The official kickoff to summer is almost here at Canyons Resort, but before we get all caught up in all those activities let’s take a quick look back at the first quarter of 2011. I am going to focus this report on the area referred to by the Park City MLS as area 10 or Canyons. This area consists of the main resort core of Canyons Resort down to State Route 224 as the West to East Borders.  The South to North borders are from White Pine Canyon Road, which leads to the Colony over to Sun Peak Blvd.

For the first quarter of 2011 Canyons has recorded 31 MLS new sales. That is a 29% increase over the same period in 2010.  And as of the time of this report the sales totals year to date are up 26% at 59 total MLS sales compared to 44 in 2010. The biggest increase in sales has occurred primarily in The Colony, where single family sales have increase by 67% and vacant land sales have increased by 60% over 2010. Condominium sales have increased by 31% as prices have dropped another 36% versus the same time frame in 2010. Fractional sales have stayed flat.

Did you notice that I said MLS sales above? Why this is important is because the Westgate property did not join the Park City MLS until February of this year and 10 of their sales in January and early February were not recorded on the MLS. So that means 41 sales actually occurred in the first quarter of 2011 for an increase of 41% in Canyons sales over 2010 and a YTD increase of 36% or 69 total sales. Condominium sales went from 32 to 42 for a jump to 48% increase over 2010.

As you can see Canyons properties represents a great value as it relates to the rest of the Park City market, and the increase in sales activity reflects that sentiment.  Prices are very competitive with some properties seeing drops of as much as a 49% since the highs of 2007.  I think the best years for Canyons Resort are still ahead of us. Within the next month the golf course will start construction, and that will mark a major milestone in the future of Canyons Resort.  Canyons is the future for the resort real estate investor.

Link to report quarter 1 – 2011›

Link to report YTD – 2011 ›

SALT LAKE CITY, UTAH – The Utah ski and snowboard industry announced a preliminary estimate of 4.2 million skier day visits during the 2010-11 winter season. Thirteen of fourteen Utah ski and snowboard resorts have concluded their seasons with Snowbird Ski and Summer Resort’s closing date still pending at press time. This estimate suggests the 2010-11 winter season was up four percent from the previous year making 2010-11 the industry’s second best season on record. The National Ski Areas Association defines ‘skier days’ as one person visiting a ski area for all or any part of a day or night for the purpose of skiing/snowboarding. Abundant early season and record snowfall, and a boost in consumer confidence are credited with contributing to the increase.

“We are thrilled to see such significant growth from this season,” remarked Ski Utah President Nathan Rafferty. “Although Utah is famous for the quality and quantity of its snow, this season may have actually delivered too much of a good thing.” Rafferty noted that heavy snowfall and other weather related issues adversely affected resort operations and transportation around key holiday periods deterring many skier visits.

Other important factors contributing to the season’s success include a steady stream of industry improvements, collaborative industry marketing efforts and the number of resulting accolades earned by Utah resorts. The Utah ski and snowboard industry contributes over $1 billion dollars to Utah’s economy each year and creates more than 20,000 jobs. The 2011-12 winter season will mark the ten year anniversary of the Salt Lake Olympic Winter Games. Utah has seen a 41 percent increase in skier day visits since hosting the Winter Games.

Snowbird Ski and Summer Resort has received a record 760 inches of snowfall this season and currently plans to remain open on weekends for skiing (Friday- Monday Memorial Day Weekend and Friday-Sunday subsequent weekends) through at least the first two weekends of June with a possibility of extending the season even longer depending on weather/conditions. The latest Snowbird has remained open for skiing was July 4 during the 1994-95 and 2004-05 seasons. As the Resort is currently reporting a 175-inch mid-mountain base depth, the chance for a repeat does not seem unlikely. For more information visit SkiUtah.com.

Total Utah statewide skier days for the past six years are as follows:

*Estimated total: exact number to be released upon completion of Snowbird Ski and Summer Resorts 2010-11 ski and snowboard season.

For a complete history of Utah’s skier days visit :
http://www.skiutah.com/media/story_starters/utah-skier-days-table.

There are many fundamental facts that support continued real estate growth in Park City.

The global economy may dip and soar, but life in Park City remains pretty stable. While we can’t claim total immunity from external economic pressures, this localized real estate market is a safe harbor to weather the storm. Why? The fundamental attractions of Park City – world-class recreation, a comfortable, year-round climate, convenient access and a strong sense of community – are unwavering. Together, these fundamentals will continue to create growth and stability in our market, long into the future.

Fact: It’s Easy to get Here.
Park City’s close proximity to Salt Lake International Airport has always been an advantage over other western mountain resorts. Fly in and ski, golf or play the same day!

Fact: Great Recreation Choices.
Everyone knows about our 3 great ski resorts in town plus 8 more within an hour’s drive.  For summer enjoy boating, fishing, outdoor concerts, award winning golf courses & mountain trails for hiking & biking that are second to none!

