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Golf

Red Ledges Succeeds in Spite of Tough Economy

It’s no secret that the market for vacant land has been harder hit than the markets for homes and condos in the greater Park City, Utah area.

Red Ledges Lot Sales

But one luxury golf neighborhood is experiencing more sales activity than the others…Red Ledges.

According to the Park City MLS, 7 lots have closed so far this calendar year at Red Ledges, with another 7 Red Ledges parcels currently pending sale.

This chart reveals that sales at Red Ledges have surpassed sales at Park City’s other private golf communities, including Tuhaye, Promontory, Glenwild, and Victory Ranch.

What’s Behind Red Ledges’ Surprising Success?

Price reductions and incentives have helped spur demand.  The developer is running a promotion right now that gives new lot buyers a new Mercedes as an incentive for their purchase!

No wonder buyers who are investing today are excited about what’s happening at Red ledges.

Red Ledges Grand Opening

Red Ledges' Jack Nicklaus Course

Red Ledges' Jack Nicklaus Course

The Red Ledges golf course opened 4th of July weekend, 2009. Jack Nicklaus was present for the unveiling of the course, which marked the 200th course that he has designed around the world.

“Since the topography of the Red Ledges area is so stunning and diverse, we were challenged to stay true to the Red Ledges vision by planning each hole around its natural surroundings,”
said Nicklaus. “We were able to nestle some holes around the famous sandstone ledges and situate other holes in juniper groves. I am delighted with how the course has turned out.”

Red Ledges Cottages

Red Ledges Homes

Red Ledges Homes

The developer is also offering finished cottage homes.  These 3000-4000 square foot luxury cabins start just over $1.25M.

These Red Ledges homes with zero lot lines are perfect for second homes or primary residences, as owners don’t need to worry about taking care of landscaping and snow removal–it’s all handled by the homeowners association!

If you need a little more space, check out the selection of “semi-custom” homes ranging from 4000-5000 square feet on 3/4 to 1 acre lots.

Red Ledges Homes

Red Ledges Home

If you’re looking for the most impressive home in Red Ledges, you won’t be disappointed.

This 5 bedroom 6 bathroom home, built by Promark Development, rivals the finest ski-in/ski-out homes in the Park City & Deer Valley area.

This spectacular property will be featured in the 2009 Park City Area Home Builders Association Showcase of Homes Aug 22-23, Aug 29-30, and Sept 5-7.

Perfectly situated above the Red Ledges Golf practice area, the home has fantastic views of Mt. Timpanogos, the Heber Valley, and the iconic “Red Ledges” for which the neighborhood is named.

From the moment you arrive at the home, you’ll be amazed by the thoughtfulness of the design and the quality of the finishes.  The heated driveway, tastefully constructed with hand-laid pavers of different sizes, shapes, and colors, is your first clue that you have just stumbled upon a home with no compromises.

We’ll offer an in-depth exploration of the intricacies and unique features of this home in a future post.  In the mean time…

Please contact us to arrange a private tour.

Posted by Erik Asarian | Currently 4 Comments »

Promontory Foreclosure Auction: The New Owner is…

Surprise!  In a bizarre turn of events…

The original developers of Promontory–Arizona-based Pivotal Group–tendered a $70 million bid at the April 15 bankruptcy auction, stepped back in, and were able to re-purchase the controlling interest in the project for pennies on the dollar.

Pivotal Now Owns Promontory With Almost No Debt

The Credit Suisse Group lent $350 million to the club in 2005, and most of that money was taken out of the project as “return on capital” by the original developer.

“That is just wiped off the books,” Promontory Managing Director Rich Sonntag said about the debt.

Implausible as it may be, Pivotal now owns the existing club amenities and all future development potential, including the roads, golf courses, clubhouses, and development infrastructure with almost no debt going forward.

Was Bankruptcy Promontory’s Strategy From The Beginning?

Pivotal Promontory Managing Director Rich Sonntag insists that Pivotal CEO Francis Najafi did not orchestrate the bankruptcy to avoid repaying the loans.

Credit Suisse could have emerged as the winning bidder, but the lender withdrew its offer on April 16th.

