Deer Valley Condos: Current Sales Stats
August 9th, 2009 Categories: Deer Valley®, Dining & Entertainment, 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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St. Regis Deer Valley
April 13th, 2008 Categories: Deer Valley®, Dining & Entertainment, Hotels & Lodging
St. Regis Resort & Residences, Deer Crest
Construction Update: September 2008 Years ago, we watched the excavation of the site atop Portugese Gap in Deer Valley where the St. Regis tower was planned.
It’s incredible to see the site transforming into a luxury hotel.
The framing is complete for the St. Regis Condos, which are the lower 7 stories of the hotel.
The roof of the building is under construction right now. In the weeks ahead, the interior walls of the top four stories–the St. Regis Residences–will begin to take shape.
The photo to the left shows the main tower of the hotel from Deer Crest Estates Drive.
St. Regis Deer Valley Opening Date: November 24, 2009
Starwood’s website recently announced the hotel is slated to open November 24, 2009.
St. Regis Deer Valley Ski Access
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 experienced skiers will have fun arcing wide turns across the run.
The photo to the right depicts the ski-out trail from the St Regis Resort down to the Deer Crest chair lift.
To help you orient yourself about the location of the St Regis on the Deer Valley Ski mountain, here is the link to Deer Valley’s Trail Map online.
Is Deer Valley the “Dubai of the Rockies?”
There are no man-made islands yet, but…
Developers are moving ahead with numerous projects, in defiance of the “Mortgage Crisis” and real estate doom and gloom from around the USA.
Massive cranes are making noticeable progress, as the structural elements of the St. Regis and Montage Hotels take shape.
Much of the structural steel and concrete in the St Regis hotel is in place, and the roof is being constructed right now.
The photo to the right was snapped on closing day of ski season (April 2008).
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. There are only 8 residences left!
Some floor plans have very limited availability at this point…
But There’s a Secret Stash of Highly Desirable St. Regis Units
Don’t assume the available inventory has been picked over and that the remaining units are inferior–it’s just not true.
Here’s why: The St. Regis Developers are Smart.
They better be–they’re managing a $300 million construction project! Their sales strategy to this point has been spot-on. They successfully released the St. Regis units in phases that were carefully chosen to reflect a representative cross section of available units.
“Save The Best For Last”
They knew that in order to sell the building out successfully, they would need some of the best units to still be available in the final release…
And that’s where we are now!
Last we checked, there were only a couple of units officially offered for sale across the Park City MLS. But in reality, you can select from any of the remaining units in the building at this point.
If you can’t find the unit configuration you want among the St. Regis Condos & Residences Listings for sale, get a copy of the St. Regis Cheat Sheet!
Related Articles:
St. Regis Deer Valley Signature Restaurant
St. Regis Resort & Residences Deer Valley: Overview & Amenities
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
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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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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2008 Sundance Film Festival Begins In Park City
January 17th, 2008 Categories: Dining & Entertainment, Lifestyle & Activities, Park City
The PIB’S arrive in Park City, Utah for the best film festival of the year.
People in Black. The standard dress–film guide in one hand, cell phone jammed to ear with the other, trendy black clothing, cool glasses, and completely inappropriate shoes for our epic Utah snow. Six feet of snow since Christmas! Oh, season ski pass holders are very happy indeed! The slopes will be empty…and more snow is on the way!!
The worldwide exposure that Sundance Film Festival brings to bear on Park City, Utah is one of the many factors that have helped our town’s phenomenal reputation.
What’s not to love about Park City during Sundance!
Tickets to Sundance screenings on opening weekend are as scarce as prime dinner reservations but it gets easier after the weekend when the celebs jet off for warmer climes, …need Sundance Tickets?
Park City is due near record cold temps the next couple nights and the possibility of a big snow storm on Sunday. How will the PIB’s react? Should be very fun to watch indeed!
The next ten days are some of the best parties, people watching, and worst traffic of the year in Park City, Utah.
Tune in for Sundance updates…
Nothing Hollywood presents can be nearly as amusing as watching Harvey Weinstein’s assistants trying to wrangle young starlets up to his suite. The money in Vegas is on Harvey firing at least one assistant before he buys a film.
You just can’t go out to dinner, show property, or drive anywhere in Park City during 10 days of Sundance…a small price to pay to work and live in ‘the greatest place on earth’.
How does Sundance impact Park City Real Estate?
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Olympic Fun in Park City, Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, Shopping, Skiing, Utah Facts and Fiction
Utah’s Olympic Park in Park City, Utah
At the Olympic Park in Park City Utah average citizens get to experience the life of an Olympian.
You can experience riding behind an Olympian driving a bobsled at 70 miles an hour through the twists and turns of the Olympic track. This is not for the faint of heart or anyone pregnant or with back problems. It is however, completely fantastic, a once in a lifetime experience.
Other adventures at the Park include the chance to ride on the ‘steepest zip line in the United States’ or ride the chairlift to the top of the Nordic ski jumps.
Utah’s Olympic Park offers camps to train tomorrow’s athletes today. Even if you are in town for just a couple of days you may have the chance to participate in a ‘Learn to Fly Camp’ which could have you launching yourself into the air with skis on, planning on landing in a pool!
