Archive for April, 2008
The Lowell, Park City Condos
April 26th, 2008 Categories: Park City, Real Estate
If you missed out on the “feeding frenzy” when the spectacular Silver Star condos were released for sale a couple of years ago, you might want to pay very close attention to the re-development of The Lowell in the Resort Village at Park City Mountain Resort.®
The Only New Whole-Ownership Condos Built in the Park City Mountain Resort® Village in More Than Two Decades!
There’s nothing like The Lowell in the Resort Village, which has plenty of old, tired condos, and very few brand-new, high-end contemporary condos like The Lowell.
The Lowell Amenities Include:
- Concierge Service
- Secure Electronic Key Access
- High-speed Wireless Internet
- Community Lounge With Fireplace
- On-site Ski & Snowboard Shop
- Outdoor Heated Pool
- Fitness Center
- Resort Village Location
- Underground Parking
- Outdoor BBQ Area
In Park City Real Estate, Location is Critical…
And the location of The Lowell is tough to beat if you like skiing or snowboarding.
You’re perfectly positioned for Utah powder days, just steps from the bottom of the Payday Lift at Park City Mountain Resort.
Plus, you’re walking distance to all of the shops and restaurants in this world-class ski-in, ski-out village. The diversity of activities in the resort village in the summer and winter makes The Lowell a perfect spot for your entire family to enjoy the year-round fun and excitement at the Park City Mountain Resort.®
Savvy real estate investors love scarcity, and The Lowell is Park City’s equivalent to beach front property.
Condos at The Lowell are Limited
Here’s the good news…
There are a total of 10 units in the building, and only six units are still available. Four of the remaining units are 2 Bedroom condos. Only a couple of 3 bedroom condos at The Lowell are left.
Here are details about the remaining Condos for Sale at The Lowell
What Interior Finishes Will Condos at The Lowell Include?
Living Room
- Hand scraped reclaimed hardwood floors
- Gas fireplace with Cherry wood and imported natural stone surround and mantle
- Business center featuring ports and lines for fax, printer, and data/communications
- Automated room control
- Automated roller and blackout shades
Kitchen
- Wolf gas range, Sub Zero refrigerator/freezer and wine cooler, designer dishwasher and microwave
- Custom-designed and craftsman-built cherry cabinets including island counter
- Natural stone slab counter-top and back-splash imported from quarries around the world
Bedrooms
- Luxurious designer carpet
- Automated roller and blackout shades
- Lockable owner storage
- Insulated walls for sound attenuation and climate control
Bathrooms
- Natural stone slab counter-top and back-splash imported from quarries around the world
- Custom designed and craftsman-built cherry cabinets
- Contemporary natural slate or Brazilian granite tile floor
- Stylish tile accented walls
- Flat pebble shower floor with stylish tile walls
- European glass shower enclosure
- Double sinks in master bathrooms
- Deluxe garden tubs in every master suite
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Red Cloud Deer Valley
April 13th, 2008 Categories: Deer Valley®
Record Land Sale in Deer Valley, Utah
It doesn’t seem like the smart money is too worried about the national “mortgage crisis” having a big impact on Deer Valley real estate values.
Deer Valley just witnessed the most expensive single-family residential lot sale to date…
The lot was a resale lot that was originally purchased from the high-end developer Talisker three years ago.
Lot #22 Red Cloud just sold for a cool $5 mil.
Check out the view from lot 22 in this photo to the right:
Click here to see other parcels available for sale in Red Cloud.
What Does $5 Million Buy You in Empire Pass, Deer Valley?
Lot 22 in Red Cloud is a 1.32 acre parcel with excellent ski-in/ski-out access and amazing views to the East and North.
From this lot you’ll notice Deer Valley landmarks like Bald Mountain, Bald Eagle, and Stein Eriksen Lodge.
What makes this area command such a premium price over other neighborhoods in Deer Valley?
Scarcity Creates Value. There are only 30 lots in the gated Red Cloud neighborhood.
Aside from the privacy, the beautiful forested setting, and perfect ski access at Deer Valley Resort, residents of Red Cloud can apply for membership in the exclusive Talisker Club.
Talisker Club Amenities Create Massive Value
Talisker Club membership allows owners to access private amenities at Deer Valley Resort (like the Talisker Tower Club and Red Cloud Cabin–a private restaurant for owners), and off-mountain amenities like fly-fishing on private waters, and golf at the esteemed Talisker Club at Tuhaye.
Red Cloud Deer Valley is Taking Shape
Three homes are currently under construction in Red Cloud.
One of them is pictured in the photo to the right. It’s situated along the slope of the Bandanna ski run at Deer Valley Resort.
Two of the homes are private residences, and the third is a Spec Home that will be framed this spring.
Click here to see other parcels available for sale in Red Cloud.
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Deer Valley Ski Season Ends
April 13th, 2008 Categories: Deer Valley®
Even though it’s still snowing in Park City, Utah…
Deer Valley Resort Wrapped Up a Phenomenal Ski Season April 13th.
