The Wasatch Back Mountain Lifestyle Newsletter

Summer/Early Fall 2008 Edition (VIEW PDF VERSION)

Dear Friends,

Park City has something to offer everyone. There are over 300 miles of hiking and biking trails, Wednesday nights Concert in the Park and the Sunday Park Silly Market on Main Street. For a detailed schedule of events go to www.parkcityinfo.com and click on Arts & Events.

The Park City real estate market continues to move ahead. We feel very fortunate that our local market has not felt the magnitude of the national housing slump the way our friends on the East and West coasts have felt the impact. For more information on Park City values please visit our website at: www.lea-hartley.com.

We would be delighted to welcome you to life as we know it in Park City, Utah. If you are lucky enough to live, visit or play in Park City, you are lucky enough. If you would like to know the other 97 reasons why we live here, give us a call.

All our best,

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

Come for the Winters… Stay for the Summers

Not so long ago, summertime was Park City’s best-kept local’s secret. Four sleepy months of nearly perfect weather and easygoing good times. Well, the word has gotten out. Park City summers still boast blue skies, low humidity and a distinctly laid-back vibe, but now the season is anything but sleepy. From a myriad of recreational opportunities, to a lively arts and music scene, to eclectic outdoor markets and festivals, summers along the Wasatch Back are the most colorful time of the year.

Unlike the wintertime, when one sport dominates the scene, summer recreation is much more egalitarian. Some come for the golf—with many renowned public and private courses within 20 minutes of Main Street. Others are drawn to the 350 miles of public trails for hiking and biking, from mellow scenic cruises to adrenaline-pumping descents. And, since all three resorts offer lift-served bike rides and hikes, even folks who only like to go downhill can get in on the action.

There’s no shortage of water here, especially after this past winter, which brought the area snowpack to over 150% of normal. The three reservoirs that ring Park City—Jordanelle, Deer Creek and Rockport—offer guided sailing trips and full-throttle watersports. And, cold mountain rivers beckon for blue ribbon trout fishing. In fact, it’s totally doable to pull a triple-header: a six-mile mountain bike ride in the morning, nine holes of golf after lunch, and a peaceful fly-fishing session at sunset.

Summers along the Wasatch Back aren’t only about recreation, though. June through September, Park City brims with cultural festivals—from music, to dance, to the visual arts—most taking place outside in the mountain air. The Park City Food & Wine Classic is an epicurean extravaganza, scheduled for July 10-13. This 4th annual event blends master winemakers, culinary greats and live entertainment. August 1-3 will see Main Street transformed into a pedestrian-only street fair for the 39th annual Kimball Arts Festival, with 225 selected artists, beer and food gardens and three stages with over 30 live bands. A local’s favorite, this is the longest-running arts festival in the West.

Throughout July and August, the gentle slope of Deer Valley’s Snowpark area becomes center stage for a diverse line-up of live performances. The Deer Valley Music Festival is the summer home for the Utah Symphony & Opera, with regular concerts of chamber and classical music, plus opera and pops. Sharing the stage with the Music Festival is the St. Regis Big Stars, Bright Nights concert series, which hosts heavy-hitters in popular music, ranging from indie-rock chanteuse, Feist, to country-rock icon, Dwight Yoakam to rock icon Boz Scaggs. All concerts at Deer Valley are set under the stars, where locals and visitors lounge companionably on picnic blankets against a backdrop of wildflowers.

Also under the open night air is the Sundance Institute’s Outdoor Film Series, which presents the best films of past Sundance Film Festivals outside on the big screen…totally free of charge. In 2008, the series runs July 11-August 27, and films screen Fridays at dark in the City Park. Held during the warm nights of late August, the Park City Jazz Festival brings to town some of the best names in the business, for three nights of unforgettable music. This year’s festival is planned for August 22-24 and boasts national acts like Joshua Redman, Blues Traveler, Big Bad Voodoo Daddy and The Blind Boys of Alabama.

Street-fair lovers don’t have to wait for these big festivals to enjoy some local color. Every Wednesday until the end of October, the Park City Farmers Market offers the best of local produce, meat and dairy products, area artisans, live music, plus fresh food and a new beer garden. The Farmers Market is held in the lower parking lot at The Canyons Resort from noon until 7:00 pm. The Park Silly Sunday Market is entering its second season. From near obscurity, this funky open-air market has charmed its way into the local lexicon, with its eclectic offering of arts & crafts, food, live music and a beer garden. The Park Silly Market takes place on Sundays on lower Main Street, from 10:00 am-4:00 pm through September 28. As the adage goes, locals come for the winters, but stay for the summers.

Gaining Ground: Prudential Developments Construction Updates

Around Deer Valley Resort: The most recent project to break ground in the Empire Pass area is the 37-unit Flagstaff, the newest project from East-West Partners, located on the Silver Buck ski run. Estimated completion for Flagstaff at Empire Pass is the summer of 2009, but two finished on-site models will be ready for tours by the opening of the next ski season. Also in Empire Pass is Silver Strike Lodge, located at the base of the Silver Strike Express lift. During the month of June, the project completed construction and received its certificate of occupancy, and also closed on its first 14 residences. Twenty units are still available for sale and immediate occupancy at Silver Strike. The St. Regis Resort & Residences, Deer Crest is currently under construction at its slopeside location, just uphill from Snow Park Lodge. At completion—scheduled for summer 2009—the project will boast 67 condos and 27 residences, plus five-star amenities. At press time, the main building is now 11 stories above the Deer Hollow ski run, and the condominium framing is complete up to the sixth floor. The residential tower should be topped out by late summer. As of late June, 65% of the condos and 70% of the residences have sold.

