Real Estate
The Lowell, Park City Condos
April 26th, 2008 Categories: Park City, Real Estate
If you missed out on the “feeding frenzy” when the spectacular Silver Star condos were released for sale a couple of years ago, you might want to pay very close attention to the re-development of The Lowell in the Resort Village at Park City Mountain Resort.®
The Only New Whole-Ownership Condos Built in the Park City Mountain Resort® Village in More Than Two Decades!
There’s nothing like The Lowell in the Resort Village, which has plenty of old, tired condos, and very few brand-new, high-end contemporary condos like The Lowell.
The Lowell Amenities Include:
- Concierge Service
- Secure Electronic Key Access
- High-speed Wireless Internet
- Community Lounge With Fireplace
- On-site Ski & Snowboard Shop
- Outdoor Heated Pool
- Fitness Center
- Resort Village Location
- Underground Parking
- Outdoor BBQ Area
In Park City Real Estate, Location is Critical…
And the location of The Lowell is tough to beat if you like skiing or snowboarding.
You’re perfectly positioned for Utah powder days, just steps from the bottom of the Payday Lift at Park City Mountain Resort.
Plus, you’re walking distance to all of the shops and restaurants in this world-class ski-in, ski-out village. The diversity of activities in the resort village in the summer and winter makes The Lowell a perfect spot for your entire family to enjoy the year-round fun and excitement at the Park City Mountain Resort.®
Savvy real estate investors love scarcity, and The Lowell is Park City’s equivalent to beach front property.
Condos at The Lowell are Limited
Here’s the good news…
There are a total of 10 units in the building, and only six units are still available. Four of the remaining units are 2 Bedroom condos. Only a couple of 3 bedroom condos at The Lowell are left.
Here are details about the remaining Condos for Sale at The Lowell
What Interior Finishes Will Condos at The Lowell Include?
Living Room
- Hand scraped reclaimed hardwood floors
- Gas fireplace with Cherry wood and imported natural stone surround and mantle
- Business center featuring ports and lines for fax, printer, and data/communications
- Automated room control
- Automated roller and blackout shades
Kitchen
- Wolf gas range, Sub Zero refrigerator/freezer and wine cooler, designer dishwasher and microwave
- Custom-designed and craftsman-built cherry cabinets including island counter
- Natural stone slab counter-top and back-splash imported from quarries around the world
Bedrooms
- Luxurious designer carpet
- Automated roller and blackout shades
- Lockable owner storage
- Insulated walls for sound attenuation and climate control
Bathrooms
- Natural stone slab counter-top and back-splash imported from quarries around the world
- Custom designed and craftsman-built cherry cabinets
- Contemporary natural slate or Brazilian granite tile floor
- Stylish tile accented walls
- Flat pebble shower floor with stylish tile walls
- European glass shower enclosure
- Double sinks in master bathrooms
- Deluxe garden tubs in every master suite
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Park City Home Loan Limits Increase
March 16th, 2008 Categories: Real Estate, Statistics & Trends, Utah Facts and Fiction
Park City Home Buyers Rejoice…
The Economic Stimulus Act of 2008 Makes Borrowing Less Expensive! Because the Park City, Utah area qualifies as a “high-cost” area, it received the maximum allowable increase under the new stimulus plan.
The New “Conforming” Loan Limits Expire December 31st
Between April 1st and December 31st, 2008 FHA, Fannie Mae and Freddie Mac “Conforming” loan limits in Summit County will be raised to $729,750. In nearby Wasatch County, the “Conforming” limits were raised to $431,250.
This should open the door for Park City Home buyers to purchase or refinance their properties at “Conforming” loan rates, as opposed to paying “jumbo” loan rates. In recent weeks, jumbo loans have carried about a one point premium in rates over conforming loan products.
This is good news for buyers, as the “Mortgage Crisis” has made real estate financing more difficult and more expensive in recent months. Here are the new FHA Mortgage Limits for every county in the USA.
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Park City MLS | Deer Valley MLS
January 27th, 2008 Categories: Real Estate, Statistics & Trends
Quick & Easy Park City MLS Research for Buyers
Researching possible real estate investments in Utah has never been so easy.
Thanks to the internet, it’s now possible to preview properties from the comfort of your own home or anywhere you have an internet connection by using one of the public MLS (Multiple Listing Service) portals…they’re the same real estate search engines that real estate agents use.
To Search for properties in Park City & Deer Valley Utah, use the Park City Utah MLS.
The public side of the Park City MLS (PCMLS) allows you to search for “Active” listings–properties that are currently listed for sale through a Park City real estate brokerage.
Unless you are a licensed Utah real estate agent with a paid-current subscription to the Park City MLS, you will not have access to historical “closed” or “pending” sales data from the MLS.
If you need this type of statistical reporting, we can run a quick query and email you the historical sales data you need in just a few minutes, or you can struggle for hours trying to find it yourself. But…
If you have enough time on your hands and if you know your way around a courthouse or county website, you can pull the recorded sales prices yourself, right?
