Aspen Springs Neighborhood Update

By Mary Leader
May 17, 2012

The Aspen Springs neighborhood is one of the areas Bill and I track closely. Aspen Springs Ranch is a prestigious enclave of only 78 homesites on 272 acres. Along with the Iron Canyon neighborhood, Aspen Springs encompasses the wooded hillsides and rolling meadows below Park City Mountain Resort® and Iron Mountain. These in-town neighborhoods also offer easy access to all three local ski resorts as well as the Park City Municipal Golf Course and the extensive community trail system which converts to a well-groomed Nordic trail system in the winter. Limited inventory in Aspen Springs and Iron Canyon has resulted in a gradual increase in the average dollars per square foot. We are seeing limited inventory in other areas of town and in certain price points. Many local REALTORS feel that the Park City single family home market has stabilized and that prices have reached bottom.

New Timeshare Opportunities At Canyons Resort

By Mary Leader
May 16, 2012

The Park Record  has reported that the The Hyatt Escala Lodge in Park City recently unloaded a substantial number of condominium properties, all 83 units that comprised the Sunrise at Escala. The 83-unit lodge was sold to the New York City private equity firm Centerbridge Capital Partners, a company described as specializing in leveraged buyouts and distressed securities opportunities by Bloomberg Businessweek.

The property will be converted from a condominium project to a timeshare resort before the upcoming ski season and will be managed by Lantern Asset Management, an affiliate of Centerbridge Capital. Lantern Asset Management will use its 'Resort Finance America' timeshare platform to convert to lodge. RFA is a timeshare finance business that furthers company goals by investing in and repositioning high-quality resort projects, according to a press release from Lantern Asset.

The Sunrise at Escala property was originally completed in June 2009, but with the flood of condominium projects on the market at the time, investors were encouraged to sit on the project while a new business strategy was developed by the former asset manager, SDI Realty Group.

The Sunrise at Escala sits to the east of the Hyatt Escala property, and includes a total of 85 units, roughly 33,000 square feet of space. Escala Lodges partnered with Hyatt in November 2010, bringing the big hotel name into the picture to help manage and pull interest into the property.

SDI Realty will have an ongoing interest in property and will invest in capital improvements to Sunrise this summer, including a sales center and new furniture for the units. In the coming weeks, Lantern Asset Management is expecting to announce a partnership similar to that with Hyatt and Escala Lodges with a prominent timeshare company. The timeshares area expected to go on the market in time for the 2012-13 ski season.

Sunrise at Escala sold as whole to New York-based equity firm
Posted:   05/11/2012 03:47:26 PM MDT
Copyright 2012 The Park Record.

2012 First Quarter Statistics

By Mary Leader
Apr 30, 2012

Park City, Utah –The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS®, is that the median sales price for vacant land and condos, in all areas, has gone up. The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for quarter one in 2012. Vacant land also saw a rise in median sold price from $134,500 in 2011 up to $200,000 in 2012. The overall sales dollar volume for quarter one, however, came in at $235 million, down from the first quarter of 2011 when overall sales topped $254 million. The total number of sales is also lower for the first quarter of 2012, with 338 sold properties, where as last year the number was 374. Median prices in the first quarter of 2012 have rebounded nicely from lower numbers which dominated much of last year. This increase in price can be directly attributed to an increase in condo and vacant land prices. The all area median price for single family homes is slightly lower for the first quarter of 2012 at $475,000 compared to $515, 000 in 2011. By area, first quarter statistics for single family homes are as follows: within the Park City Limits there were 37 sales with a median price of $1,130,000. In the Snyderville Basin Area, there were 41 sales with a median price of $489,900. In the Heber Valley, there were 36 sales with a median home price of $248,450. A year ago, we continued to see downward pressure on prices which seems to have flattened. “Prices throughout our market seem to have stabilized, and in certain segments prices have started to increase. We saw this trend start in 2011 with single family homes, and we are now seeing it in condo and vacant land sales,” says Mark Seltenrich, statistician for the Park City Board of REALTORS®. He adds, “In certain parts of the market, and in certain areas, some pent up demand is being demonstrated and even among buyers there is little talk of prices continuing to fall.”

For the complete Press Release, visit http://www.parkcityrealtors.com/newsroom

Prudential Utah Real Estate Ranked Top Brokerage in Utah

By Mary Leader
Apr 23, 2012

RISMedia’s 24th annual Power Broker Survey became a “who’s who” for Prudential Real Estate affiliate companies. The survey, published last week in RISMedia’s Real Estate magazine, ranked the top 300 U.S. brokerages by transaction count and sales volume from the previous year.

Prudential Utah Real Estate was ranked the top brokerage in Utah for sales volume and number of transactions. Prudential Utah’s agents ranked 76th in the nation for the dollar volume they sold in 2011, which was $1,271,125,936. In number of transactions completed in 2011, Prudential Utah ranked #144 with 3,018 transactions.

