Tag Archives: utah

Market Update…not too shabby

Since the beginning of the weekend we have seen 65 properties come on the market, 15 close, 13 go under contract.

Here are the high notes:
ACTIVE:
-Promontory home at $3.795m; 6500 sq ft, 5bd/7ba, $584psf…this one looks like a great home, but I have not been through it yet. Seems a little high on the ppsf, however I know the lot is great & maybe the finishes are killer too. We’ll keep you posted when we see it.
-Promontory cabin at $2.375m; 4175 sq ft, 4bd/5ba, $569 psf seems high too, but these cabins are getting good numbers & people seem to love them as they are walking distance to most of the amenities.
-Lower Deer Valley home at $1.75m; 3966 sq ft, 6 bd/4ba, $441 psf….Lower Deer Valley has been fairly active since March, and is an area that is still coveted!
-Park Ave home near the City Park at $1.65m; 4382 sq ft, 5bd/4ba, $377psf…these guys seem like they really want to sell as this has been on and off the market numerous time & they are moving the price a good bit.

PRICE REDUCTION:
-Quarry Mtn Estate home at $3.48m from $3.9m; 6100 sq ft, 5bd/6ba, $570 psf.

PENDING:
-2 Red Cloud lots high atop Empire Pass and Deer Valley ski runs. One is $4.3m and one is $4.8m for these ski in/ski out gems at Deer Valley….and only 2 acres! As we have stated before, Empire Pass seems to still be rockin’, especially with new product. The funny thing is that the people who bought new product 2 years ago and are trying to flip it when the unit is complete are having trouble and there are some good deals in that area.
-Solamere home at $3.495m; 6663 sq ft, 5bd/7ba, $525psf…see my comments above for how Lower Deer Valley is doing….strong in this market!

CLOSED:
-Empire Pass Shooting Star condo at $2.2m; 2114 sq ft, 3 bd/4ba, $1041psf….still over $1000 psf in Empire!
-Old Town home on Rossi Hill at $2.1m; 5700 sq ft, 5bd/5ba, $368 psf for a new home in Old Town was a good pick up for this buyer.
-Resort Center condo at Park City Mtn Resort at $825,000; 1670 sq ft, 3bd/3ba, $494psf seems high, bt they got it.
-Thaynes Canyon home at $3.195m; 6700 sq ft, 6bd/7ba, $477psf…this was a gorgeous home with great views and worth every penny.

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More Neato TidBits on Park City’s History

Want some more history on Park City?…well lucky for you I found a great deal of information on the Park City Historical Society website at www.parkcityhistory.org

There are so many people who come to Park City in the both the winters and summers every year and we forget that this town has a unique history full of mining stories and “old west” ambiance…

Park City is the real deal…and here’s the proof! 😉

Utah before Park City
40,000 BC Saber-toothed tigers hunt bison in what is now the Snyderville Basin.

1600 AD Indian bands travel the high alpine valleys in search of game.

1776 The Dominguez-Escalante expedition makes it as far as the Provo valley on their way to California before retreating back to Santa Fe.

1823 Mountain man Jedediah Smith passes through the Kamas Valley on his way from Wyoming to California.

1847 Brigham Young and the Mormon settlers pass near the north end of this valley on their way to Salt Lake.

1850 Parley Pratt’s toll road leads from Parley’s Park (the present Park City) westerly into the Salt Lake Valley collecting $1,500 from travelers en route to the California gold fields.

1862 Brigham Young’s “City by the Salt Lake” is booming and Federal troops from California under Colonel Patrick Conner are sent to guard the U.S. Mail and watch over the “Saints”, who might side with the Confederacy in the Civil War. Figuring that a strike (a find of valuable ore) would bring in outsiders and dilute the Mormon population, Colonel Conner sends soldiers out prospecting.

1863 Utah’s first mining claim is filed in Bingham Canyon west of Salt Lake Valley.

Silver Discovery Draws a Crowd
1868 In late October, soldiers climb over the mountains from Big Cottonwood Canyon to the Park City area and find silver. As the snow is swirling and a storm brewing, they mark the outcropping with a bandanna on a stick and return in the spring. The first mine is named Flagstaff. Park City will become known not only for its silver, but for lead, zinc and gold. The Flagstaff Mine is the first to ship ore from the area.

1869 The Transcontinental Railroad is completed at Promontory, Utah. Laid-off workers, including many Chinese, settle in Parley’s Park.