Around Park City Mountain Resort: Across the street from the Town Lift Plaza and Bridge is Parkwood Place, an enclave of eight homes in the heart of Park City’s historic district. At press time, two recent sales had closed, leaving only two homes remaining unsold in the entire project. The first three homes to be completed at Parkwood Place will be ready this summer. Set within the resort village itself is The Lowell, a twelve-unit condominium project scheduled for final completion by August 1. Six units remain available for immediate sale and occupancy by early August. Tucked against the flank of Park City Mountain Resort and accessed by the Silver Star chairlift is Silver Star at Park City, a community of freestanding cottages, village lofts and townhomes. Construction of all residential units will be completed by July, and the hilltrac lift and club house are slated for completion before the start of the coming ski season. Over 80 units have closed, leaving only a handful of units available for sale and immediate occupancy.

Around The Canyons® Resort: Escala Lodges are comprised of 84 ski-in/out condominiums, located next to the Sunrise Lift in the resort base village. Only a few units remain, with completion scheduled for fall 2008. Immediately adjacent to Escala Lodges and also served by the Sunrise Lift is Sunrise at Escala. Sunrise is now in the framing stage and going up rapidly, with completion of the 83 units scheduled for spring 2009. Dakota Mountain Lodge is part of the Waldorf-Astoria Collection of hotels and will feature the Golden Door Spa and a first-class restaurant. Dakota Mountain Lodge is located in the Frostwood area at the base of The Canyons Resort and accesses the resort via a private chairlift. Completion of the lodge with its 172 total units is scheduled for spring 2009 and Building II is now taking reservations. Overlooking the proposed Earl Kemp mountain golf course, Fairway Springs is breaking ground this summer. The 46 total units will be constructed in two phases; at press time Phase I had 21 reservations on its 25 units.

Life Grows a Little Greener in Park City

The Park City community is embracing sustainable living practices, all the while adding value to the community. Park City Municipal Corp. has a dedicated sustainability department, with a host of measurable programs to lessen the city’s impact on the environment. Here are a few highlights of recent initiatives, according to Crystal Ward, Park City’s Sustainability Project Manager:

To date, Park City has protected over 6,400 acres of open space through purchases and development agreements. Since buildings account for 38% of carbon emissions, protecting open space not only makes Park City a nicer place to visit, it also helps reduce the city’s environmental footprint. Last year, residents approved a $15 million bond to improve walkability and bikeability in the community, thus reducing dependency on cars and making Park City more attractive to locals and visitors alike. Park City is home to the only green building program in the state, Build Green Utah. And, a new building policy requires all municipal buildings to meet LEED (Leadership in Energy and Environmental Design) standards and attain a minimum rating of 75 on the Energy Star scale.

While all three of the area’s ski resorts are implementing environmental initiatives, Park City Mountain Resort is at the forefront of international ski resort sustainability. Starting June 1, the resort is offsetting 100% of its carbon footprint through the purchase of Renewable Energy Credits (RECs.) This move will avoid nearly 19 million pounds of CO2 emissions annually—equivalent to powering 1,100 average American homes for a whole year. And, the resort’s parent company, the Park City-based Powdr Corp, is purchasing enough RECs for all of its mountain resorts that it has been named one of the EPA’s top 20 partners in Green Power Partnership. In addition to purchasing renewable energy, Park City Mountain Resort is working to reduce its energy use with creative ideas like a refrigeration plan that will use outside winter air to cool walk-in refrigeration systems, instead of power-hungry air compressors.

On the green building scene, one of Prudential’s development partners is LEED-ing the way in sustainable design and building principles. The Leadership in Energy and Environmental Design rating system was created by the U.S. Green Building Council, to provide independent, third-party verification about environmental responsibility. The Enclave at Sun Canyon is a community of 35 townhomes and five homesites located at the top of Sun Peak in Park City. “The Enclave at Sun Canyon is a project designed with the highest level of environmental awareness,” says Michelle Canada, Prudential listing agent for The Enclave. “The development team is working towards full Utah Green Building Initiative Certification and potential LEED certification upon completion. The team has gone to great lengths to preserve native plants and trees, to specify sustainable building materials and to construct energy-efficient and resourceful dwellings.” These great lengths include: preserving topsoil and controlling erosion during construction, reducing asphalt and designing living roofs to reduce the heat island effect, utilizing rapidly renewable materials like bamboo flooring and wool carpeting, and creating innovative passive solar and energy efficient designs. For more information: www.enclavesuncanyon.com.