Credit Suisse Cuts Losses, Not Willing to Increase Stake in Promontory

Credit Suisse had the opportunity to take over the property and protect a $275 Million investment by tendering a bid of $70 million and agreeing to keep the club amenities in operation in the years ahead.

A sign of the global banking crisis and mounting losses around the globe, Credit Suisse was not willing to invest additional funds and opted to walk away from the project instead.

Lenders Providing Financing at Promontory Again?

It should be easier for prospective Park City home buyers and existing Promontory owners to borrow/refinance their Promontory properties.

The bankruptcy had been a dark cloud over the community that prohibited risk-averse lenders from financing homes and lots at Promontory.  It sounds like banks will look upon the project with more enthusiasm now that the auction is over.

What Does this Mean for Promontory Home Owners and Club Members?

Promontory Ranch Clubhouse, Park City, UtahThe good news is that there’s finally some clarity regarding who will control Promontory moving forward.

Like it or not, the developer has the strongest financial position that they have ever had in the project.  The infrastructure is almost complete, and there’s no debt!

The bad news is that some members/owners don’t trust Pivotal’s ability to keep the community on track, and they’re disappointed that a new developer didn’t step in and start fresh.  Time will tell…

Time to Get a Great Deal at Promontory?

The supply/demand balance of homes at Promontory continues to strongly favor Buyers over sellers.

Since the bankruptcy auction, 4 homes have gone under contract.  That matches the total number of homes sold in the previous 12 months!

Cutting right to the chase, Promontory was a popular spot for speculators when the Park City real estate market was booming.  Many of those same speculators now can’t keep up with the payments, and we’re seeing quite a few foreclosures and short sales in the neighborhood.

Here are the homes currently available for sale at Promontory

Related Articles:

Talisker Club:  World Class Skiing Meets Championship Golf

Red Ledges:  Sales Success In Spite of Tough Economy

Posted by Erik Asarian | Currently 2 Comments »

Promontory Emerging From Bankruptcy?

Good News:  Park City Development Back On Track

This is an update to our previous post about Promontory’s Private golf community in Park City, Utah.

PROMONTORY COMMUNITY BACK ON TRACK: Promontory and Lienholders Reach Agreement for Reorganization

PARK CITY, UTAH, Feb. 24, 2009 - On February 9, 2009, the Promontory operating entities, Promontory’s secured lenders and the Promontory Unsecured Creditors Committee (comprised of Promontory Members and Owners and other unsecured creditors) reached agreement on a joint plan of reorganization for Promontory. This plan sets the stage for the resolution of the involuntary Chapter 11 bankruptcy proceedings brought against Promontory by a group of its second lien lenders last March.

Credit Suisse To Form New Promontory Entity

The plan provides for the first lien lender group headed by Credit Suisse to form a new entity that will take ownership of Promontory’s operating companies, subject to Credit Suisse’s arrangement of exit financing.  This plan, if approved by the Bankruptcy Court, could allow Promontory to emerge from bankruptcy as soon as the end of March, 2009.

Promontory Plan Includes Funding To Continue Development of Amenities

The proposed plan of reorganization protects the interests of Promontory’s residents, owners and Club Members.

It also provides funding to continue development and amenity construction, thereby maintaining Promontory’s original vision as a four-season, multi-generational luxury community. Promontory Club’s membership agreements, and Promontory’s obligations under lot purchase agreements and related development agreements, will be assumed by the new owners.

Promontory Will Retain Key Employees?

Further, most key operational employees will be retained as Promontory continues its high standard of member services while restoring its development and sales operations. Finally, the plan establishes a reserve for payment of unsecured creditor claims.

Promontory Debt Decreased

According to Rich Sonntag, Promontory’s Managing Director, the reorganization will leave Promontory with decreased debt levels, thereby improving its financial position during the current market downturn, while preparing the development for profitability and market leadership when the greater real estate market recovers.

Sonntag commented, “I’m very pleased with the agreed reorganization plan. Promontory will be emerging from bankruptcy committed to its core vision and under a financial plan that protects its owners and members and positions us to continue amenity development and recapture market share.”

