Deer Valley®
Montage Deer Valley Condos and Residences For Sale Soon!
January 26th, 2010 Categories: Deer Valley®, Hotels & Lodging, Park City, Real Estate
Montage Deer Valley is poised to offer their first residences for sale in February, 2010.
Now that the Silver Strike Deer Valley condo auction has run it’s course…
Deer Valley real estate watchers can shift their attention from the least expensive properties available in Empire Pass to what could be the most-desirable (location, amenities, views, quality) new condos ever released in Deer Valley.
This is the first of a series of articles we will share about the Montage over the next few weeks as we count down the days until the first units are available. Feel free to hang around and get the details a few at a time, or contact us immediately if you know you are interested and we’ll throw you on the fast track!
We took a hard hat tour of the property with members of the development team a couple of weeks ago, and the Montage is now beginning to trickle some preliminary information about Montage Residences.
Montage Deer Valley Construction Progress
While they have been very quiet on the marketing front…
The Montage construction site is bustling with activity like an ant hill. Did you know there have been 800-1,000+ workers on site every day racing to meet the deadline for the opening of the 2010/11 ski season?
The developer will retain 174 luxury guest rooms and suites on the lower 7 floors floors of the hotel.
The upper six floors of the Montage Deer Valley will be home to 81 private Montage residences.
Montage Residences
The Deer Valley Montage is an architectural masterpiece. Not just because of its impressive size–but also because of its complexity. There are more than 50 different floor-plans among the 81 residences!!!
Owners of Montage Residences will delight in owning something truly unique…not just a cookie cutter replica of the unit above and below yours.
Deer Valley Montage Floor Plans
Montage Deer Valley Location
Montage Deer Valley Location
It sounds like a chore to sort through all 50+ floor plans, but it’s easier than it sounds.
We guarantee your enthusiasm for the property will grow as you begin to appreciate the incredible amount of thought and detail that has gone into the planning and design of the Montage Deer Valley.
Our recent tour gave us a good feel for the assorted locations within the building. Once you begin the exercise, it’s just not that hard to narrow your choices.
Residences in the Deer Valley Montage will be offered in phases, and the developer will offer a representative cross section of units with different views, floor-plans, and sizes in each release.
Important Deer Valley Montage considerations:
- Furnished or unfurnished?
- How many bedrooms?
- Want to rent your Montage residence or not?
- Views up the ski mountain or down-valley views?
- Thru-views?
- Amenity acces within the building (close to owners lounge, restaurants, etc…)
- Morning or afternoon sun?
Montage “First Tracks” program to be announced soon!
If you would like details about the Montage “First Tracks” program, including specific units available and incentives for being a pioneer in the project, please complete the form below…
Related Montage Deer Valley Articles:
Deer Valley Montage First Tracks Incentives
Montage Deer Valley Residences
Montage Deer Valley Condos Under Construction
Notice:
Park City Real Estate Guide® is neither the listing broker for the project, nor are we an affiliate of the developer or construction company of the Montage. We are providing you with this preliminary information as a courtesy only, so that our readers may seize the opportunity to beat other interested buyers to the most desirable units at the lowest possible prices. All information contained in this post is subject to change.
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More Deer Valley Condos–At Auction-Level Prices!!!
January 21st, 2010 Categories: Deer Valley®, Park City, Real Estate
Missed the Deer Valley Condo Auction?
After this post, we’ll give the whole auction topic a rest…there’s some other exciting Deer Valley, Utah real estate news around the corner that we’ll share later this week! (Hint: it involves first-tracks incentives on Deer Valley’s most exclusive property…)
But before we turn the page on the auction, there’s something you should know…
More Deer Valley Condos Available for ~40% off!!!
The developers of Silver Strike Lodge listened to what the auction bidders said the homes were worth, and they are now willing to blow out a few more of their unsold condos at auction-level prices! So, if you weren’t inclined to make a trip out here and get in a bidding war for the original 8 auction condos, you didn’t miss out entirely.