1870 Parley’s Park has a total population of 164.

1872 George and Rhoda Snyder name the area Parley’s Park City, soon shortened to Park City. The discovery of exceedingly rich silver ore (400 ounces to the ton) leads to the opening of the Ontario Mine and starts a boom town atmosphere in Park City. George Hearst, the father of William Randolph Hearst, and his partners buy the Ontario for $27,000. It will produce over $50 million in its lifetime.

1875 A free public school is established.

1880 The first issue of The Park Record rolls off the press. It will be published continuously from this date forward, expanding in the 1990s from one day per week to every Wednesday and Saturday.

1881 Park City is the third city in Utah to receive telephone service. The typhoid epidemic hits the area. The Catholic Church builds a frame church and names it St. Mary’s. Water in the mines is a continuing problem in spite of numerous underground pumps. The Cornish Pump, a machine 30 feet high with a 70-ton flywheel, is imported from Philadelphia by freight wagon. It pumps water from 1,000 feet below the surface in the Ontario Mine, taking out over 4 million gallons of water a day. Later, drain tunnels will replace pumps.

1882 The Ontario has competition as other discoveries of silver occur. Among the larger ones are the Crescent, the Anchor and the Mayflower.

Park City Becomes Official
1884 Park City is incorporated and City Hall is under construction (to be finished in 1885).

1889 The town’s population is over 5,000. The city is one of the first in the state to have electric lights.

1892 Silver King Mine is incorporated. It will prove to be one of Park City’s largest producers of silver.

1893 Because silver is no longer to be used to back currency, silver prices drop. Miners at the Silver King accept a pay cut from $1 to 50 cents, allowing the mine to continue operating while others remain closed. First drilling contest takes place. In 15 minutes Frank Ward sinks his drill 17.5 inches into the rock. Yearly contests continue to this day as part of Miner’s Day (Labor Day) festivities.

1894 The Silver Queen, Susanna Bransford Emery, is making $1,000 a day from her interest in the Silver King Mine.

1896 On statehood day, January 5, Park City has a population over 7,000.
Trial by Fire

1898 Park City population approaches 10,000. In June, 200 of the 350 structures, homes and businesses burn in the worst fire Park City has ever seen. Three quarters of the town is gone, 500 are homeless, $1 million in property is lost. Gone is the grand new opera house built at a cost of $30,000 and open less than three months. Seventeen volunteers leave to fight in the Spanish-American Way which forces the price of silver upward.

1899 The town is rebuilt in one and a half years! The new buildings are more substantial – many are built of brick and stone to withstand fire. George Wanning’s saloon is the first to be rebuilt.

1901 Silver King aerial tramway uses buckets to bring ore down to town, lowering transportation cost to 22 cents a ton from $1.50 per ton when hauled by horse and wagon. Dick Smith, a nineteen-year-old, received a “blistered bottom” from his mother after he climbed a tramway tower, inched hand-over-hand along the cable and climbed down the ladder of the next tower.

1902 The mines are going strong, with new companies, new buildings and equipment. William Tretheway is honored at a special banquet for his heroism in carrying a case of burning dynamite from the Silver King Mine. On July 15, 34 men from the Daly West Mine die in an explosion of a large underground store of dynamite, which also produces fatal fumes. Considered the worst mine disaster in Park City history, the event prompts adoption of a state law forbidding the underground storage of large amounts of explosives.

1904 The Miners Hospital is built for the sum of $5,000 raised by local businessmen and the Western Federation of Miners Local #144. Six thousand miners are treated for “Miner’s Con”, or silicosis, in the first year.

1906 One of the first skiers in the area, “Bud” Wright spends the winter on skis toubleshooting as a lineman for the telephone company between Alta, Brighton and Park City.

1907 Hard times befall the town, with cave-ins and flooded tunnels making mining a poor enterprise. The panic of 1907 affects the whole United States, causing a general recession. However, the economy improves by the end of 1908.

1916 Heavy snows cause fatal snowslides and the collapse of the famed Dewey Theatre (where the Mary G. Steiner Egyptian Theatre now stands) just hours after 300 patrons finish watching the evening movie.

The Great Experiment
1917 The prohibition of liquor called “the Great Experiment” begins in Utah, two years before the rest of the nation. Bootleggers abound; stills and homebrewing are popular.

1918 The great influenza epidemic prompts a law requiring anyone on the streets to wear a thick gauze mask or be arrested. Consequently, the impact of the disease is less severe in this area.

