Peterson/Calder Real Estate Group

2008-02-08T16:21:00.000-07:00

Buyers: Should you wait for the market bottom?

The housing market will continue its downward spiral, forecasts say, and that means opportunities for buyers. But waiting for the market bottom may not be the smartest strategy. Here are 5 reasons to buy now -- and 5 reasons you may want to wait.

By Melinda Fulmer, MSN Real Estate

The latest housing headlines are far from encouraging: Foreclosures are up, home prices are down and new-home sales are at record lows. All this dismal news has many buyers sitting on the sidelines, afraid to make a move. But, economists say, waiting for the bottom may not be the smartest strategy.

Calling the market low is a difficult task, and it's most often spotted in the rear-view mirror. For one thing, there's no agreement on when the U.S. real-estate market will officially touch bottom. If you believe the National Association of Realtors, it will happen later this year. Investment bank Merrill Lynch is much more pessimistic, predicting that U.S. home prices will drop another 15% this year and 10% in 2009, with perhaps even more depreciation in 2010.

But for many buyers, there's no real need to wait for the market as a whole to officially bottom out, says Delores Conway, director of the Casden Forecast at the University of Southern California's Lusk Center for Real Estate. "Real estate is local," Conway says, and therefore what constitutes the bottom for the country is meaningless for those looking to buy and sell homes in their own neighborhoods.

Prices in many markets have not yet hit their lowest point, but they aren't that far off. And in other areas, only the pace of sales has been affected; prices have held firm or gone up.

Waiting for the absolute bottom to hit before buying puts you at risk of missing it and getting caught up in a market on the upswing. Plus, for some first-time home buyers, owning simply makes better economic sense than renting.

Downturn, what downturn?

Of course, in some parts of the country, there's no real reason to get cold feet about buying. Prices have ticked up slowly and are expected to continue that slow march for the foreseeable future. "We have not seen a downturn in our market," says Marianne Ackerman, of The Property Shop in Glenwood Springs, Colo.

Indeed, prices in this small community outside Aspen have been nudging up 5% a year unchecked for several years, thanks to a shortage of property suitable for development and a booming tourism market.

This appreciation prompted longtime Glenwood Springs resident Marianne Virgili -- who also heads the town's chamber of commerce -- to buy a parcel of land now, without the slightest bit of hesitation. "Prices are rising, so the best time to get in is now," Virgili says. She plans to start building a home on her lot in the spring.

Other markets that experienced healthy price increases in the latest quarterly sales data from the National Association of Realtors are Farmington, N.M.; Reading and Pittsburgh, Pa.; Columbia, S.C.; San Jose, Calif.; and Fargo and Bismarck, N.D.

"Just like the weather, there are large local variations in home prices," says Lawrence Yun, NAR chief economist. Yun says that in his examination of last quarter's metro home prices, two-thirds of the markets posted price increases.

Realtor Tom Rhodes in Dallas says that he has seen sales slow a bit, but that prices in his market haven't dropped as they have elsewhere. "Some people read what's going on around the country and say maybe this is not the best time to buy," he says. But, "we've got a pretty strong market. Those headlines are coming out of Miami and Las Vegas."

There are plenty of markets in Texas, Kansas, Arkansas and the Midwest that are now starting to tick up. In these areas, this might be a great time to buy, with interest rates historically low, a fairly large inventory of properties to choose from and less chance of getting caught up in a bidding war, analysts say.

Houses and neighborhoods that hold their value

There will always be some people who need to move because of job relocations, expanding families or a need for better schools. In desirable neighborhoods, there's a price to pay for waiting. You have to ask yourself, "How greedy do I need to be?" says James Gaines, research economist with Texas A&M's Real Estate Center. "If (the price) goes down much more, you've got other people trying to buy it, even if it's not the absolute bottom." Then, you might end up in a bidding war, erasing the savings you thought you had achieved by waiting.

Caren Saiet, a Los Angeles agent with Coldwell Banker Residential Brokerage, says that even in a down market, the best houses are at least holding their value. One of her listings -- a two-bedroom Craftsman with a large, professionally landscaped lot, in the gentrifying Highland Park section of Los Angeles -- has four offers and will likely fetch several thousands more than the $499,000 asking price that the seller paid for it 14 months ago. "We are in a really good position," she says. And, she notes, the buyer is getting a fair deal too, given the much higher prices in neighboring areas.

For some people, the value of the local public schools will play a large part in their buying decision. A well-designed house in an established area with a good public-school district will hold its value and save you money in the long run. "These places don't get hurt as much as the whole market, and they recover faster," Gaines says.

Schools were the biggest consideration for Michael Daniels, who recently purchased a home in Charlotte, N.C. The 34-year-old health-care manager and his family had outgrown their existing home, but wanted to stay in the same school district. After studying the market for months, Daniels and his wife recently decided to act, when the house they were eyeing dropped in price from $425,000 to $379,000.

"(The sellers) had had four contingency offers that had gone bad," Daniels says. When he agreed to buy the house without the contingency of selling his own house first, the price was whittled down a bit more.

Buying before selling seemed a bit risky to Daniels, especially in January. But as it turned out, getting his house out there early paid off. It took only one day to get the right offer. And thanks to some updates he had put in himself, he received 42% more than he paid for it six years ago. "The buyers walked in and said, 'This looks like a good value.' It wasn't underpriced, but priced to reflect the market," says RE/MAX agent Jack Gustafson, who listed the Daniels house.

A sound financial move

Often, analysts say, people get so fixated on getting the lowest possible price that they forget just how little difference an extra $10,000 in the home price can mean to their monthly mortgage payment.

Assuming a buyer pays $300,000 rather than $310,000 on a 5.7%, 30-year loan with $30,000 down, he’d be paying $1,575 a month rather than $1,634.

Of course, the costs of the initial $10,000 add up the longer you own the home without paying off the mortgage. But, that additional $10,000 in value might be just the psychological boost some sellers need to part with their homes.

And for first-time home buyers in markets such as Los Angeles, there's extra incentive in the form of rapidly rising rents. Los Angeles rents have climbed 25% since 2003, to an average $1,617, according to data firm RealFacts.

In areas such as Los Angeles and Philadelphia, rents are getting close to or surpassing a mortgage payment. And the mortgage-interest deduction on your taxes is a huge help for those who need a write-off, Conway says.

Moreover, if you've lived in your house for many years and built up some equity, you can weather selling in this kind of market and finding another home. That's especially true if you are moving from a boom market, such as Los Angeles, that is only now beginning to bust, to another area where prices are lower.

