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2011-07-27T11:21:00.006-06:00

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2010-11-11T11:15:00.002-07:00

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2010-10-22T09:40:00.000-06:00

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Top 10 Vacation Home Locations for 2010!

2010-03-11T11:44:00.004-07:00

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Utah at the Top of the Class in new Ski Magazine Rankings!

2009-11-23T12:19:00.004-07:00

2009-09-24T16:16:00.001-06:00

Deer Valley Ski Resort Voted #1 Again
Wednesday September 16, 2009
Congratulations are in order to Deer Valley Ski Resort for having been named the #1 ski resort in North America by the readers of SKI Magazine for the third year in a row.

More than 20,000 SKI readers are surveyed for its "Top 60 Resort Guide" by an independent research firm. The ski resort survey is the most comprehensive and longest-running in the winter sports industry.
In the past nine years, Deer Valley's rating in the survey have consistently been number 3 or better with a #2 ranking in 2002; a #1 ranking in 2003; a #3 rating in 2004; a #2 ranking in 2005; another #1 ranking in 2006, a #2 ranking in 2007, a #1 ranking in 2008, 2009, and now for the upcoming 2010 season.

Regarding the recent three-peat honor, Bob Wheaton, Deer Valley Resort president and general manager said, "This award reflects the efforts of our many Deer Valley employees who have a commitment to excellence in everything they do. That's what makes Deer Valley the best ski resort in North America."

Promontory Emerges from Bankruptcy

2009-05-07T13:38:00.001-06:00

Promontory Emerges from Bankruptcy - Successful Bidder is Affiliate of Original Developer
by Business Wire

PARK CITY, Utah--(BUSINESS WIRE)--The U.S. Bankruptcy Court, District of Utah, today confirmed Pivotal 7000, LLC, an affiliate of Promontory's original developer, Pivotal Group, as the winner of the recent auction of Promontory, a luxury second-home community in Park City, Utah. Bankruptcy Judge Judith A. Boulden named Pivotal's bid as the winner, finding it to be in the best interests of Promontory and its members and creditors.

Promontory was forced into bankruptcy by its secured lienholders in March 2008, as a result of the global downturn in real estate. Since then, real estate development and Club operations at Promontory have continued uninterrupted under debtor-in-possession financing provided by another Pivotal Group affiliate.

Francis Najafi, CEO of Pivotal Group, said: "We are pleased to have Promontory back in the hands of its original development group. We intend to press forward with our vision for this world-class, second-home community, and to redouble our involvement with the local Park City community. We have continued to fund Club operations at Promontory throughout this difficult process. Our new financing provides us the means to continue development and Club operations at the same high level our members are accustomed to, notwithstanding the current downturn in the economy. We have full confidence that both Promontory and the Park City market will be among the first real estate markets to recover as stimulus programs take hold and the national economy begins to rebound. Meanwhile, America's restored international image, combined with the inexpensive dollar, will make Promontory and Park City even more attractive for international buyers."

"Promontory's reemergence from bankruptcy, with new financing in place, should be viewed as good news for Promontory's owner/members and for the hundreds of Promontory employees who work and live in the Park City Community," said Rich Sonntag, Promontory's managing director. "The other great news is that prospective buyers in this market can feel very confident when considering Promontory. We now have a court-approved plan of reorganization and an ownership which has been confirmed as financially solid. This is the kind of confirmation that buyers need in an uncertain market."

Promontory's plan of reorganization binds Pivotal 7000, LLC, as the new owner, to observe key provisions of the court-approved plan and sale procedures. These provisions include the obligation to honor Promontory's county-approved master plan, the Promontory Club's membership agreements and membership plan, and the assumption of all lot purchase agreements with Promontory lot and home owners. In addition, provisions have been made in the plan for funding of legitimate unsecured creditor claims and the creation of a reserve fund for Promontory's homeowners' association, the Promontory Conservancy.

Promontory Club members experienced a very positive year despite Promontory's ongoing financial reorganization. Club programming and member participation actually increased and members expressed pleasure with the extremely high quality of service they received throughout the year. With two golf courses in top shape, Promontory also received three top rankings by Golf Digest magazine in 2008, including the #3 Best New Private Course in the country, the Painted Valley Course - a Jack Nicklaus Signature Design. In addition, Promontory's Jack Nicklaus and Pete Dye designed courses were ranked by Golf Digest as numbers 2 and 3 respectively in the state of Utah.

5 Reasons to Buy Your Vacation Home Now

2009-04-09T10:49:00.002-06:00

By Christine Karpinski

RISMEDIA, April 4, 2009-You’d love to buy a vacation home, but (let’s be honest) the recession and the not-so-dim memory of the housing bubble have you a bit skittish. If only you could see what the future holds. But since a reliable crystal ball has yet to be invented, you must resort to less mystical indicators.

According to Christine Karpinski, the National Association of Realtors® (NAR) 2009 Investment and Vacation Home Buyers Survey suggests that the iron is sizzling hot-and if you’re going to strike, the time is now.

“A few years ago when prices were escalating rapidly, people were kicking themselves for not having bought earlier when real estate was far more reasonable,” notes Karpinski, director of Owner Community for HomeAway.com and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment. “Well, in 2012 or so, people will look back on 2009 as another missed opportunity.”

While all home sales were down significantly in 2008 (as one would expect)-and vacation property sales were down some 30%-so were real estate prices. That, of course, makes for an extremely favorable buyer’s market. It’s not surprising at all, therefore, that the NAR report found that 80% of vacation property and investment property owners surveyed believe that now is a great time to purchase real estate.

These sentiments echo those of Walter Molony, spokesman for NAR, who said in a recent CNBC article that the second home market is “fundamentally healthy.”

“The long-term underlying demand is favorable for vacation homes because of the large number of middle-age, middle income Americans [who are the primary buyers of such properties],” Molony was quoted as saying. “In recent years, this market has been driven by the Baby Boomers, but there are two even larger population groups coming up right behind them. Those younger segments will continue to fuel this market for the next 10 years.”

Karpinski says the NAR 2009 survey results, in conjunction with a proprietary Special Report done for HomeAway, constitute clear evidence that now is an ideal time to buy a vacation home.