1920 Skiing becomes more widespread as some workers take the mine train to the top of Thaynes Canyon for a ski trip to the bottom of the mountain, the same route which is used in
1964 for the Mine Train Ride which moves skiers up the mountain.

1921 There are 27 bars in Park City and, despite prohibition, a thirsty soul could buy a drink in all but one of them. Prohibition continues through 1932.

1929 The stock market crashes. Silver King stock plummets from $12.87 to $6.50 in one year.; Park Con from $2 to 27 cents. A rope tow is installed at Snow Park (now Deer Valley).

Skiing Starts with a Jump
1930 A ski jump is built on the Creole mine dump. Downhill skiers are few and skiing is mostly a spectator sport.

1931 Alf Engen sets a world record at Ecker Hill by jumping 247 feet. In all, Engen sets five world records at Ecker Hill.

1934 Ski jumper Calmar Andreasen, hampered by strong crosswinds and hardpacked snow, dies from a fall on Ecker Hill.

1936 The town’s first Winter Carnival is a success, with more than 500 skiers arriving in Deer Valley on the ski train – a four hour journey from Salt Lake City.

1940 Swedes and Finns carry mail over the mountains to Brighton and Alta using very long skis and usually only one pole to control speed.

1941 December 7th, Pearl Harbor is attacked. Subsequent gas rationing prohibits travel to the Ecker Hill site.

1946 The first lift is installed at Snow Park (now Deer Valley). Mining prices continue to drop.

Ghosts Inhabit Town
1949 On July 1, the mines shut down, putting 1,200 miners out of work.

1951 Park City is included in a book called “Ghost Towns of the West” indicating no population. There are actually 1,150 “ghosts” in town at this time.

1952 Some mines are opening as mineral prices rise.

1954 People are leaving town. Welsh, Driscoll and Buck’s department store closes after 50 years. The red light district is raided, not an uncommon event.

Skiing Gives Town a Lift
1958 United Park City Mines looks to diversify and starts a feasibility study to begin the Treasure Mountain Resort (now Park City Mountain Resort).

1963 Park City qualifies for a federal loan from the Area Redevelopment Agency. The government gives $1.25 million and, with other contributions, a total of $2 million is used to start Treasure Mountain Resort. A gondola, a chairlift and 2 J-bars are installed. A lift pass costs $3.50 and there are almost 50,000 skier days logged that first year.

1965 A mine train takes skiers into a Silver King Mine tunnel then up a shaft to the top of the mountain, but the trip proves too slow to be very popular. As word of the new ski area spreads, people start moving to Park City. Snow Park is open weekends.

1966 Sports Illustrated magazine includes Treasure Mountain Resort’s PayDay run among the finest ski runs in the country.

1968 Park West Ski Area (now The Canyons) opens.

1969 Snow Park closes.

Art Hits Main Street
1970 First Park City Art Festival debuts on Main Street.

1976 Kimball Art Center, in the old Eley Garage at 638 Main Street, opens its doors with two galleries, a gift shop, and classrooms.

1978 On Valentine’s Day, Park City is without a working mine for the first time in over 100 years. Despite a rally in the early 80s, mining will be over by 1982. A skeleton crew keeps the water pumped out and the mines open in case the price of metals increases dramatically.

1979 The Miners Hospital, threatened with demolition, is moved from its site near the base of the Park City Ski Area to the City Park for its new use as the City’s public library.

1980 KPCW, Summit County’s public radio, goes on the air.

1981 Deer Valley Resort opens at the site of the old Snow Park area. The United States Film and Video Festival, highlighting independent films, opens in January for the first season in Park City. The festival has since become the Sundance Film Festival.

1982 After extensive renovation on the old Miners Hospital, a human chain forms a “book brigade” to move the thousands of books in the collection at the original library on Main Street to its new location.

1984 There are 14 lifts at Park City Ski Area and a day pass is $26, with 500,000 skier days.

1986 TV45, Park City’s television station, begins broadcasting.

1990 The estimated year-round resident population is 5,000. Skier days for the three areas are over 850,000.

1993 Parkites witness the heaviest snowfall in 10 years. The public library moves from the Miners Hospital into the old high school at 1255 Park Ave. The Utah Winter Sports Park (now The Olympic Park) opens.

1995 Salt Lake City is awarded the 2002 Winter Olympic Games. More than 40% of the events will be held in Park City at the Utah Olympic Park, Deer Valley, and Park City Mountain Resort.

