First Quarter Realtor Stats are Good News

Unit and dollar volume doubled since last year
by Andrew Kirk, OF THE RECORD STAFF, Park Record of Park City, Utah
Posted: 04/27/2010 04:03:33 PM MDT

Things are looking up for Realtors.
During the first quarter of 2010, Realtors sold nearly twice as many properties worth more than double the dollar volume from the first quarter of 2009.

It wasn't hard to surpass the dismal figures from early 2009, but selling 325 units worth $303 million would have been a respectable quarter not too many years ago. These increases were true for all property types, according to the First Quarter Report from the Park City Board of Realtors. This isn't necessarily good news for home owners hoping to sell for a quick profit. In the Park City area, sales prices for the year preceding March 31, 2010 were down about 20 to 30 percent from the year preceding the same day in 2009 which were sale prices close to the peak from the real estate boom. The lower prices and more frequent sales were directly correlated explained board president Mark Seltenrich on Monday. People were reluctant to let go of the perceived property values generated by the boom in 2009. Over the past few months, people needing to sell have priced "correctly," and sales have followed, he said. The auctions in January held by Accelerated Marketing Partners made a significant impact in setting values, he said. The successful auction and following sales of several units at Silver Strike combined with sales at Flagstaff did exactly what Accelerated Marketing Partners said it would do: create transparency in the market and allow buyers to agree on true market value.

Several condominium sales in upper Deer Valley followed, actually raising the median sales price for condominiums by 20 percent not because area condos increased in value, but because so many high-end units sold following the auctions, he explained. In fact, transactions at the St. Regis and other Deer Valley properties actually skewed statistics measuring ratios. Condominium sales are typically a third to 40 percent of the total volume, but during the first quarter more than half of all real estate sales were condos. Seltenrich expects that to reverse by the end of the year.

Although outdone by condos, sales of single-family homes in the first quarter increased 73 percent from the previous year. But like condos, the increase is attributable to sellers coming to terms with lower prices. The good news, Seltenrich emphasized, is that he hasn't seen prices continue to decline. "Correct pricing" was established several months ago and has remained stable. "We're now at the bottom of that pricing curve," he added. "Prices have been bumping along at the same level for few months now prices can't rise until they stop falling, so we're at the point in our market."

More good news is the market has appeared to hit bottom for foreclosures and notices of default. "It appears we've passed the peak for that. There's still a fair amount going on, but it's not increasing and appears to be decreasing," he said. The bad news is that inventory levels are still too high. That's making it a "buyer's market," which certainly isn't bad for people shopping, but the healthiest situation is for the advantages to be balanced. There are about 3,000 units still on the market, down from 3,500 a year ago, but still on the high side, he said.

Even more troubling is the "shadow inventory" out there. That's all the owners wanting to sell who have been waiting to list, the impending foreclosures, the bank-owned properties not listed yet. Add to that list units at the Montage, and there's a lot of inventory yet to enter the market, Seltenrich explained. "It means there are a lot of choices," he added. "But sellers won't be able to hold out for high prices." Seltenrich said he still sides with the optimists and expects the year to end on a strong note.

Broker Thomas Wright with Summit Sotheby's International said he agrees with Seltenrich's optimism. For his own curiosity, Wright subtracted the Silver Strike and St. Regis sales from this quarter's statistics and still found the numbers to be up significantly. In retail, merchants have been suggesting current spending habits are the "new normal." Wright said he thinks current real estate pricing may be the new reality. The proof is in the numbers. Homes that went under contract within three months of being on the market did so at 96 percent of the list price. Those sold after six months did so for 90 percent of the list price. Those for sale longer went under contract for 85 percent of the list price.
"To solicit offers, you have to have it priced within three to five percent of fair market value," he said. People think they need wiggle room in their price, Wright said, but they aren't getting offers and it's aging the property on the lists. "You become a bit stigmatized for being on market so long," he said. Conversely, Wright said he hasn't seen a lot of buyers "low balling." There's some consensus on values right now. Also, lower prices might be bad news for Heber and the East Side. People who were priced out of Park City bought on the periphery, but Park City is now more affordable, he said.

Broker Jess Reid of Jess Reid Real Estate said he occasionally disagrees with the board's summary of quarterly numbers, but feels Seltenrich is right on. However, "shadow inventory" worries him as well. Developers with permission to build northeast of Jordanelle Reservoir could also heavily impact inventory, he said. Reid also agreed on the positive impact of the Accelerated Marketing Partners' auction. In 32 years, Reid said he's only seen two or three successful auctions. Reid expects a slow recovery. That's coming from surviving three previous recessions, he said. But consumer confidence is growing, he added. "I think it will feel like a recovery the second half of the year," he said.

