Blog

Our subject matter is largely made up of questions we are asked by clients and other individuals considering Park City as a place to own or to visit. Most of the questions we are asked pertain to our Golf and Ski communities, but we welcome any questions relating to the Park City market or any real estate topic. We will address every question honestly and answer to the best of our ability. We respect our competition but we don’t shy away from discussing differences in product and services when asked. In addition to answering your questions, we enjoy sharing stories of our clients successes, open houses and Golf, Ski and community events of significance.

 

Best of Tuhaye and Talisker

By Darrick Olsen
Oct 05, 2015

Owners of Park City/Deer Valley second homes and ski condos, who have enjoyed Park City/Deer Valley as their second home and their family ski vacation tradition, are deciding now that the kids are grown, this is the place for mom and dad to make their primary residence.   With the new golf clubhouse open and operating, Tuhaye is the ideal family community to reside, continue the family tradition for more generations and have the best of both worlds - The Talisker Club at Empire Pass and The Mark O'Meara designed Tuhaye Golf Course.

Our new listing at 9945 N. Timpanogos Court is Prominently situated on one of Tuhaye's hilltop sites this home has views of the Mark O'Meara golf course and Deer Valley Ski Resort. This 5 bedroom, 7 bathroom  home has a large open area and more intimate spaces to capture the spectacular views.  The luxurious finishes include materials used from a varied palette and enhance this very functional and easy flow floor plan.  The kitchen and culinary facilities allow for intimate family dinners and entertaining for groups. Every room in the house invites guests to relax. Includes furnishings and state of the art Meridian theater and electronic equipment.9945 N Timpanogos Circle Kamas-MLS_Size-001-1-019945TimpanogosCir01-1800x1200-72dpi9945 N Timpanogos Circle Kamas-MLS_Size-004-5-039945TimpanogosCir03-1800x1200-72dpi

How Is The Snow In Park City and Should I Buy Real Estate?

By Darrick Olsen
Feb 14, 2015

Let's get it all out on the table, right up front.  When it is February, nearly 60 degrees and sunny in a ski town, you still won't find better snow or have a better ski vacation than you will in Park City/Deer Valley, Utah.  And as you can see from my photos, the Canyons Plaza and Cabriolet is  definitley a cool place to be.  The views from the top of the Canyons are - in the words of the two self proclaimed  "surfer - snow boarders", who rode the lift with me, "Dude, this is totally dope!"  Seasoned by his buddy with insightful follow-up, "Yeah, totally dope!"

On the ride up the lift, I had already discovered they were visiting from "SoCal".  Curiosity got me.  What inspired them to spontaneously drive to Park City from Southern California?  "Oh, Dude.  The Epic Pass, man.  It's totally sick".   "We decided to jet up for the long weekend and chillax, then jet back to P.V."   (We decided to drive up, have fun, relax; then drive back to Palos Verdes whenever we feel like it)  "Park City rocks!!"   Okay...no need for me to sell it.

Back to Real Estate - Two guys in their late twenties.  One is single.  One is married and has two children.   One is in the tech industry.  One is in sports marketing.   Both are very astute.  And, both are bi-lingual.  The generational board dude lingo quickly morphed into an MBA exam.    Their questions to me?  1- Where can  we send the ladies shopping and meet them for dinner?   2- Is now a good time to buy?   After answering the first question, I went right to the second.    Answer - YES!  It's a very good time to buy.   A few reasons to buy?  1- Vail Resorts and their proposed $150mm capital investment in Park City Mountain Resort and the Canyons.  2- Supply is is shrinking.  3- The cost to develop new product has increased and will require increased sales prices.   4- Where else can they buy a second home that is 30 minutes from an international airport,  a 90 minute flight or one day drive from California and has the endless year -round amenities we have in Park City, Utah?   As the saying goes, you come for the winters, but stay for the summers.    It's all about lifestyle, Dude!!

A Cool Place To Be A Cool Place To Be

"Dude, This Is Dope...Totally Dope" "Dude, This Is Dope...Totally Dope"

What is the strongest segment of the Park City real estate market?

By Darrick Olsen
Feb 05, 2015

The strongest segment would be  new construction with modern or contemporary  design influences. Ski-in/ski-out  homes and condos, particularly in upper Deer Valley/Empire Pass and the Colony At White Pine are highly desired. There is a very strong demand for the Stein Eriksen Residences.  Prices start at $2.4m go as high as $6.9mm...if the buyer adds adds custom features as many do, the purchase price is higher.  There are 26 Pending sales between $2.25m and nearly $8m.