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President Bush Comes to Park City…and an AMAZING home goes on the market in Glenwild

The big news around town is that President Bush is coming to town Wednesday and Thursday for fundraising events for John McCain. Mr. Bush will be staying in Deer Valley at former Massachusetts Governor and former Presidential candidate Mitt Romney’s home.

Helicopters have been seen flying around town gearing up for the Presidents visit. One protest party, labeled the Bush Bash BBQ, has been scheduled at City Park.

Interest rates for fixed-rate mortgages fell slightly this week on news of both weaker industrial production in April and consumer sentiment falling in May to its lowest level since June 1980. The 30 year fixed rate fell to 5.98% from 6.01%….last year we were at 6.37% for a 30 year rate. Except last year lenders were actually lending!

Over the long weekend we saw 33 properties come on the market, 13 go under contract, and 5 close.

Of note:

PENDING:
-St Regis unit at $2.8m; 1331 sq ft, 2bd/2ba….Over $2100 psf, that is huge for this market. St Regis is pulling higher prices per foot than Empire Pass as of today.

-2 lots at Tuhaye at $695k and $795k…..vacant land is a tough sell these days, but Tuhaye and Talisker are plugging along with a few sales here and there.

ACTIVE:
-Deer Crest Estate at $8.4m; 12477 sq ft, 6bd/10ba. This home is a must see for the buyer that needs it all and is willing to pull the trigger.

Glenwild home for $5.995m; 8500 sq ft, 5bd/6ba.A splendid contemporary mountain retreat over looking the Glenwild golf course offers views, serenity, and comfort. This spectacular home exemplifies a level of excellence that serves as a foundation for the entire community. Among the exciting features in this 8500 sq ft exquisitely crafted home are a unique 2 story master with an on-grade walkout plus its own 400 sq ft balcony with spa hookup, custom compound curve exposed steel beams, stadium seat theater with 4 tiers, art sconces, and theater lighting, Italian tile and glass work throughout, Eucalyptus cabinetry, 1000+ sq ft of on grade entertainment space of the great room, and much much more…..click this link to see more information on this spectacular property

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Real Estate in Utah Holding It’s Value..and Wine Wednesday

The most exclusive real estate in Utah continued to hold its value as the median price of a single-family home sold in the greater Park City area, which includes Summit and Wasatch counties, in the first quarter remained at $649,140, nearly unchanged compared to a median price of $650,000 in the first quarter of 2007.

On another note….tonight is as you may already know…Wine Wednesday.
It is also the Spurs v Lakers game.
So Rob and I will be joining some of the guys I work with to watch the game and sip some wine. I mean – we really don’t have a choice…it is an official holiday and all 😉

Let us know about your local Real Estate Values and how they are holding up….and feel free to give us some wine suggestions as well….we’re still learning and we can use all the help we can get!

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A Quickie Regarding Talisman

Contrary to rumors flying around town, Talisman is still moving forward on development. People are saying the project is going bankrupt, but they are still requesting building permits and look to move forward this summer. The development is just on the other side (south) of the Jordanelle, and looks to have a Robert Trent Jones Jr golf course.

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Slight Rate Cut & An Update Of Course

Since Friday we have seen 69 properties come on the market, 29 close, and 18 go pending.

Of note:
PENDING:
-30 acre residential lot in Silver Creek for $2.4m…nice views from this horse property.
-Aspen Spring Ranch home at $1.45m; 5910 sq ft, 5bd/4ba…only $245ppsf!
CLOSED:
-4 different cabins at Promontory ranging from $1.582m (2015 sq ft & 2bd/3ba) to $1.996m (4850 sq ft & 4bd/4ba). The lowest ppsf was $404 and the highest was $781.
-2 Red Ledges lots at $465,000 and $550,000.
-A Larkspur town home at Empire Pass in Deer Valley at $4.605m; 3614 sq ft , 4bd/5ba…that’s $1274 psf.
-A Paintbrush home also at Empire Pass in Deer Valley at $6.1m; 4633 sq ft, 5bd/6ba….that one is over $1300 psf!!!
-2 Christopher Homes at Tuhaye closed as well. They were $1.4m (3112 sq ft, 4bd/3ba) and $1.535m (2337 sq ft, 3bd/3ba)…I believe views played a role in the price differentiation here.

