Empire Pass is rolling along and no real news from the Talsiker/Canyons deal

Yet again Talisker failed to close on the Canyons. They did put up an additional $5m, to bring their total non-refundable deposit to $25m. Talisker officials were “unavailable” for comment…we’ll keep our ear to the ground to see what is going on behind the scene…stay tuned.

Here is an Empire Pass at Deer Valley year to date update:

Single Family homes

-7 are on the market at an average price of $6.7m; 5531 sq ft and averaging out at $1,255psf
-2 homes have sold for and average of $5.975m; 4525 sq ft and $1320psf
-7 homes are pending for an average of $6.46m; 6044 sq ft and average of $1054psf

Condos

-76 are on the market for an average of $3.167m and $1436psf. Of the 76 unit, 28 are in the new Flagstaff launch. That leaves us with 48 on the market not in Flagstaff and the majority of those are resales, and there are good deals to be had in comparison with what else is selling.
-19 have closed at an average of $3.177m, and $1208psf….some of the resales I spoke of are under $1050psf.
-11 condos are pending sale at an average of $2.96m, and $1384psf!

Vacant Land

-5 lots are on the market, which average about an acre for $4.115m! These are for the deep pockets!
-2 have closed for an average of $4.8m
-2 are pending at an average of $4.55m

As you can see, Empire Pass at Deer Valley is pulling very strong numbers even in the midst of this slow down. There are still some good deals that the flippers must sell quick. Give us a call or email to find out more 435.729.0022 or robalday@yahoo.com

Talisker Misses the Mark on Closing at the Canyons…Again…Maybe Next Week?

Talisker has yet again failed to close on the Canyons, but their attorney has stated that they will close this week….we have heard that before!

The public sentiment around town is that Talisker will not be able to close, however I think the deal will get done. Parkites seem to be miffed with the developer, and do not think they can run the ski resort. Again, I differ a little….I am not saying that they will do a great job, but let’s hold off judgment until they get a shot at it.

Oh yeah, they have to close first…but you never know, they could be better than the previous operators. I do understand the position of most locals: that if Talisker can not close on the deal and they have supposedly missed a payment or 2 at Tuhaye, then how are they going to pump the much needed capital into the resort to make it a first class operation and take advantage of the great terrain there…???

Others have had their chance at the plate to fix the Canyons and have not hit the ball out of the park, so maybe Talisker at least deserves a chance to get up to the plate….let’s just see if they close first.

Talisker Canyons Purchase Update

Below is an update on the Talisker Purchase of The Canyons….but first….let’s acknowledge the Park City Highschool’s recent ranking by Newsweek Magazine as 286 in the nation….not to shabby! Also, the Park City Highschool Soccer Team took state last week. GO PCHS!!!!!!

Talikser Purchasing The Canyons – Update:

Talisker Corporation is still working on moving toward closing on the purchase of the Canyons Resort. Closing was supposed to have taken place by the end of business last Saturday.

Tim Vetter the spokesman for The Canyons confirmed that the sale did not go through on Saturday as planned, but an extension is in place.

According to a form filed with the Securities and Exchange Commission Monday, the extension runs until Friday. Vetter added that everyone is working away to make the sale happen.

Kenny Griswold who owns the majority of property at The Canyons resort and would be Talisker’s landlord after the sale, says it’s unfortunate the sale didn’t close on Saturday, adding that this delay doesn’t create a lot of confidence.

Because American Skiing Company is a publicly traded company, all disclosures must be filed with the Securities and Exchange Commission before publicly disclosed.

According to the amended Purchase Agreement between Talisker and American Skiing Company, the owner of The Canyons, Talisker had until May 31st to secure the 125-million dollars to close on the sale, which included $100-million for the lease to operate the resort and another 25-million that would go into an account to operate the resort.

Two months ago, on March 25th, ASC and Talisker entered into an amendment of the Purchase Agreement acknowledging that Talisker and ASC are not in breach of the agreement, that they have waived the right to terminate the Agreement except under certain limited circumstances. They also agreed to certain conditions on any subsequent sale of the Canyons by Talisker in limited circumstances. None of those circumstances were disclosed.

Talisker has as much as 20-million dollars riding on this acquisition in the form of non-refundable deposits which have been paid to postpone closing on the sale. Talisker was first scheduled to close on the Canyons last December 31st. At that time, an additional 2 and a half million dollars was deposited, bringing the total good faith deposit to 12 and a half million dollars. In March, an additional deposit was made for 7 and a half million dollars in exchange other concessions made under the Purchase Agreement.

Pleny of Buyers for Deer Valley & Deals to be Had at Tuhaye

Going on in the Park City Real Estate market in the past day or so, there have been 25 properties come on the market, 18 go pending, and 12 close.

Of note:

PENDING:
-Golf Club Cabin at Promontory at $2,250,000; 3460 sq ft, 4bd/6ba. Looks like there are still buyers, even though a cloud still hangs over the ownership. We seem to think that this change in ownership will be beneficial to the club in the long run.
-Lot at the Colony at the Canyon Ski resort for $1,895,000.
-Queen Esther unit in Lower Deer Valley at $759,000; 1548 sq ft, 2bd/2ba. People are buying in Deer Valley!

CLOSED:
-April Mtn town-home at $1,700,000; 4130 sq ft, 5 bd/ba, and was listed at $1,895,000, and on the market for almost a year.
-Tuhaye lot at $550,000, which includes the $100,000 Talisker Club membership. There are still good deals to be had out there!
-Aspen Springs home at $1,562,000; 5568 sq ft, 4bd/6ba….only on the market for 63 days!

In other Park City news, Planning Commissioner, Michael O’Hara, has resigned from the Park City Planning Commission. It seems he had been contemplating the move for the past 6 months, and did not whole heartily agree with the Park City Heights development on HWY 248.