She offers the following insights:
- Home prices are way, way down. The National Association of Realtors survey showed that the median sales price of the typical vacation home was $150,000-down 23.1% from 2007’s median price of $195,000. (To put this in perspective, consider that when NAR started conducting this survey, the median vacation home price in 2003 was $190,000 and reached a high in 2004 of $204,100.) When combined with the rock bottom interest rates, says Karpinski, all signs point to the likelihood that we’re now at the picture perfect time to buy.

“Anecdotally, I can tell you that people who would never have purchased a detached single home on the coast are now seriously considering it,” she notes. “Homes that would have once cost $3 million have now fallen to $1.5 million. And these buyers know that the price won’t stay down long, and will never be this low again.”

- It’s never been more obvious that real estate is a sound long-term investment. The NAR survey results revealed that the share of speculator sales is down from 29% to 16%. Combined with the fact that 34% of buyers are purchasing properties within 100 miles or less of their primary residence-which suggests they intend to use it themselves-this trend indicates that more and more people are embracing a “buy and hold” strategy. Plus, Karpinski says she constantly sees evidence that people are beginning to see the long-term benefits of real estate investing earlier in life. (The median age of vacation property buyers in 2008 was a relatively young 47.)

- The vacation home rental market is booming. While 89% of vacation property owners surveyed cited “to use for vacations or as a family retreat” as a reason for purchasing their second place answer is telling, indeed. Twenty-seven percent of respondents said they were purchasing their home “to rent to others.” While this number is up from the 25% cited in last year’s survey, Karpinski predicts next year’s survey will really tell the tale. As recession-crunched homeowners pursue new income streams-and as it becomes ever more evident that the vacation rental market is booming-2009 will prove to be a huge turning point in the renting out of second homes.

- People are more in touch with “rental realities” than they once were. In the past, says Karpinski, a first-time vacation homeowner might have expected to rent out their property an unrealistic number of weeks (say, 50 weeks out of the year). But NAR’s Special Report for HomeAway shows that 44% of respondents said they plan to rent anywhere between 9-26 weeks.

- Renting by owner has become mainstream. The NAR Special Report for HomeAway reveals that 54% of respondents plan to market their homes themselves. This do-it-yourself attitude reflects not only a burgeoning confidence index among vacation property owners, but also the wealth of support resources available to those who want to rent out their homes themselves.
Everything has changed. The truth is it’s gotten so easy and so affordable that there’s no valid reason not to do it yourself.” Need one more reason to take the plunge? Consider the fact that last month Fannie Mae rescinded its four-property limit for investors. If you’re financially secure and can come up with the requisite 20% down, chances are good you’re going to easily qualify for a mortgage.

“Of course there are always risks when buying any kind of real estate,” Karpinski acknowledges. “But investors who are comfortable with risk have to realize that conditions are ripe right now for a ‘perfect storm’ of success. Even if housing prices do go lower, interest rates surely will not. And once the turnaround comes, selection won’t be nearly as good as it is right now.

“Naturally, you should be cautious and do your homework before you buy any property-but don’t be so cautious that you miss this window of opportunity,” Karpinski adds. “These windows do have a way of slamming shut, and you don’t want to be stuck on the other side wistfully looking in a few years down the road.”

Christine Karpinski is the author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment andProfit from Your Vacation Home Dream: The Complete Guide to a Savvy Financial and Emotional Investment.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Govenor Huntsman signs new liquor law Bill.

2009-03-31T09:13:00.004-06:00

Huntsman signs Utah liquor law changes into law
March 30th, 2009 @ 8:50pm
By Brock Vergakis, AP Writer

SALT LAKE CITY (AP) -- Getting a drink in Utah will no longer require the equivalent of a permission slip.

Gov. Jon Huntsman signed the most sweeping changes to the state's liquor laws in 40 years into law on Monday, eliminating a much criticized system where customers must fill out an application and pay a fee before being allowed to enter a bar.

"In the name of economic development and the name of travel and tourism, and so that we don't have to explain whenever a company comes into town for the first 30 minutes of our discussion why we have some of these onerous rules on the book, we're going to sign," Huntsman said at The New Yorker, an upscale bar and restaurant downtown that is a private club.

Utah is the only state in the country with such a maze of liquor laws -- and Huntsman appeared to have inadvertently broken them Monday. Huntsman, who doesn't drink and isn't a member of The New Yorker, didn't have a member at the door waiting to sponsor him in and didn't fill out a temporary membership form or pay a fee on his way to signing the bill.

Scores of bars have been punished with hefty fines and closures for allowing the very same thing to happen. "In a case like today, I think everyone was sponsored by the owner," said Huntsman spokeswoman Lisa Roskelly. "But that's the kind of situation we will eliminate with the bill today."

Bars will no longer have to worry be private clubs beginning July 1, eliminating a decades-old headache for anyone who has ever sought a cocktail here. The move is being made in an effort to make the state seem a little less odd to outsiders and boost the state's $6 billion a year tourism industry. Tourism officials have long complained that Utah's notoriously quirky liquor laws have given Colorado a competitive advantage in luring the lucrative ski and convention market.

Tourists in search of a beer and a bite to eat after hitting the ski slopes frequently walk out of bars once told they're for members only. A separate membership, costing at least $4, is required at every bar. "It's always been the knock on Utah. We've got the best snow, we've got the best access, we have the nicest people. There's nothing that compares to our product. The only knock that anybody could ever come up with is that 'Your liquor laws are strange, quirky, weird,' " said Nathan Rafferty, president of Ski Utah, the ski industry's marketing arm. "Instead of putting us at a disadvantage, this levels the playing field."

The new law will also allow restaurants to take down partitions known as "Zion Curtains" that separate bartenders from customers in restaurants. Currently, bartenders or servers must walk drinks around the bar before they're allowed to serve them.

The name "Zion Curtain" is a reference to the state's religious heritage as the home of The Church of Jesus Christ of Latter-day Saints, which tells its members to abstain from alcohol. The Mormon church counts about 60 percent of the state's population among its members

The private club system and the Zion Curtain as they're known today got their start in 1969 after the Mormon church told its members to vote down a proposal that would have allowed the sale of liquor by the drinks in restaurants.

The church is still highly influential here and the changes to the state's liquor laws would not have happened if the church had opposed them. As part of a compromise, the state will impose tougher DUI and underage drinking penalties. Utah will also become the first state in the country to require bars to scan the ID of anyone who appears younger than 35 before being allowed to enter.