Fact: Lower Prices, Great Choices & Increase in Activity.
Park City has experienced its real estate slowdown along with the rest of the nation, but evidence shows we may be heading out of “the Bottom” soon. The best properties are going fast, and there is little new construction planned.

Fact: Interest Rates are still Low.
Rates are great, but are bound to move upward soon.

Fact: The FACT is, all markets are different – nationally, regionally, & locally.
Markets go up, and markets go down, but one Park City FACT remains the same:  If you wait another year to buy, you & your family will be one year older when you do!

Fact: Park City homes can be a savvy investment property and, at the same time, an ideal place to reconnect with loved ones.

Fact: Park City’s close proximity to Salt Lake International Airport has always been an advantage over other western mountain resorts. Check out this site for details …

Fact: Park City continues to represent a great value
when compared to other world-class ski resort towns.  Read the Article …

Fact: Park City residents are committed to preserving open space
– that provides scenic vistas, wildlife habitat, an extensive trail system, and rural charm.

Fact: The Park City area has 10 world-class ski resorts
within an hour drive. Check them all out …

Fact: Park City is a year-round recreation haven
– hiking, biking, fishing, boating, golf, outdoor concerts, Park City Arts Festival and much more make the summer season just as fun as winter. View the Park City Events Calendar …

Fact: Park City is a multifaceted market
– of course the area’s myriad resort and recreational offerings make Park City an ideal second home market, but Park City also has a strong and steady primary home market.

Fact: Park City benefits from close proximity to a dynamic metro market.

Fact: Park City benefits from the incredibly large increase in state tourism advertising.

Fact: Park City continues to enjoy increased awareness and tourism traffic as a result of the 2002 Winter Olympics.

Fact: Winter and summer alike, Park City enjoys an ideal climate for recration and relaxation.

Fact: Park City is “in”.

For the greater part of the current economic recession, I have maintained that price is just one component of value in any real estate purchase.  Recently, one of our top sales agents challenged me by saying, “If price is just one component what else matters and how do you explain it to a buyer.”  Well touché.

Actually, this got me thinking seriously about the idea of value versus price. Prior to this global crisis most buyers considered price as one factor in their decision. So why now is the only focus of the analysis on PRICE?  I think the answer is lack of confidence not absolute price. So here is my new reality for my real estate buyers.  I don’t want you to consider price as a factor, I want your total focus to be on VALUE where:

Value = Confidence + Utility + Experience

The real problem with our market is a lack of common language, therefore, much of this discussion should be spent on vocabulary.  If you and your real estate agent are going to find the best possible option for your family, you certainly better be using the same words.

First, “value” is a word that we can use to compare the total package of attributes between similar products. One of our challenges in the real estate today is that our buyers are looking at an incredible diversity of products with a wide range in price and attempting to make a comparison on price rather than value. This may seem trivial, but cars are similar. A Toyota Prius costs about $35,000 and an Escalade costs about $70,000. On price alone you simply can’t decide which one to buy – yet this is exactly what many buyers of real estate try to do. As with real estate, this price equation needs to be converted to a value equation so let’s investigate the three components of value.

Confidence is actually THE measure of price that we should all consider in this equation. Confidence in the real estate transaction refers to the relative certainty you as a consumer that if you purchase at today’s price will it increase or decrease. Interestingly, we don’t need any absolute comparisons in this category to other values just to itself.  In America we all believe real estate should be an appreciable asset so we won’t move forward unless we have relatively high confidence that the price will move in the positive direction. 

There are dozens of other discussions we should have related to confidence such as the level of confidence, the expected percent change, and the influences on the increase in price. However, this is when our friends choose inaction due to analysis paralysis. The nice thing about the declaration that “price is just one component of value” is that it allows us to focus on the other components and take the guesswork out of the price prediction. Frankly, price is just too volatile to allow it to be the main driver in the decision process. The other two components are much more important.

Utility sounds boring to the point that you wonder, “Do I really need to consider it?” Yes is the answer, especially if you were thinking about making the poor decision to purchase or not purchase based on price. Frankly, price doesn’t matter if the thing doesn’t work for you. Utility is the factor that has caused many of the low prices (and corresponding low values) in our market. Utility should be assessed outside of price.  These are factors that are either important to you or not important, price should not affect this decision.

• Is there a fatal flaw in utility that has resulted in damage to the property? Especially flaws in design that create water damage or pre-mature deterioration of hard surfaces such as stone work or concrete.
• Was the ownership structure created correctly such as the Home Owners Association and what they are responsible for?  Did the developer create an unsustainable amenity package that the home owners won’t be willing to fund? Did the developer commit the HOA to something in a public process that should be the responsibility of the county or city government?
• Am I buying the right number of bedrooms and bathrooms for me?
• Am I getting the storage and garage space I am looking for?
• Is the property located where I want it to be?