Market Perspective

From Dougan Jones, CEO of Prudential Utah Real Estate

Sometimes the best things in life are the simple things. We can all appreciate the simplicity of a sunny summer day in the mountains. We should also appreciate the simple economic fundamentals that continue to bless the greater Park City real estate market. While appreciation rates have slowed, the Park City area continues to experience a stable market and strong economic staying power—even more valuable in a time when much of the nation is facing a real estate retraction.

We have had some rainy days here also, though. Sold units are down, and in some market segments, prices have declined. While this scenario presents challenges for sellers, it’s a boon and an opportunity for buyers, who now have the advantage of choosing from a wide range of diverse inventory…without stiff competition from other buyers. We are finding that sellers who are realistic in their expectations are getting their properties sold.

It’s easy to get frightened by all the gloom & doom talk about the national real estate market, especially for those Buyers coming from distressed markets. The truth is that our market is a local one, acting independently of national trends. Of the 20 weakest markets in the nation, 19 are in Florida and California and 20th is in Las Vegas. In fact, Utah and Wyoming continue to have the highest appreciation rates in the country. * Over the years, the Park City area has experienced steady growth. Consequently, we haven’t seen any crashes in value. Today, our real estate market continues to be a safe and stable haven.

When assessing the Park City real estate market, it is essential to consult with a local expert—a Park City Realtor®--rather than relying on national news stories that don’t pertain to us here. I encourage you to learn the facts about our local market by visiting a new informational website launched by our Board of Realtors—www.ParkCityHousingFacts.com—and by talking with your local Prudential agent. All along the Wasatch Back are rare opportunities for buyers… opportunities that offer a long-term lifestyle asset. Please contact your Prudential agent to review the specifics about today’s market. I look forward to seeing you around the mountains this summer.

Warmly,

Dougan Jones
CEO of Prudential Utah Real Estate

* Figures from OFHEO, Office of Federal Housing Enterprise Oversight

Heber Valley Real Estate Market Gets Noticed By the Press

Quiet and bucolic, the Heber Valley has long been the pastoral foil for the bustling resort appeal of Park City. Growth and change are on the rise here though. The Wall Street Journal’s Real Estate Journal recently declared Wasatch County to be the “best value for second homes.” In May 2008, The Salt Lake City Weekly ran a cover story on the changing face of the Heber Valley, quoting a 33% growth rate from 2000-2006 and citing an average home price in Wasatch County of $600,000. What’s more, CNN’s Money Magazine ranked Heber City among the nation’s “50 hottest little boomtowns.” All the media attention hasn’t gone to Heber’s head, though. Most summer days, visitors to the Heber Valley will notice osprey nesting above Deer Creek reservoir, families riding bikes along the path linking Midway and Heber, fly-fishermen casting quietly into the Provo River, and horses lazily grazing in green pastures.

Mountain Trails Add Community Value

“Our trail system is our primary summer asset,” asserts Tom Peek, Prudential Realtor® and President of the Mountain Trails Foundation. “Park City is a resort town, so it’s our combination of scenery, recreation and a healthy lifestyle that draws people here. There’s the skiing in the winter of course, and in the summer we have all these incredible trails for hiking, biking and equestrian use.” Mountain Trails Foundation is a membership-driven non-profit organization that partners with groups like Basin Recreation, Park City Municipal Corporation and private landowners to advocate for the creation, maintenance and improvement of a growing 350-mile trail network. According to Peek, the organization’s most important work isn’t fundraising, but friendraising. “We invite all trail users—both locals and visitors—to become members in order to better foster a sense of community ownership and pride in our trails.” Become a member or learn more about the organization at www.mountaintrails.org.

PARK CITY 2008 Summer Events

Calender of Summer Events

Oakley’s 4th of July Celebration and Rodeo..........................................July 2-5
July 3rd Celebration at The Canyons® Resort.......................................July 3
July 4th Park City’s Independence Day Celebration..............................July 4
4th Annual Park City Food & Wine Classic.............................................July 10-13
Bald Mountain Challenge Mtn Bike Race at Deer Valley®....................July 19-20
Lucinda Williams - Big Stars, Bright Nights Series ................................July 28
Luxury Home Tour Auction..........................................................................July 31
Broadway Rocks! - Presented by Utah Symphony .................................Aug 2
The 39th Annual Park City Kimball Arts Festival......................................Aug 2-3
Golden Dragon Acrobats - Big Stars, Bright Nights Series....................Aug 17
Boz Scaggs - Big Stars, Bright Nights Series..........................................Aug 19
11th Annual Park City Jazz Festival...........................................................Aug 22-24
Park City Area Showcase of Homes.........................................................Aug 23-31, 30-31 Sept 1, 6-7
Dwight Yoakam - Big Stars, Bright Nights Series....................................Aug 30
Howl-o-ween! on Main Street.....................................................................Oct 31

Ongoing Summer Events

Park Silly Sunday Market on Main St........................................................Sundays thru Sept.
Music In The Park at Deer Valley’s Snow Park.......................................Wednesdays thru Sept.
Park City Gallery Stroll................................................................................last Friday of every month
Park City Farmers’ Market........................................................................Wednesdays thru Oct.
The Canyons Resort Saturday Summer Concert Series.......................Saturdays July 19-Aug 23

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