Information obtained through the ID scan, including name, age and address, will be kept on site for seven days so it can be accessed by law enforcement, despite concerns that keeping the information is a violation of privacy.

The compromise Huntsman signed into law will also prohibit new restaurants from mixing cocktails in public view because some lawmakers are worried that children will be enticed to drink alcohol if they see it poured from bottles. The display of bottles, the serving of cocktails and their consumption will still be allowed in public view.

The Utah Restaurant Association has said the new requirement will keep many chain restaurants from opening in Utah and wants to remove it in future legislative sessions. "We don't add to underage consumption and we're not part of the problem of overconsumption," said association president Melva Sine. "So in terms of those two problems they're trying to solve, there's no purpose to that portion of the bill that says we need to hide that. There's no problem. It doesn't exist."

Huntsman has also called the requirement a step backward for the state, but agreed to it in order to make the other changes. It's a tactic he's used on liquor laws before.

Huntsman was able to increase the maximum amount of liquor allowed in the standard cocktail from one ounce to 1.5 ounces last year by agreeing to other changes that are unique to Utah. Among them, customers can't have more than 2.5 ounces of liquor before them at any time, down from the 2.75 ounces the law previously allowed. Customers in Utah also can't order a margarita and a shot of tequila at the same time because it contains the same primary liquor, but they could order a margarita and a shot of bourbon, for instance.

In exchange for getting the larger standard pour in a cocktail, Huntsman agreed to ban the sale of flavored malt beverages in grocery and convenience stores. The beverages are now only sold in state liquor stores at an 86 percent markup and at room temperature.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Huge Price Reduction on Terrific Old Town Home - 1412 Empire Avenue is now $1,000,000

2009-03-09T14:39:00.004-06:00

***UNDER CONTRACT***

This brand new 4 bedroom/4.5 bath home offers an open and functional floor plan, exquisite finishes, attention to every detail, and among many other features, an amazing location withgreat proximity to Historic Main Street and Park City Mountain Resort. The finishes include vaulted ceilings, cherry cabinets, granite countertops, natural stone flooring and tile throughout, stone fireplaces, jetted tubs, custom lighting, custom plumbing fixtures and hardware with a heated driveway…$1,000,000 PCMLS #9970536

Click Here for More Details

2008-11-05 — Snowbird Announces 2nd Earliest Opening Ever

2008-11-07T08:58:00.001-07:00

2008-11-05 — Snowbird Announces 2nd Earliest Opening Ever

FOR IMMEDIATE RELEASE

SNOWBIRD, UTAH – Continuing the tradition of offering the longest ski season in Utah, Snowbird Ski & Summer Resort will open Friday, Nov. 7. This year’s opening marks the second earliest start to a season in the resort’s 38-year history.

“This storm and the subsequent lake effect have provided a timely blanket of snow in Little Cottonwood Canyon,” said Snowbird President Bob Bonar. “Skiing early season powder is a great way to kick off the season.”

Snowbird will be offering the Aerial Tram and two lifts, Gadzoom and Mid-Gad, to skiers and riders beginning Friday at 9 a.m. Expected open terrain includes Regulator Johnson from the top of Hidden Peak, as well as Big Emma and Bassackwards. Additional lifts and terrain will open as conditions permit. The Snowbird Center and Creekside Lodge will be offering multiple food, merchandise and equipment rental options throughout the weekend.

More than 3 feet of snow has fallen in November, and cold temperatures have allowed snow guns to operate, adding to the already impressive early season snow totals. Last year, Snowbird received 611 inches of The Greatest Snow on Earth® and had a 183-day season with skiing and riding from Nov. 30 to June 22.

Snowbird is offering an early season ticket price of $62 and chair passes will be honored to access the Tram until additional terrain opens. Early season lodging packages are currently available starting at $99/night through much of December.

Snowbird, along with neighboring Alta, was recently named the No. 1 ski destination in North America by Outside Magazine. Recent area improvements include renovations of the Tram Club and the Aerie Sushi Bar, located on the top floor of the Cliff Lodge. Kids 12 and under will ski free at Snowbird for 2008-09 with all lodging packages booked through Snowbird Central Reservations or www.snowbird.com. Snowbird’s Mountain School has also added new pre-season pricing to its private lesson offering.

For more information or to see photos of the current conditions, visit www.snowbird.com. Live shots of the current storm’s snow accumulation can be seen using Snowbird’s SnowCam at www.snowbird.com/snowcam.

For media information or digital images of the snow, contact Jared Ishkanian at (801) 933-2047 or jishkanian@snowbird.com.

First Big Snow of the Season Hits Park City!! Ski Areas Announce Dates for Openings

2008-11-05T14:09:00.009-07:00

Projected Utah Ski Resorts Openings

Alta Nov 21
Beaver Mtn TBA
Brian Head Nov 22
Brighton TBA
The Canyons Nov 27
Deer Valley Dec 6
Park City Mtn Nov 22
Powder Mtn Nov 22
Snowbasin Nov 27
Snowbird Nov 22
Solitude Nov 14
Sundance Dec 5
Wolf Creek UT Nov 22

A Wall Street Alternative: 5 Timely Reasons to Invest in Vacation Property

2008-10-30T12:13:00.000-06:00

RISMEDIA, Oct. 27, 2008-The stock market is down, and if you’re like most people, your level of investing confidence has dropped as well. Yes, only those with nerves of steel feel good about playing the market right now. And if you’re not one of those hearty souls, you’re at a bit of a loss as to what to do with your nest egg. Christine Karpinski has a suggestion: Instead of pouring your money into Wall Street, why not consider Ocean Boulevard or Mountainside Drive?

“A vacation home can be a remarkably good investment right now,” says Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment (Kinney Pollack Press, 2007, ISBN: 0-9748249-9-2, $26.00).

“Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold,” she says. “Yes, home values are down right now but they have always rebounded. I wouldn’t recommend buying a second home with the expectation of flipping it for a quick buck, but if you hang onto it for a while-and better still, turn it into a vacation rental property-you’ll make a nice profit.”

Not incidentally, in many areas of the country, rental demand exceeds supply. The sunshine state (Florida) is a prime example. Buy a vacation home in a market like Cape Coral, Daytona, Destin, Fort Lauderdale, Indian Rocks Beach, Kissimmee, Madeira Beach, Orlando, Panama City Beach, Sanibel Island, West Palm Beach, or Windsor Hills, says Karpinski, and you can’t lose. Even if you prefer to buy elsewhere, if you adhere to proven marketing tactics, you should be able to attract enough guests to make the purchase worth your while.