Park City’s ski season improves from 2008-09

Travel » Spending still down from two years ago amid slow recovery.
By Christopher Smart, The Salt Lake Tribune
Updated: 04/20/2010 06:03:49 PM MDT

Park City » Ski season is over and, among other things, that means there is plenty of parking on Main Street, where business appears to be up almost 6 percent over the bomb that was the winter of 2008-09.
In the aftermath of 2008's financial collapse, gross sales tax receipts for the subsequent ski season sank about 20 percent. It's a time nobody wants to remember.
But as waiters and maids, bartenders and lift attendants head out for spring break this year, estimates have merchants, restaurateurs, and hoteliers hopeful that the worst may be over.
First-quarter sales figures are not yet available, but according to City Hall estimates, gross receipts for this ski season are up about 5.8 percent over 2008-09.
"We expect the general trend to be up," said Bret Howser, Park City budget officer. "Going in, the [ski] industry predicted we'd be flat. We experienced better than flat."
For some of Park City's established restaurants and merchants, including the Main Street Deli and Dolly's Bookstore, the ski season that ended last weekend was better than City Hall's estimate.
Park City businesses weren't sure what to expect after last year, said Mike Lindbloom, who with wife Barb has owned and operated the Main Street Deli for the past 25 years.
"Everybody was leery. But [this ski season] turned out better than we anticipated."
Last summer's business helped Lindbloom make ends meet after the disastrous 2008-09 season. "We still haven't hit 2007 numbers [overall]," he said.
Across the street, at Dolly's, the just-ended season was much improved over the previous winter, said bookseller Liza Simpson. Dolly's numbers were up well more than 6 percent, she said. And the bookstore had its best December ever.
"The store was busy all winter. Overall, it wasn't anything to start a parade about, but it's moving in the right direction."
Dolly's and the Deli are two of Park City's more affordable venues and that, no doubt, helped them in these lean times.
Vacationers have changed spending habits since the bottom fell out of the financial market 18 months ago, according to Bill Malone, the executive director of the Park City Chamber of Commerce and Visitor's Bureau.
"I've talked to people who experienced" an uptick in business, he said. "But I've talked to a lot of people who didn't."
Visitors on ski vacations continue to buy lift tickets, but in a down economy they don't spend as freely on eating and shopping, Malone explained.
"The [rebounding stock] market has helped, but there is still a little bit of a gut-check when it comes to vacation spending."
Reduced rates at Park City lodges took a toll on hoteliers' bottom line, Malone explained.
"Everything we gained in occupancy, we lost in rate," he said. "The net came out pretty much on a par with last year."
Businesses are adopting new models to cope with the tougher climate, he noted, and the realization that an economic recovery will be long and slow.
"It may be a long time before we see 2007 [sales numbers] again."

Park City UT makes Traveler's Ideal Wish List

Why Park City Makes Up the Traveler's Ideal Wish List
Published: April 11, 2010, Luxury Travel Magazine

Bluebird skies with perfect, low humidity weather – check; the very best of sports and adventure – check; exciting new luxury, from spas to dining – check, and the ease of travel – check; off-season rates at one of the country's most acclaimed new resorts – check.

Just 35-miles from Salt Lake International Airport, Park City there are many reasons to check out the charming mining town. New to the area and nestled slopeside at Deer Valley is The St. Regis Deer Crest Resort. The resort is unique for being the state's first five-star branded hotel while offering a laidback mountain experience. In the summer, guests benefit from room rates that are just a fraction of their winter prices, starting at just $225 as opposed to $599.

Travelers considering a trip out west this Spring, here are the amenities and activities that are not to be missed: An Engineering Marvel, the Funicular: The funicular at The St. Regis Deer Crest Resort is not-to-be missed. The sleek engineering marvel transports guests 500 feet between the base of Deer Valley to the main hotel in 90 seconds. From its stunning views to state-of-the art design. Plush leather seats, tinted windows, and air conditioning – the funicular is as cool as it is chic.