You have to know when to hold 'em

Of course, there are some people who are better off waiting in this market: people who bought their current home in the past couple of years. In this short period of time, the value of the home hasn't gone up enough to compensate for the agent's commission and other selling costs.

These days, Gaines thinks that five is the magic number when it comes to buying and selling: If you've been in your house five years and plan to move to a place where you will stay at least another five, you're probably OK.

However, there are a few notable exceptions. There are some markets around the country where prices are still sliding, jobs are being lost and foreclosures are making it hard for people to sell their homes, such as economically depressed Detroit.

Gaines and Conway say there is still too much uncertainty in boom-and-bust markets such as Phoenix; Las Vegas; San Diego; and Miami and Tampa, Fla. In San Diego, for instance, prices fell 2.6% in October alone, according to Standard & Poor's Case-Schiller Home Price Index. And agents there are saying those price drops have continued to snowball since that survey was done.

In Phoenix, there is a 10-month supply of houses on the market, making it harder for people to sell their homes without taking a price cut. "The people buying right now are really the people who have an urgent need to move," says Mike Mendoza of Keller Williams Realty in Phoenix.

And it probably goes without saying that you shouldn't buy if your job security looks a little uncertain in the near future.

How to get the best deal

If you're ready to buy, try to make the best deal you can in a neighborhood that is holding its own, analysts say. Check real-estate Web sites such as Realtor.com, Trulia.com and Zillow.com, or go through the real-estate sales data published in your local newspaper to see what houses are going for in your area. When you have zeroed in on a neighborhood, work with an experienced real-estate agent to go over the fundamentals: How much inventory is out there? How many of the listings are foreclosures? How have prices in that neighborhood fared historically and over the past year or two? This will give you a feel for the overall direction of the neighborhood.

If there are a lot of foreclosures continuing to pop up, prices might fall further than you'd like in the short term. That may not be an issue if you plan to stay put for a while, but it could limit your options if you need to sell or refinance your mortgage.

Once you've bought, don't get discouraged if prices don't begin to jump back up immediately. Many, including Gaines and Conway, are predicting this down market to remain in a trough for a while, rather than bouncing back up.

"I think it will go down, hit bottom and slink along the bottom before it comes back up," Gaines says.

But ultimately, the market will come back up, he notes, even those markets in California that are taking a beating. "Does anybody really believe that California won't come back again, and with a vengeance?" he says with a chuckle.

5 REASONS TO BUY

1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price.

3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.

4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home.

5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.

5 REASONS TO HOLD OFF

1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. Indeed, you may have negative equity, if you live in many areas such as California, Florida, Arizona or Nevada.

2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until the smoke clears.

3. You don't plan to stay in your next house at least five years. While it's not important to buy at the exact bottom of the market, it is important to stay long enough to ride it out completely.

4. You don't have good credit or a decent down payment. Do you have a job and income you can document? As a result of the subprime lending crisis, lenders are much more careful about whom they're giving their money to.

5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm.

Deer Valley # 1 Again... Park City # 6

2007-09-10T07:46:00.000-06:00

For Immediate Release:

SKI MAGAZINE RELEASES HIGHLY-ANTICIPATED 2008 “TOP 50 RESORT GUIDE”

The Ultimate Ski Vacation Planner Places Deer Valley Resort in Top Spot

**EDITOR’S NOTE- Photos and interviews with SKI Magazine editors available by contacting Amanda McNally at 212-779-5527 or amanda.mcnally@bonniercorp.com

Boulder, Colo.–Sept. 7, 2007–SKI Magazine’s annual “Top 50 Resort Guide,” the definitive ranking of North American ski resorts, names Deer Valley, Utah as the No. 1 ski resort in its October issue, on newsstands September 25. Deer Valley returns to the top spot after being ranked second in last year’s survey. Perennial favorite Tremblant, Que. is again ranked No. 1 on the East Coast, a tribute to consistent standards of excellence.

Luxury favorite Deer Valley, Utah, captured the top spot for the third time in the survey’s 20-year history. Much lauded by SKI readers for its topnotch service, grooming and dining, Deer Valley received top ten finishes in 11 of the 18 categories ranked. Deer Valley was also voted the best spot for a Luxury Ski Trip in the lifestyle rankings. Utah resorts heavily dominated the lifestyle rankings with Snowbird, Utah being voted the Best Skier’s Mountain and Alta, Utah coming in as the best Weekend Escape.

“SKI readers are an astute, not to mention well-traveled, bunch and their consensus is convincing,” says SKI Magazine’s executive editor Greg Ditrinco. “You’d do well to consider them advance scouts as you plan this year’s ski vacation. They won’t let you down.”

On the overall rankings Vail, Colo., came in at No. 2, leading a group of six Colorado resorts in the top ten, more then any other state. Whistler Blackcomb, B.C., moved up one spot to No. 3 on the list. Tony Aspen, Colo., saw the largest increase of any of the resorts in the top ten, moving up three spots to No. 4 with sister resort Snowmass, Colo., coming in at No. 5. Beaver Creek, Colo., Steamboat, Colo. and Sun Valley, Idaho maintained their previous top ten rankings at No. 8, No. 9 and No. 10 respectively.

In the Eastern Coast the top three spots were maintained by the previous year’s winners but there was plenty of movement among the remaining slots. Stowe, Vt., moved up two spots to No. 4 while Holiday Valley, N.Y., moved up four spots to No. 5. Sugerbush, Vt., coming in at No. 7, was a new addition to the top ten list. Bretton Woods, N.H., the only New Hampshire resort in the top ten, moved up one spot to No. 9. Smuggler’s Notch, Vt., raking No.2 for the second year in a row, also pulled top honors as the nation’s top resort for a Family Ski Trip in the lifestyle rankings.

The top 10 resorts according to SKI Magazine’s readers:

1. Deer Valley, Utah 6. Park City, Utah.
2. Vail, Colo. 7. Breckenridge, Colo.
3. Whistler/Blackcomb, B.C. 8. Beaver Creek, Colo.
4. Aspen, Colo. 9. Steamboat, Colo.
5. Snowmass, Colo. 10. Sun Valley, Idaho

The top 10 resorts in the East according to SKI Magazine’s readers:

1. Tremblant, Que. 6. Sugarloaf, Maine
2. Smugglers Notch, Vt. 7. Sugarbush, Vt.
3. Whiteface, N.Y. 8. Killington, Vt.
4. Stowe, Vt. 9. Bretton Woods, N.H.
5. Holiday Valley, N.Y. 10. Okemo, Vt..
.