So what makes buying a vacation home so attractive right now? Karpinski explains:

There are plenty of great deals to be had. Thanks to the aftermath of the real estate bubble, home prices are down right now across the board. That means in many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. And that means that if you’ve been kicking yourself for not buying a vacation home back before prices escalated beyond all reason, you’ve got a reprieve-Karpinski says that in some markets homes are back to 2000 prices.

“Housing bubble or no housing bubble, you’re not going to get bargain basement prices on, say, a cottage right on the ocean-but if you’re willing to buy a few rows back, you’ll likely find that prices have fallen substantially,” notes Karpinski. “Because houses aren’t flying off the shelf, there’s less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan.”

Interest rates are attractive right now. Recently, the Federal Reserve cut interest rates by half a percentage point in an effort to shore up America’s faltering economy. And rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That’s good news for anyone (anyone with good credit, that is) who’s in the market for a mortgage.

“Add the lower interest rates to the lower housing prices, and it’s clear that now is the time to buy,” says Karpinski. “Of course, for the sake of our nation’s economy, we want the real estate market to pick up, but from an individual buyer’s perspective, the combination of lots of houses for sale, low prices, and falling interest rates is hard to beat.”

If you’re worried about investing in a sluggish real estate market, relax. Recent reports indicate housing is on the rebound. Last week the National Association of Realtors® reported that, “The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4%…and is 8.8 percent higher than August 2007.”

Other encouraging points made in the NAR article:

- Pending home sales are up strongly in vacation home-heavy areas like Arizona and Florida.
- The PHSI jumped 18.4% in August. It’s now 37.8% above what it was a year ago.
- Home prices are projected to increase 2 to 3% next year.

According to Lawrence Yun, NAR chief economist: “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

“If you’re anxious about your ROI, these statistics should put your mind at ease,” notes Karpinski. “But always remember to think of real estate as a long-term investment. It doesn’t really matter whether the market starts picking up steam right away. Your home will appreciate slowly over the years, and that’s all that really matters.”

You can use your rental income to offset your mortgage. (And then some!) Karpinski is a huge proponent of renting by owner (rather than using a property management company). Rent it out only seventeen weeks out of the year and your new vacation home could pay for itself. When your monthly mortgage payment is less than or equal to one peak week rental, twelve weeks of rental will cover your mortgage payments for the entire year. Other costs, including bills for your phone, power, cable, and association dues, may be paid out of your earnings from approximately five off-week rentals.

“Most owners tell me that their average weekly rate is around $1,500 to $1,600 and that their property is rented out twenty weeks or more per year,” says Karpinski. “Do the math and you’ll see that that comes out to around $30,000 or more in rental revenue each year. And here’s something interesting: While most people admit that the cost savings is the primary reason they rent by owner, they often add that the sense of control it gives them is equally important. They feel they can take better care of their property than anyone else and like to know who is renting their homes.”

It’s never been easier to market rental properties. Websites like HomeAway.com have made it easy and inexpensive for homeowners to list their properties. Plus, says Karpinski, as more and more people realize the benefits of staying in vacation homes rather than hotels, the pool of potential guests grows by leaps and bounds.

“There are lots of markets for renting vacation homes besides the usual leisure traveler,” notes Karpinski. “Business travelers are one example. If you’re a homeowner, you can approach local businesses and invite them to have clients and associates stay at your vacation home instead of at a hotel. Just make sure your house is properly equipped and you might find yourself with a self-replenishing stream of guests.”

If you’re rushing out the door to head to the bank right now, Karpinski doesn’t blame you. (She owns several vacation homes herself and knows what a fantastic investment they can be.) But she does want you to temper your enthusiasm with a word or two of caution.

“It’s not as easy to get a mortgage as it once was,” she warns. “But if you have strong credit, you can find a lender who’ll work with you. Also, don’t rush into a decision. You may be thinking, ‘Well, if I do this before the end of the year, I can get a nice tax write-off.’ That’s true. But it’s more important to take your time, make sure the property is right for you, and make sure the rent-by-owner lifestyle is right for you. It’s not for everyone-but if you know what you’re getting into, you may well decide it’s the best financial decision you could make.”

5 Reasons Why the Vacation Home Rental Market Is Holding Strong…Even in our Weak Economy

1. It’s easy for consumers to find information on vacation homes. By visiting respectable websites travelers can quickly find the vacation home that’s right for them. HomeAway’s network of vacation rentals includes over 300,000 properties all over the world, making it possible for almost anyone to find one within a two- to three-hour driving distance from their home.
2. Vacation homes tend to be less expensive than hotel rooms. This is especially true if you’re traveling with extended family or a group of friends. HomeAway recently contrasted a three-bedroom vacation rental private condo in Orlando with a popular three-star hotel and found that the condo was cheaper by more than $1,700! “That’s a big difference, and in a tenuous economy it seems even bigger,” notes Karpinski.
3. When airfare gets expensive, people start taking road trips instead. Even with gas prices relatively high, it’s still far cheaper to drive a couple hundred miles to your mountain cabin than to fly to some lavish vacation destination. “Even with the bad economy, people need to take vacations,” says Karpinski. “In fact, psychologically, they may need to get away more than ever. A fairly inexpensive stay in a nearby vacation home is the perfect solution.”
4. The weak dollar makes U.S. tourist destinations attractive to European travelers, whose currency is still strong. “On my recent trip to Hawaii, I noticed a lot of German tourists,” notes Karpinski. “And when I speak to many of the vacation homeowners I work with, they confirm that they’ve encountered a surprisingly high number of European travelers lately.”
5. Business travelers still need a place to stay. When corporations must meet with business associates-who increasingly hail from overseas-they need good lodging solutions. Enter the vacation home. “More and more executives are putting their guests up in vacation homes instead of cramped, impersonal hotel rooms,” notes Karpinski. “It’s a far more comfortable option; plus many companies work out deals with homeowners whereby they can get ‘volume discounts.’ It’s a win/win for all parties involved.”

Christine Karpinski is the author of “How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment” (Kinney Pollack Press, 2007, ISBN: 0-9748249-9-2, $26.00) and “Profit from Your Vacation Home Dream: The Complete Guide to a Savvy Financial and Emotional Investment” (Kaplan, 2005, ISBN: 1-4195069-1-9, $19.95).