Culinary Class: Chef Jean-Georges Vongerichten's J&G Grill and The Wine Vault: Famed Michelin-starred chef, Jean-Georges Vongerichten, has made his first foray into the Intermountain West with the J&G Grill. The menu redefines mountain elegance and excites the taste buds with the chef's riveting culinary offerings at affordable prices. Guests can enjoy either al fresco dining on the stone terrace overlooking the mountains or dining room vistas of the Wasatch and Uinta Mountain. The 8,000-bottle wine collection is the state's most comprehensive and the unique wine program and the glass-encased Wine Vault is an intimate atmosphere for wine and cheesing tastings.

Mind-Body Pampering, The Rèmede Spa: Spanning 14,000 square feet, the Rèmede Spa at The St. Regis Deer Crest Resort is the ultimate experience in mind-body rejuvenation. The spa has eleven treatment rooms including intimate individual rooms and romantic companion suites with fireplaces, soaking tubs, and alfresco relaxation patios. Spa therapists help to discern guests' individual desires and then assist in custom-crafting an experience that can encompass beauty treatments, skin care, and body work.

Outdoor Adventures: For rigorous workouts and outdoor pleasures, guests can literally walk or bike out the resort's door to take advantage of Deer Valley's 50 miles of panoramic trails. Horseback riding through the mountains is another favored way of checking out the area's natural beauty. Jans Mountain Outfitters, the premier guide service in Utah, is located in the basement of the resort to offer guests a full complement of equipment and services.

Fly-fishing: The St. Regis Deer Crest Resort is located less than 30 minutes from both the Provo River, a designated Blue Ribbon trout stream, and the Weber River, another world class trout stream.

Golf: Park City alone has seven golf course, three of which are public, while neighboring Heber Valley has another five greens for golfers to choose from. Aficionados can try their game at Tom Fazio's Glenwild or Jack Nicklaus' Promontory Ranch Club, Painted Valley and Red Ledges.

Utah Olympic Park: Spanning 389 acres, this thrilling park is just a few minutes from The St. Regis Deer Crest Resort. During the summer, visitors can try everything from the bobsled, which has been deemed one of the most intense one-minute experiences, alpine slide or the zipline. Every Saturday, elite aerial ski athletes perform freestyle shows in the splash pool. The park staff offers eager visitors coaching for all abilities.

Arts and Culture: One of the town's most beloved summer events is Deer Valley's "Bright Lights Big Stars," a mountainside outdoor concert experience that draws talent such as Wanda Williams and Elvis Costello. On Main Street, the newly renovated Park City Museum offers the perfect opportunity to learn about the town's unusual mining history.

How many millions might a Treasure buyout cost?

How many millions might a Treasure buyout cost, and would voters say 'Yes?'
If conservation deal is struck, City Hall might have to ask Parkites to approve a big bond
by Jay Hamburger OF THE PARK RECORD STAFF, Park City, UT
Posted: 04/09/2010 04:22:02 PM MDT


The Treasure land occupies a highly visible hillside overlooking Old Town. City Hall and the Sweeney family are expected to soon start talking about the prospects of a conservation agreement at the site. Erik Daenitz/Park Record



One day Park City voters might be faced with a ballot question that reads something like this: "Shall Park City, Utah be authorized to issue general obligation bonds in an amount not to exceed $40 million to acquire and forever preserve the park and recreational land commonly known as the Treasure parcel?"

Or could the figure be $30 million. Perhaps it could be $50 million.

Or more. Or less.

Nobody can say for certain what price tag might someday be attached to the Sweeney family's Treasure acreage on a hillside overlooking Old Town. But it seems top-ranking City Hall officials are preparing to engage the Sweeneys in what would be some of the highest-stakes conservation negotiations ever undertaken by Park City.



A model of the Treasure development shows the size of the buildings compared to the smaller ones already in nearby Old Town streets. Treasure opponents want the acreage protected from development through an agreement between City Hall and the Sweeney family. File Photo by Grayson West

Mayor Dana Williams and the Park City Council are considering a procedural change to the way some development-related matters are considered. Doing so would allow the elected officials to appoint a hearing officer to handle certain appeals of development decisions. If the mayor and City Council did not hear those appeals, they would be free to discuss alternatives with developers, such as purchasing land to preserve as open space or paying a developer in exchange for reducing the size of a project.
City Hall staffers offered the procedural change with a goal of a Treasure breakthrough. The Sweeneys have recently indicated they would be willing to start talking with city officials about a conservation deal for the land now under consideration for approximately 1 million square feet of development.
Should Williams and the City Councilors eventually negotiate a deal to conserve all or some of the Treasure land, City Hall would probably need to raise millions of dollars to pay the Sweeneys. There is no money left, though, from three conservation bonds Park City voters passed starting in 1998. They totaled $40 million -- two $10 million ballot measures and one for $20 million -- and voters approved each of them by wide margins. The $40 million bought prime pieces of land along the entryways and elsewhere, and people in Park City have generally seemed pleased with the way the voter-authorized money was spent.