New homes located in the gated community of the Colony at White Pine Canyon have been brisk. Prices start at $3,750,000 and go as high as  $24,600,000.   During the past six months, seven homes have sold between $4.25m and $12.75m.

 

Empire Pass at Deer Valley - VIEWS

By Darrick Olsen
Jan 14, 2015

What Else Is There To Say?  See You At Our Next Open House !!

Park City-Deer Valley-Empire Pass-Knowledge-Trabaccone OlsenLady Morgan From Nakoma

Lady Morgan At Deer Valley From Nakoma

Sunset View From Empire Pass Overlook Park City Sunset And Cloud s - View From Empire Pass Overlooking Old Town  Park City

Park City Mountain Resort

By Darrick Olsen
Nov 22, 2014

Opening Day Park City Mountain Resort, Park City Utah

Vail Associates debuts today as the new owners of Park City Mountain Resort. Many events have been planned throughout the day: Park City Utah Real Estate  

From PCMR: Here's the Opening Day plan: three lifts will serve six runs, two terrain parks and a jump line. PayDay Chairlift will service beginner and intermediate terrain; with additional beginner terrain available via First Time Lift; while 3 Kings Lift will provide access to a jib set-up in lower 3 Kings park, beginner park in upper First Time, and a jump line on Quicksilver.

Park City Mountain Resort Skiing

Opening Day Event Program: 8:00 am: Free coffee, hot cocoa and donuts in resort plaza 8:50 am: Season-opening remarks delivered by Chief Operating Officer Bill Rock at bottom of PayDay Lift 9:00 am: PayDay, 3 Kings, First Time lifts open for season 1:00 – 3:00 pm: Live après music by Tony Holiday & The Velvetones in resort plaza

Employees will be around the mountain distributing commemorative SWAG giveaways and an events program will begin the day. There will be reemarks from new Chief Operating Officer Bill Rock. The Opening Day free coffee, donuts and hot chocolate will be served in the resort plaza beginning at 8:00 am.

What's The Word

By Darrick Olsen
Oct 21, 2014

The one word on the tip of almost every tongue in Park City, Utah is VAIL. Vail, Vail, Vail. Yes, Vail is here! Now, that Vail has purchased the base of Park City Mountain Resort, Vail is not only staying, it is growing. The large majority of resort and retail areas that remain to be developed in Park City are now at the base of a Vail Resort.

The overall feeling about how great this is for Park City, has not only been expressed by Deer Valley's Bob Wheaton, The Mayor and the local merchants, with Vail Resorts now officially operating Park City Mountain Resort, the question, "What do you think is going to happen?" has been replaced with; "Do you have your Epic Pass, yet?".

The ever anticipated and always, greatest snow on earth is expected to have a special "Vail" luster this ski season. The impact on the locals has been so strong that it seems, even if for some reason we were to ski on ?man made snow all ski season, this year really seems to be magically transforming into the Greatest Snow On Earth - EVER!!

What does all this mean to Real Estate? Click through ToParkCityRealEstate.com and see.  What question should you ask? Ask us to help you select the best ski-in/ski-out property - EVER!!

Market Snapshot The Colony Ski-in/Ski-Out at the Canyons

By Darrick Olsen
Oct 15, 2014

A quick snapshot of Real Estate stats in the Colony shows the importance of location. In 2013, there were 7 single family home sales ranging between $2.25million and $4.8 million with an average price of $4.25 million. To date in 2014, there have been three single family sales between $5.4 million and $8.5 million with an average sales price of $5.76 million. That is a 35 percent increase. Currently, there are three pending sales single family sales with a listing price between $4.99 million and $8.4 million and an average listing price of $6.34 million.

In 2013, 16 building lots sold between $950,000 and $3.5 million with an average sales price of $1.45 million. So far in 2014, 18 lots have sold between $1.19 million and $3.05 million with an average sales price of $1.61 million. That is an increase of twelve percent in sales volume for the first 10 months of 2014 and an average price increase of just under a five percent in sales price. The news for the real estate market at The Colony is that sales volume should be equal or be better in 2014 than in 2013 and the average sales price in 2014 is up considerably.

This is a further indication that along with the excellent local economy, Vail coming to Park City is having positive impact on the real estate market. The Colony is a premier ski-in/ski-out luxury residence location at the Canyons Ski Resort.  We are locals living in Park City and are always excited to help you navigate this incredible ski terrain, as well as our real estate territory.