As expected the Fed cut rates by a quarter of a point today, which was a less aggressive move then seen earlier in the year. Most saw the cut coming and believe it will be the last for a while, unless economic threats get worse (let’s hope not….but it could happen i.e. oil, food, the dollar, etc…). The cut means slightly lower borrowing costs throughout the economy as banks reduce their lending rates. However, the practical effects of the central banks 7th straight cut might be minimal to you and I. The rate of a 30 year mortgage seems to be settled at around 5.9%. The biggest question is whether lenders will start lending again. That is all for now. Please contact us with any questions.

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More News On Promontory and the Park City Heights Project

Happy Wednesday! Rob and I used to celebrate ‘Margarita Day’ every Wednesday. But starting last month we have implemented a new weekly celebration, titled ‘Wine Wednesdays’. From now on we plan to try a different and interesting wine every Wednesday. And we’ll be taking notes. Any fabulous finds we may encounter, we’ll be sure to let you in on…..oh – and feel free to join in on our newly created holiday….no leap of faith necessary! 😉

Now I know what you’re thinking….”is this not a blog about Park City’s Real Estate Market?” Well hold your horses, that parts coming….

here is the update you’re looking for:

-We should be hearing more news from Promontory regarding the bankruptcy issue in the next week to 10 days.
As of now, Pivotal has put up around $2M to continue club operations, and our membership has hired counsel to represent our interests. It looks like the sales staff that remains has been put on salary during this transition period.
Pivotal has 120 days to come up with its own plan that may or may not include the 1st and 2nd lien holders.
If the plan does not fly, then the judge will turn to the lien holders to see what they have come up with.
The good news is that the golf courses are opening at the end of the month, employees are being retained, they will start work on the next clubhouse this summer, and all parties involved in the bankruptcy affair seem to want to gain control of the development….so they see the value there.
Let’s just hope that this black eye Pivotal gave the development does not linger around.

-As the Park City Heights project went before the city council for the first time, it seems as if they do not object to the development near as much as Michael O’Hara. Council members thought that the housing is desperately needed.
O’Hara, who is a friend and seems to be very wise, believes the project at Quinn’s Junction does not fit into the Park City general plan, and should be discussed with the public in “broad daylight”. That’s all for now folks. Tomorrow look forward to a market report, and a possible Fed rate cut.

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WAIT!….Give it a week….interest rates slightly up

STOP…before you lock in that loan….

NOTE:
Due to inflation concerns 30 year fixed rates jumped to just over 6% (6.03%) last week for the first time in a month and a half.

The 15 year fixed is at 5.62%, up .22%, abs the 5 year ARM is up .2% to 5.68%.

While these are still historically low, you might want to wait a week or two before locking in a rate.

So give a little pause if you’re about to finalize the terms of your loan…waiting just a few days might really shave some points off for you!

Keep checking back to our blog for more valuable tips not only on the Park City Real Estate Market but also on all of the issues related to doing your deals.

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A Quick Update…..Happy Weekend To Everyone!

Hope everyone had a great week!
In the past day we have seen 42 properties come on the market, 14 close, and 8 go under contract.

Of note:
PENDING:
-Hidden Meadows home in Lower Deer Valley for $1.71m; 4bd/3ba, 4100 sq ft
-Stonebridge condo in Lower Deer Valley at $649k; 3bd/3ba, 2505 sq ft

CLOSED:
-Empire Pass at Deer Valley in the Paintbrush neighborhood at $5.85m; 5bd/6ba, 4418 sq ft. Coming in at $1324ppsf….Empire Pass is getting it done!
-Hidden Meadows lot only on the market 45 days at $1.1m for one and a half acres…Deer Valley is holding one strong.
-Maple Ridge Ranch home at $2.4m; 5bd/ba, 6800 sq ft…There seems to be activity in that development (located north of Kamas) as well.

We will look at the City Council update on Monday as well as news from Promontory.

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MORE SNOW IN PARK CITY and an interesting development comparison

Well guess what?!?!? It’s snowing like MAD in Park City and it’s practically May!
Rob and I are both hard at work recently….him on some contracts and developments Snow Park is working on and me on some things with the St. Regis project here at Deer Crest.
Park City is incredible today….the snow is coming down like crazy, inches and inches….and just as we were beginning to see the green again……but I can’t complain – we’re planning on skiing at Snowbird this weekend!
Below is a very interesting comparison Rob did of two big developments in Park City: Promontory and Glenwild. There are plenty of perceptions out there regarding both of these developments but this grid helps to sort it out somewhat….

click on the image below to get a better view…..

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