For a complete look at the “Top 50 Resort Guide,” pick the October issue of SKI Magazine or visit www.skinet.com

Nearly 7,000 SKI Magazine subscribers responded to the “Top 50 Resort Guide” survey, which was conducted by an independent research firm. It is the most comprehensive and longest-running ski resort survey in the winter sports industry. Resorts are ranked in 18 categories: Overall Satisfaction, Access, Après Ski, Dining, Family Programs, Grooming, Lifts, Lodging, Off-Hill Activities, On-Mountain Food, Scenery, Service, Snow, Terrain/Challenge, Terrain/Variety, Terrain Parks, Value and Weather by SKI subscribers who have skied the resorts for the past two seasons, skiing an average of 23 days a year.

SKI Magazine (www.skinet.com) is published by Mountain Sports Media, a Boulder-based division the Bonnier Corporation. The Bonnier Corporation (www.bonniercorp.com) is one of the largest consumer-publishing groups in America and the leading media company serving passionate, highly engaged audiences through more than 40 special-interest magazines and related multimedia projects and events

# # #

Media Contact:
Amanda McNally amanda.mcnally@bonniercorp.com or 212.779.5527
Siobhan Cullagh Siobhan.cullagh@bonniercorp.com or 212.779.5435

New Ownership at The Canyons?

2007-07-25T10:42:00.000-06:00

Press Release Source: American Skiing Company

American Skiing Company Announces Sale of The Canyons Resort
Monday July 16, 2:57 pm ET

PARK CITY, Utah--(BUSINESS WIRE)--American Skiing Company (OTCBB: AESK - News) announced today that it had entered into a definitive agreement to sell its subsidiary ASC Utah, Inc., the owner and operator of The Canyons resort, located near Park City, Utah, to Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for $100.0 million in cash. The purchase price is subject to various adjustments, as outlined in the purchase agreement. The transaction is not expected to result in any change in the status of currently pending litigation between The Canyons and Wolf Mountain (a landlord at The Canyons). The announced sale represents the planned disposition of the last major resort asset of American Skiing Company.

"This sale will complete a necessary step for American Skiing Company to wind down its affairs," said ASC President and CEO B.J. Fair. "We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come. I am very proud of what we have accomplished, and look forward to the energy and vision that I expect Talisker to bring to the resort and community," added Fair.

The Canyons is Utah's largest winter resort. Its 3,700 skiable acres (fourth largest in the nation) are serviced by 17 lifts spread across eight mountain peaks. The AAA Four Diamond Grand Summit Hotel, Sundial Lodge and numerous other lodging, dining and retail options are located at the base of the resort. An 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years.

Talisker is a private real estate development and investment company in the resort development, residential, retail and commercial sectors operating in Canada, the United States, and Europe.

Talisker has significant assets in Park City where it has been developing resort real estate since 2000. In 2003 it added to its portfolio in Park City by acquiring United Park City Mines, a NYSE listed company. For more information on the company's developments in Park City go to www.taliskerclub.com.

The transaction is subject to several closing conditions, including certain consents, Hart-Scott-Rodino antitrust approval and stockholder majority approval of American Skiing Company. The transaction is expected to close on or before September 29, 2007.

Great Article on Second Home Ownership

2006-12-12T09:14:00.000-07:00

Second homes: Should you choose coast or mountains?
There's more to choosing a spot for your vacation home than deciding between waves or ski slopes. The financial payoff is affected by everything from price appreciation and maintenance costs to insurance.

By Debora Vrana

High-style prefabs cut second-home costs
'Dream homes' vary by generation
Goodbye, condo mania
It seems even vacation homes have been caught up in the housing frenzy of the last few years.

Sales were up 16% last year alone and second homes now account for four out of every 10 residences sold in the U.S., according to the National Association of Realtors.

Helping drive this market are baby boomers, who often have the income and time for a second home. They tend to see these homes as investments and have been known to buy more than one.

For the rest of us, choosing even one location can be difficult.

As with any investment, it's important to consider the potential costs and payoffs. Home price appreciation, maintenance and insurance expenses are just some of the weighty issues. There's also the fun factor -- will you be more apt to use a home in the mountains or is the beach your ultimate getaway?

Only you can answer that question, but we took a look at both popular vacation locales to get a sense of the economic side of the equation.

Resale values of second homes
It's impossible to track every seaside and mountain community, but a look at median home-value appreciation since 1990 for some of America's most popular vacation spots found some surprising differences. Compiled for MSN by data firm NeighborhoodScout.com, the numbers seem to indicate that with regard to resale values, the mountains are the more lucrative vacation-home location.

City
Price increase (1990-present)
Locale

Tahoe City, Calif.
257%
Mountain

Breckenridge, Colo.
238%
Mountain

Kiawah Island, S.C.
209%
Coast

Cape Cod, Mass.
200%
Coast

Deer Valley, Utah
199%
Mountain

Key West, Fla.
179%
Coast

Salt Lake City, Utah
167%
Mountain

Asheville, N.C.
151%
Mountain

Mariposa, (Yosemite) Calif.
148%
Mountain

Big Sky, Montana
148%
Mountain

See the full list of 20 mountain and seaside communities we compared here.

Of the ten mountain communities we looked at, only one (Stowe, Vt.) had appreciated less than 100% and seven had appreciated 148% or greater since 1990.

That's not to suggest that a mountain cabin plunked down in the middle of nowhere will have a high resale value. Vacation communities near large metropolitan cities where residential prices have soared and salaries are already high have seen the biggest jumps. Tahoe City, Calif., where you get both water and mountains, is just hours from San Francisco and Sacramento, Calif., and has seen one of the biggest increases in the country. The area features two-bedroom homes with no Lake Tahoe view from the $500,000s to lakeside villas -- one is currently on the market for $36.5 million.

Related Resources
'Dream homes' vary by generation
High-style prefabs cut second-home costs
8 cheap places you'd want to live
On Money: Make your vacation home pay for itself
5 hot outdoor-kitchen tips
Goodbye, condo mania

Cape Cod, Mass., which serves New Yorkers as well as Bostonians, has also seen huge increases in demand from big-city buyers looking for a getaway in nature.

Realtors who sell in both mountain and seaside communities say it's no surprise vacation-home prices have gone up significantly.

"Our buyers (in Lake Tahoe) are from all over the map; obviously we draw on the Bay Area and Sacramento communities because it is easily drivable. We have the lake, golf, skiing and we have a beautiful four-season climate," said Elfie Akers, a real estate agent with Century 21 Mountain Properties at Lake Tahoe. "Like many areas, we've benefited from the low interest rates, but many of our buyers are cash buyers."

Insurance, maintenance costs
The mountains also usually come out ahead when comparing insurance costs, according to an official at Bloomington, Ill.-based State Farm Insurance. While insurance rates must be approved by individual states and vary throughout different regions, coastal regions tend to have higher insurance costs because risk of destruction from natural disasters such as hurricanes is greater, says Kip Diggs, spokesman with State Farm.

