“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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It’s been a tough couple of months for Park City & Deer Valley property managers.

With a couple of Park City’s largest property management companies announcing they would be late on rent payments due to owners…

Park City & Deer Valley second home owners and investment property owners might want to take a closer look at who’s managing their investments, and ask some due diligence questions.

By the way, these questions were forwarded to us by our friend Jonny Totten from the Park City Area Lodging Association.  Thanks, Jonny!

Questions to Ask and Understand When Choosing a Park City or Deer Valley Property Management Company

· How many years has the Property Management Company been operating?

· Business hours: do they vary with different seasons?

· After hours: how are check-ins handled?

· How are emergency- maintenance problems handled?

· Are services sub-contracted or do you maintain a staff to handle housekeeping and maintenance services?

· Review contract in detail and understand the commission structure; i.e. is it based on gross revenue or net revenue?

· How are travel agent and/or credit card fees handled?

·  What housekeeping and maintenance services are included? Is there a fee associated?

· Understand cancellation terms and the need for honoring existing reservations.

· How often are owner statements prepared? Review a standard year-end statement to understand credits and charges.

· How do you handle advance deposits? Do you have a trust account for owner rental revenue?

· How do you market your company, and more specifically, how will you market my property?

· What are the start-up costs?

· Do you have projections so I can know what to expect in upcoming years in addition to past years’ actual revenue #s for comparable type properties?

·What can you provide to me with regards to your company’s financial strength and ability to perform on your contractual obligations to owners?

Related Park City & Deer Valley Property Management Articles:

Deer Valley Lodging: Not Too Big To Fail

Park City Property Manager Late on Payment to Owners

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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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You may want to take advantage of the Heber City Municipal Airport (Russ McDonald Field).

Heber Airport FBO:  OK3AIR

OK3AIR is full-service fixed-base operator.  They offer the following services:

• Exxon Mobil Jet A and AvGas
• Large Hangars (up to GIV)
• 8 Acre Ramp
• Rental Cars
• Limo Service
• Pilot Lounge
• Catering
• Flight Planning and WiFi
• Aircraft Rental

Heber City Airport Arrival Reservations

Here’s the link to quickly and easily make online arrival reservations at the Heber airport.

Heber Airport Runway Information

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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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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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These Insider Secrets Will Save You Time and Hassle When You Rent Ski & Snowbaord Gear at Park City, Deer Valley, and The Canyons.

If you are renting from a shop try to make reservations in advance, especially for busy periods.

Many shops use databases to store your information, which can speed the process measurably. Try not to go when the store is very busy (ie 8:30-9:30 am), which may be difficult to accomplish, but worth the effort.

Pick up your skis the day you arrive.  It’s one less hurdle to clear the next morning when the shops are always busy!

Check out the demo skis and boards available to see if you can lease to own some new sticks. This is usually the newest technology and may give you the edge you need to keep up with your kids.

Also, prices at the on mountain shops are a little more than those a little further away, so you pay for the convenience of not schlepping gear a long way.

If you do not have the intestinal fortitude to go to the shop (and who can blame you) you can arrange for a professional equipment rental service to come to your hotel or condo and completely outfit your entire family. You will need to make reservations and give sizing information in advance. This is a great way to save time and energy and the cost is not too much more than going to the shop.

These companies are listed in the phone directory. I personally recommend Skis on the Run for reliable service.  

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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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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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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…

Park City Shopping

Park City Shopping offerings abound at the resorts, on Historic Main Street and at the Redstone Center and the Tanger Park City Outlets near the Kimball Junction exit off Interstate 80.

Main Street has long been a favorite destination of Park City visitors. You’ll have a great time shopping on Main Street, and there are some great places to dine as well.

Park City Spas

If you’re in need of a little self-pampering, Park City & Deer Valley’s luxurious spas offer all types of treatments. And that’s not all…

Spa afficianados anxiously await completion of 3 new world-class spas in Park City & Deer Valley:

At The Canyons Resort, the new Dakota Mountain Lodge will feature a Golden Door Spa. At Deer Valley, the internationally acclaimed St. Regis Resort and Deer Valley Montage Hotels will also have full service spa facilities among their other amenities.

9 Mountain Activities to Try on Your Next Utah Visit!

Cross country skiing on the Park City muni golf course can be rejuvenating or heart-pounding, depending on your mood. White Pine Touring offers lessons, rentals and clinics on site. White Pine grooms 3k, 5k, and 10+kilometer loops for beginning, intermediate, and advanced classic and skate skiers.

You can also test your cross-country talents at Soldier Hollow, the 2002 Olympic venue in nearby Midway, UT. Try the challenging Olympic tracks, or learn the basics on easy terrain.

Soldier Hollow also features a tubing park for family fun–reservations are recommended. Tubing can be combined with a train ride on the Heber Valley Railroad, which offers assorted local train rides as well as specialty trains like the Polar Express.

Park City Tubing is more luxurious than the experience you remember as a child. No need to climb the hill over and over packing down a track. Park City Tubing is great fun for the whole family, and available daily at Gorgoza Park in Jeremy Ranch during the ski season. They have rope-tows to help you up the hill, and warm beverages in the warming hut at the bottom of the hill!

Snow shoeing tours are a great way to get some peaceful exercise in and around the mountains of Park City, Utah and enjoy birds and other wildlife in their natural habitat.

Snowmobiling is great winter experience for the more adventurous and adrenaline oriented people. We recommend the snowmobiling around Strawberry Reservoir, where top snowmobile manufacturers film their advertisements in the wide open meadows, aspen glades, and wind-swept ridgelines.

Hot air ballooning gives you an unbelievable view of these mountains, as do scenic helicopter and glider rides that can be arranged at the Heber airport.

Dog sled rides are a thrilling way to see the countryside, and you don’t need to be an Iditarod veteran to have some fun.

Horse drawn sleighs offer a more romantic experience. At Deer Valley and Park City, you can combine adventure and romance into the same evening by taking a sleigh rides to and from a romantic slopeside restaurant.

Fly-fishing on the local rivers is productive year-round. Dressed in the right attire, you may hook a big one and have some great stories to tell the rest of your group in the evening. Fly fishing on the Provo River and other local waters is fantastic year round and guides will pick you up and return you to your hotel after your day of matching wits with the local trout population.

Enjoy your vacation to Park City, Utah!

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