Wrong–Utah is a Non-Disclosure State.
What does “non-disclosure” mean with regards to property sales records? In short, in a non-disclosure state, transaction sale prices are not reflected in the public records.
How can that be? In Utah, the sales document that is recorded at the County Recorder’s office is typically a Deed of Trust. The Deed of Trust usually only shows how much money was borrowed against a particular property, NOT the sales Price.
Is Zillow Useful in Utah?
Not really. The popular online real estate site Zillow relies on public county records as their primary data sourcethat drives their ”Zestimate” algorithms. Since sales prices are not reflected in the county records of counties in Utah, most Utah “Zestimates” are incorrect because of lack of data.
This lack of public data is a big challenge for data aggregators like Zillow and Trulia in the following non-disclosure states: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Wyoming, and Utah. So, if you can’t use the Park City MLS or Zillow…
How Can You Find Out What Your Park City Property is Worth?
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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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The Best Cash-Flow Condos in Deer Valley (Part II)
January 25th, 2008 Categories: Hotels & Lodging, Real Estate
Here’s the good news…
Stein Eriksen Lodge Isn’t Your Only Good Investment Condo Option
The Chateaux at Silver Lake is Also a Great Cash-Flow Generator
Right across the street from Stein Eriksen Lodge in Silver Lake Village is the Chateaux at Silver Lake, which has similar amenities but slightly less convenient ski access. But don’t let the easy walk across the street to skiing location put a damper on your enthusiasm for this top-notch property.
The Chateaux at Silver Lake is only about 10 years old, and these units can generate between $100,000-$190,000 in gross rental income annually, depending on size, views, location within the building, and amount of owner use.
I dined at The Chateaux’s Bistro Toujours restaurant with my wife and a long-time client last week during the Sundance Film Festival, and we had another great experience. Here’s why…
- No hectic Sundance Festival traffic
- Free, easy heated underground parking
- We called for reservations just the day before..no problem!
- The food was tasty and perfectly prepared
- We even sat next to an A-List Hollywood celeb! We’ll leave his identity private, but you’ll be comforted to learn he treated the staff with courtesy and gratitude.
There are actually two elements of the Chateaux…the main lodge and The Residences at The Chateaux, which are fractional ownership.
The Residences at The Chateaux do not allow you to capture rental revenue if you can’t use your allotted weeks, but it’s a great opportunity to buy a Deer Valley Condo at a fraction of the investment of a whole ownership Deer Valley condo.
Don’t Forget The Lodges at Deer Valley & Silver Baron Lodge
In Lower Deer Valley, The Lodges at Deer Valley & The Silver Baron Lodge seem to generate the most rental income, as they also have group meeting space, shuttle service, and amenities including fitness area and a swimming pool.
This 
property is always a favorite of readers of Conde Nast Traveler magazine.
This year, The Lodges at Deer Valley was ranked the 5th best ski Hotel in the USA by loyal readers of this luxury travel magazine.
Ski access isn’t as good as in Silver Lake Village (Steins and The Chateaux), but the prices reflect this reality too.
Not to worry, it’s right on the free bus route, so you can just walk out in front of the hotel and catch the bus to Snow Park Lodge (the base area of Deer Valley Resort). Deer Valley busses have racks for your skis on the back of the bus, by the way!
Montage Resort and St. Regis, Deer Valley Might Grab Market Share in Coming Years
When it opens, the St. Regis Resort and Residences, Deer Crest may very well join the three properties we have discussed so far as the finest investment properties in the Park City and Deer Valley area. The St. Regis is under construction and the new hotel is expected to be complete in time for the 2009/2010 ski season.
A top international brand, the St. Regis has a loyal following of high net worth guests who will pay astronomical nightly rental rates for the quality and service the St. Regis brand delivers at each of their worldwide network of properties.
Pre-sales have been excellent (about 56 of the 80 units sold so far), and construction has begun. The developer has a handful of St. Regis units on the market right now.
If you can’t find your preferred location or floor-plan on this list, please email us at stregis@parkcityrealestateguide.com and we’ll get you a copy of the developer’s “Secret Stash” of unreleased units and corresponding prices.
The Montage Resort at Deer Valley is under construction next to the Empire Lodge in Empire Pass, Deer Valley. Montage will be a combination of hotel condos and penthouse residences. We have just formed a “Montage Insiders Club” if you’re interested in getting in on the ground floor of what will become one of the finest ski properties in the world.
To review, we have already discussed properties at Stein Eriksen Lodge, The Chateaux at Silver Lake, The Lodges at Deer Valley, and the St. Regis Resort & Residences, Deer Crest, and the Montage Resort at Deer Valley .
For the rest of the “Best Cash-Flow Condos in Park City” story, click…
Park City and Deer Valley’s Best Cash Flow Condos are… (Part I)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
Deer Valley Montage Hotel
Dakota Mountain Lodge and Waldorf=Astoria Announcement
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Park City Home Prices Defy National Trends
January 25th, 2008 Categories: Park City, Real Estate, Statistics & Trends
Park City’s niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.