Six…now five (one just went under contract to one of our Park City Real Estate Guide subscribers as I’m writing this post!)…new condos available at near auction-level prices.
Silver Strike Deer Valley Condo Post-Auction Release
But wait–here’s the catch…
New Silver Strike Prices are Firm
Don’t bother trying to make an offer for less than the prices you see above.
Your less-than-full-price “offer” WILL get rejected by the bank…it happened to a couple of buyers yesterday. Here’s the problem with the low-ball offer strategy in this particular case: you run the risk of another buyer grabbing one of these bargain-priced properties out from underneath you…just like our client did to another buyer whose greed cost them a great deal!!!
Which Units Are the Best Silver Strike Condos Available Today?
We toured the available 6 units yesterday afternoon, so we can help you quickly and easily understand locations, floor-plans, views, etc…
Just send us an email to our Silver Strike Email Address–we’ll get it on our Blackberries and we’ll be right back in touch to answer whatever questions you have…
If your interest is so pressing that you NEED to speak with us right away, go ahead and call our toll-free numbers: 1-877-838-2805 or 1-800-485-0218. They are forwarded to our mobile phones today…
Related Articles:
Silver Strike Auction Results
Deer Valley Condo Auction Details: Silver Strike Lodge
Silver Strike Lodge Deer Valley Condos Overview
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Deer Valley Condo Auction Results
January 18th, 2010 Categories: Deer Valley®, Park City, Real Estate
No more need to speculate…
Buyers Say Deer Valley Condo Auction Was a Success!
The Silver Strike Lodge Deer Valley condo auction took place at Stein Eriksen Lodge last night, and the developer successfully contracted for the sale of all eight ski-in/ski-out Deer Valley condos as planned.
Over 100 registrants were present at the auction, and about 25 bidders competed with one another to grab the available properties.
No doubt the developer would have liked to have seen the winning bids be higher…
Winning Bids for Silver Strike Deer Valley Condos
Winning bid prices ranged from 10.8% to 26.2% above minimum bid prices…or 41% to 45% below the original list prices for the condos.
In our opinion, the winning bidders locked in some great prices on luxurious ski-in/ski-out Deer Valley condos at the auction. Since the average sales price per square foot for condos in Empire Pass over the past few years is $992 per square foot, the winning bidders who paid between $734 and $776 did grab some good deals!
Looking at the history of Deer Valley condo sales over the past few years, average condo sales prices are typically within 90% of list prices, even during the tough economy in 2008 and 2009:
Silver Strike Deer Valley Condo Buyers Will Close Soon
Having completed their due diligence prior to bidding at the auction, winning bidders have placed 10% non-refundable earnest money deposits into escrow, and they now have 30 days to close on the sale of the condos.
Deer Valley Condo Market Post Auction: Where Do We Go From Here?
Sales prices of the auctioned condos will be disclosed across the Park City MLS for use by local appraisers, real estate agents, and prospective buyers and sellers. It will be interesting to see how owners and developers of neighboring properties react to the auction.
Other Empire Pass condo owners have already dropped their prices significantly:
Empire Pass Price Reductions
It is safe to assume that today’s Deer Valley condo buyers will be able to negotiate significant discounts in the months ahead.
We’re seeing occasional bank-owned properties and other motivated sellers, even in ski-in/ski-out locations where most owners have significant staying power.
Want Updates About Distress-Price Opportunities in Park City & Deer Valley?
Related Articles:
6 More Silver Strike Condos Released at Near-Auction Prices!!!
St. Regis Deer Valley Condo Sales Update
Montage Deer Valley Update
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Deer Valley Condo Sales - Feast or Famine?
December 10th, 2009 Categories: Deer Valley®, Hotels & Lodging, Real Estate
Those of you who have been watching the Deer Valley condo market for years will probably agree…
This has without a doubt been one of the most interesting weeks we have ever experienced in Deer Valley.
