Park City Mountain Lifestyle Newsletter

Mid-Winter 2007 Edition

A Little Bit of History

When people think of Park City, a tremendous part of the appeal is the historic Victorian architecture that makes up the core of our little mountain town. Each miner’s “shack” with its quaint, gingerbread detailing, its brightly painted exterior, the tightly spaced and immaculately tidy yard with rocking chairs on the front porch, along with the requisite golden retriever, is just what your minds eye envisions as the perfect little mountain town home.

Enter the 21st century. Every ski resort in the Rocky Mountain west has seen tremendous property value increases over the last two decades. And it’s no wonder. We’re where people want to be. The clean air, the recreation opportunities, the summer festivals, the incredibly comfortable year-round weather. The lack of crime, the friendliness of people, the sense of community. It all contributes to a thriving and ever-appreciating value of property. With this new money, will our little mountain towns ever be the same?

The “Historic Preservationists” in mountain towns throughout the Rockies make a very strong case that our history and the architecture of these towns is worth preserving. Who can really argue with that? And then on the other hand who wants to live in an 800 square foot miner’s shack, with antiquated plumbing, no insulation, outdated electrical and absolutely no closets? That’s where the negotiations begin.

A little known fact about all these cute little Victorian miner’s shacks is that a great many of them were actually ordered out of turn-of-the-century Sears and Roebucks catalogs. Pre- cut lumber, siding, doors, decorative trim pieces and hardware were all gathered together and shipped via train as a “prefab kit” to mining communities throughout the America west. Now, in the interest of historic preservation, we’re demanding these turn- of-the-century, kit built homes are preserved. Imagine that!

Where does “history” stay intact and where does practical, livable space come into play? That’s the debate. That’s where the historic preservationists and the new, luxury homeowners and developer/builders work to come to an agreement. Often a very arduous task.

There have been several remarkable new “Victorian” style homes, (or rebuilt homes) created in Park City over the last few years. This growing trend shows no signs of slowing down as small Victorian era homes on incredibly valuable lots become targets for luxury buyers wanting ski-in/ski-out access within walking distance to the shops and restaurants of the core of Park City.

Thank goodness most of these newly rebuilt and updated homes retain their character and help to preserve the unique appeal of Park City.

Often, totally new construction even gets into the “historic look” as well. Local builders are creating luxurious residences which from all outward appearances are historic in scale and detailing, and yet the interiors are spacious, with modern conveniences exceeding the standards of most conventional luxury homes.

Will Park City be able to retain its appeal as a Victorian mining town? With careful and conscientious development, the future looks bright and the character of town will get more colorful, while maintaining more than just a little bit of history.

Sundance Film Festival Recap of 2007

Everyone always asks as soon as the Sundance Film Festival ends, “So who were the stars, who did you see?”

So here goes... Eddie Mur- phy, Dennis Hopper, Philip Seymour Hoffman, Anthony Hopkins, Antonio Banderas, Tara Reid, Samuel L. Jackson, Cuba Gooding Jr., John Cusack, Heather Graham, Teri Hatcher, Winona Ryder, William Baldwin, Dakota Fanning, Gary Coleman, Gretchen Mol, Steve Buscemi, Sienna Miller, Christian Slater, Mandy Moore, Justin Timberlake, Queen Latifa, Nelly, Ed Begley Jr., Gwyneth Paltrow, Tom Arnold, Kevin Bacon and Kyra Sedgwick... and many, many more.

Of course there are always the stars you recognize, but just can’t pin the name on the face. The “guy from that show on TV, you know the one who was also in that movie... he played the brother in...” There’s a whole lot of that going on during Sundance.

What are the films to watch for? What are the films generating “The Buzz”? The film which garnered the most universal praise seemed to be, “Grace Is Gone” a film starring John Cusack as a father dealing with his wife’s death in Iraq, taking both the Audience Award and the Waldo Salt Screenwriting Award. A national distribution deal was in the works for this film as this Newslet- ter went to press.

The award winners in the most popular categories were, “Padre Nuestro” taking the Grand Jury Prize for dramatic films, about the dog-eat-dog world of Mexican immigrants in New York City.

Jason Kohn’s “Manda Bala (Send A Bullet)” took the jury award for documentary films and a cinematogra- phy award with the story of corruption and kidnapping in Sao Paolo, Brazil.

“Hear and Now,” Irene Taylor Brodsky’s look at her deaf parents deci- sion to get cochlear implants, won the documentary Audience Award.

A Special Jury Award for Dramatic Acting went to newcomer Jess Weixler for her “jaw dropping and juicy performance” in the dark comedy “Teeth,” a movie about a teenage girl with “vagina dentata”.

The directing award for dra- matic film went to Jeffrey Blitz, for his teen debate-team comedy, “Rocket Science.”

“I’m not nearly as articulate in situations like this as the people in my film,” Blitz said, adding that the first time he attended Sundance, as a student, he slept on the bathroom floor of someone’s condo. He went on to say, “For me this year, the real prize was that I had my own bed.”

St. Regis Crane Is The Largest In Utah

The largest rolling crane in the state is a brand new import from Pennsylvania weighing over 1,100,000 pounds. It was shipped here for the express purpose of hoisting the largest tower crane in town, a 265 foot high behemoth put in place last week to continue construction of the new St. Regis Resort & Residences in Deer Crest.