The third factor, Experience, is the hardest to consider. This is a personal factor and the hardest for a real estate agent to consult with the buyer on. These are the factors that change the price dramatically, but may result in little to no change in value to a particular customer. However, this also seems to be the quickest for many buyers to ascertain. Buyers are usually motivated to start the property search as a result of a desired experience. From wanting a beach home to wanting to live closer to work, the greatest motivators are the ones that you just can’t put a price on. 

When it comes to buying real estate we all suffer from a fundamental challenge of valuation.  Unfortunately, the number of factors that really determine the PRICE that a particular property will sell for only come down to two factors: how much the seller will take and how much the buyer will pay. Yet, we spend an extraordinary amount of time justifying and analyzing the PRICE. This formula is intended to allow each buyer to determine the relative value of each property for themselves so they can get on to the most important factor of all, ENJOYMENT.

Park City and the Park City Board of Realtors has the very good fortune of being a members of an organization called the Western Mountain Resort Alliance. This alliance was formed on the basic premise that if we share information and trends we are all going to benefit.

Below, you will find some useful graphs and charts that you may browse through and/or download. These graphs will show you information such as number of listings, number of sales and sales volume for the whole alliance.  The alliance puts out quarterly stats and I will make sure that I post it as it is available.

I will also put out monthly stats break down from the Park City MLS and try to give you quick commentary on what trends might be occurring. I will also make sure that I put this information in a context of how it relates to Park City real estate opportunities in Canyons Resort.

In this blog I am including very informative graphs for the 2005 to 2010 period for the Western Mountain Resort Alliance. I think that you will see as I do that the Park City real estate market is one of the leaders in this alliance and that our market is very desirable to second home buyers.  Park City’s world class skiing and snowboarding along with its easy EASY access has made it a favorite destination to a growing number of second home investors.  WHO LIKES TO SPEND A DAY GETTING TO YOUR SKI VACATION ANYWAY?

Please enjoy and let me know if I can answer any questions!

Western Mountain Resort Alliance STATS

Download 2005 to 2010 Western Mountain Resort Alliance STATS

Compare Quarter 1 2011 to Quarter 1 2010

Download Western Mountain Resort Alliance Q1 2011

Download Western Mountain Resort Alliance Q1 2010

Jeff Lykes
Principal Broker
Talisker Mountain Realty – Canyons
jlykes@taliskerrealty.com
435-901-2836

As temperatures rise and the snow melts at Utah’s largest ski resort, Canyons is transforming itself into a summer playground with new activities that bring together people of all ages to enjoy the best of Park City. Complementing the wide array of existing summer experiences, the new program features fast-paced adventures at the mountain bike park and zip line circuit; nature excursions at the high alpine reservoir and European-style hiking program; and opportunities for families and guests to bond over miniature golf , world-class dining and signature events.  

“Our guests came to expect a high standard from us this winter as they enjoyed our many on-mountain enhancements and we’re delighted to continue these exciting changes into our summer season,” said Mike Goar, Managing Director, Canyons. “The new programming represents our vision of the perfect Park City summer experience, which we hope will create memories that extend long after our guests’ time at the resort.”    

The new summer programming is an extension of the dramatic re-creation project that rolled out this winter and will officially launch for the 2011/2012 ski season. The new look and feel of the resort includes the most technologically advanced heated chairlift in North America, a new base gathering area called Ski Beach, 300 acres of new terrain and seven new restaurants. The transformation of Canyons provides a truly authentic four-season experience for all audiences; from young professionals to adventurous families, Canyons is the smartest choice for year-round mountain experiences in the U.S. 

In addition to the regular roster of summer activities, which includes an 18-hole alpine disc golf course at mid-mountain, hiking and biking on mixed-use trails that take guests all over the mountain and face-to-face with area wildlife, here are some of the exciting new programs.   

Mountain Biking Park
This summer will mark the first phase of a thrilling new mountain bike park at Canyons Resort. Accessed off the High Meadow chair lift located at the Red Pine Mid-Mountain Adventure Area, the new park will offer three wide trails with smooth, gravity-focused riding for all abilities that complement the existing network of cross-country trails throughout the resort.  

Zip Line Circuit
Another high-speed adventure new to Canyons this summer is the unique zip line circuit. This one-of-a-kind family experience features two thrilling zip lines, gondola and chair lift rides, and short hikes for a wide-ranging mountain adventure. With two zip lines that stretch more than 2,100 feet with a 10 percent grade and 800 feet with an 8 percent grade, the first phase of development for the new zip line circuit is an exciting addition to Canyons’ summer programming.  

Boating
Also located a brief walk from the Red Pine Adventure Area is the 20 million-gallon snowmaking reservoir that is transformed into a high alpine gathering area during warmer months. Guests will be able to rent paddle boats or simply relax with a picnic lunch in a stunning mountain setting amid towering trees under spectacular blue skies.  