Here’s why…
Silver Strike Deer Valley Condo Auction
On Tuesday, the developers of Silver Strike Lodge announced that they will be auctioning off 8 ski-in/ski-out condos in the Village at Empire Pass.
This is the most significant auction of Deer Valley real estate in about 20 years.
When you saw this headline, did you jump to the conclusion that the real estate market conditions in Deer Valley can’t be that much different than Detroit?
Au contraire, mon Frère!
St. Regis Deer Valley Condo Sales
St Regis Deer Valley
Today, 9 units at the St. Regis Resort & Residences, Deer Crest were published across the Park City MLS as closed.
Another 50 units are under contract, and are expected to close within the next 30 days, totaling over $100 million.
And get this…each of the properties sold for 100% of list price ranging from $1044 to $1768 per square foot.
In fact, the 4 bedroom Residence at the St. Regis was the most expensive condo per square foot to have sold in Deer Valley–EVER!
How do you reconcile these two contradictory expressions of the Deer Valley market conditions?
Related Articles:
Get Silver Strike Auction Details Here!
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Deer Valley Home Sales: Market Update
August 9th, 2009 Categories: Deer Valley®, Statistics & Trends
Homes In Deer Valley, Utah Still Selling!
Deer Valley homes are still selling, in spite of the challenging economy.
What’s interesting is that the demand in the marketplace for ultra-exclusive Ski-in/ski-out homes has remained strong, while homes with less convenient access are sitting on the market for long periods of time with relatively few sales.
Deer Valley Home Sales Prices Increasing–What’s the Catch?
If you look at average sales prices of homes sold in Deer Valley 2009 year to date, you might be surprised to see that the average sales price actually increased in 2009.
So far, 15 homes have sold 2009 YTD.
In a surprising statistic, 12 of the 15 were ski-in/ski-out properties!
Buyers of these properties are apparently much less impacted by the difficulty of the current lending environment.
The market for homes in Lower Deer Valley with no ski access has been minimal–only three such properties have sold so far.
Here’s the good news about Deer Valley Homes…
There are some Deer Valley home sellers who NEED to sell.
They’re past the point of waiting until they can get their optimal price. We’re even beginning to see a few foreclosures and short sales.
…But how do you know which ones are the best deals?
It’s easy–just ask us!!!
If you have been waiting for a great deal on a Deer Valley home, now is the time to start throwing out some low offers to see who bites!
Please help us understand what type of home you’re looking for, and we’ll let you know as soon as any homes that meet your criteria hit the market.
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Deer Valley Condos: Current Sales Stats
August 9th, 2009 Categories: Deer Valley®, Dining & Entertainment, Jordanelle, Local Services, Real Estate, Statistics & Trends
We just received a great question from one of our subscribers, who asked…
“How does current inventory and list prices of Deer Valley condos compare to the last 5 years?”
Quick answer: Inventory is increasing, and average sales prices are dropping. Not surprising, based on national real estate trends.
It’s interesting to note that prices of ski-in/ski-out condos are holding their value better than Deer Valley condos with less convenient ski access.
Average sales prices of ski-in/ski-out condos have re-traced back to 2006 levels, whereas Deer Valley condos without ski-in/ski-out access have dropped back to 2004-05 levels.
Why do we see this divergence in the sales numbers?
Are Deer Valley Condos with Ski Access Better Investments?
Time will tell…
Lending probably plays a big role. Cautions lenders have reduced maximum loan amounts, increased documentation requirements, and have generally made condo financing more difficult and more expensive than it was during the real estate boom of 2004-2007 in Park City & Deer Valley.
Today’s purchasers of new luxury condo in Empire Pass, Grand Lodge, Flagstaff, Silver Strike Lodge, Ironwood, and others may still have the resources to pay cash for their purchases.
Buyers of less-expensive resale condos in Lower Deer Valley may be more reliant upon financing for a portion of the purchase price.
Deer Valley Condo Market: The Influence of Financing Changes
As it has become more difficult and more expensive to obtain financing, fewer investors who qualify for loans are active in the current market.