Promontory will be the first luxury planned community to emerge from bankruptcy out of a number of projects that were forced into Chapter 11 as a result of the market downturn in 2007-08. According to Sonntag, “Promontory can now showcase its completed amenities and fully developed lots at a time when other projects are either hamstrung by financial challenges or merely at the beginning stages of their development.”

Promontory Golf Course

Promontory’s new Jack Nicklaus Signature Golf Course was recently named #3 of the best new private courses in the country for 2008 by Golf Digest magazine.

Promontory Bankruptcy Website

Court documents containing details of the Promontory reorganization plan are posted on the Promontory Unsecured Creditor’s Committee website: www.promontorycommittee.com.

About Promontory

Promontory is a 7,200 acre, 10-square-mile recreational second home and private mountain community in the heart of the Utah Rocky Mountains just outside of Park City, Utah.  Promontory’s unique mountain ranch setting offers diverse year-round recreational amenities and activities for the multi-generational family.

Related Articles:

Talisker Club at Tuhaye

Glenwild

Red Ledges: Succeeds In Spite of Tough Economy?

Posted by Erik Asarian | Currently 1 Comment »

Tuhaye Homes: Park City Utah’s Most Exclusive Golf Retreats

We don’t usually blog about individual properties, but sometimes we run across residences that are so remarkable, they deserve a little extra editorial press.

Are Tuhaye Homes the “Best of Breed?”

Tuhaye Golf Club, Park City, Utah

While some Park City private golf developments are facing big challanges in today’s volatile economic times…

Promontory’s Bankruptcy, for example…

Talisker’s Tuhaye community is coming to life.

The homes that have been completed in Tuhaye are gorgeous, and sales have continued while some other segments of the Park City Real Estate Market have stalled.

The first home in Tuhaye sold just over 1 year ago, for over $3.8 Million–not a bad starting point!  One Tuhaye spec home went under contract a couple of weeks ago, and it hadn’t even been listed for sale…

A Strong Summer Season for Homes at Tuhaye?

Tuhaye Home For SaleIt’s rare to find the right home, in a great neighborhood, with the right views, for the right price.

Are you looking for a gorgeous mountain residence in Park City & Deer Valley’s most exclusive gated golf community?

This stunning Tuhaye home (Offered at $2,650,000 through Prudential Utah Real Estate) is perched an elevated 1.12 acre corner lot, and features dramatic mountain vistas.

Tuhaye Views Forever…Uinta Views from Tuhaye, Utah

Your views are preserved from Lot #30.

Future neighbors homes will be nestled far beneath your inspiring views.

You’ll love watching dramatic sunrises and sunsets over the spectacular Uinta Mountain peaks to the east.

Tuhaye Home Features Huge Great Room With Sunrise ViewsArtful Architecture at Tuhaye

Designed and built by renowned local Park City firm Jaffa Design Group, this one-of-a-kind residence was completed in late 2007.

The layout makes efficient use of the 4100 square feet of finished living area.   It’s not the largest home in Tuhaye, but you’re not paying for a bunch of extra space you don’t need.

Generous windows throughout the home capture the spirit of the magnificent natural setting.

Extensive use of natural stone, timbers, and copper accents give the home a sturdy and authentic feel.

Designed to function beautifully as either a primary residence or mountain getaway…

The home features plenty of storage and closet space, including built-in cabinetry throughout.

Main-Level Living ~ Easy to Get Groceries from the Car to the KitchenTuhaye home for sale

The floor plan features a pair of main-level bedroom suites, including the master.  The other main floor bedroom suite features extensive built-in office cabinetry and makes an elegant study.

The rest of the main floor boasts a designer kitchen that’s built for serious entertaining, a dramatic great room with huge views, stone fireplace and hearth…

Plus a formal dining room, laundry/utility/gift wrapping room, and easy access to the outdoor living areas.

Billiards Room at Tuhaye HomeGuests & Family Fun Upstairs

Ascending to the loft area…

You’ll discover a flexible game room (could also be an office, library, or art/music area), a second family room with cozy fireplace, enveloping surround sound, and two additional bedroom suites.

The wet bar/refreshment area includes a Sub Zero refrigerator/freezer and a microwave.