 

 

Freddie Mac Reports 15-Year Rate Fell to New Low

By Mary Leader
Apr 13, 2012

Following a disappointing employment report, fixed rate averages fell for the third week in a row, with the 15-year fixed-rate hitting a new low, while the 30-year rate continues to fall further beneath 4 percent, according to Freddie Mac’s Primary Mortgage Market Survey. The 30-year fixed-rate mortgage slipped to 3.88 percent (0.7 point) for the week ending April 12, down from last week when it stood at 3.98 percent and a decline from last year at this time when the 30-year average was 4.91 percent. The 15-year rate dropped to 3.11 percent (0.7 point), hitting a record low from when it averaged 3.13 percent on March 8, 2012. Last week, the 15-year’s average was 3.21 percent and 4.13 percent a year ago during this time. The 5-year ARM was also down, averaging 2.85 percent (0.7 point) this week, down from the week before when it averaged 2.86 percent and down a year ago when it was 3.78 percent. The 1-year ARM rose slightly to 2.80 percent (0.6 point), up from 2.78 percent last week. The 1-year ARM averaged 3.25 percent a year ago at this time. “Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March. Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast,” said Frank Nothaft, VP and chief economist for Freddie Mac. Nothaft also noted reports from the recent April 11th Beige Book, which revealed hiring was steady, or showed a modest increase across many of its districts. Bankrate also reported declines this week, with the 30-year fixed averaging 4.11 percent, down from 4.25 percent last week. The 15-year fixed ended at 3.32, a decline from last week’s 3.42 percent. The 5-year ARM fell to 3.03 percent compared to last week’s 3.15 percent. Bankrate’s national weekly mortgage survey is based on data provided by the top 10 banks and thrifts in the top 10 markets

04/12/2012 BY: ESTHER CHO, DSNEWS.COM

Update on North Silver Lake Project

By Mary Leader
Apr 12, 2012

According to an article in The Park Record  on April 11th , the developer of North Silver Lake in Deer Valley has secured a second 12- month period to proceed with the long-delayed project, overcoming another challenge by a critic that lives in the vicinity of the site.

The Park City Council, in a unanimous vote last week, rejected an appeal of a lower panel's decision to extend the project's timeline. Lisa Wilson, the project's most persistent opponent, had appealed a Park City Planning Commission decision giving the developer more time to proceed.

The Planning Commission in January granted the developer, a Los Angeles-based firm known as Regent Properties, the additional 12 months for construction. That period lasts until July 21, 2013. The City Council in its vote sided with the Planning Commission's decision.

It is the second one-year extension for the project after one was granted lasting through mid-2012. Regent Properties has said it wants to develop North Silver Lake once there is more certainty in the economy.

City Hall rules do not allow the developer to receive another extension of the permit for the overall project. If the project does not proceed by the mid-2013 deadline, the developer would be required to wind its way through City Hall's extensive permitting process again to regain an approval.

"We felt we needed at least another year for the climate, the economic climate, to clarify itself," Richard Lichtenstein, who represents the developer, said after the City Council vote.

Lichtenstein said it appears the economy is ticking upward, but the developers are hoping for more indicators showing that is the case. He said construction is expected to restart in the spring of 2013.

The North Silver Lake development won its initial approval in mid-2009. The Planning Commission at the time agreed to a 54-unit project, encompassing a mix of condominiums and houses. The land is situated close to the Evergreen and Bellemont neighborhoods.

Ground was broken, but the progress was halted as the economy faltered. The site was later refilled with dirt and the grounds were replanted with grass and 27 trees.

Wilson opposed the development throughout the discussions. She was not in attendance at the City Council meeting when the appeal was heard last week. Wilson has consistently wanted the City Council to conduct a wider review of the project during the appeal process. The elected officials, though, restricted the appeal to the timeline instead of looking at the overall development approval. Wilson has made a series of arguments against the overall approval, challenging calculations that determined how much open space would be left, as an example.

The City Council did not spend significant time deliberating before approving the extension.

Bob Dillon, an attorney who represents people who live nearby the site, spoke during the meeting, saying North Silver Lake is too big of a project. He said the construction timeline, sometimes called phasing, will be closely monitored.

Article from The Park Record April 11, 2012 by Jay Hamburger

 

 

 

 

HIGH-SCORING FIRST QUARTER FOR THE DOW

By Mary Leader
Apr 02, 2012

The S&P 500 stocks ended last Friday, posting their biggest first quarter gain in over a decade, up a very strong 12%. The Dow registered the best first quarter advance in its history, an 8.1% hike. Not to be outdone, the Nasdaq went up almost 19% the first quarter. Experts said that big institutional investors are feeling a little better about the economy and looking to make money in riskier stocks, pushing prices up.

How did real estate fare in Park City during the first quarter? From January 1, 2011 to March 1, 2011 in the Park City multiple listing service area, $70 million worth of real estate was pending or in escrow.   In the same time period this year, that number was at $170 million. Final figures for the first quarter will not be available until April 15th.