This has caused an increase in inventory, decrease in prices, and we’re seeing fewer condos sold.
Don’t jump to the wrong conclusion when you see the YTD 2009 numbers.
We’ll have to revisit these stats at the year-end, after the long awaited St. Regis Resort & Residences condos close in October/November! That should contribute another 60 condo sales by year end, not to mention whatever other sales transpire between now and Jan 1st.
This is the Time to Get a Great Deal On A Condo In Deer Valley!
One big change in the recent statistics is the change in the list price to closed price ratio. For the first time in 8 years, the ratio dropped below 90%!
True, there’s less new construction reflected in the 2009 sales numbers. Over the past few years, it wasn’t uncommon for sales prices to be 100% of list price for new construction properties.
But still, there’s no denying that there are plenty of motivated sellers in today’s marketplace.
Are you serious about finding a great deal and taking advantage of a motivated seller in today’s market? We can help! Let us know what you’re looking for:
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Deer Valley Lodging–Not “Too Big To Fail”
May 13th, 2009 Categories: Deer Valley®, Park City, Real Estate
Deer Valley Lodging Delays Payments to Deer Valley Condo & Deer Valley Home Owners
Deer Valley lodging, a management company owned & operated by Premier Resorts International, sent a letter in late March 2009 to hundreds of property owners warning them that the company would be unable to make rental revenue payments to property owners for rentals in February & March, 2009.
According to the letter, “This extraordinary situation necessitates that we delay payment of current amounts owed to condominium unit owners under our Rental Agency Agreements. DVL plans to pay all owners the full amounts owed as soon as possible.”
The astonishing demise of one of Park City’s most influential property-management firms is being felt in many sectors of the Park City business community.
Because of the enormous range of services property managers offer, the line of unpaid creditors includes everyone from florists to plumbers.
Deer Valley Lodging Terminates Over 100 Employees
Since the announcement, Deer Valley Lodging–Deer Valley Utah’s largest property management firm–has been searching for solutions to its cash-flow challenges.
During the first week of May, Premier Resorts laid off over 100 employees, and announced a cancellation of accrued, unused vacation pay, sick leave, and personal time.
And the news hasn’t gotten any better for Premiere Resorts since the initial announcement…
Premier Resorts (DBA Deer Valley Lodging) Headed Into Bankruptcy?
Park City attorney Joseph Tesch filed a petition for involuntary Chapter 7 bankruptcy in federal court on behalf of a handful of condominium owners at The Lodges at Deer Valley, most of whom are also board members of the homeowners’ association.
According to Premier Resorts International, the parent company of Deer Valley Lodging , the filing “complicated” the company’s search for a solution to pay the 500 plus owners who have not received past-due rental revenues for February and March rentals.
The letter also said the filing “will likely affect our ability to attract financial assistance.”
It was hoped, briefly, that an investor would step in to assume the company’s financial obligations, but it appears now that will not happen. Deer Valley Resort is forming its own property-management arm.
Deer Valley Resort Steps Up, Forms New Lodging & Reservations Division
Premier Resorts, DBA Deer Valley Lodging, had use of the Deer Valley® name through a licensing agreement with Deer Valley Resort. Based on the recent turn of events, Deer Valley decided to revoke the licensing agreement and form a new company to handle the property management needs of the Deer Valley community.
The new company will provide property management services for Deer Valley condo and home owners, and community HOA’s (Homeowner’s Associations).
Kim McClelland will head the new company as Director of Lodging Operations for Deer Valley Resort Lodging and Reservations. Mr. McClelland is a longtime local lodging veteran who has also served as president of the Park City Area Lodging Association, the Park City Rotary Club and the Park City Chamber/Bureau. He is also involved with the Utah Office of Tourism and the Utah Ski Association.
We hope the new company will hire many of Deer Valley Lodging’s other key staff as well!