The Finest FinishesLoft Entertainment Area in Tuhaye Home

Finishes are luxurious and appropriate for the exclusive location:

  • Walnut and travertine marble floors on the main level exude luxury
  • Granite and onyx slab counters and accents
  • Custom Venetian plaster and faux paint add warmth and richness
  • Hunter Douglas wood blinds and tinted windows provide protection
  • Sophisticated Electronics and whole-home Audio/Video System
  • Lots of natural stone, and big timbers create an organic, authentic feel
  • Top-of-the-line appliances throughout the home
  • Fine fixtures, custom lighting, views from every room
  • Designer Furniture package available - price negotiable

Grand Chef’s Kitchen with Gorgeous Appliances!

The generously-appointed kitchen boasts custom built-in furniture-style cabinets that bookend a muscular 48″ Wolf dual fuel range with double oven, griddle, grill, and high capacity exhaust fan. Tuhaye Luxury Home Kitchen

  • Custom Alder cabinet panels disguise the massive Sub Zero refrigerator / freezer.

  • A whisper-quiet Miele dishwasher, wine refrigerator, and instant hot and cold reverse osmosis water system are classy but essential mechanical touches

  • The kitchen décor is enhanced by a farmhouse style copper sink

  • Large island provides ample surface area for food prep and includes a copper vegetable sink
  • A large walk-in dry-storage pantry is discretely hidden behind custom cabinetry to the left of the refrigerator
  • Electrical outlets hidden behind cabinets doors & drawers keep counters tidy

Tuhaye Home InteriorDining at Tuhaye:  Formal and Friendly Options

Residents have diverse seating options for dining. 

A large breakfast bar defines the kitchen area, and has seating for six.

For more elegant sit-down meals, a formal dining room is nearby, and showcases views of the Uinta Mountains and Tuhaye golf.

In summer-time, dine outdoors on the stamped concrete patio.

Tuhaye Master BathroomThis Tuhaye Home Has Incredible Bathrooms

The bathrooms in this gorgeous Tuhaye residence don’t disappoint.  Each bach is uniquely and artistically designed.

Each bath features designer hardware, thoughtful lighting, distinctive natural stone surfaces. Exquisite Granite and Onyx counters were chosen to match the unique color palates of each bathroom.

The Master bath is a sanctuary that features a Kohler air jet tub in master bath with striking Onyx surround and gorgeous walnut cabinets (see photo left).

A striking Onyx shower with multiple shower heads features two windows.

Master Suite is a Serene Sanctuary

Conveniently located on the main floor, you’ll find the master at the end of the home which creates plenty of privacy.

It’s just the right size, and easily accommodates a king bed in front of the fireplace.

  • An elevated floor-to-ceiling stone gas fireplace
  • A hearth-mounted LCD television tilts for easy viewing
  • The huge master closet features built-in drawers, hampers, and plenty of hanger space so your wardrobe stays tidy
  • Convenient walk-out access to hot tub just around the corner on the patio
  • Vaulted Ceilings

Ski-Prep Room Defies Tuhaye Golf Course Location

You’ll rarely find such a well-equipped ski-prep room off the ski-mountain, complete with custom wood lockers, and a huge walk-in coat closet.  This fantastic and functional entry/mud room connects the attached heated garage to the main living area.

Luxurious Laundry

A well appointed laundry room includes custom cabinetry, granite counters and plenty of room for wrapping gifts, folding laundry, etc.

You’ll have to search for the high-efficiency Whirlpool Duet washer and dryer-they’re discretely hidden behind cabinet doors.

Outdoor Living Area With Morning Sun & Afternoon ShadeNurture Meets Nature

Large Pella windows connect the luxurious indoor living area with the magnificent outdoor setting.

An expansive patio wraps the back of the home, and the sensible floor plan allows you to access the outdoor living area easily.

  • In the morning, sip your coffee in the sun and listen to the choir of birds in the Gambel oaks that dot the property.
  • In the afternoon, you’ll love the shade the home provides–the patio is perfect for parties and a cool spot to relax after a day on Mark O’Meara’s acclaimed course.
  • At night, you have direct access from the master bedroom to the Caldera hot tub.  It’s protected under the roof-line, but open enough to appreciate the big night sky.