Guided Hiking Program
Canyons will launch a new European-style hiking program this summer as well. Local mountain guides will introduce guests to the beauty of the Wasatch Mountains with hikes tailor-made to suit varying skill levels throughout the extensive network of trails within the resort as well as overnight trips to nearby Big and Little Cottonwood Canyons. With gourmet lunches and snacks along for the hikes, these adventures will showcase the beauty of the natural setting.  

Miniature Golf
Canyons Resort Village area will be transformed by the addition of a fun-filled miniature golf course. This 18-hole mountain-themed course will extend throughout the Resort Village where parents can join in the action or watch the game from the sidelines while dining alfresco at nearby world-class restaurants.  

Dining
With the experienced team at the Talisker Restaurant Collection behind all of Canyons restaurants, guests this summer can enjoy the high standards of-mountain cuisine they came to expect during the winter. Restaurants open for the summer season include The Farm for locally sourced seasonal farm-to-table cuisine, Red Tail Grill for southwestern-inspired dishes, The Restaurant at Waldorf Astoria Park City for fine dining in the tradition of the iconic hotel brand, and Red Pine Café for a classic American menu. Award-winning sister restaurant Talisker on Main in downtown Park City offers a “taste of Talisker” through cuisine and unrivaled service, as well as the addition of an innovative Sunday brunch featuring unexpected twists on favorite classics. 

Events
Canyons hosts a series of signature events in its Resort Village, including the Park City Farmers Market every Wednesday, July 3 concert and fireworks with the The Soulistics, the Saturday Evening Concert Series, and the Grand Tasting Event of the 7^th Annual Park City Food & Wine Classic.  Link to summer events schedule.

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Studio at the acclaimed Waldorf Astoria, Park City. This gorgeous condo is located at the base of The Canyons Resort next to the Frostwood gondola.

All photos are stock marketing photos. Actual room will vary but have similar furnishings and overall look.

Contact Matt Magnotta, 435-602-0904 or Dondea Sherer-Lykes, 435-901-0725 for more information.

Fantastic Deer Valley views await you from this freshly painted 1st floor One-of-a-Kind exclusive 3 BR 4 BA condo located less than 5 Mins. from the Deer Valley Jordanelle Gondola. Unit includes 3 Lockouts for maximum nightly or long term rental opportunity… w/ new kitchen counter tops, gas fireplace, pull-out queen sleeper sofa and multiple ground floor patios.

Contact Ted Baumann for more information.

1 Bedroom Lockout Suite, Turn Key 1BD / 2BA with Mountain and ValleyViews.

This unit offers the flexibility of being rented as a deluxe hotel room with one king bed, fireplace and jetted tub, or as a 1 bedroom suite.   This one bedroom suite offers a fully appointed kitchen, living room with sofa sleeper, and two daybeds, as well as a second fantastic fireplace to cozy up to!

Views of the ski runs, gondola, and orange bubble lift allow you to be right in the center of all the resort happenings.

Grand Summit is a quartershare condominium hotel. It is AAA 4-diamond rated with ski-in/out access to Canyons Resort and golf-in/out to a future golf course. Many owner amenities include free underground parking , full-service bell staff and front desk, spa, workout facility; pool/hot tubs, owner library, lift line privileges and retail discounts. Owner has 13 weeks/year (every fourth week of the year; rotates each year) which can be enjoyed as a vacation home or  rented out.

Buyer to verify all info rmation in the listing. Square footage is a courtesy estimate to the buyer. Buyer to verify. Contact Jeff Lykes for more information.

 

 

 

 

 

Listing Price: $88,500
Address: 3855 N. Grand Summit Dr. #356/358 Q4
City: Park City
State: Utah
Zip: 84098
Sold Date:

MLS #: 9988706
Square Feet: 903
Bedrooms: 1
Bathrooms: 2
Basement (full, 1/2, finished, unfinished):
Sold Price:

Largest and best selling Christopher Homes “Cottage 4″ floor plan at Tuhaye with numerous custom upgrades.  Open and spacious living with main floor master bedroom as well as coveted ‘family suite’ upstairs with bonus sleeping loft.  Also features den with gracious double doors and custom wine bar + wine ‘fridge’ and adjacent full bath.  Home backs up to open space providing privacy and views to the golf course…no road impact.  Furnishings included as well as Talisker membership deposit ($100k) to unmatched Talisker amenities; golf, fly fishing, tennis, Tuhaye Clubhouses and Talisker’s exclusive Deer Valley clubhouses which include ski storage, Tower on-mountain shuttle and private parking.  All information provided as a courtesy. All information to be verified by Buyer.

Virtual Tour of 9520 N. Skyhawk Trail, Tuhaye