Related Park City & Deer Valley Property Management Articles:
Top 15 Questions to Ask Your Park City Property Manager
Park City Rental Agency David Hollands Delays Rental Payments to Owners
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Deer Valley Condos: Appreciate Your Assets
March 4th, 2009 Categories: Deer Valley®, Park City
Exploring Deer Valley, Utah Condos For Sale
I toured clients three bedroom condos in Park City & Deer Valley, Utah last week. It was the first time this particulary family had looked at condos here in Park City although they do own time-shares in Park City already.
Like many of our clients, they want to take advantage of the buyer’s market that Park City has become.
Inventory is up…
List prices are down…
For the first time in years, there are MOTIVATED SELLERS in Park City & Deer Valley Utah.
Three Reasons Why Today’s Buyers Are Investing in Park City & Deer Valley Properties
1) They want a place for their family to gather and share good times
As adult children spread across the country it’s great to have a central gathering place with convenient access from wherever your family ends up.
2) Confucious say: Your stocks may go to zero, but your home in Park City will not…
Take a look at real estate as an asset class compared to stocks, corporate bonds, etc… and you’ll see that Park City & Deer Valley real estate has proved to be a sturdy investment.
Today’s Park City & Deer Valley real estate buyers are looking to invest money in a more stable asset class than the roller coaster that is Wall Street… and who can fault them for that?!
If you’re like many investors, you would be happy with a simple return of your investment these days, not a return on your investment!
3) Here’s the big benefit of owning Deer Valley & Park City real estate…
You’ll get to appreciate your asset while your asset appreciates. How Fun is Your 401-k?
Back to the story about our Park City property tour…
Condos in Lower Deer Valley
We covered a lot of ground in three separate days of touring, but we spent much of our time in Lower Deer Valley which has a plethora of options in the three bedroom category.
Today’s buyers in Deer Valley have a great opportunity to own a piece of Park City’s Gold Coast for a significant discount over years past. Multiple listings in most of the complexes along the Deer Valley Loop, such as Fawngrove, Boulder Creek, Pinnacle, Portico, and Chapparal offer choices of floor plans, location and price points.
Park Meadows Offers More Square Feet for the Same Price as Lower Deer Valley
We also saw some three and four bedroom listings in Park Meadows neighborhoods like Four Lakes Village and Fairway Village which offer more square footage, great outdoor living and great views for similar prices as the Lower Deer Valley options.
The less convenient access to Park City’s Historic Main Street and the free Park City bus system might discourage some families who want to rent their properties while they’re not here enjoying them.
Warning: Don’t Be Overwhelmed by all the Great Park City & Deer Valley Properties For Sale
You’ll face an abundance of options, but don’t let the variety of available inventory be an impediment!
It’s a blessing…Chances are good you’ll find a property that meets your requirements, and you won’t need to win a bidding war with other buyers to acquire it for a compelling price!
The Evolution of a Park City Property Search
From the point when your search for Park City real estate begins, your conception of the type of properties that fit your criteria may evolve.
It may take some time and conversations with your family decision-making team to reconcile your contradicting perspectives…shocker!
We hear it over and over…how surprised our clients are with our casual no-pressure approach.
In these challenging times, you need a thoughtful and professional consultant to help you stay on target…not a desperate rookie who relies on high-pressure tactics and makes your exploration a miserable process.
Begin Your Park City & Deer Valley Real Estate Research Here
The bottom line is that the Park City & Deer Valley real estate market is a target rich environment for people looking to invest in the Park City lifestyle. The lifestyle and family-fun dividends you’ll receive every day just might be more fun than looking at your retirement account statements…
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Park City & Deer Valley Real Estate: The “Halo Effect” of Branded Hotels
December 24th, 2008 Categories: Deer Valley®, Hotels & Lodging, Park City, The Canyons®
It’s no secret–the economy is on everybody’s mind these days…
How Will The Economy Impact Real Estate in Park City & Deer Valley, Utah?
We sat down and had lunch with some of the brightest minds in resort real estate last week.