For more information, visit www.HomeAway.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Read more articles by Christine Karpinski on RISMedia.com:

Selling the Great ‘Not-So-Great-Economy’ Getaway
5 Reasons for Seniors to Rent Their Vacation Properties
In the Know: Second Homeowners and Saving on Taxes

Some Purchases May Still Be Worth the Price

2008-10-21T09:29:00.004-06:00

By RON LIEBER
Published: October 17, 2008
In the last month or so, it has become much harder to take out our wallets without feeling guilty.

Related
Cost of Living: Still True: Live Within Your Means (October 18, 2008)
Times Topics: Credit Crisis — The Essentials

Dan Stefanski
The Stefanski family’s sailboat, the Tres Joli, on the waters of Lake Charlevoix in Michigan.
Enlarge This Image

Ron J. Stefanski
Dan, left, and Will Stefanski, aboard the family sailboat. Their father sees the boat as an investment in memories.
Readers' Comments
Readers shared their thoughts on this article.
• Read All Comments (81) »
No single authority figure has told us not to spend. But people are scared, and that fear is showing up in lower sales on all sorts of big-ticket items, from autos to electronics.
Homeowners had already been feeling poorer, and the devastating investment losses have made thrift a necessity for many people. Saving every extra dollar now seems the most sensible course of action, given predictions of rising unemployment and daily mentions of the Great Depression.
But it’s easy to forget a couple of important things. First of all, the vast majority of people in the United States are not going to lose their jobs. Second, most of us work not merely for subsistence but so we can spend money on things and experiences that bring us some form of contentment.
So let this serve as a reminder that there may be plenty of good reasons left to spend what you earn.
This is not a call to consumer patriotism, a suggestion that we all go shopping for the good of the economy. Instead, I’m merely suggesting that if you’re feeling undeserving of anything special at this particular moment, or think you should help perform some sort of collective penance for our national overspending, you may want to cut yourself some slack.
I was reminded of this about a month ago, when I got a note from a man in Ann Arbor, Mich., named Ron Stefanski. At the time, I was writing about reducing financial risk, and he and his family had recently splurged on a 38-foot sailboat and lowered the 20-year-old vessel into the waters of Lake Charlevoix. The question his message raised was whether spending money on a boat was actually wise, and if so, why?
Money was part of what kept the family from buying a boat for years, even though Ron had long wanted one. Until four years ago, Ron’s wife, Kay, had been home raising their two boys, Dan, now 15 and Will, 17. Ron, who is 48 years old, is a vice president at Gale, a reference publisher.
“We don’t have trust funds for our kids or oodles of discretionary income,” Ron said. “So I was the one who kept saying, ‘Do we really need to be spending money like this when we need to get money in the bank for college?’ ”
But trying to do the math on buying a boat will often end badly, as it will with many large discretionary purchases. Boats depreciate, vacations are over in a week or two, and you probably won’t recoup the entire cost of your remodeled patio.
Instead, the Stefanskis came to realize, the boat was an investment in something much more valuable than money. Ron’s mother died when he was 16, and his grandmother helped raise him. Three months before his first son was born, his grandmother was murdered in her Detroit home by her newspaper delivery boy.
“When you look at life from that perspective, it’s about creating memories,” he said. “Because the good moments can be fleeting and they can be peppered with other experiences that you don’t want to be as memorable.”
A boat is also an investment in relationships, something that isn’t readily apparent until you’re on one a lot. Kay, who is 46 and works in textbook sales, helped talked Ron into buying the boat.
“We’re getting ready to be empty-nesters, learning how to navigate the space of being alone together, and that’s something that’s been a little bit sobering,” Ron said. “What she helped me to see is that having the boat is an opportunity to connect, to spend time together when the boys are off doing their own thing.”
In fact, Dan and Will have been on the boat a fair bit, too.
“As a teenager, I look forward to doing things that teenagers do, going to parties and hanging out with my friends,” Dan said. “But the boat was something I really learned to love.”
That has been an added bonus, given that the boys will soon be in college or away for the summers.
“This was a window of opportunity,” Ron said. “And the fact that we have to put the effort into driving up to the lake, it marks the time as untouchable.”
The Stefanskis paid $55,000 for their boat and financed the purchase with a $30,000 home equity line of credit. They earn more than $250,000 each year, though that is a relatively recent development in their lives.
If you make much less and have much less, you may be wondering what all this has to do with you. But not every investment of this sort needs to have a four- or five-figure price tag to be significant.
Perhaps it’s buying a better bicycle and taking daylong rides with others (or commuting to work to get in shape and save money on gas). Or it’s the fanciest paella pan or pizza stone you can find, which keeps you out of expensive restaurants and at home with friends and family who will appreciate your new skills, the free meal and the conversation.
A sports car probably doesn’t qualify here. Nor does a tummy tuck. Instead, it’s about investing money tactically in our relationships with one another, building bonds that last beyond ones to any particular employer or a house that we may no longer be able to afford.
For people who find themselves frightened by the possibility of a long, deep recession, well, the Stefanskis know how you feel. Since they bought the boat, the balance in their retirement accounts has fallen by about a quarter. The investments in the college savings accounts for the two teenage boys have hit the skids, and the troubled regional economy means their house in Ann Arbor is worth a lot less as well.
In the last downturn, Ron lost his job two weeks before the Sept. 11 attacks, and it wasn’t a great time to be looking for work.
What the family learned then, however, leaves them with no regrets now that they are boat owners, even though their jobs are potentially vulnerable once again.
“If you value family and friendships and experiences, the things that you might lose don’t mean quite as much,” Kay said. “It puts it all in perspective.”
Ron added, “Your job as a parent, a friend or life partner is to create memories with each other. That’s what we’re here for. And I think in that respect, the decision to purchase the boat was a good decision.”

America's Prettiest Towns

2008-10-09T13:37:00.002-06:00

Situated in the center of Utah's Wasatch Mountains, Park City's peaks keep their snowcaps long into the warm months. Dunn remembers that while on her first trip here during a March ski trip, "the whole town looked like a candy village, thanks to all the Victorian buildings. It seemed like it was on some crazy high from the sun, the snow and the altitude."