Garage Essentials

The three-car oversized (about 950 square feet) garage includes thoughtful touches:

  • In-floor drain handles winter snow, mud, and grime that drips from your cars.
  • Plenty of built-in cabinets keep your garage/workshop area tidy and organized.
  • For your cleaning convenience, you’ll find a handy utility sink and hose bibs.
  • Tuhaye Home Features Sophisticated Audio/Video System Throughout the Residence

Dude, What About The Mechanical Systems?

  • Climate control is forced air-natural gas heat with air conditioning (two zones)
  • Alarm system installed for your security and convenience
  • Central Vacuum
  • Automated landscape sprinklers keep you landscaping happy while you’re away
  • Pressurized fire suppression interior sprinkler system
  • Large-gauge Copper gutters and heat tape handle heavy snow loads in winter
  • Two 75 gallon water heaters, two furnaces, and humidifiers keep you comfortable
  • Recirculation hot water pump keeps water hot at every faucet–all the time!
  • Whole-house water softener decreases stains/hassles of mineral-rich water

Audiophile’s Delight

If you’re a hi-fi aficionado, the home’s Audio & Video system handles you’re A/V requirements of today, and tomorrow

  • NUVO in-wall controller/displays control single rooms or whole home in seconds
  • Harmon Kardon and Integra amps provide ample power
  • Smart Remotes control multiple devices, and eliminate confusing remote clutter
  • Samsung DLP, Sony, and Mitsubishi high definition televisions included
  • Outdoor audio for hot tub, front entry, and outdoor patio living

Talisker Club

Best of all, the new owner of this home will have access to all of the amenities of the Talisker Club.

Related Reading:

Promontory Emerges From Bankruptcy Stronger Than Ever

Talisker Club Overview & Amenities

Red Cloud Deer Valley

Red Ledges Succeeds In Spite Of Tough Economy

Montage Deer Valley Hotel

St. Regis Deer Valley

Waldorf Astoria Dakota Mountain Lodge & Golden Door Spa

Posted by Erik Asarian | Currently 11 Comments »

Talisker Club: Park City Utah’s Most Exclusive Private Club

What’s New at Talisker Club in Park City,  Utah

News Flash: not all developers are teetering on the edge of bankruptcy.

As evidenced by their purchase of The Canyons Resort, luxury developer Talisker is charging full-speed ahead in their quest to build finest private ski/golf club in the world.  That’s not an easy task, but with massive land holdings acquired when they purchased public companies United Park City Mines and American Ski Company, Talisker is right on track.

Legendary Park City Skiing Meets World-Class Golf

Sunset at Tuhaye, Park City, Utah.  Click the photo to take a virtual tour of a Tuhaye home.

Talisker’s vast 10,000+ acre playground includes on-mountain amenities at Deer Valley® Resort…

Plus off-mountain amenities at the Jordanelle Reservoir, Tuhaye and Thousand Peaks Ranch.

Who Can Access to Talisker Club’s Amenities?

Own property in one of Talisker’s communities, and you’ll be eligible to apply for membership in the Talisker Club.   Use the quick links below to browse properties for sale:

Talisker Park Pool & Fitness Clubhouse.  Click the photo to take a virtual tour of a Tuhaye home.Tuhaye Homes

Tuhaye Land

Empire Pass Homes

Empire Pass Condos

Red Cloud Land

Talisker Tower Club in Empire Pass, Deer Valley

Along the gentle slopes of the Silver Buck ski run in the Village at Empire Pass, you’ll discover the exclusive Talisker Tower Club.

It’s a great spot for Talisker Club members to enjoy continental breakfast year-round, and a destination unto itself during the winter months.

Tower Club Amenities include:

  • Talisker Tower Club in Empire Pass, Deer Valley.  Click this photo to take a virtual tour of a Taliske Club home.Great room with bar, fireplace, custom furniture & furnishings
  • Outdoor kitchen/living area with lounge seating & fire pit
  • Fitness facilities include state-of-the-are Techno-gym equipment & free weights
  • Men’s & Women’s locker rooms with travertine steam rooms & soaking spas
  • Yoga~pilates~stretching room
  • Professional trainers to help you maximize your workout
  • Children’s Activities Center for supervised fun, crafts, and games
  • Ski-In/Ski-Out Swimming Pool
  • On-site Club Concierge
  • Gift shop for unique and luxurious gifts / souvenirs

Psst!  “There’s Much More to Tuhaye Than Just Golf!”