Q &A with Blaise Carrig of Vail, Park City & Canyons

By Darrick Olsen
Oct 03, 2014

What is going to be Vail’s focus for Park City and the Canyons?

Vail’s focus is on the skier experience, the family experience and the ski vacation experience. We want a quality experience within each resort.

We hear many good things about the Epic Pass. Can you tell us more?

The Epic Pass is a key benefit to all our skiers. We have a network of 11 resorts. There are 300,000 Epic Pass holders from 87 countries. Park City Mountain Resort is a lead brand. Vail owns six of the ten most visited ski resorts in the U.S.

What is first on the list for Vail?

On Mountain improvement at Park City Mountain Resort by elevating the services, addressing lifts, restaurants and snow making. We also want to focus on families by creating programs oriented to families.

Can you tell us about any plans to connect Park City and the Canyons?

Ideally, we would have a two-way lift connecting Park City Mountain Resort with the Canyons that would be installed next summer. That would be pending approvals. The new combined ski resort, which will have the largest area of skiable terrain will be over 7,300 acres.

Can you address Vail’s capital strength?

Vail has considerable capital strength. As President of the Mountain Division, strategic capital is critical. Does it add value? Vail takes a different and long term approach. We carefully acquire, maintain and grow our resorts. The Mountian Division or ski operations accounts for a significant portion of Vails revenue. Our main focus is the successful running of ski resorts.

How does Real Estate Development factor into that equation?

Vail develops real estate when it feels that additional lodging and facilities are required. Our preference is to bring in a developer or create a partnership. We have a very particular interest in the areas at the base of our resorts. Vail’s focus is on operating ski resorts. When needed, Vail has made the appropriate Real Estate improvements.

Our conclusion is that Vail’s completion of the Park City Mountain Resort purchase is great for Park City. Vail will be an excellent community partner. Vail’s presence in Park City has already been reflected in the Real Estate market. There is a very strong overall feeling that the boost in our Real Estate market has been validated by Vail’s increased presence.

PCMR Is now Epic!

By Darrick Olsen
Sep 12, 2014

PCMR is Epic!  Vail adds PCMR to its Epic lineup. PCMR is Epic! Vail adds PCMR to its Epic lineup.

 

 

 

 

Your Epic pass just got even more epic. Park City Mountain Resort will be added to the lineup of resorts that you can ski with your Epic Pass from Vail Associates! Just $749 per year, give you access to both the Canyons and Park City Mountain Resort. Park City just became infinitely better!

 

 

 

Vail Resorts puts Park City Mountain Resort in its Epic lineup $182.5 million deal guarantees PCMR's future, ends litigation

Nan Chalat Noaker, The Park Record Posted: 09/12/2014 05:14:28 PM MDT0 Comments

Snowboarders kicked off the opening day of the 2013-14 ski season at Park City Mountain Resort which is scheduled to open for the coming season on Nov. 22.

Snowboarders kicked off the opening day of the 2013-14 ski season at Park City Mountain Resort which is scheduled to open for the coming season on Nov. 22. Vail Resorts purchased PCMR this week.(Park Record file photo)

Snowboarders kicked off the opening day of the 2013-14 ski season at Park City Mountain Resort which is scheduled to open for the coming season on Nov. 22. Snowboarders kicked off the opening day of the 2013-14 ski season at Park City Mountain Resort which is scheduled to open for the coming season on Nov. 22. Vail Resorts purchased PCMR this week.(Park Record file photo)

The Cumming family, which played a major role in establishing Park City's reputation as a world-class destination resort and Olympic venue, has sold its flagship ski area, Park City Mountain Resort, to Vail Resorts for $182.5 million.

The agreement includes the base facilities, parking lots, ski terrain and lifts, water rights and snowmaking equipment owned by Greater Park City Company and an independently owned strip of land on the terrain just above the base held by Ian Cumming. It does not include Powdr's Gorgoza Tubing Park located on Interstate 80 near Kimball Junction.

The agreement, announced Thursday morning, settles a bitter legal dispute that threatened to shut the resort down for the coming ski season. The sale of PCMR to Vail ends the litigation between PCMR and Talisker Land Holdings LLC, and precludes the need for PCMR to post a $17.5 million bond.

The bond was to have been delivered Friday as result of the lawsuit over PCMR's right to continue leasing the upper terrain from Talisker. The bond would have delayed enforcement of an earlier court ruling forcing PCMR off the land, allowing the resort to operate for the coming ski season while it appealed the eviction.

In a press release from PCMR, Powdr CEO John Cumming said, "Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate.

 
 
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