Archive for July, 2008

Park City Real Estate 2nd Quarter Statistics 2008

Tuesday, July 15th, 2008

            The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing. A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost…

There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%.  Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up 80% from the same period last year. 

          Over-all condominium sales showed a drop of 24% in sales volume, but prices were up by 18%. There were a few newly completed projects that skewed the numbers (please note that it can be argued that this is almost always true in the Park City real estate market). Sales at the Newpark Hotel in Kimball Junction totaled over $24 million and gave the Kimball Junction area a 95% boost in sales volume and a 131% boost is dollar volume of sales. Similarly, the Old Town area shows remarkable numbers unless you remove the sales of Silver Star (new ski-in / ski-out property at the Park City Mountain Resort) which showed over $54 million in sales. 

          Vacant land showed a 60% decrease in unit volume sold while overall pricing was up 14%. The telling number here might be that there are over 1300 active listings for vacant land on the Park City MLS and 109 sold in the first 2 quarters of 2008 leading to a 6 year supply of inventory at the current sales pace.

          There are bright spots and dim spots throughout the sales report for the first 2 quarters of 2008.  All real estate is local down to the block, side of the street, which ski run you’re on, or on which hole of the golf course your home sits. For a more complete analysis of the Park City real estate area that you are most interested in, give the YouInParkCity.com Group a call at 888-968-4672 or email us at info@YouInParkCity.com.

Submitted by Todd Anderson

Statistics herein were derived from the Park City MLS. Numbers are deemed accurate and reliable, but not guaranteed.

Talisker Completes Purchase of The Canyons Resort

Tuesday, July 1st, 2008

           The 123.1 Million dollar sale of The Canyons Resort is reported to have been completed yesterday June 30, 2008.  The purchase price is reported to have been $52.1 million in cash and $71 million in senior secured notes to American Ski Company.             The sale should put an end to Vail Resorts attempt to purchase the resort although Talisker does retain an option to sell the resort at a future date.  Talisker will assume responsibility for pending litigation by The Canyons Resort’s former owner Wolf Mountain which claims that American Ski Company defaulted on its lease and that the property should go back to Wolf Mountain.

            Talisker plans to keep the current management team of The Canyons Resort in place with Mike Gore as the managing director.  There are no plans currently for any major upgrades to the mountain as it is already too late in the summer and planning process to start improvements for the 2008-2009 snow season.  There are currently plans for some access lifts to be completed this summer.

            Talisker officials stated that they will begin looking at the resort’s development master plan soon. The sale of the resort includes as much as 3 million square feet of developable real estate located at the base of the resort as well as mid-mountain.  Talisker will run the resorts 3700 acres under a lease agreement with Wolf Mountain (this lease is a major portion of what Talisker has purchased from American Ski Company).

            Talisker is a privately held corporation that owns over 10,000 acres in and around Park City.  They are the developers of the luxury residences at the Empire Canyon area of the Deer Valley Resort as well as the Tuhaye golf resort just outside of Park City.  The Canyons Resort has made great strides in recent years opening new terrain and offering new real estate opportunities in the Park City area.  The sale of the resort to a luxury resort owner/operator should benefit the area and its surroundings.

           For information on how this may affect your property or future property aquisitions usr the contact us button at the top of the page.