"Let's face it, you're going to pay more in areas where there is greater risk," he says.

For example, you'd spend the following to insure a $250,000 home, according to Diggs:

• $603 in the mountains of Asheville, N.C.
• $1,025 per year in Lake Tahoe; and
• $1,904 in Kissimmee, Fla.

Maintenance is also a major consideration, considering that most people buy property nearly 200 miles away from where they live.

That cozy beach house comes with the need to repaint frequently due to salt air and water damage. Salt wind also is hard on cars. And of course, if you live in hurricane country, the potential damage extends to the structure of the home, with the ultimate risk of losing the house altogether.

But a mountain cabin can also have drawbacks, including porcupines chewing your wood, and damage to roofs and pipes from storms and blizzards.

Not too surprisingly, the maintenance costs often are tied to how heavily the home is used. A typical single-family home in America costs an estimated $600 per year to maintain, says Stephen Melman, director of economic services at the National Association of Home Builders. "But I think second homes may be less costly, because they aren't a primary residence," he says, adding there was no data comparing coastal versus mountain regions.

Renting out your dream home
Vacation homes purchased primarily for the buyers' enjoyment accounted for more than one million home sales in 2005 -- up more than 16% than the year before. But sales of investment homes, bought primarily to rent out on a permanent basis, rose nearly the same amount.

This may be one area where the beach still has the edge over mountain homes -- for now.

David Goldschmidt, co-founder of GreatFamilyRentals.com, an online site matching vacation homeowners and renters, says overall there is more rental interest for beach properties. "However, interest in mountain properties is increasing, as people see they can enjoy them year-round," he says.

Marty Hinton, who runs Deep Wood Vacation Home Rentals in the Allegheny Mountains of Pennsylvania, says vacationing in the mountains continues to be popular.

"You vacation with nature," Hinton said. "It's also a lot cooler in the summer."

If you're considering renting out your place as a way to afford a second home, it's worth doing the math ahead of time to understand what occupancy rates will support your plans. According to some experts, renting it out 15-17 weeks per year is essential for making your home really pay for itself. Expensive homes may require even more (read more on MSN Money). And of course, keep in mind that with more people coming in and out, your maintenance costs will increase and you'll have special tax considerations (read more about the tax benefits and consequences of second homes at the IRS site).

When to buy
In general, says David Lereah, NAR's chief economist, the outlook for vacation homes is bright. "Vacation-home sales will remain strong for the foreseeable future given the fact that baby boomers are favorably positioned in terms of affordability, as well as being at the stage in life when people are most interested in making that kind of a lifestyle purchase."

But while long-term growth is expected to stay strong, some of the most popular markets are already seeing a slowdown, just as in the market for primary residences.

In the Berkshires, a popular vacation-home market in Massachusetts, median prices for single-family vacation homes rose 47.3% from 2001-2005. So far this year, prices are only up 3.6%, according to DataQuick Information Systems.

At Cape Cod, where prices rose dramatically in the past decade, prices are flat this year, DataQuick found. And in a taste of what may be coming for all vacation properties, prices in Pismo Beach, Calif., dropped 1.3%.

It's worth remembering that as a luxury, second homes are more vulnerable to downturns than primary residences. Consider watching for markets that are already glutted with homes and take a wait-and-see attitude to see if prices come down. At the least, Goldschmidt recommends vacationing at locations you're considering several times before buying.

Skiing or surfing?
All in all, home-price increases and lower insurance and maintenance costs can have little to do with where people ultimately buy vacation homes. Sometimes the most important question can be whether skiing, snorkeling, sailing or hiking is your preferred activity.

"It's really a personal choice," agreed Keith Bradley, the chairman of the Resort and Second Home Real Estate Forum with the National Association of Realtors, who owns property at Cape Cod, Mass. "I love the sea and I love the mountains."

According to a recent NAR survey:

• 57% of buyers bought to be near beach, lake or water sports;
• 38% chose locations that would allow for boating (which can include mountain lakes, of course);
• 21% chose properties near golf courses;
• 18% wanted to be near a theme park;
• 17% bought to be near winter sports, such as skiing; and
• 32% purchased property near hunting or fishing.

Wendy Jackson, an Atlanta mother, who with her husband, owns two dream vacation rental homes in Florida, says the beach is perfect for their family.

"You roll out the door and it's a wonderful adventure at the beach every day," she says, noting she has had no trouble renting out the properties herself. "We don't need to have anything planned; the kids just love digging holes and playing in the water."

Jackson recommends thinking carefully about how you spend your time and not just about resale value.

"It's important to love where you buy," she said. "It's where you are going to go on vacation twice a year so you might as well like it."

Listing of the Week

2006-12-05T16:27:00.000-07:00

This fabulous new home in one of Lower Deer Valley’s best neighborhoods is a collaboration of an award winning architect, designer and builder. Design by SuAnne Smith of Sorento Design. Thoughtful and efficient in space and design, this wonderfully unique home will feature impeccable top-of-the-line finishes, superb craftsmanship, and is just steps away from the Solamere / Oaks Swim and Tennis Club. Furniture quality cabinetry, professional appliances, Rohl plumbing fixtures, to mention just a few of the fine finishes.

Total Sq. Feet: 5050
Bedrooms: 4
Bathrooms: 6
Year Built: 2006

Priced at $2,250,000

Park City, Utah offers up 3 world classs Ski and Snowboarding resorts; Deer Valley, Park City Mountain Resort, and The Canyons. All within a short 35 minute drive from Salt Lake City International Airport.

At Deer Valley, Utah, a One-Size-Fits-All Vacation

2006-11-20T10:38:00.000-07:00

Published: November 19, 2006
The New York Times

By NANCY M. BETTER

OVER the last decade, my family has traveled to ski resorts throughout the United States and Canada — from Beaver Creek, Colo., to Mont Tremblant, Quebec — determinedly in search of kid-friendly surroundings. We wanted it all: first-rate instruction for the three kids, challenging terrain for the adults and plenty of fresh powder for everyone.

What we got all too often resembled an episode of “Survivor.”

First the 10-hour trip, including the plane flight and the tortuous mountain drive in a rented minivan. Then the teeming lift lines, the overpriced mediocre food and the jammed ski classes. Plus the endless wait for just about everything, from lockers at the base lodge to tables in the local restaurants. And the credit card bill a month later that earned nearly enough miles for next year’s holiday.

