Golf
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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Family Fun In Park City Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Golf, Jordanelle, Just Outside of Town, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Things 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. Check with the concierge about available services or visit ParkCitySitters.com for the most trusted service in 
Park City and Deer Valley childcare.
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.
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Hidden Treasures At Private Golf Clubs in Park City, Utah
November 24th, 2007 Categories: Golf, Jordanelle, Just Outside of Town, Lifestyle & Activities, Real Estate
First, 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…
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.
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