For More on this story click here

Deer Valley: still king of the mountains

2008-09-24T15:58:00.000-06:00

PCMR and The Canyons climb in SKI rankings
Nan Chalat Noaker, Record editor
Article Launched: 09/12/2008 04:21:15 PM MDT

Park City residents can practically roll out of bed onto the slopes of two of the nation's top ten ski areas three, if you count the top 25.
SKI Magazine has released its annual readers' survey and the results are being cheered with high fives and fist bumps all along the Wasatch Back.

Deer Valley held onto its No. 1 spot, Park City Mountain Resort moved up from sixth to fifth place and The Canyons hopped from 18th to 13th place.

According to SKI Magazine editor Greg Ditrinco, "people are looking for more than just putting skis on snow. They are looking for the full resort experience." And that, he says, is where Park City's resorts shine.

It's as much about going downtown as skiing, "and that is where your region does well," he said. According to Ditrinco, the resorts' efforts to provide a wide variety of activities along with the city's vibrant Main Street are "as good as it gets."

Deer Valley Resort President Bob Wheaton delivered the news to his staff on Wednesday during h his annual "State of the Valley" message. It is the fourth time in the last eight years the magazine's readers have put Deer Valley on top. The resort edged out one of its fiercest competitors, Vail Resort for the second year in a row.

According to Deer Valley's director of marketing Coleen, Reardon, the resort's secret weapon is its guest services. "I think it's our services, the way we provide the whole vacation experience." Reardon said she also believes that the price gap among the country's top ski areas has narrowed, "so people are realizing Deer Valley's value."

The ranking's sneak preview was greeted with equal enthusiasm at Park City Mountain Resort. According to Krista Parry, PCMR's marketing director, "we saw a huge increase in rankings in service, family programs and terrain variety, which coincides with the things we have been focusing on as a company."

Ditrinco attributed the uptick for The Canyons to its relative newness and to its ability to earn return visits. "The Canyons is still being discovered by our readers. They seem to like what they see and they are going back."

SKI Magazine mails out about 25,000 copies of the annual survey that asks readers to rank ski areas in 18 categories. They also sent about 30,000 emails linking subscribers to a secure Web site survey. According to Ditrinco, they get 10-15 percent, or 5,000 to 8,000 completed questionnaires back each year. The results, along with snapshot descriptions of each ski area appear in the October edition which arrives on newsstands this week.

"It is our best-read issue. It's the absolute bible for travel planning," he said.

The top ten ski areas in North America according to the readers of SKI Magazine are:

1. Deer Valley

2. Vail, Colo.

3. Whistler/Blackcomb, B.C.

4. Snowmass, Colo.

5. Park City Mountain Resort

6. Beaver Creek, Colo.

7. Aspen, Colo.
8. Steamboat, Colo.
9. Breckenridge, Colo.
10. Telluride, Colo.

Is It Time to Buy a House?

2008-09-11T09:24:00.001-06:00

Plummeting Mortgage Rates Trigger Jump in Mortgage Loan Activity and FHA Loans

2008-09-10T15:27:00.003-06:00

Rapidly falling mortgage rates are bringing consumers seeking a mortgage out in droves, according to the report released today by the Mortgage Bankers Association. The association’s Weekly Mortgage Applications Survey, which measures week-over-week volume of people applying for a mortgage to either purchase a home or refinance an existing mortgage, showed loan application activity increased 9.5%.

Applications to refinance an existing mortgage swelled 15.4% from the previous week while purchase applications received an impressive boost as well at 6.4%.

Chief Economist Bob Walters of the nation's largest online lender, Quicken Loans, says the government’s discussion of and ultimate decision to back mortgage giants Fannie Mae and Freddie Mac are the catalyst behind the lower interest rates.

“Mortgage rates began falling last week in anticipation of the government’s Fannie Mae/Freddie Mac takeover and rates have continued to plummet. This interest rate drop led to a surge in mortgage applications as consumers sought to either purchase a home or refinance their existing mortgage,” says Walters.

“Credit guidelines have remained extremely tight however, and the government’s recent action may lead to more stringent credit and equity requirements,” Walters warned, adding that “ FHA loans remain a viable and increasingly popular alternative for those who have been unable to secure financing for a traditional mortgage, as FHA programs carry more flexible guidelines.”

Donald Trump: Buyer Be There!

2008-08-28T08:35:00.002-06:00

Billionaire real estate mogul Donald Trump shares priceless financial advice.

http://abcnews.go.com/video/playerIndex?id=5576708

The World Will Not End

2008-08-14T09:36:00.003-06:00

The World Will Not End
Take a Deep Breath
9% Growth in Housing or a 4% Loss?
A Little Stress

by John Mauldin

Housing starts rose 9% and the market cheerleaders proclaimed that we have seen a bottom. But not if you look at the actual numbers. New unemployment claims were OK, but not if you look at the actual numbers. And inflation was simply ugly, no matter what numbers you look at. However, oil is down and there is reason to think it may have further to go on the downside. We cover all this and more, as we first look at why the world is not going to end.

Take a Deep Breath

It is easy to find bad news these days, and the torrent that seems to keep coming can ruin a person's summer (or winter, for my southern hemisphere readers). The credit crisis, as noted last week, is nowhere near an end. Housing, as we will see, is actually getting worse. Foreclosures, auctions, government bailouts, higher taxes, inflation, the price of energy and food - the list goes on and on.

I thought, since so many think of me as a rather bearish person, I would show you my more optimistic side. Yes, I am bearish in the short term, for reasons I have documented at length in this letter. But long-term I am a wild-eyed optimist.

With all the negative news thrown at us today, why is the United States not in the midst of a deep recession? How, many of you ask, can I be so sanguine as to suggest a milder recession and a Muddle Through Economy?

First, things are somewhat different now than in the '70s and early '80s. Back then, a great deal of the US and developed world economies and their resulting employment were linked to manufacturing, which was largely geared to domestic sales. Exports were a much smaller part of the economy for most businesses. When the economy and consumption slowed down, manufacturers laid employees off rather rapidly. Unemployment would soar and a V-shaped recession would occur.

Now, the number of people employed in manufacturing is less in percentage terms than it was back then, and more of what is produced in the developed world is bought by a growing developing world. Exports from the US are booming. The number of TEUs (the large containers on ships: Twenty-foot Equivalent Units) moving through the ports of Los Angeles and Long Beach is up 23% in May year over year and up 26% since the beginning of the year. Because of the weak dollar, imports are down by 7% year to date. It is export growth that is keeping the US from sliding into the usual deep recession.