One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our mar
ket has not slowed down the way many markets across the nation have. Buyers can find good values, but prices remain strong in all areas of our market.
Owners of luxury second (or third or more) homes have not been affected by the ‘mortgage crisis’ so there is not an urgency to sell. Out of state buyers who see desperate sellers and foreclosures on the rise in their home states assume they can get a mountain home for a bargain.
We have had clients who have based their offers on the ‘doom and gloom statistics’ from their home states, and have been quite suprised (and disappointed) when the home they want sells for 97% of the listing price, over and over again.
The state of Utah continues to see very low unemployment and massive growth in both population and industry.
Park City is one of Utah’s most desirable places to live not only because of it’s natural beauty and wealth of activities and ameneties, but also because of it’ s proximity to the capital, Salt Lake City.
Comparing illustrates what I have been saying. The number of residential units sold is down marginally from ‘06 to ‘07,
However, the average sales price of single family homes rose 15% while condos rose 45%!
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Do You Make Any of These 3 Critical Buyer Mistakes When Shopping For a Park City Ski Home?
January 24th, 2008 Categories: Real Estate, The Canyons®
Mistake #1: Wrong Location…Inferior Ski Access
If you have the capacity to own a home anywhere, why would you compromise the convenience of ski access?
When you’re searching for the right ski home for your family, don’t buy a ski home first and later learn the truth later that your ski access is an icy luge run down a steep hill into your ski room–or even worse–an exhausting crawl uphill to start your ski day.
The perfect ski home has gentle ski access that allows beginners and skiers of all ages to easily and painlessly access the ski runs.
See how easy the ski access is in the photo to the right? A level approach through an open glade of aspens provides easy ski-in access. A gently sloping downhill ski-out makes for an easy traverse back onto the run for skiers and snowboarders alike.
Beware the marketing liberties often taken by over-eager real estate agents–not all ski access is created equal!
Unfortunately, you can’t trust some money-grubbing developers either.
We know of one development in Deer Valley currently marketing $5-8 Million homes for sale as ski-in/ski-out that actually require a pretty hefty walk before you’re skiing.
Think about all the kids’ skis & poles you’ll be carrying too!
We recognized this potential consumer trap years ago, so we began publishing the Deer Valley Real Estate Guide.
The Deer Valley Real Estate Guide gives potential owners the no-fluff reality about neighborhood ski access in all of Deer Valley’s nooks and crannies.
Mistake #2: Buy a Ski Home at the Wrong Ski Resort
Not all ski areas are created equal. Most areas allow snowboarders, but others–like Deer Valley and Alta ski areas in Utah–prohibit snowboarding on their mountains.
Let’s face it–your own generation may prefer skiing to snowboarding, but your kids and grand-kids may very well want to try snowboarding one of these years.
Don’t bother trying to deny it…
The younger generation is much more likely to watch The Winter X Games that begin today, than a re-run of your old favorite “Aspen Extreme” that’s frankly not so extreme by today’s standards!
Can you dispute the excitement and awe of the death-defying tricks these airborne adrenaline junkies inspire on their snowmobiles, in the terrain park, and in the half-pipe?
The biggest benefit of owning a Park City ski home at either Park City Mountain Resort or The Canyons Resort is “choice.”
Your family and guests will know no boundaries when it comes to which type of boards to strap on… If you own a home in The Colony, you can even switch from skis to a snowboards after lunch, thanks to your enviable slope-side location.
Have you thought about how your resort location impacts your exit strategy–the part about not restricting the possible future buyers of your home to elitist skiers only?
What about your future buyer’s desire to live on a mountain where their kids and grand-kids can snowboard?
Mistake #3: Buy the Wrong Home
With real estate markets around the country in turmoil and properties taking longer to sell, your investment can be safer by purchasing a ski home that appeals to the maximum number of buyers.
What do Park City Ski Home Buyers Want?
Vacation homes are a great way for friends and families to reconnect away from the grind of daily life.
When you’re living in your ski home, you’ll certainly want an open floor plan that allows for open lines of communication, both visual and auditory.
See how this home (above photo) in The Colony boasts a spacious designer kitchen that’s open to the great room and dining room? You’ll also want to have additional gathering areas for larger groups of people, like a downstairs hearth room with bar…
Equally important is a home that allows for privacy from others in the home.
You’ll want a master suite where you can sneak away with your spouse and enjoy some peace and quiet. Ideal master bedroom locations don’t share walls or floor with any other bedroom suites for maximum privacy.
Amenities separate the best homes from the rest…
What distinguishes one luxurious ski home from another?
- A well-organized ski prep room keeps dozens of gloves, hats, and goggles neat and tidy
- State-of-the-art electronics, climate, and security systems increase convenience and safety
- A professional quality home theatre & multi-media room brings movies and sports to life
- Home offices in discrete locations allow you to attend to important business uninterrupted
- Wine cellars insure special bottles are property stored for maximum drink-ability
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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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