Last spring, we ignored the come-ons from “family-friendly” resorts (“Kids ski for free!” “Snow cone parties!” “Igloo contests!”) and discovered the distinct charms of Deer Valley. When Deer Valley was founded in 1981, the Utah resort was aimed at affluent, middle-age skiers looking for perfectly groomed slopes and gold-plated service. Lately, the area has added both more expert-level terrain and more pint-sized amenities, making it an increasingly popular destination for families.

It’s also easy to get to — just 36 miles from the Salt Lake City airport — and you do not need a car, since regular shuttle buses run to the airport ($19 to $32) and to downtown Park City. The only downside to this highly civilized ski vacation: the cost. Lodgings and lift tickets (generally $77 a day, $45 for ages 4 to 12, and $20 for 3 and younger) don’t come cheap at Deer Valley. But many restaurants offer flat-rate $5.99 kids’ menus, and some attractions — like sleigh rides and dog sled treks — discount children’s prices by 50 percent.

The real value at Deer Valley, however, lies in the amount of skiing you can get for your money: if you take a flight from New York City by 7:30 a.m., you can be on the slopes by noon local time. When you arrive, you can even convert your boarding pass into a free same-day lift ticket at any Deer Valley sales window. Given the vast amount of terrain (21 lifts serving 91 runs) and the lack of lines (ticket sales are limited to 6,500 a day), skiers might squeeze in twice as many runs during a weekend at Deer Valley as at another resort.

Deer Valley comprises five peaks nestled in the Wasatch Mountain range, overlooking the Jordanelle Reservoir. For families with small children, Bald Eagle Mountain (8,400 feet) and Little Baldy Peak (7,950 feet) in the Deercrest area provide plenty of wide-open beginner trails. Favorite cruising runs include Navigator and Success.

The Snow Park Lodge is the base for the Deer Valley Ski School, among the country’s largest, with more than 500 instructors. Reservations are recommended for the Ski School (888-754-8477) as well as for the Children’s Center, a state-licensed day care facility serving infants as young as 3 months. Prices start at $150 for a program of lessons, lift tickets, lunch and snacks from 10 a.m. to 3:45 p.m., as well as a daily progress report.

Among many little touches borrowed from the luxury hospitality industry are free pagers for parents worried about cellphone coverage on the mountain, free ski storage, midmountain restrooms and uniformed “ski hosts” who serve as guides and conduct free tours four times daily.

Families with intermediate to advanced skiers flock to Flagstaff Mountain (9,100 feet), Bald Mountain (9,400 feet) and Deer Valley’s highest peak, Empire Canyon (9,570 feet). Single and double black diamond runs abound; try Know You Don’t (site of the 2002 Olympic slalom events) for narrow rock-lined chutes and Champion (site of the 2002 Olympic freestyle events) for steep mogul fields. Speed lovers can race against the clock or challenge a friend on the National Standard race course halfway up Bald Mountain.

Daredevils adore the TNT (Tricks and Turns) Park, off the Little Chief lift. Since Deer Park has a no-snowboarders rule, young skiers are free to ride the double-barrel rails and soar off the tabletop jumps — without their parents fretting about out-of-control collisions.

Deciding where to eat on the mountain can be difficult, since excellent choices abound. Silver Lake Restaurant (open 8 a.m. to 4 p.m.) offers multiple stations with freshly prepared sandwiches, salads, soups and pastas. Snowshoe Tommy’s and Cushing’s Cabin (both 9:30 a.m. to 3:30 p.m.) serve simple snacks and drinks. The mountain’s newest place to eat, the Empire Canyon Grill (9:15 a.m. to 3:30 p.m.), has a full menu along with an outdoor seating and picture-perfect views.

Deer Valley’s après-ski action centers on “the beach,” the snow-covered lawn just outside the Silver Lake Lodge on Bald Eagle Mountain. On warm days, rows of chairs are set up facing the slopes. Adults enjoy fireside cocktails in the elegant lounge of the Stein Ericksen Lodge (800-453-1302, www.steinlodge.com), while families favor the cozy Goldener Hirsch Inn (800-252-3373, www.goldenerhirschinn.com) for chocolate fondue.

If time permits, don’t miss a visit to nearby Utah Olympic Park about five miles north of Deer Valley (435-658- 4200 or www.olyparks.com). Take a self-guided walking tour of the grounds, including the ski jumps and the bobsled, luge and skeleton tracks, where aspiring Olympians can be seen training.

While at the park, spend an hour at the new Joe Quinney Winter Sports Center with its exhibits on Utah ski history and the 2002 Olympic Winter Games. Try skiing a virtual reality slalom course, or hoisting a 45-pound curling stone. Science buffs can learn about the chemistry that creates Utah’s cloudlike powder (hint: 10 inches of “Sierra cement” in California equals 1 inch of water, while 35 inches of Utah powder equals 1 inch of water.) Thrill-seekers can pay to ride the Xtreme Zipline ($22), which travels downhill at up to 55 miles an hour.

At night, Park City’s lively Main Street is the place to be. A turn-of-the-century mining town with a gutsy frontier feeling, Park City offers everything from upscale boutiques to touristy T-shirt stores. Family dining favorites include Bandits’ Grill and Bar (440 Main Street, 435-649-7337), where the $49.99 Outlaw special for four includes a pound of steak, a whole chicken, a rack of baby back ribs, a quart of baked beans and a loaf of garlic bread.

For dessert, visit Cows Ice Cream (402 Main Street) or the Rocky Mountain Chocolate Factory (510 Main Street). If your trip includes a grownup night out (the Children’s Center can recommend a babysitter), enjoy the shrimp scampi ($23) or veal marsala ($25) in the Tuscan-inspired dining room at Cisero’s (306 Main Street, 435-649-5044).

For the 2006-7 season, Deer Valley has invested $7 million in improvements. The existing Sterling triple chairlift on Bald Mountain has been replaced with a high-speed detachable quad; the glade terrain off the Sultan chairlift has been expanded by 65 acres. The Snow Park Lodge, dating from the resort’s 1981 opening, has been expanded to include new restrooms accessible from the slopes.

As more families vacation at Deer Valley, management plans to expand the resort’s lodging inventory. But Bob Wheaton, the resort’s president and general manager, said: “Our goal is not to get more and more people on the mountain. Rather than provide a less than optimal experience for 7,000 people, we would rather provide an excellent experience for 6,500 people.”

VISITOR INFORMATION
Deer Valley (800-424-3337; www.deervalley.com) lies 36 miles east of Salt Lake City International Airport in Park City. Lodgings include hotels, condominiums and town homes, many with ski-in, ski-out locations. Hotel rooms closest to Deer Valley start at $265 a night in regular season, and a two-bedroom condominium can range from $3,000 to $20,000 a week. Deer Valley Resort Central Reservations (800-558-3337) handles bookings throughout the area, including lower priced offerings.