We couldn’t resist a day of spring skiing on Deer Valley’s closing day.
And what a spectacular day it was…Not a cloud in the sky, and no crowds on the lifts.
Check out the huge cornice at the top of the Daly Chutes on April 13th!
Average base depth of the snow-pack on closing day was a whopping 131 inches…not a brown muddy patch to be found anywhere on the ski runs, even at lower elevations like Deer Crest (see below photo).
Homes in Deer Crest, Deer Valley
We made a great tour of Deer Valley Real Estate, and stopped to snap some photos in the Red Cloud, St. Regis, Montage, and Empire Pass neighborhoods.
View From Red Cloud, Deer Valley
This is what February usually looks like in Deer Valley. But guess what?
We snapped this shot of a Paintbrush Home in Empire Pass on April 13th.
Looking down on Bald Eagle and Silver Lake Village, Deer Valley
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St. Regis Deer Valley
April 13th, 2008 Categories: Deer Valley®, Hotels & Lodging
St. Regis Resort & Residences, Deer Crest
Construction Update:
Closing Day at Deer Valley Ski Resort.
Years ago, we watched the excavation of the site at the top of Portugese Gap where the St. Regis tower will be located.
It’s pretty incredible to see the hotel taking shape.
The framing is nearly complete for the St. Regis Condos, which are the lower 7 stories of the hotel.
In the months ahead, the top four stories–the St. Regis Residences–will begin to take shape.
St. Regis Deer Valley Ski Access
The photo above shows the ski-in access from the Deer hollow Ski Run.
Deer Hollow is a beginner-level green run accessed from the Jordanelle Express Gondola and the Deer Crest chair lift.
It’s wide open, and fun for people new to the sport, and expierienced skiers will have fun carving sweeping wide turns across the run.
The photo to the right depicts the ski-out trail to the Deer Crest chair lift.
Here is the link to Deer Valley’s Trail Map online.
Is Deer Valley the “Dubai of the Rockies?”
Not Exactly.
But you might be surprised by the amount of new construction underway in Deer Valley, in defiance of the “Mortgage Crisis” and real estate doom and gloom from around the USA.
Massive cranes are slowly but surely making progress, as the structural elements of the St. Regis and Montage Hotels are beginning to take shape.
Looks like the steel and concrete is complete up to the 6th story of the 11 story tower.
The views from the hotel will be gorgeous. On days like today, you’ll be able to see for miles!
St. Regis Deer Valley Sales Update
To date, 57 of the 83 Condos and Residences at the St. Regis are already sold.
Some floor plans have very limited availability…
But There’s a Secret Stash of St. Regis Units That Haven’t Been Released Yet
If you can’t find the unit configuration you want among the St. Regis Condos & Residences Listings for sale here, email us and we’ll check the developer’s “secret stash” of units not listed across the MLS!
Related Articles:
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 Is Not the Only Smart Money Bet in Town (Part III)
Deer Valley Montage Resort & Spa
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Park City MLS Sales Volume
April 11th, 2008 Categories: Statistics & Trends
We just received this question from one of our blog readers:
“How does the total volume of PCMLS sales in 1st quarter ‘08 compare with ‘06 and ‘07″
So we did a little research…Here are the results:
Park City Real Estate Sales Volume By Quarter 2002-2008
Park City MLS Areas 1-37
Sales Volume Includes Homes, Condos, Land, Commercial, Fractional
First Quarter Comparison
Quarter 1 2008 $318,529,716
Quarter 1 2007 $993,535,986
Quarter 1 2006 $1,074,994,736
Quarter 1 2005 $958,984,808
Quarter 1 2004 $482,420,515
Quarter 1 2003 $327,833,715
Quarter 1 2002 $301,966,270
*Statistics Courtesy of the Park City Board of Realtors
Second Quarter Comparison
Quarter 2 2007 $1,000,657,355
Quarter 2 2006 $939,598,086
Quarter 2 2005 $1,137,881,194
Quarter 2 2004 $637,795,946
Quarter 2 2003 $386,152,732
Quarter 2 2002 $365,544,559
Third Quarter Comparison
Quarter 3 2007 $526,424,478
Quarter 3 2006 $426,187,590
Quarter 3 2005 $589,895,046
Quarter 3 2004 $354,901,545
Quarter 3 2003 $211,802,454
Quarter 3 2002 $197,293,163
Fourth Quarter Comparison
Quarter 4 2007 $450,409,188
Quarter 4 2006 $397,002,139
Quarter 4 2005 $570,381,959
Quarter 4 2004 $397,685,997
Quarter 4 2003 $225,219,318
Quarter 4 2002 $187,481,680
*Statistics Courtesy of the Park City Board of Realtors
To explore the market momentum of homes, condos, and land in the Park City marketplace, check out the following posts:
Park City Condo Sales Statistics
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Park City Condo Sales Stats
April 4th, 2008 Categories: Statistics & Trends
Park City Utah Condo Prices Still Rising
We’re not kidding!