The Upper Deer Valley market has been very active. March was a very busy month in the Belle neighborhoods. Two homes and one townhome were placed in escrow in the last two weeks. The home we represent at 10 Bellemont Court priced at $2,995,000 had two offers submitted. The other home at 49 Silver Dollar Drive in BelleArbor, priced at $3,100,000 was placed in escrow as soon as it came on the market.  A townhome at 12 Lucky Star Drive was placed in escrow within about a month of being offered for sale. It was priced at $2,995,000 and included a homesite in Tuhaye, which enabled membership in the Talisker Club.  A new home in The Belles at Empire Pass was also placed in escrow.  Three additional homes on the mountain sold earlier in the quarter.

Condominium and townhome sales on the mountain have also been brisk. Currently there are nine properties under contract and 17 have sold in the first quater including two Montage residences, one for $8,250,000.

Even though ski season is winding down, people are still looking for properties on the mountain in Deer Valley. Generally throughout the Deer Valley / Park City real estate market we are seeing an increasing number of sales and declining inventory of property available. Prices are still depressed as buyers remain cautious and only seem to make offers when they find excellent values.

 

 

Acreage At Canyons SOLD at AuctionToday!

By Mary Leader
Mar 27, 2012

Following a $54.5M judgment against Wolf Mountain in May, more than a thousand acres of land sitting underneath the Canyons Resort ski lifts was sold at auction today. The auction includeded 53 parcels of land, more than 1,000 acres, stretching from Canyons Drive to the very top of Canyons Resort, land formerly owned by Wolf Mountain Resort. The winning and only bid: $50,000,000. Bidder: ASC, Utah, a subsidiary of Talisker Corp. which operates Canyons Resort.

Running with Ed Relay scheduled for May 19th

By Mary Leader
Mar 26, 2012

The third annual Running with Ed relay race will be held on May 19, 2012. Running with Ed is a 41-mile relay race with 10 race legs. The legs vary in length from 1 to 9 miles and travel scenic roadways and trails throughout Park City. All proceeds from the event go directly to benefit Park City Public Schools. Prudential Utah Real Estate already has a team lined up. Ragnar will be the Title Sponsor this year! They are going the extra mile to help run an even better race, help reduce the costs, and help  raise more money for Park City School District kids! To top it off, they are providing the $5,000 first place grant to the school with the most participants! For more information visit www.runningwithed.com.

Registration closes April 19th.

Has the Park City Home Market Reached Its Bottom?

By Mary Leader
Mar 25, 2012

Park City area median home prices are moving up in the first quarter of the year. According to the Park City Board of REALTORS (PCBR), the median price increased from the same period last year by more than 20 percent, with the median home price at $400,000 in 2012 as of March 19.

Mark Seltenrich, the PCBR statistician and local realtor, said Park City can expect to see home prices rise in the coming year, a good sign the market has reached its bottom.

"Our prices, because they did go so low, will see an increase by the end of the year," he said. "Last year at this time, things that were on the market for $220,000, on the lower end of real estate prices, it would sit there for 30 days before selling. This year, if something came on for $260,000 and it was the same condo, it would sell in a week."

Bargains are starting to thin out along with foreclosed homes, which have depressed home pricing in the area.

More than 1,600 home sales made up last year's end median price of $350,000. Revenues generated by sales remain below last year, althoug a number of key properties are pushing the median above last year.

"From January 1, 2011 to March 1, 2011 in the Park City multiple listing service area, $70 million worth of real estate was pending or in escrow," said Craig Reece, an associate broker for Prudential Real Estate, regarding Prudential sales. "In the same time period this year, that number is at $170M. It may be a buyer's market, and prices are low. But prices are not going any lower."

Reece said the smart money is buying property now, before the good deals are all gone.

"You can be a buyer in a buyer's market or a seller's market," he said. "The smart people are buying now. The economy is better and people are buying."

Park City trends while more unique than national trends because it is a second home and retirement destination are still following state and national trends. Nationwide, economists are expecting to seem home prices stabilize before the fall.

"That's a product of three plus years of modest economic growth," said Jeff Thredgold, a Zions Bank economist. "Obviously Park City is a little different and benefits from an overall better economic performance.

"Park City will of course benefit from better performances in Utah and nationally, but at the same time another element will more heavily affect Park City. That is the stock market. The stock market is now at a four-year high and portfolios are looking better, stock options are worth more. People are more willing to convert stock market gains into real gains by buying real estate."

A Montage Deer Valley property recently sold for $8.25M the 16th sale for Montage in the past 15 months and a major sale for the area, making it one of several properties pushing the median home price into a higher position.

"For the first time in a long time there is some pent up demand," Seltenrich said. "People are looking, watching the market, and when something comes up, they are snagging it."

*Numbers based off of homes sales as of March 19

Article above provided by Gina Barker of The Park Record, Saturday, March 24, 2012

 

 

 

 
 
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