If you are staying several days, you can buy a Silver Passport, which provides privileges to the Park City and the Canyons resorts, as well as Deer Valley. If you want to fly in the morning and be on the mountain by lunch, try the Quick Start program (redemption vouchers available at www.parkcityinfo.com/skiing/quickstart).

PARK CITY MOUNTAIN RESORT OPENS FRIDAY, NOV. 17 FOR THE 2006-2007 WINTER SEASON

2006-11-16T16:27:00.000-07:00

Park City, Utah (November 15, 2006) – Park City Mountain Resort, ranked a top-five resort in North America for a second year by the readers of SKI Magazine, kicks off the 2006-07 winter season on Friday, November 17, the scheduled opening day.

“There’s an electric feeling around the Resort in anticipation of opening day,” said Peter Curtis, president and general manager of Park City Mountain Resort. “Our team has been working really hard and we are very excited to be the first resort in Park City to open.”

Park City Mountain Resort will open Payday Lift, which allows skiing and riding on nearly two miles of terrain on Homerun. The Resort also plans to open First Time Lift to service Turtle Trail to provide learning terrain for beginners. Additional lifts and terrain will open as conditions permit. The lifts will run from 9 am to 4 pm. In addition, there will be six features set up on Upper and Lower Homerun for skiers and riders to practice their terrain park skills.

The Resort will have three on-mountain restaurants open including Legends Bar & Grill, Kristi’s and the Legacy Café. Legacy Sports and Park City Mountain Rentals will also be open.

Park City Mountain Resort kicks-off its exclusive Kid’s Signature 5 Program, the only ski and snowboard school that guarantees five children or less in each class for ages 6-14, even during the Resort’s busiest times. The program offers unparalleled personal attention, a choice of lunches in one of the on-mountain restaurants, and increased self-confidence on the slopes. This year Park City Mountain Resort also introduces its Personal Mountain Planner, an online program that assists skiers and snowboarders in making the most of the mountain with a tailor-made layout of an entire day of winter fun. The downloadable file can be printed and taken with them or emailed to a friend.

Park City Mountain Resort encompasses 3,300 acres, 3,100 vertical feet, nine bowls and eight peaks offering Signature groomed runs, bumps, powder, trees, terrain parks and the Eagle Superpipe, one of North America’s largest superpipes. The Resort has received numerous accolades, most recently being named a top-five ski Resort by the readers of SKI Magazine for a second year and “Terrain Park of the Year” for the third year in a row by the readers of Transworld Snowboarding. The Resort is conveniently located 36 miles from the Salt Lake International Airport, offering more than 800 in-bound flights daily. For more information about Park City Mountain Resort visit us online at www.parkcitymountain.com.

Listing of the Week

2006-11-09T10:36:00.000-07:00

4109 W Saddleback Road
The Jeremy Ranch-Park City, UT

This well cared for 3 bedroom, 3 bath townhouse has a fabulous floor plan and convenient Jeremy Ranch location. Surrounded by mature trees and commanding magnificent mountain views to the south, this home takes full advantage of the outdoors with a walk out patio on the lower level and a covered deck off the family room. The kitchen is nicely equipped with stainless steel appliances, hardwood floors, granite tile countertops and alder cabinets. An open loft provides the option for an office or an additional play area. With all the comforts of a single family home this delightful townhouse could be the perfect alternative…Offered at $549,000

Park City, Utah offers up 3 world classs Ski and Snowboarding resorts; Deer Vally, Park City Mountain Resort, and The Canyons. All within a short 35 minute drive from Salt Lake City International Airport.

Today's Real Estate Market: The Time to Buy is Now

2006-11-08T20:23:00.000-07:00

The latest economic forecasts suggest that the real estate market correction is coming to an end, offering consumers a once-in-a-lifetime buying opportunity.

The time for prospective buyers to enter the market is right now; and here’s why:

MORTGAGE INTEREST RATES ARE CLOSE TO 40-YEAR LOWS.

The average 30-year fixed rate mortgage rate remains near 40-year lows. Currently at 6.4%, this is more than an entire percentage point below 2000 levels.

Low interest rates allow a substantially larger population of Americans to own their own homes.

For example, with a $250,000 mortgage, a rise in interest rates from 6.5% to 7.5% means an additional $2000 in annual payments. This may boost currently available homes out of financial reach for potential buyers. Today’s low rates offer a unique opportunity for buyers.

INVENTORY IS ONCE AGAIN ON THE DECLINE.

In recent months, there has been a record inventory of nearly four million homes on the market. However, total housing inventory levels fell 2.4% at the end of September to 3.75 million existing homes available for sale. As inventory continues to decline, the selection of homes will once again become limited. For prospective buyers, there may never be a better time to buy a home than right now.

Taking advantage of the variety of homes available on the market today allows buyers the unique opportunity to find the home of their dreams.

Expanded selection combined with low interest rates offer buyers an opportunity that may never be available again in their lifetime.

WITH THE MARKET CORRECTION NEARING AN END, HOME PRICES ARE EXPECTED TO RISE AGAIN.

Research indicates that home prices will not go any lower. While certain local markets may see limited price declines, the national picture remains bright. Pending home sales were up 4.3% in August, an early indication that buyers are returning to the market.

The national median home price will rise 1.6% in 2006 and prices are expected to rise again in the first quarter of 2007. As prices begin to rise again buyers who do not act now could be making a costly mistake.

REAL ESTATE REMAINS THE BEST INVESTMENT AVAILABLE.

The average home purchased five years ago has appreciated 49%. Even with the recent 2.2% decline in the median home price, this still equates to a more than 45% return on investment for the average homeowner. Media reports of a vast market decline are deceiving, and consumers will benefit from purchasing a home now before prices begin to rise once again.

According to Forbes magazine (using U.S. Department of Housing and Urban Development statistics), U.S. real estate sale prices increased more than 56% from the beginning of 1999 to the end of 2004. The S&P 500 index dipped nearly 6% during that same period.

While year-to-year fluctuations are normal, real estate remains one of the best performing and consistent long-term investments. Median existing U.S. home sale prices have increased on average 6.5% each year from 1972 through 2005, and 88.5% over the last 10 years combined. For consumers looking for long-term and stable growth rates, real estate is still their number one choice.

2006-07-02T13:18:00.000-06:00

Dear Friends,

Prudential Utah Real Estate, Peterson/Calder Real Estate Team, and Utah Home Building Company are pleased to announce plat recordation today 6/30/2006 on "The Links at the Homestead" project in Midway, UT.

