Park City Mountain Lifestyle Newsletter

Spring/Early Summer 2008 Edition (VIEW PDF VERSION)

Dear Friends,

What an epic ski season! With two to three storms every week since Christmas this winter is already legendary. Having lived in Park City for decades, we can’t recall the last time we have seen this much snow. With Easter falling early this year, we can just about guarantee great Spring skiing until the local mountains close on April 13th.

As you know, all real estate is local. The Park City Board of Realtors has created a new website to inform buyers and sellers on facts and numbers pertaining to our local market. You can check it out at www.parkcityhousingfacts.com

And don’t forget to check out our website at www.leahartley.com for listings, maps, ski resort links, newsletters, developments and more.

All our best,

Jim Lea & Deb Hartley
435-647-8009 or 800-553-4666

A Market Apart

How & Why Park City is Largely Unaffected by the National Crisis

While heavy snowstorms have besieged the Wasatch Mountains this winter, Park City has weathered a different storm—the wrath of the national real estate market—and emerged nearly unscathed. “While the local market may not be as hot as it was in 2005, it’s still very strong and is actually much more balanced and even,” comments Matt Green, Prudential Utah Realtor® and 2007 president of the Park City Board of Realtors®.

A Strong and Balanced Market

In 2007, the total sales volume for the Park City area hit nearly $2 billion, up 3% from 2006, making it the second-best year in the history of Park City real estate. Even more impressive, the Park City real estate market appreciated 11% in 2007 (for median home prices). In Heber City, median sales prices climbed a whopping 20% during 2007. The bottom line? The greater Park City area is experiencing strong growth and steady appreciation …despite all the talk of gloom and doom nationally.

“Getting an accurate picture of a real estate market is a lot like getting an accurate weather forecast,” explains Sean Matyja, Prudential Utah Realtor® and chair of the marketing committee for the Park City Board of Realtors. “If you want to know what the weather is like today in eastern Washington, for example, a national forecast isn’t going to give you the pertinent details. You need a local forecast specific to that area. The same is true for understanding a real estate market.”

Matyja and the rest of the Board of Realtors recently launched parkcityhousingfacts.com, a site dedicated to providing updated, detailed information about the local market. On the site are market statistics and links to relevant articles, like the February 2008 article by Marie Mischel in Utah Business that attests “Utah’s booming economy shelters the local real estate market.” M. Anthony Carr’s December 2007 article in the national Realty Times cites the greater Salt Lake City area (including Park City) as the “hottest economy in the nation” with low unemployment and healthy population growth, and notes that the state is on track to add 53,500 new jobs in 2008.

A Safe Haven Amid a Turbulent National Market

“This is not a market prone to foreclosures, says Carol Agle, Prudential Utah Realtor® and chair of the statistics committee for the Park City Board of Realtors®. “In general the price points here are too high, and because of the stability of the market, buyers didn’t have to take out the aggressive loans that might have gotten them into trouble later on.”

Another reason for the market’s stability is the size of the community. With only about 8,000 people in the Park City limits, and under 30,000 in the entirety of Summit County, the real estate market is small. “This is a good, safe place to make a home and raise a family,” remarks Green. “There are still many more people who want to move into this community than people who want to move out of it.”

A January 2008 article in MoneyNews.com states: “the luxury home market is an economic anomaly. High-end homes are selling quickly and at prices that are breaking previous records.” With Park City’s abundance of high-end homes, the trend of luxury homes being “recession-proof ” adds to the stability of the local market.

“Of the 76 million Baby Boomers, 10% own a second home,” says Agle. “And, 50% of all second homes are owned by ‘Boomers. Most aren’t buying second homes as investments, but as family gathering places. Park City is one of the most accessible resort towns in the country, so buying a family legacy property here just makes sense,” she adds.

Matyja sums it up best: “If we return to the fundamentals of what makes real estate valuable, those characteristics are exactly what we have now in the Park City area—location, scarcity, demand, and new, quality product.”

Sundance Institute at Home at Silver Star

Did you know that the Sundance Institute is now headquartered at Silver Star at Park City? “As an organization that triples in size from November thru January, we place a high value on space and convenience,” said Jill Miller, managing director of the Sundance Institute. “Our new offices at Silver Star provide a flood of natural sunlight and an open floor plan to foster communication. Our location in close proximity to the Festival’s headquarters, theatres and Main Street venues, and easy access to Salt Lake City is key. And I would add that the tranquility of our mountain setting—especially in the intense weeks of pre-Festival planning—is something everyone appreciates.”

Weathering the Storm:

Record Snowfall Means Superb Skiing

Powder days were frequent this winter, as Park City residents and visitors were treated to the best snow season of the decade. After a sluggish start to the ski season, the snow began to fall in mid- December, making for a white Christmas and excellent vacation week skiing.

“Park City Mountain Resort had TEN feet of snowfall in January alone, and we couldn’t be happier about it,” exclaimed Paula Fabel, communications manager at PCMR. “We received nearly 300 inches by mid-February… we’re well on track to easily surpass our average snowfall, which is 355 inches of Utah’s perfect powder.”

PCMR isn’t the only happy resort in town. On February 21, The Canyons Resort reported that it had already received more snow to date than it received all of the previous season. “Over 9 feet of new snow in the past three weeks!” the resort boasted on its website. By the end of February, The Canyons had been blanketed with over 310 inches of snow to-date this season.

At Deer Valley Resort, officials were pleased to report an impressive base depth of 125 inches at the close of February. “This has been an incredible year for us, both in terms of snowfall and guests,” commented Erin Grady, communications manager at Deer Valley. “We’re on pace to have another record season in both categories.”