Don’t tell Mark O’meara or the head golf pro we said that–they’re awfully proud of the course!
Talisker’s Snow Shadow Spa.  Click this photo to take a virtual tour of a home that's walking distance to Snow Shadow Spa!

Tuhaye’s Mark O’Meara Signature course was ranked among Golf Digest’s “Top-10 new Private Clubs in America” in 2006.

Tom Fazio is designing a second course, scheduled to break ground in Spring of 2009, and a par-3 nine hole walking course and golf learning center.

Talisker Park Opened in Summer 2007.

So, not there’s much more to keep every member of your family interested, including the full-service Snow Shadow Spa, Longview Terrace observation deck, Amber Lodge fitness center, Tuhaye Table Café, Family pool, Wildstar Cabin kids clubhouse, and Morning Star Cabin member lounge.

Park City Tennis Fans Rejoice!

An outdoor tennis facility will be built next year, right across the street from Talisker Club Park.  The courts are planned to be clay, for lower impact on your aching joints and bones.

Talisker Club Water Sports at Jordanelle Reservoir

Members have use of the Talisker Toy championship ski boat on the Jordanelle Reservoir for water skiing, wake-boarding, surfing, and cruising around the lake.

Red Cloud Cabin, Deer Valley.  Click the photo to take a virtual tour of a Talisker Club home.Red Cloud Cabin (and future Hot Creek restaurant)Red Cloud Cabin, Deer Valley

If you’re looking for a speak-easy style get away from the crowds restaurant, you’ll love the Red Cloud Cabin.

Duck off the Ontario ski trail at Deer Valley Resort, traverse through an open grove of aspen trees, and you’ll discover the Red Cloud Cabin, a private restaurant for Talisker Club members and guests.

PS  It’s a spectacular setting for a discrete winter elopement too.  Hmmm… how could I know that?

Thousand Peaks Ranch : Five Star Wilderness Fly Fishing!

Talisker Club Fishing.  Click on the fish to take a virtual tour of a Talisker Club home.

Are you looking for a wilderness fishing experience with your family?

Talisker Club members have exclusive access to over 7.5 miles of private fly-fishing streams and private ponds for epic trout fishing.

Thousand Peaks Ranch has been private for generations…now it’s available to Talisker Club members!

The Ranch manager will greet you in the morning, help you choose which bugs/flies are hot, and will drop you off at one of the distinct fishing areas on the ranch.  They’ll deliver you a picnic lunch in the afternoon, or you can return to the outfitters cabin for a hot lunch, if you prefer.

Local’s tip: if you want a frosty brew after fishing, stash your own.  The owner won’t allow beer to be served on the ranch.

Other activities at Thousand Peaks ranch include snowmobiling, snowcat skiing, helicopter skiing, and hunting, depending on the season.

What’s Next for Talisker Club?

Completion of the rest of the club amenties, which total more than $120 Million!

No word yet about how real estate at The Canyons® Resort will enhance existing Talisker Club membership, but we’ll keep you posted as planning evolves.

Want Talisker Club Updates?

Please complete the form below, and we’ll provide you with timely updates as the Talisker Club releases more info.

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Recommended Reading:

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Record Deer Valley Land Sale

Talisker Closes on The Canyons Resort

Red Ledges

Promontory Park City

Posted by Erik Asarian | Currently 6 Comments »

Tiger Woods in Park City, Utah

Tiger Woods in Park City, UtahYou Don’t Have To Be A Celebrity Athelete to Receive Top-Notch Medical Care in Park City, Utah 

Following his second place finish at The Masters, Tiger Woods underwent successful arthroscopic surgery on his left knee.  

The procedure was performed by Dr. Thomas D. Rosenberg at the Healthsouth Surgery Center in Park City, Utah in mid-April.

This marked the third time that Tiger has had surgery on his left knee…previous procedures were performed in 1994 and 2002. 

“I made the decision to deal with the pain and schedule the surgery after the Masters,” said Woods.  “The upside is that I have been through this process before and know how to handle it.  I look forward to working through the rehabilitation process and getting back to action as quickly as I can.”