The Links at The Homestead is one of the most exciting new projects in the Midway Valley: The location, floor plans, and level of finish of these fine golf course cottages will set a new standard for the Midway area.

We are currently offering 20 pre-construction homes in the first phase of The Links at The Homestead.

Offers will be received on a first-come basis, beginning at 12:00 noon on July 7th, 2006 via delivery or fax of a full price offer to the Peterson Calder Group at 528 Park Avenue, Park City, Utah 84060/ 435-655-8869. No offers will be reviewed prior to 12:00 noon on July 7th, 2006 consequently we ask that you please do not send any offers before this time.

For complete details on the purchase process please check with your local Real Estate Professional, or contact us directly.

2006-05-24T10:29:00.000-06:00

Gordon of Peterson/Calder returns home to honor former teammate and friend Rob Bosinger

Gordon Perry races by one of the slalom gates at the Bozo Cup head-to-head race at Sunshine on Saturday.

Brendan NogueBanff Crag & Canyon — Over 140 racers of all levels were on hand for the first annual Bozo Cup, a head-to-head dual slalom alpine drag race used as a tribute to its namesake, Rob Bosinger, and because of this there was more than enough trash talk to go around.

Of the three divisions involved, junior, amateur and professional, it was the pros that seemed to have the most to say to each other at Sunshine Village.

“I had a strategy but it didn’t pan out,” said former Canadian Alpine Ski Team member Felix Belczyk, after his loss to former teammate Roman Torn.“My plan was to give him a few extra drinks last night but it didn’t work out. Now I’m stuck on the B-side and I have to fight my way back,” Belczyk joked, adding that he would love to have another race with anyone from his old posse.As we all know there are two sides to every story and if you asked Torn just what went down the night before he had somewhat of a different view.“I guess he tried but he sandbagged and left early. Maybe it’s karma coming back to haunt him,” laughed Torn.“He’s got the better of me the last few races anyway so I’m somewhat grateful I won. Either way we’re both getting old,” he added, after his second round loss to Jan Hudec, which sent him over to the B-side as well.

Hudec was one of the few skiers that decided to stray away from his normal racing attire. The up-and-coming World Cup alpine racer donned a cowboy hat duct taped to his head in order to stay on, jeans complete with an oversized belt buckle, topped off with a sleeveless T-shirt that would make fashion fans cringe.“Gotta be a redneck,” said a smiling Hudec. “I just came out here to dress up and have fun. Everyone else was wearing their suits, that made me a little nervous,” he confessed.

Not nervous enough mind you, Hudec made it all the way to the finals to face Banff-raised Canmore resident Thomas Grandi.Despite coming out on the losing side Hudec can take pride in the fact that he got to race in the finals with Grandi as several big names in the competition had the Canadian Alpine Ski Team veteran in their sights.“I want to beat Grandi in the finals,” said a confident Paul Stutz. “I like beating Grandi,” he added with a smile spanning ear-to-ear.Stutz, who will join the World Cup circuit for the slalom discipline next season, didn’t get his wish of facing off against Grandi in the finals but they did meet on the way there.Unfortunately for Stutz he came out on the losing end, forcing him to settle for third place.

“These young guys can get a little cocky. When it comes down to the nitty-gritty, experience comes out on top,” explained Grandi.The young and cocky skiers weren’t the only ones looking to take on Grandi. Peter Bosinger, brother of Rob, said that he wanted to face off against the four-time Olympian in a head-to-head race.Peter, a former U.S. national skit team coach, was a member of the Canadian Alpine Ski Team from 1984 to 1989.“That’s where this costume came from,” said Bosinger, referring to his dusted off racing suit, clearly from the mid-80s.“The cool thing about this event is you have the opportunity to race against all ages and experiences and that brings the intensity up. As the day goes along you start looking over your shoulder more and more, which can be tough because those ruts are starting to look like bobsleigh tracks,” he added.

Grandi admitted to being inspired by the Bosinger brothers at a young age saying that they were the ones who inspired his generation of skiers.“Things have come full circle, now I’m the old guy inspiring,” said Grandi. “It’s real cool to be here amongst the different generations of racers. I just hope I can leave a strong legacy like so many of them did.”

Rob Bosinger, otherwise known as Bozo, passed away at 38 from Sudden Arrhythmia Death Syndromes (SADS) in the summer of 2005.When the former Canadian national ski team skier retired from racing he gave back to the ski racing community by becoming a coach, both at a national level and locally with the Banff Alpine Racers.Rob was also instrumental in developing this head-to-head racing series, which has run under a number of names until now, for seven years.The Bozo Cup was part of The Rob Bosinger Memorial Race weekend that included a “Gentle Giant Slalom race” for corporate sponsors as well as the Felix Belczyk Kinder Cup for K1 and K2 racers.

Fundraising efforts went all weekend long with all proceeds going towards the Canadian SADS Foundation and The Rob Bosinger Alpine Scholarship Fund.

"Luxury Market" is redifined!

2006-03-13T15:57:00.000-07:00

March 13, 2006

Luxury home market in Park City and Deer Valley is alive and well! Last year’s real estate market in Park City, broke through the $2 billion mark. All areas and price ranges have been hitting levels not seen before in years past. The upper price range saw a huge jump in activity.

Total sales in the $2 million and above priced homes saw an 85% increase in the number of sales from 2004 to 2005, (33 vs. 61). The total dollar volume sold for 2004 vs. 2005 was up 70%, coming in at $211 million for 2005 on homes over $2 million in price. Not only has the number of sales improved dramatically, but the average sales price vs. asking price strengthened from 87% of asking price in 2004 to 94% of asking for this past year.

Presently there are 26 homes over $2 million under-contract with an average asking price of $571 per sq. foot. The first 2 months of the year tallied 15 closings over the same price point at an average sales price per foot of just over $500 per foot and they closed at 95% of the asking price.

Home sales on homes over $3 million are up from 14 total sales in 2004 to 28 for 2005, for a 100% increase. This year is off and running with on two and a half months under our belt we have had 13 closings over $3 million which averaged $587 dollars per square foot. Presently 15 homes over $3 million are under-contract. Those that are under-contract have an average asking price of $627 per square foot.

Obviously the high-end luxury homebuyers have discovered the Park City and Deer Valley markets. The private jet traffic at the Heber Valley Airport has been increasing throughout the ski season. With the likes of the St. Regis making their mark in Deer Valley and the continued success in Empire Pass, 2006 will undoubtably be a huge year for the upper end market here in Park City.