Guests at the event included Harry Frampton (Founder of East West Partners and Chairman of the Urban Land Institute) and Jim Flaum, the Managing Broker for Slifer, Smith and Frampton Vail Associates Real Estate.
These guys have been selling ski-in/ski-out real estate for decades, and they traveled to Park City to generously share some of their experiences in challenging economic times with a handful of local brokers who had been invited to the think-tank themed luncheon.
Good News For Park City & Deer Valley Real Estate
Global hotel brands St. Regis, Montage, and Waldorf=Astoria all have ultra-luxury hotels under construction in the Park City/Deer Valley area.
The Halo Effect: ”Branded” Hotels Will Redefine Deer Valley Real Estate
According to Frampton, Deer Valley will see a “Halo Effect” the day the St. Regis Resort & Residences, Deer Crest opens its doors in 2009.
“We saw it happen with the Ritz Carlton in Bachelor Gulch. As soon as the hotel opened, we saw a totally different type of visitor to the valley.” The type of visitor who only stays at branded 5 star resorts…
Will History Repeat Itself in Deer Valley, Utah?
So what was the impact on the local real estate market in Vail when the Ritz Carlton opened? “Average prices increased from $200-400 per square foot at neighboring properties in town,” according to Frampton.
Expert Says Global Hotel Brands Will Elevate Park City, Utah as a Travel Destination
There’s tremendous power and leverage behind the global brands. According to Jim Miller, General Manager of Dakota Mountain Lodge, “branded hotels will help elevate the Park City area as a destination.”
Consider the new Waldorf=Astoria Dakota Mountain Lodge, for instance. Hilton is the parent company of Waldorf=Astoria Collection. Dakota Mountain Lodge is the only true ski-in/ski-out property in Hilton’s stable.
Park City Hotel Reservations Turbocharged?
Hilton books over 1 million room nights per day using a robust online reservation system for their 3,300 properties. This doesn’t even include the additional rooms reserved on online travel sites like Hotwire, Expedia, and Travelocity.
Furthermore, they have more than 200 global salespeople whose sole job is to promote and book group and conference reservations at Hilton hotels around the world. This could be a key ingredient in creating business during the non-skiing months.
The ability to tap into sister brands is critical. Think of the 20 Million Hilton Honors customers, not to mention their cooperative marketing agreements with airlines, credit card companies, etc…
St. Regis & Montage Also Have Marketing Machines
Do you think this might have an impact on real estate in Park City or Deer Valley?
Related Articles:
The Halo Effect of Branded Hotels in Park City & Deer Valley
Park City and Deer Valley’s Best Cash Flow Condos are…
The Best Cash-Flow Condos in Deer Valley (Part II)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
St. Regis Resort and Residences, Deer Crest
Dakota Mountain Lodge and Waldorf=Astoria Announcement
Deer Valley Montage Hotel
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Park City Child Care | Deer Valley Babysitters
December 21st, 2008 Categories: Deer Valley®, Local Services, Park City
Coming to Park City or Deer Valley, Utah This Winter?
If you need some help with your kids while you’re in Park City & Deer Valley skiing, we are enthusiastic supporters of Park City Sitters.
Park City & Deer Valley Babysitters Are Still Available for Presidents Week
Park City Sitters still has a few highly capable sitters who aren’t booked for every night of theFebruary busy holiday period…yet!
Park City Sitters: Deer Valley & Park City’s Premier Child Care Service
As they have learned during their 5 years of serving the Park City & Deer Valley families, last minute reservations are challenging during the holiday week.
The longer you wait, the less availability they will have…
You can reserve your Park City or Deer Valley Babysitter by calling Park City Sitters’ reservation line at 435-640-7193 or you can make reservations online using their quick and easy online reservation form:
Online Park City Child Care Reservations
By the way…
Park City Sitters is the preferred provider of child care services for Stein Eriksen Lodge, Utah’s only Mobile 5 Star Rated Hotel.
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