Epic skiing isn’t the only benefit of the heavy snowfalls; all the precipitation will boost reservoir levels, replenish depleted groundwater and will make for a lush and verdant spring and summer.

Lifestyle Developments Find Their Niche

It’s no surprise that the smattering of ski properties lining the slopes of area resorts is tremendously popular with buyers. What is remarkable is the overwhelming response to the specialty niche developments cropping up in the greater Park City area. Eschewing ski access for other lifestyle components, each of these communities beckons a distinct demographic.

High Valley Ranch is an intimate equestrian community located just outside Midway in the Heber Valley. High Valley Ranch boasts 37 luxury country homes, a clubhouse and pool, and drop-dead views of the scenic valley and Mt. Timpanogos, but the real draw is the state-of-the-art equestrian facility with numerous features for high-quality horse care and handling by qualified personnel. Chocked full of amenities, it’s luxury living for you and your horse.

Perched above the Jordanelle Reservoir, Tuhaye is a 2,000-acre exclusive golf community located nine miles east of Park City. Within this expanse of land are homes and home sites for 600 fortunate families surrounding a critically-acclaimed Mark O’Meara-designed golf course. Of course, all Tuhaye residents are members of the larger Talisker community, and so enjoy privileges like private Deer Valley Resort ski access from the Jordanelle Gondola, a tony clubhouse, and a host of private spa services.

Only five minutes from Park City, Black Rock Ridge offers a balance of value and location. This townhome and condominium community is nestled into the foothills atop Brown’s Canyon, with sweeping views of Park City’s ski resorts. Residences will feature upgraded finishes and thoughtful design details. The two biggest draws? The easy access to Park City and the price tag: at press time, price ranged from the mid $300s to the low $600s. For more information about any of these developments, contact Jim Lea or Deb Hartley.

Market Perspective

From Dougan Jones, CEO of Prudential Utah Real Estate

Now, as the days grow longer and the warm, spring sunshine lingers into the evening, we can look ahead to a perfect Park City summer. Just around the corner, this summer is sure to be especially green and beautiful, thanks to all the precipitation over the winter.

This winter has also been a tremendous one for the local real estate market. 2007 proved to be the second-strongest year ever in the history of Park City real estate, nearly hitting the twobillion dollar mark. Median home prices in Park City grew 11% last year, while in Heber City they grew by a full 20%. While we don’t expect 2008 to see such extreme appreciation, we are confident that the greater Park City area will hold its values, offering strong, healthy growth. 2008 also brings great opportunities for buyers, as the local housing inventory expands.

I’m very proud of the hard work and dedication of all our Prudential agents. During 2007, Prudential claimed 55% of the entire Park City real estate market, with our nearest competitor at only 11% of the market share. Clearly, our agents are consummate professionals and true experts when it comes to local markets.

Now is a great time to buy real estate in the Park City area. For specifics about today’s market, please contact your local Prudential agent. Enjoy the exquisite spring weather!

Warm regards,

Dougan Jones
CEO of Prudential Utah Real Estate

Prudential Continues Market Share Domination

The numbers are in for 2007: once again, Prudential Utah Real Estate controlled the bulk of the Park City market. Within the city limits, Prudential held 55% of the market share for 2007, with the nearest competitor far below at 11%.

In specific geographic areas, Prudential fared even better. In the greater Deer Valley area, Prudential controlled 58% of the market for single-family homes, condos and vacant land. And, specifically in the Empire Pass/Flagstaff area of Deer Valley, Prudential carved out a whopping 71% of the market share. In both instances, the closest competitor only held 9% of sales. The Canyons® Resort area, which includes land and home sales in The Colony, also proved rewarding for Prudential; the brokerage controlled 65% of the area market share for 2007.

Park City Area’s First Hospital Breaks Ground at Quinn’s Junction

A new hospital for the greater Park City community is underway at Quinn’s Junction, along Park City’s eastern corridor. Previously, area residents had to travel to Salt Lake City or Heber City for hospital needs. The new hospital will be built and managed by Intermountain Healthcare (IHC), ranked second in the nation in 2007 by Verispan and Modern Healthcare in a study of more than 550 integrated health systems.

Plans call for a building of approximately 100,000 square feet, with an additional 20,000-30,000 square feet available for expansions. About 45 physicians will likely staff the hospital, which will offer a range of specialized services, including internal medicine, pediatrics, orthopedics and women’s health care. To begin with, the hospital will provide 25 beds for overnight stays.

During 2007, Park City annexed the land where both the IHC hospital and the U.S. Ski and Snowboard Association headquarters are now under construction. Estimated completion for the hospital is early 2010.

PARK CITY 2008 Summer Events

Calender of Early Summer Events

Western Region FIS Finals GS/SL At PCMR........................................Mar 27- 30
The Canyons® Spring Gruv Concert Series - Soul Asylum..................Mar 29
Pond Skimming at The Canyons® Resort..............................................Mar 29
Park City Follies.........................................................................................May 1- May 3
Come Together - A Tribute to the Beatles..............................................May 8 - May 10
The Canyons® Spring Gruv Concert Series - Rusted Root..................April 5
Park City Historic Home Tour...................................................................June 14
The Subaru Gary Fisher National Mountain Bike Series Race............June 27 - June 29

Ongoing Early Summer Events

The Park City Film Series.......................................................................Fri-Sun evenings
“Music In The Park” at Snow Park, Deer Valley®.................................Wed evenings 5:30pm
Park City Gallery Stroll ............................................................................Last Friday evening of each month
The Canyons® Resort Concert Series..................................................Sat evenings

For more info on events in Park City visit www.ParkCityInfo.com