So much for the real estate doom and gloom we read about every day in the national media.
Check out this chart…
It shows average and median sales prices for Condos in Old Town (MLS area #1) Park City, Utah over the past 10 years.
Not quite what you expected to see, particularly in the 2007 and 2008 years?
How can this be?
*Statistics Courtesy of the Park City Board of Realtors
Every Regional Real Estate Market has its Own Local “‘DNA.”
We know genetics professors in the crowd will cringe at the analogy, but it’s not a crazy way to look at real estate markets.
Each local real estate market around the country has a two main driving forces–Supply and Demand.
The relative amounts of each of these factors will create a different expression of prices and price momentum.
Areas with massive over-supply might see”foreclosure bus tours” but it doesn’t mean every market in the USA is spiraling downward. Properties with scarce supply and high demand will prices climbing higher and higher.
That’s why properties like the Waldorf=Astoria Dakota Mountain Lodge and Golden Door Spa at The Canyons has sold more than 30 residences YTD in 2008, at average prices that continue to increase rapidly.
”What’s The Story Behind The Extraordinary Appreciation rates in Park City, Utah?”
Simply put, it’s not reasonable to assume that the value of every property in the Park City market has appreciated at the rates in the Table here.
New Construction Is Booming in Park City.
It’s a fact that the type and quality of condos available today are totally different from what was available in the late 1990’s.
There was nothing like the Silver Star development at the base of Park City Mountain Resort.
What’s the story with the big drop in Old Town Park City Condo appreciation in the year 2003?
*Statistics Courtesy of the Park City Board of Realtors
Park City Real Estate DNA
Sometimes local events that have big impacts locally, and cause local market conditions to operate on a totally different curve than what’s happening nationally.
Remember that little-known event Utah hosted in February of 2002–The Winter Olympic games?
The years leading up to the Olympics were a time of enthusiastic speculation by local builders. Supply exceeded demand, and so prices dropped correspondingly.
Old Town Park City Condo Sales Table
What about the Broad Real Estate Market stats in Park City? Read the following posts for the rest of the story:
Park City Total Sales Volume 2002-2008
What Will Happen to Prices in Park City for the Rest of 2008?
We look forward to your comments below!
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Park City Condos at Silver Star
April 2nd, 2008 Categories: Park City
Silver Star Condos and homes are almost completed!
Of the 98 total homes (condominiums, townhomes, and cottages) in the Silver Star community, 48 are now complete.
An additional 46 units are under contract and under construction. All of these are expected to close by mid-summer 2008.
Only four Developer-offered homes remain unsold in the entire Silver Star project.
Here is a complet list of all of the properties currently available for sale at Silver Star.
Remaining Silver Star Properties Will Be Completed Soon
The developers are hoping to have all owners residing in their properties by the end of July.
The Stacked Flat 3 building is now completed and being fully enjoyed by its owners, and Townhome 4 is also finished and owners are now moving in.
Cottages 7,8,9 and 10 will be completed by early April, 2008.
“In effect, we’re delivering over 18% of all Silver Star units this month alone,” marvels Silver Star principle, Chris Conabee.
Silver Star Amenities are Open
The project amenities are also falling neatly into place.
The outdoor pool and hot tub, as well as the cardio room—complete with state-of-the-art equipment—opened this spring.
The owner’s lockers are finished, as are the public restrooms.
Spiro Arts Artist-in-Residence
One compelling benefit that the Silver Star neighborhood offers is a connection with the local art and film scene.
In collaboration with the University of Utah College of Humanities - Silver Star will be home to a summertime Artist-in-Residence program, which offers Silver Star residents and visitors classes, lectures and forums for exploration of the arts.
The restored historic mining building to the left will host the Artist-in-Residence program, which will include a facility for office and studio space, as well as residences for a small number of artists during the spring and summer months.
During the winter months, the Sundance Institute will utilize the live/work spaces for its seasonal Festival staff.
Silver Star Commercial Space Update
Silver Star features a limited amount of commercial space in addition to the residential component.
The Sundance Institute moved into their new building in late 2007.
A sports equipment and rental shop, to be located on the north side of the plaza, across from the ticket sales office is also in the works.
By offering ski and snowboard rentals in the winter, and bike rentals in the summer, as well as sports clothing, gear and accessories, the shop will make equipment rental easy for Silver Star owners and guests.
The developers are hoping to create an upscale country store and deli/cafe with a friendly and casual atmosphere.
Silver Star’s developers are currently in negotiations with food service providers regarding the operation of the on-site general store and café, located on the southeast corner of the central plaza.
Resale Market in Silver Star is Hot
Because of the limited supply and overwhelming demand, the developers of Silver Star did not restrict pre-constrcution resales/assignments of original contracts.
Silver Star did hit the market at the right time, with the right product mix, in the right location, and the right quality.
Still, we’re not aware of any new developments in Park City in the past 10 years with such a superior short-term track record of re-sales.
Here is the link to see a currently available inventory of developer-offered and resale Silver Star Listings.
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