Heavy construction talk may not mesh with the refined image of St. Regis’ butlers and white glove service, but according to Stan Castleton, CEO of DDRM Greatplace, the developer of the property, it is all part of the process. “People justifiably think of a very elegant environment when they think of the St. Regis. The finished hotel certainly will be that and more, but before we can open those beautiful doors, we have a lot of big-time construction to do,” explained Castleton.

Noted for being the first branded ultra luxury hotel in Utah, St. Regis Resort & Residences, Deer Crest will have a mix of 94 hotel-condominiums and residences which will provide 182 hotel rooms for guest reservations. The upper building of the hotel is under construction in Roosevelt Gap in Deer Crest and the new tower crane is visible from Deer Valley Resort’s Snow Park Lodge.

“This building is over 440,000 square feet, and that does not include the portion of the hotel just down the hill,” noted Castleton. “There will be a 2-story stone colonnaded great room with a bronze fireplace, a wood paneled library, a grand ballroom and meeting rooms, a fabulous Remede spa, and 3 retail shops in addition to the residences which are quite large in their own right. We have a lot of building to put in place over the next two years.”

Market Perspective

From Dougan Jones, CEO of Prudential Utah Real Estate

Can it get any better? The press nationally continues to talk of a slowly recovering real estate market. Here in Park City, Prudential’s new construction portion of the market remains on fire. Our competitors in the local market have gone so far as to say “the Boom is over,” while at the same time the Park City Board of Realtors says 2006 was the second best year on record. That sounds a bit contradictory to the average outsider. So where is the truth in all this?

The truth is, that of all the resorts in the Rocky Mountain west, Park City is very fortunate to have several incredible “New Construction” properties being built which are currently offered for sale. Most resorts throughout the west are “built out” and therefore new construction only happens when an older property is razed to make way for a new property.

Our scenario is advantageous to most luxury ski property buyers in that we offer a wide range of remarkable options from which to choose, often on sites where no property existed before. Sites deep in the forest with ski-in/ski-out access, sites with incredible views and sites where comparable options are just not available within other markets. Given a choice between new construction and buying an existing property, luxury buyers prefer new construction almost every time. That’s where Park City and Deer Valley beat the competition, hands down.

So is the market booming? In new construction, yes. In existing properties we’re far more active than almost anywhere else in the country. Is the boom over? If we’re in the second best real estate market of all time, you won’t see our agents complaining!

We hope to see you soon!

Dougan Jones CEO of Prudential Utah Real Estate

New Properties at Empire Pass Selling Briskly

Diane Rinehart, Prudential Utah’s listing agent for East/West’s new properties currently under construction, reports that over $34 million in sales have occurred since the beginning of the ski season! That’s 9 Arrowleaf condominiums and all three of East/West’s remaining Paintbrush homes. Will Lange represents the new developments of Silver Strike Lodge and The Grand Lodge at Empire Pass and he echoes Diane’s assessment that “new construction” properties have been moving fast.

Will, in the last two weeks of January alone, has sold $18 million dollars in condominium properties. He averages over two “walk-ins” per day, of interested potential buyers coming through their two properties. Will went on to say, “Prudential has sold over $200 million in properties in the first 4 weeks of January alone.”

New Must-Haves for Luxury Homes

To keep up with the well-off Joneses, you’ll need to invest in heated bathroom floors, a state-of-the-art sauna, eco-friendly materials and computer-assisted light, heating and security systems, according to a story in Forbes Magazine.

Forbes story goes on to report that, “It’s time for the newest wave of desirables.” Among the current must-haves for very luxurious homes: serene bathrooms with souped-up saunas, towel warmers and heated floors (to bring the spa back home); green elements such as eco-friendly woods and nontoxic building materials; and technology that integrates the controls for lighting, heating, security and other systems.

“The move to make the home more spalike is definitely going strong,” says Suzan Globus, a Red Bank, N.J., interior designer and the president-elect of the American Society of Interior Designers. “One of the other trends is creating a seamless integration of technology into the home, making what we call smart homes. We are also seeing an interest in creating sustainable environments.”

Low interest rates and a booming housing market have encouraged people in recent years to take out home-equity loans to spruce up their spaces, says Kermit Baker, the director of Harvard University’s Housing Studies Center, with the most growth in upper-end kitchen and bath remodels. Americans are still investing in their properties -- an estimated $160 billion over the past four quarters, according to the Joint Center for Housing Studies at Harvard.

Existing-Home Sales Rise Again

In a report from the National Association of Realtors® released in early January, modest gains are expected nationwide for home sales through 2007. Existing-home sales continued to recover in November/December of 2006, following a rise in October, with the level of sales activity suggesting a turn in the market, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.6 percent to a seasonally adjusted annual rate of 6.28 million units in November from a level of 6.24 million in October, but were 10.7 percent below the 7.03 million-unit pace in November 2005.

David Lereah, NAR’s chief economist, said modest gains are expected for home sales. “As the housing market recovers from its correction, existing- home sales should be rising gradually during 2007 – it looks like we may have reached the low point for the current cycle in September,” he said. “We’ve entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down.”