nearing completion 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. Click here for available properties for sale at Silver Star.
The Rest of the Story is Continued Here…
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
The Best Cash-Flow Condos in Deer Valley (Part II)
Deer Valley Montage Hotel
Dakota Mountain Lodge and Waldorf=Astoria Announcement
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The Best Cash-Flow Condos in Deer Valley (Part II)
January 25th, 2008 Categories: Hotels & Lodging, Real Estate
Here’s the good news…
Stein Eriksen Lodge Isn’t Your Only Good Investment Condo Option
The Chateaux at Silver Lake is Also a Great Cash-Flow Generator
Right across the street from Stein Eriksen Lodge in Silver Lake Village is the Chateaux at Silver Lake, which has similar amenities but slightly less convenient ski access. But don’t let the easy walk across the street to skiing location put a damper on your enthusiasm for this top-notch property.
The Chateaux at Silver Lake is only about 10 years old, and these units can generate between $100,000-$190,000 in gross rental income annually, depending on size, views, location within the building, and amount of owner use.
I dined at The Chateaux’s Bistro Toujours restaurant with my wife and a long-time client last week during the Sundance Film Festival, and we had another great experience. Here’s why…
- No hectic Sundance Festival traffic
- Free, easy heated underground parking
- We called for reservations just the day before..no problem!
- The food was tasty and perfectly prepared
- We even sat next to an A-List Hollywood celeb! We’ll leave his identity private, but you’ll be comforted to learn he treated the staff with courtesy and gratitude.
There are actually two elements of the Chateaux…the main lodge and The Residences at The Chateaux, which are fractional ownership.
The Residences at The Chateaux do not allow you to capture rental revenue if you can’t use your allotted weeks, but it’s a great opportunity to buy a Deer Valley Condo at a fraction of the investment of a whole ownership Deer Valley condo.
Don’t Forget The Lodges at Deer Valley & Silver Baron Lodge
In Lower Deer Valley, The Lodges at Deer Valley & The Silver Baron Lodge seem to generate the most rental income, as they also have group meeting space, shuttle service, and amenities including fitness area and a swimming pool.
This 
property is always a favorite of readers of Conde Nast Traveler magazine.
This year, The Lodges at Deer Valley was ranked the 5th best ski Hotel in the USA by loyal readers of this luxury travel magazine.
Ski access isn’t as good as in Silver Lake Village (Steins and The Chateaux), but the prices reflect this reality too.
Not to worry, it’s right on the free bus route, so you can just walk out in front of the hotel and catch the bus to Snow Park Lodge (the base area of Deer Valley Resort). Deer Valley busses have racks for your skis on the back of the bus, by the way!
Montage Resort and St. Regis, Deer Valley Might Grab Market Share in Coming Years
When it opens, the St. Regis Resort and Residences, Deer Crest may very well join the three properties we have discussed so far as the finest investment properties in the Park City and Deer Valley area. The St. Regis is under construction and the new hotel is expected to be complete in time for the 2009/2010 ski season.
A top international brand, the St. Regis has a loyal following of high net worth guests who will pay astronomical nightly rental rates for the quality and service the St. Regis brand delivers at each of their worldwide network of properties.
Pre-sales have been excellent (about 56 of the 80 units sold so far), and construction has begun. The developer has a handful of St. Regis units on the market right now.
If you can’t find your preferred location or floor-plan on this list, please email us at stregis@parkcityrealestateguide.com and we’ll get you a copy of the developer’s “Secret Stash” of unreleased units and corresponding prices.
The Montage Resort at Deer Valley is under construction next to the Empire Lodge in Empire Pass, Deer Valley. Montage will be a combination of hotel condos and penthouse residences. We have just formed a “Montage Insiders Club” if you’re interested in getting in on the ground floor of what will become one of the finest ski properties in the world.
To review, we have already discussed properties at Stein Eriksen Lodge, The Chateaux at Silver Lake, The Lodges at Deer Valley, and the St. Regis Resort & Residences, Deer Crest, and the Montage Resort at Deer Valley .
For the rest of the “Best Cash-Flow Condos in Park City” story, click…
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
Deer Valley Montage Hotel
Dakota Mountain Lodge and Waldorf=Astoria Announcement
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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 high demand for rental properties in Deer Valley, Park City, and at The Canyons all winter long.
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.
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 20 properties remain unsold in the hotel.
Construction is under way, but the hotel is not yet finished. For those of you who like to plan your vacations years in advance, you can’t make rental reservations yet!
Click Here for St. Regis Condos for Sale
Ownership at the St. Regis is whole-ownership. If you are interested in fractional ownership in Deer Valley, you have a couple of options in other neighborhoods.
The Difference Between St. Regis Condos & Residences
The eleven story St. Regis Hotel features 67 hotel-condominiums in one through four bedroom floor plans.
Floors 1-7 of the St. Regis are condos. Owners of St. Regis condos may rent their units through the on-site managment company when they’re not using their St. Regis Deer Valley condos for their private use.
The top four floors of the St. Regis are home to 26 private residences.
No rentals will be allowed in the St. Regis Residence units. If you search for St. Regis Residences for sale, units with numbers in the 800’s-1100’s are the residence units.
Some owners have combined adjacent residence units to create spacious family retreats. If you need a unit larger than 4 bedrooms, let us know and we’ll put you in touch with the appropriate people to start a custom configuration conversation.
St. Regis Amenities
Amenities at the new St. Regis in Deer Valley will include an indulgent 24,000 square foot spa with salon and fitness facilities, a sun-lovers ski ‘beach,’ a two-tiered swimming pool, a gourmet restaurant, a martini bar, and an owners’ concierge service.
And of course, guests and owners staying in these luxurious Deer Valley Condos at the St. Regis resort may always avail themselves of the signature St. Regis butler service, offering an elevated and sophisticated style of service found exclusively at St. Regis Hotels and Resorts around the world.
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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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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