So, not only is manufacturing not down as in usual cycles, it is up quite handsomely for many products, except of course for automobiles, which are not just in a recession but facing a depression. But that growth in exports is keeping unemployment from going to 9%.

But let's take a longer-term outlook. My view has been, and is, that we are in for a period of very tepid growth that will last through at least 2009. We have to work our way through the after effects of the twin bubbles of housing and the credit crisis bursting. There is no magic Fed wand. That simply takes time. No (rational) government or Fed policy is going to change the facts on the ground (although they can make things worse). But, in the fullness of time, we will in fact get through this.

If you look back over the decades, things are getting better. Goldman Sachs estimates about 70 million people a year worldwide are entering the "middle class" and that by 2030 two billion people will be in a far better condition than the poverty they experience today. That will also keep demand steady for all sorts of products and services produced in the developed world, even as our population (except for the US) declines.

The old joke is that a recession is when your neighbor loses his job and a depression is when you lose yours. And a rise in unemployment and lower corporate profits are no laughing matter. But the simple trend is that we will adjust and free markets in America and the world will grow, as they have always done.

My daughter and business partner Tiffani is getting married in three weeks on 08-08-08. Next year there will be 2.3 million weddings in the US, at an average cost of $30,000 (we have helped increase the average this year considerably). That is $72 billion on weddings. And many of those new families start with the need to find a place to live, furnish a home, and build their nest.

Tiffani and her fiancée are an example. They have bought a home at a pretty good price in an older neighborhood that is fast becoming trendy, as there are a lot of wonderful restorations and teardowns. They have lived rather simply and find they "need" all sorts of items to make their house a home. Each day sees another delivery of gifts from their registry and a smile on her face.

(Sidebar: When I first got married I seem to remember getting three toasters and not a lot of other things we needed. Now, couples register online for what they need and want, and when an item is bought it is taken off the list. How cool is that?)

Last year a record 4.3 million babies were born in the US. Each of them will need all sorts of "stuff" - food, education, and places to live - in (hopefully) 20-25 years.

Yes, consumers are cutting back, but they are still buying the basics. (See more below.) Manufacturing in the US is starting to make a comeback, with the lower dollar and management driven to compete globally. In free-market economies, every economic slowdown is followed by a period of solid growth driven by innovation. The point is that life goes on. Births, weddings, eating, living and enjoying friends and family. It is all part of the cycle.

The next 20 years are going to see the most powerful wave of technologically driven growth the world has ever seen. The accelerating pace of technological change did not slow down last century through multiple world wars, scores of "minor" wars, a depression, all sorts of natural disasters, and an unbelievable amount of government folly. Why should that trend stop now?

As we add two billion people to the middle class, we are also going to bring the internet to even billions more. The explosion in information and creativity that we have seen in the last 20 years will double and double again. A small percentage of those people are going to invent amazing new technologies, new drugs, and create companies that will make life better for all of us.

That is one reason that technological growth will continue to accelerate. We will simply be throwing more people at an ever wider array of problems, and they will be able to share their discoveries at the speed of light.

We are on the verge of a revolution in biotechnology that is going to truly revolutionize medicine. No one in 20 years will look back on today as the good old days. And it will probably create yet another stock market bubble, but that is a story for another letter.

US diplomats are talking to Iran. Iraq may actually work out. In most places of the world, most people are better off today than they were 20 years ago. There is still a lot of progress to be made, but the point is that we are making it. There is a ton of opportunity for those prepared to look for it. It may not be in the usual places, it may not be where we would like it to be, but it is there. World GDP will have roughly doubled (or more) by the end of the next decade.

Yes, I know there are a lot of problems. Really big scary ones. I write about a lot of them all the time. But go back to any year ending in 8 for the last 100 years. When were there not problems? And in most times and places, the problems were bigger. And in the next ten years? There will be lots of problems. Some will be the same old problems and some will be new. I am not certain why mankind seems to have a need to find new ways to create mischief and lose money when the old ways work so well. But those too will pass.

So, when you read about current problems - and I will point some out in the next few pages - just remember that things will work out. Markets will adjust, and the world will be a better place. Things will work out better for you as an individual if you anticipate the problems and make the proper adjustments, as much as possible, in advance.

The next 20 years are going to be the most exciting time that the human race has experienced. Yes, there will be issues, but we will adjust. That is what we do. And now, let's look at some of the adjustments going on in the markets.

9% Growth in Housing or a 4% Loss?

When the news flashed on my screen that housing construction had jumped by 9%, I raised an eyebrow. That did not make sense given other data I was looking at. Immediately the media was full of talking heads and stories about the turnaround in housing and the end of the slowdown. I must admit to being a little confused.

Then we find the rest of the story. Asha Bangalore from Northern Trust actually took the time to read the details. It turns out that New York City had a change in its construction codes, and that affected what is considered a housing start in the Northeast, especially in multi-family construction, which "jumped" 42% because of the code change. If it were not for the change, housing starts nationwide would have fallen by 4%. Because of the code change, housing starts jumped 102% in the Northeast. However, single-family starts nationwide declined 9.3% in June, to an annual rate of 647,000 units. That level of single-family starts is the lowest since January 1991. Look at the following chart from Northern Trust. Does this look like a 9% increase?

More Government Statistical Fun

Each week we see a release of initial unemployment claims. This week initial claims jumped to 366,000 on a seasonally adjusted basis. But what are the real underlying numbers? Every Thursday, I get a thorough review of the actual data from John Vogel, going back and looking at trends over the past 8 years in the non-seasonally adjusted data. That can be more interesting.

This week the actual number of initial claims of unemployment was 475,954, compared to 383,839 last year (2007). And the number of actual claims has been trending up. Taking the three first weeks of the current quarter, we are still below the recession years of 2001-3; but the trend is not what you would like to see, and given the decline in consumer spending (see below) it is likely to continue to trend up.

The actual data is very "noisy" and jumps all over the place, hence the use of seasonally adjusted numbers for public consumption. Economy.com thinks the difficulty may be in accounting for auto-related plant shutdowns in the seasonally adjusted number. Vogel speculates that employers are no longer waiting until the end of the quarter to lay personnel off but are doing it at any time in the quarter.