The two museums at Olympic Park are interesting and educational and the ‘Big Air Shows’ on Saturdays during the summer season allow the armchair athletes to vicariously enjoy the thrill of flying fifty feet in the air and splashing into a pool wearing skis.
The Olympic Park in Park City, Utah offers spectacular entertainment for the whole family. Weather, age and weight restrictions affect all activities so visit the Olympic Park website http://www.olyparks.com/
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Family Fun In Park City Utah
December 11th, 2007 Categories: Around Park City, Deer Valley®, Dining & Entertainment, Golf, 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. The most trusted child care service in 
Park 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.
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The Key to Excellent Childcare in Park City, Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, The Canyons®
Who Can You Trust For Childcare While You’re in Park City & Deer Valley, Utah?
If you travel with your children to Park City, Utah and are looking for a good childcare experience our recommendation is a local company called Park City Sitters LLC. They have been the preferred child care company of locals and the world famous Stein Eriksen Lodge for the past four years.
They will dispatch one of their excellent sitters to your Park City home/condo/hotel at whatever time you specify. It’s easy to make reservations via their online reservation system.
Their sitters are carefully screened (and have CPR Certifications and have passed background checks) and they employ many teachers and other child-development professionals who have great rapport with the children.
If you need drop-off child care, Deer Valley has a great children’s center open during the day but space is very limited so you need to book early.
No matter where you’re staying, bring DVD’s as most hotels have DVD players and they can at least buy you enough time for a shower.
Enjoy your stay in Park City, Utah!
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The “Mayor” of Deer Valley’s Favorite Dining Spots
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, The Canyons®
Park City and Deer Valley Restaurant Guide
Dining delights abound in this world-famous ski town. Indeed, Park City, Utah boasts more restaurants per square foot than Paris, France! 
Far from the culinary wasteland the town may have been in the 1970′s, Park City now supports over 100 year-round restaurants. These dining options vary drastically in terms of style and price.
You–the savvy traveler–can enjoy different epicurean delights every night of your stay if you know where to go.
There are reasonably-priced family-friendly options for a quick bite at the end of an exhilerating day, and budget-blowing food and wine adventures worthy of a night out on the town in New York, Los Angeles, or Las Vegas.
Utah’s legendary and oft-misunderstood liquor laws haven’t slowed the progress, as Park City is now a major destination for foodies and oenophiles.
At last count, the Park City area now features 9 winners of the Wine Spectator Award of Excellence, with other excellent restaurants available in the Heber Valley and Salt Lake City.
Is Tonight’s Park City Dining Spot an “Up and Comer” or an “Overpriced Has-Been?”
Years working as the Chief Concierge at a five-diamond hotel in Deer Valley earned me the unofficial title of “Mayor of Deer Valley.” After making thousands of reservations for customers at local eateries over the years, my knowledge of the restaurant scene in Park City and Deer Valley is perhaps unrivaled. Here’s what this 
means to you…
If you’re wondering:
- Where should you spend your anniversary?
- Who serves the best game meats?
- Where is the freshest sushi?
- What place has the best ambiance?
- Who serves brunch?
- How do I get that prime table at the best New Year’s Eve party?
- Which are the best restaurants in Park City for dining with kids?
Our local knowledge can spare you the indignity of a long wait at a sub par joint and instead deliver an experience that you will long remember.
These are the questions that only the Park City Guru can answer definitively, but you can do your own research and view menus at http://www.parkcityinfo.com/
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Movie Theatres in Park City, Utah
December 11th, 2007 Categories: Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Utah Facts and Fiction
Sundance Aside, Where Are The Movie Theatres in Park City, Utah?
The Sundance Film Festival every January brings visitors from around the world to watch films in Park City, Utah. It’s quite a spectacle, and worth a visit if you like rubbing shoulders with Hollywood heavy-hitters, A-list stars, and wannabes of all sorts.
If you’re not about the scene, and just want to take in a film or two while you’re visiting, here are your options…
The Holiday Village Cinemas is conveniently located next to the Albertson’s supermarket in Park City is closest to the slopes. To expand your options, the new Redstone cinemas offers eight screens at Kimball Junction walking distance to lots of dining and shops.
Click here for a comprehensive list of Park City movie listings and show times.
The Park City Film Series screens movies on weekends in the Jim Santy Auditorium. This is a great opportunity to see some alternative films that don’t necessarily make it to the local corporate theatres. This season the Park City Film Series is featuring films from the Best of Slamdance Series, the Sundance Institute Documentary Series, as well as free screenings of Reel Classics.
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The Most Overlooked Park City, Utah Winter Activities
November 27th, 2007 Categories: Around Park City, Deer Valley®, Dining & Entertainment, Lifestyle & Activities, Local Services, Skiing, The Canyons®, The Heber Valley, Utah Facts and Fiction
Make No Mistake…
The World Class Ski Resorts at Deer Valley, Park City, and The Canyons Offer Some of The Best Snow Sliding on Earth…
But guess what? You can enjoy a great Park City winter vacation even if you don’t ride a single chair lift.
Skiing and snowboarding are not the only activities available in this picturesque mountain town.
Park City offers over 100 restaurants to choose from, but what will you do when you’re not skiing and eating?
Here are some ideas to get you started… Read the rest of this entry »
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