Greatest ski season ever, other news & notes, and a market update

Ski Utah reported that the 2007-2008 ski season was the best ever (in numbers and snowfall!!!), and a record breaker for the fifth year in a row with 4.3m skier days! Earlier estimates show that it might have been a record breaking year for the nation as a whole with somewhere around 60 million skier days. Utah gained 4.3% over the previous record setting year of 2006-2007, which beat the Rocky Mtn. average increase of 2.3%. Despite a slow start to the season, Utah’s snow totals reached epic proportions well surpassing 500 inches at many resorts and reaching more than 700 inches at others. The Utah ski season began Nov. 16 and continued through June 15 with additional skiing still being considered…maybe skiing and fireowrks on the Fourth???

Cafe Rio, the famed Mexican restaurant, opened at Newpark Hotel late last week….the residents of that area seemed to be pumped! In addition Steven Maxwell, of Fat Kid Pizza, is opening a restaurant in the same area in just a few weeks, and about 2 blocks away a Japanese steakhouse is coming too. Rumor has it that a Best Buy might be coming….Newpark/Redstone is taking off and giving us a lot more dining and entertainment options.

Park City developer, Talisker, has still not closed on their deal to buy the Canyons. They missed another deadline to close on the deal on Friday, which was the third deadline they have missed.
Attorney’s for Talisker have stated that they intend to close on the deal very soon. Talisker is also being criticized for their plans to put workforce housing in Old Town. In addition, rumor has it that they may have missed 2 payments on the Tuhaye project….not the best time to be Talisker.

Over the weekend we saw 37 properties come on the market, 13 go under contract, and 22 closed. Of note:

ACTIVE:
-Home on Deer Valley Drive (next to the roundabout) at $4.75m, 4bd/5ba, 5700 sq ft, at $833 psf that is asking a lot for a busy locations. However, I have not seen this one yet….maybe it is worth it.

PENDING:
-2 Red Ledges cabins, which were both around $345 psf (4bd/4ba for $1.25m and 2bd/2ba $990,000)….not a bad deal. This place in going to be a great golf course community in the future. Too bad that the developers launched it in a slower market, but they do have a great product to sell!
-Sunrise at Escala at the Canyons studio condo at $300,000; 0bd/1ba, 348 sq ft, over $850 psf

SOLD:
-10 lots at Red Ledges ranging from $375,000 to $615,000…looks like th mid level lots are moving there.
-Promontory Cabin at $2.15m; 4bd/6ba, 3572 sq ft, just over $600 psf is higher than the homes selling at Promontory.
Solamere home for $1.1m; 4bd/4ba, 3295 sq ft, $334 psf is an awesome deal for a Deer Valley home with these views!
-Silver Star unit at $1.175m, 3bd/4ba, 1945 sq ft, $604…they are still showing some strength at the Park City ski in/ski out project….it will be interesting to see what happens over the summer with there.

PRICE CHANGE:
Glenwild home from $3.65m to $3.25m, 5bd/6ba, 5800 sq ft, now at $560 psf you would think they would get a lot more action in the hot market out there.
-Promontory home from $2.299m to $1.795m; 4bd/7ba, 6538 sq ft, $274 psf is a screaming deal….looks like these speculators might need to bail!
-Mountain Ranch Estates home lowered $30k to $1.269m; 4bd/4ba, 3673 sq ft, at $345 psf this is not a bad deal either…especially when you consider the unobstructed lot that the home sits on (probably worth $700k on its own!) Great views of all 3 ski resorts!

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Filed under deer valley, glenwild, promontory, talisker

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