Given the issues, it is likely we will see a rise in the number back toward the 400,000 range (SA) that we saw earlier last month. But just be aware that there can be something really different in the actual numbers.

Below is a graph from economy.com showing where the employment problems are. The majority of the states are seeing payroll employment drop.

Fannie and Freddie and Bears, Oh My!

Let me see if I have this straight. It is OK to short oil but not OK to short Fannie Mae? Or is it that it is OK to be long Freddie Mac but not long oil?

Oh, those evil speculators. As Barry Ritholtz points out, why is it that management blames speculators when their stock is being pummeled, when the usual reason is that management made some very bad decisions?

And let's not forget the importance of rumors. We all know rumors can bring down a stock. So, let's start one. Let's start a whisper campaign that Goldman Sachs is going to have to take down $100 billion in losses next quarter, and then we can all short the stock. What would happen is that we would all lose our money when we had to cover, because there was no basis in fact.

The best way for a company to deal with short selling is to increase earnings and blow the shorts out of the water. Good management trumps rumors.

This week the SEC has made it more difficult to short Fannie Mae, Freddie Mac, and other large financial firms. They are actually going to enforce the rule already on the books that says you must actually be able to deliver the shares you are shorting.

"Naked" short selling has been against the rules for some time. (That is, short selling a stock that you cannot actually borrow to sell.) Institutions make rather tidy sums offering the shares they own to short sellers for a price.

Making it more difficult to short Fannie or Freddie is not going to do one thing for their balance sheets, which is the real source of their problem. As former Fed governor William Poole said a few weeks ago, they are basically insolvent. Five-year bonds sold by Fannie Mae yield 90 basis points (0.9%) more than US Treasuries of similar maturity, almost double the average over the past 10 years, according to data compiled by Bloomberg. That spread, which translates to $90,000 in extra annual interest per $10 million of bonds, exists even after Treasury Secretary Paulson signaled the US would ensure the debt is repaid by offering larger amounts of backup financing and potential capital infusions.

Given Paulson's guarantee, why would you buy US bonds when you can get the same guarantee and almost 1% more?

Fannie and Freddie are private companies where the profits go to shareholders and losses go to taxpayers. There are a lot of people (including your humble analyst) who have complained about the current set-up. Basically, they were allowed to leverage their capital beyond what even your most leveraged hedge fund would think prudent. How could the value of homes go down? Leverage up and show huge profits, pay monster salaries and bonuses to management who did nothing but increase risk, and spend $170 million on lobbyists to make sure that no one changes the rules.

Paulson had no realistic choice but to do what he did. But the true point is, he should have never had to make that choice. A real regulator would not have let them leverage their capital to the extent they did. If taxpayers have to invest one penny before shareholders are wiped out, then there is no justice. Fannie and Freddie should be broken up into several much smaller firms which are not too big too fail, their shares floated to new owners, and taxpayers should get preferred shares until they are made whole. And the implicit, but now explicit, guarantee should be taken away.

And while we are on regulators, it is time for Bernanke and Paulson and SEC chairman Cox to force the credit default swap (CDS) market to move to a regulated exchange. If there is a major risk to my happy news scenario at the beginning of this e-letter, it is the credit default swap market collapsing. That is why Bear Stearns had to be rescued, and why other firms like them are too big to fail.

If the CDS markets were on an exchange like any futures contract, Bear could have been allowed to fail. It would have been a sad day, but the Fed would not have had to risk $30 billion. Greenspan was wrong when he said these derivatives did not need to be regulated. They are good for the markets, and I think they are necessary. But let's put them on an exchange where there is clear transparency and the entire economy of Western Civilization is not put at risk by some cowboys who decide to leverage up.

Little Stress

This is my first really big wedding. As I said, it is as carefully planned as the Normandy invasion and about as expensive. I can really understand now when brides talk about stress. But poor Tiffani has had a triple dose. She moves next week into their new home (kind of). But then, there is not a lot to move.

Of course, we have also started on our new book project, and the response to our survey has been rather large. For those of you who want to do personal interviews, we will get back to you. As a reminder, we are doing on online survey about investors of all sizes and backgrounds. If you take the ten minutes to fill out this thought-provoking survey, we will give you a link to a recent speech I made about what I think is a new asset class that is being created because of the credit crisis. The link is here: http://survey.frontlinethoughts.com/index.php?sid=12431&lang=en

But then the real stress started a few weeks ago when FINRA (the former NASD) called and said it is time for an audit. We get one about every 3-4 years. It is about as stressful as any part of the investment business, and Tiffani has to deal with 98% of it, as Dad is clueless. So, she has spent very long hours getting ready for the audit. Yesterday, after three and a half days, we had our exit interview, and it went about as well as we could have hoped. But the timing would have been better either earlier or after the honeymoon. Oh, well.

We have had an audit from some regulator every year for the last five years. Just part of the business, but it does create some stress. We are due for an NFA audit sometime soon. I just hope they do not come when Tiffani is on her honeymoon in some fairly remote places in South Africa.

It is time to hit the send button. I see a Batman movie with the kids in my future. It should be a great weekend.

Your having fun being an optimistic analyst,

John Mauldin

TALISKER ACQUIRES THE CANYONS RESORT

2008-07-01T15:39:00.000-06:00

Statement from Talisker:
June 30, 2008

TORONTO, CANADA - Talisker based in Toronto and Park City, successfully closed on its acquisition of the Canyons Resort. Jack Bistricer the Chairman of Talisker, said in a statement "We, along with our team in Park City, and the Canyons employees, look forward to unlocking the wonderful potential inside the Canyons ski resort, and to continuing our growing involvement as members of the community. We expect to bring our brand and standard of development to this wonderful resort over the coming years.”

Talisker has been doing business in Park City since 2000. Notable developments in Park City are: Tuhaye, which feature a Mark O’Meara designed golf course and club houses designed by Robert A.M. Stern; Empire Pass, the pre-eminent residential development on Deer Valley ski slopes which will also include a Montage Hotel that is under construction; and the Talisker Club. www.taliskerclub.com

Talisker is a real estate investment and development company doing business involving all types of real estate and luxury resorts in Canada, USA, UK and Eastern Europe.

Media Contacts:
SUSAN MAGRINO AGENCY
Ariane Romano, Vice President
Phone: 212-822-8181
Email: ariane@smapr.com

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.