Tiger Has Visited Park City Many Times 

By the way, you might also see Tiger and his family on Park City’s ski slopes during the winter!

  

Posted by Erik Asarian | Currently 4 Comments »

Promontory and Credit Suisse Announce Agreement

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.

Posted by Erik Asarian | Currently 1 Comment »

Family Fun In Park City Utah

Family Fun in Park CityThings to Do With Your Family in Park City, Utah

If you can’t leave your kids with the grandparents and don’t have the nanny that travels with you, kids are a part of vacations. They can be really fun to have along as long as they don’t get ‘bored’ Lets be honest, family vacations can be challenging enough without having kids who are ‘bored’. Keeping kids constructively occupied without shelling out big dollars can be difficult in a ski town during the season.

The children’s ages dictate family plans on a skiing vacation. Can they enroll in ski school so you can get your turns too or do you need to get daytime babysitter? Are they skilled enough to warrant a private instructor so that skiing with them is an option? Price can really climb with private instruction, but the upside is usually skiing with your kids sooner.

Obviously, with a younger age range, reserving a childcare service for a couple of adult nights makes sense as long as you can find reliable child care. Many hotels have services for babysitting and some do more expanded children’s programs. The most trusted child care service in Park City BabysittingPark City and Deer Valley is Park City Sitters.

Check the local Park City movie theatres, Redstone Cinemas and Holiday Village Cinemas, the indoor and outdoor ice rinks, Gorgoza Park and Soldier Hollow tubing hills, The Egyptian theatre, and the Heber Valley Railroad. White Pine touring grooms three different cross country ski tracks on the Park City golf course, where you can also arrange sleigh rides and dog sled adventures. Contact the tour operators for schedules and availability.

The Utah Olympic Park has museums, rides, shows and camps. Check them out at http://www.olyparks.com/

Or, better yet, buy plastic sleds for everyone, find a small, safe hill and enjoy your vacation, together.

Posted by Greg Harrigan | Currently No Comments »

Hidden Treasures At Private Golf Clubs in Park City, Utah

Deer Valley GolfRed Cloud CabinFirst, let me share a secret with you…

You don’t need to join a private club to enjoy a great day of golf in Park City, Utah. It’s true. The Park City and Heber Valley public courses offer plenty of challenge, and crowds are minimal compared to public courses elsewhere. However, there’s more…

Golf is Just the Tip of the Iceberg in Park City, Utah

Park City and Deer Valley area private clubs offer more than just golf. Savvy developers are creating clubs that allow members to enjoy exclusive amenities year round. Let me explain…

 

You’ll Appreciate Private Access to Deer Valley Clubhouses…

Red Cloud Cabin

Imagine skiing with a group of friends and family at Deer Valley Resort. You’ve enjoyed an exhilarating morning of skiing perfectly groomed corduroy slopes, and some of the possee are looking weary.

“Follow me through these trees…” You cry to your ski party. “I know the perfect place for lunch!”

You duck off the ski trail to the cozy Red Cloud Cabin, tucked in a grove of quaking aspens with views of the surrounding Park City and Deer Valley, Utah peaks.

As you kick off your skis and approach the sunny dining deck, you’re greeted by name by friendly staff and your group is served a delightful lunch and refreshing beverage. Batteries recharged, you ski for the rest of the afternoon and conclude your day at the Talisker Tower Club for some après-ski entertainment. But wait, it doesn’t stop there.

Rejuvenate Your Weary Body After Skiing in Deer Valley

You head downstairs for a rejuvenating steam shower and soak in the luxurious Italian travertine hot pool. No need to return home before dinner, you hop on the community “Dial a Ride” shuttle that takes you to historic Main Street for dinner, and drops you back at home at the end of the perfect day.

And this is just the beginning of the story. Private clubs in Park City allow you access to an exclusive world of private amenities, including dining, fly-fishing, nature hikes, snowmobiling, boating, wine tasting, etc. But there is one small catch–to access the amenities, you must join the club, which is accomplished by owning real estate in one of the Talisker Club communities.

Posted by Erik Asarian | Currently No Comments »

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