Park City Real Estate News

Chateaux at Silver Lake Deer Valley

Written By: msletten - Feb• 17•15

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The Chateaux, which is located mid-mountain in the Silver Lake area Deer Valley, was just awarded the highly coveted “4 STAR AWARD” by Forbes Travel Guide.  Three other properties have achieved this status, those being the Montage which located in the Empire Pass area of Deer Valley, the St. Regis located in the Deer Crest area of Deer Valley, and the Waldorf Astoria at Canyons resort.  The Chateaux’s 2 and 3 bedroom units range in price from $989,900 to $1,299,000.  At present, none of The Chateaux’s 4 bedroom units are on the market.

The “Vail Effect”.

Written By: msletten - Feb• 14•15

 

 

Photo of PCMR taken from Empire Canyon on 1.31.15

 

PCMR 2.14.151

By now, most of us living in or with an interest in the Park City area have heard the term “The Vail Effect.”   Question is, is it real or just a perception?  The data answers the question, relative to real estate anyway, and it is a resounding “…yes it’s real.”

 

Since the sale of Park City Mountain Resort by Powdr Corp to Vail Resorts was announced in early September, for the 20 developments we track which are in close proximity to PCMR, 10 condominiums have gone under contract and are awaiting closing, while another 32 went under contract and have already closed. That is 42 transactions in just over 4 months and there are only 9 active listings, which at the current pace of sales represents a supply just shy of 2 months. What is completely missing from the inventory is anything situated in the Park City Mountain Resort Center itself.  For example, there is not a single listing in Resort Center and Park City Village (the Multiple Listing Service’s names for what most call The Lodge at Mountain Village).  Earlier this fall I told a number of those owners that now was likely not the time to sell as there were a number of properties available at prices that were not reflective of true market value given the events of the recent past – the litigation with Greater Park City, the threat of the resort going dark, etc.  That has completely changed and with the complete lack of inventory at present, I am now advising my clients that now would be a good time to list an at an aggressive price.

Montage at Deer Valley

Written By: msletten - Feb• 09•15

Montege

Even in a small area like Park City/Deer Valley, it is difficult to draw broad conclusions about the overall health of the real estate market. Take Deer Valley as an example. In three months last winter, the new Stein Eriksen Residences in the Silver Lake area put 26 of their 40 condominiums under contract (and these are contracts with substantial non-refundable deposits). This winter, the activity switched over to the Montage in Empire Pass where there they put 6 of their condominiums under contract since January 1st, 2 of which have already closed escrow.

With regards to Montage, it is the only property in our area that follows a model established in Vail and Beaver Creek – that is a blend of pure hotel rooms owned by a single entity combined under the same roof with individually owned condominiums (which Montage refers to as “Residences”), and all sharing the property’s amenities (spa, fitness, restaurants, après ski lounges, pools, etc.). At the Montage there are 81 Residences and 174 hotel rooms. This model also helps the individual owners with their HOA dues, in that the hotel component of the building carries a good portion of the overall operating costs. So for example, the HOA dues at Stein Eriksen Residences are higher by 15% as compared with Montage, and the HOA dues at the St Regis are 34% higher than Montage.

At present, Residences at Montage are priced from $1,995,000 to $8,995,000.

Montage at Deer Valley

Written By: msletten - Feb• 06•15

Montage

As a follow up to my last blog regarding the Montage at Deer Valley, one of the other reasons folks like it so much is its location at the top of Deer Valley.  Especially on a powder day when skiers staying at locations down the mountain are standing in lines and riding up chair lifts just to get to Empire or Lady Morgan, folks at the Montage are simply walking out the door.  This photo was taken on January 31, 2015 and you can see that even in a year with relatively little snow, Lady Morgan is serving up some great skiing.

Deer Valley General Manager interview with “The Street”

Written By: msletten - Feb• 02•15

DV Lakeside

In an interview with The Street, Bob Wheaton who is the General Manager of  Deer Valley® said the resort is ready for growth  and will likely break ground on an expansion which will add between seven and eight new lifts serving roughly 1,000 acres of skiable terrain. “What’s really fun is great skiing and it will also be a whole new base area and really a center of commerce.” according to Wheaton.  The area being discussed is on the Jordanelle side of Deer Valley®, basically south of the Deer Crest community.

Master Developer Selected For Canyons® Resort

Written By: msletten - Jan• 29•15

 

 

Canyons lift

The combination of Vail Resort’s acquisition of Park City Mountain Resort® and Replay’s involvement at Canyons® should have a significant impact on real estate in the area. For information please email msletten@bhhsutah.com or give me a call.

Mark Sletten
Senior Partner/Branch Broker
Berkshire Hathaway Home Services – Utah Properties
435.640.0930
PRESS RELEASE OF JANUARY 27, 2015

MINNEAPOLIS, Minn. and PARK CITY, Utah, Jan. 27, 2015

Varde Partners (“Varde”) and Replay Resorts (“Replay”) announced today that Replay has been selected to act as the master developer for its substantial land holdings in the Canyons Resort area. Varde is the managing member of TCFC Finance Co LLC (“TCFC”), which owns much of the land comprising the Canyons Ski Resort.

Vail Resorts to Invest an Unprecedented $50 Million in Park City Mountain Resort in One Season and Create the Largest Ski Resort in the U.S.

Written By: msletten - Dec• 08•14

It doesn’t matter if you are a Deer Valley skier (or rider), or a Canyons skier, or a PCMR skier — or you don’t ski at all.  Vail’s impact on our community as a whole will be immense.  Take a look at this attachment and pray for snow:

Vail Resorts to Invest an Unprecedented $50 Million in Park City Mountain Resort in One Season and Create the Largest Ski Resort in the U.S. - PR Newswire

Park City Mountain Resort 2014-2015 Season Opening Day

Written By: msletten - Nov• 25•14

PCMR 11.22.14 - Opening Day 2014 - 2015

This photo of the Park City Mountain Resort was taken from Round Valley (thank you Mountain Trails Foundation) on Saturday November 22nd, PCMR’s opening day EVER under Vail Resorts’ management.  Later that day, the PCMR received as much as a foot of new snow which bodes well for a great winter sports season.

Holiday Events Calendar

Written By: msletten - Nov• 21•14

 Holiday Events Calendar

Park City’s First Snow of 2014!

Written By: msletten - Nov• 11•14

Tower Club 11.02.14

Park City’s first winter storm hit over the weekend and we were up in Empire Pass and took this photo of the Talisker Tower Sunday morning November 2nd.  The long range weather forecasts are predicting a moderate El Nino winter and historically the Wasatch Range here in Utah reaps rewards of El Nino years.  So, pray for snow and it looks like the weather Gods may be on our side for this coming season.

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