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.