Wall Street Exposure

2006-02-16T09:10:00.000-07:00

From Olympic Exposure
By CHRISTINE HAUGHNEY
Staff Reporter of THE WALL STREET JOURNAL
February 8, 2006; Page B10

Four years after the slopes around Park City, Utah, attracted international attention for hosting many of Salt Lake City's Olympic events, the area has shaken off the financial curse that has often hit host cities following the Games and is undergoing a real-estate boom.

In the past 18 months, international developers have flooded the Park City area looking for land. Wealthy buyers have followed, seeking luxurious second and third homes. Developers such as Starwood Hotels & Resorts Worldwide Inc. are crowding into the market to build projects, including a St. Regis Hotel. With backing from Toronto-based developer Talisker Corp., architect Robert A.M. Stern is designing a club for the Talisker golf community.

These luxury brands have attracted deep-pocketed buyers: Some financial executives are scheduling winter-weekend getaways at Park City's ski resorts instead of the more well-known Colorado slopes of Aspen and Vail, buyers say. The volume of real-estate sales in Park City more than tripled to $2 billion in 2005 from $651 million in 2002, according to data tracked by Commerce CRG, an affiliate of Cushman & Wakefield Inc. That has translated into a price jump: The average home price climbed more than 50% to $530,299 from $350,469 over the period.

"The post-Olympic awareness is something that money can't buy," says Betty Brown, president of Park City's Board of Realtors. "The Olympic awareness certainly created people coming to take vacations. Now we are seeing an increase in sales."

Industry experts in Italy are hoping international developers take an interest in the Turin area following the Olympics, which start Friday. "The Olympic Games are a marvelous opportunity," says Armando Borghi, director of the masters in real-estate program at Bocconi University in Milan. "For now, it's the local developers who tend to buy a little piece of land and they try to develop small projects."

In the months following the Olympics, Park City developers seemed more at risk of an Olympic curse than a boom. Home prices dipped in 2002, when Park City hosted part of the Games. Local businesspeople say the area was plagued by overbuilding and overoptimistic sellers putting high prices on homes following the Olympics. After that post-Olympics lull, though, the market quickly took off.

"Within 18 months to the day after the Olympics, our market went nuts," says Michael Sloan, a Commerce CRG broker.

While some national developers had moved into the market before the Olympics, they now find that they can attract more prominent partners and a wider variety of buyers because of the Olympic brand. In 1999, Stan Castleton, a developer based in Anaheim, Calif., returned to the area where he had skied in college 30 years before because he thought the Olympics would help to turn Park City into a year-round vacation community. After two slow years following the Olympics, Mr. Castleton signed a deal with Starwood in 2004 to build the state's first St. Regis Hotel. Lately, he says, more buyers from New York and Florida are considering the area for a second home.

"About two years ago, East Coast people [discovered] that they could get on a plane and be on the slopes by noon," he says. "Colorado resorts were a little harder to get to."

These new developments are drawing skiers from better-known destinations. In the past, Beverly Hills, Calif., real-estate broker Lea Porter and her husband Barry, a co-founder of Global Crossing Ltd. and head of private-equity firm Clarity Partners, mainly skied in Aspen. "My husband and I got married in Aspen," says Ms. Porter. "We tried to buy property in Aspen. Aspen was very near and dear to my heart."

But a friend of Ms. Porter's who attended the 2002 Olympics raved about the Salt Lake City area's skiing and family-friendly culture. The Porters made three trips to Park City to consider a move and made four separate purchases in Deer Crest, a gated community. Last August, they bought a 10,000-square-foot house in an area where home prices range from $5 million to $15 million. Then they invested in a three-bedroom condominium-hotel unit in the St. Regis resort; such units start at about $2 million. The couple also purchased a lot next to their home, as well as 37 acres of horse-zoned property. In the past six months, Ms. Porter says seven of their friends have bought in the St. Regis and three other families are looking for homes in the area.

Old Town - Park City, Utah

2006-02-07T23:20:00.000-07:00

Miners discovered silver in the hills surrounding Old town Park City in the late 1800’s . If you poke around the hills, 120 years later you will still see signs of glory holes, unperfected mining claims that squatters would work in their off hours as time permitted. Few probably yielded much reward, unlike those modern day investors who put their money into real estate in Park City’s Historic District over the past couple of years.

The average price of a home in Old town in 2004 was $557K with an average price per foot of $284. 2005 tallied an average sales price of $859K (a 54% increase) and a $428 per foot. (51% jump). Along with this the days on the market dropped from 160 days in ‘04 to 88 days in ‘05. Currently listed properties are averaging $1.4M and $666 per sq. ft (56% higher than last years average).

Within the Historic District the stars have obviously lined up …low inventory, reasonable borrowing rates, masses of baby booming buyer’s in the market, inexpensive flights from major metro areas and many other factors have all had a positive effect on the Old town real estate market. For many second home-buyers Old town is a wonderful base to stage their visits with easy access to Historic Main Street with its’ pubs, restaurants, shops and galleries. The area is surrounded by easy access to skiing, hiking and biking and of course the City’s free bus system is ready to whisk residents off to any of the 3 resorts.

Silver established Park City in the late 1880s but it is the character and charm left behind by the miners that has turned modern day recreational enthusiasts investments into gold in the last couple of years.

The forecast should remain positive as Old town will remain the “beachfront” location for those enamored by our quaint mountain village and all it has to offer. We’ll let you know how the ski season progress and what the effect is on the real estate market for Old town as the season unfolds.

Why choose Prudential?

2006-01-30T15:24:00.000-07:00

About Prudential

Why should you choose Prudential Utah Real Estate over another company in the Park City area?

Reputation - For more than 120 years Prudential has developed a Rock Solid™ reputation for building and preserving individual security.

Local Market Presence - In the Park City area, Prudential Utah Real Estate accounted for over 43% of all sales activity for single family homes while the nearest competitor accounted for less than 19%. We view numbers such as sales results as nothing more than a reflection of our commitment to serve our clients.

Global Customer Base - More than 50 million people do business with Prudential - that's one out of every five households.

Exposure - Prudential spends more than $90 million annually on brand advertising.
Recognition - With so much exposure it's no wonder that 98% of consumers nationwide recognize the Prudential name.

Network Strength - There are 1,600 Prudential Real Estate member offices in North America with more than 41,000 real estate agents. This vast network gets home sellers immediate exposure and home buyers instant access to trusted and trained professionals.

High Standards - Not every company is invited to join Prudential Real Estate. It’s actually a highly selective process, and only those companies that measure up to Prudential Real Estate’s demanding criteria may become part of the network.

We can say it, but our numbers truly prove that Prudential Utah Real Estate combines the best agents, the most creative marketing and the highest brand recognition.