It is unclear whether voters will be as supportive as they were in the three previous bond elections if they are asked to approve a ballot measure with the money earmarked for Treasure. If there are successful negotiations between City Hall and the Sweeneys in the coming months, it is conceivable that a bond could be on the ballot as early as Election Day in November.

The other conservation bonds were passed during much better economic times, and property owners in the city are still paying them off. A Treasure bond would likely be structured differently than the earlier ones in that the people might be voting on a bond measure tied to a designated property. The others ones were vaguely worded to allow City Hall to pursue conservation deals across the city and along the entryways, essentially continuing a strategy that dated to the early years of the local conservation program.

Mayor Dana Williams says it is a "little premature to be discussing that" when talking about the idea of a Treasure-related conservation bond. He says there could be other tactics to protect some of the Treasure land, perhaps through what is known as the transfer of development rights. Under those agreements, a landowner shifts a project to another piece of ground, with there normally being a financial inducement for the owner. He also says more research is needed into the current iteration of Treasure and its adherence to a broader City Hall approval dating to the 1980s for development on the Sweeney land.

"An open space bond probably could not get rid of all the vesting," Williams says, employing a term that attorneys use to describe previously approved development rights such as those held by the Sweeneys since the 1980s.

One scenario, as described by the mayor, calls for some of the development rights the Sweeneys hold being transferred to another piece of ground and monies from a conservation bond being put toward preserving the rest of the land. He says a bond would need to be the largest ever placed on a ballot by City Hall. Maybe, the mayor says, voters would be asked to approve a bond more valuable than the previous three combined.

Williams said he would accept a spot on City Hall's negotiating team should the procedural change be approved. The elected officials, who seem supportive, are scheduled to vote on the procedural change as early as April 15. The Planning Commission made a favorable recommendation.

Cheryl Fox, who heads the Summit Land Conservancy, a not-for-profit group that works closely with City Hall on its conservation program, says she would like her organization involved with talks between the municipal government and the Sweeneys about a deal to protect the Treasure land.

Fox says the talks need to be sensitive to the economic conditions. The earlier ballot measures passed as Park City was enjoying headier times. She says Parkites, though, continue to desire land be set aside from development.

"I don't think the people's desire to protect the open spaces we cherish has changed at all," Fox says, adding that officials need to be "very sensitive" to the economy's effects on Parkites.

John Stafsholt, one of the key members of a Treasure opposition group known as the Treasure Hill Impact Neighborhood Coalition, says a $40 million ballot measure could pass if the figure was the price the Sweeneys would accept for a buyout of all of the Treasure development rights. He bases the $40 million on the sum of the previous bonds.

Stafsholt, who unsuccessfully campaigned for a City Council seat last year, says Parkites he spoke to who brought up Treasure during the election season wanted the scope of the project reduced or the development rights shifted elsewhere.

"We have bonded for $40 million, total, in the past and had quite a bit of support," Stafsholt said.

National Open House Day

The door is open all over the country
Local Realtors participate in National Open House
by Andrew Kirk, OF THE RECORD STAFF
Posted: 04/06/2010 04:41:08 PM MDT

Go on in all Utah Realtors are encouraged to hold open houses this Saturday.
When the federal home-buyer tax credit was about to expire last November, there was a spike in real estate sales nationwide. On April 30, the extension will expire so the National Association of Realtors is promoting a day of open houses on April 10.

Lerron Little, president Utah Association of Realtors, said about 31 states are participating and it's a great opportunity for Realtors all around to combine marketing efforts. Local consumers will be able to see a variety of real estate product in a condensed fashion.

He compared the day of open houses to a Parade of Homes (the Park City area hosts a Showcase of Homes) in which people get great access to see the product on the market and what values are available.

Purchase contracts must be approved and signed by April 30 and deals closed by June 30 to take advantage of the tax credit.

"It's an important deadline," he said. "It's beneficial to home sellers and those purchasing to know about the incentive."

Mark Seltenrich, president of the Park City Area Board of Realtors, said experts are expecting the April 30 deadline to again spur home sales. The open houses are a great way to combine marketing efforts and remind people of the deadline.

Participation in the program is completely voluntary, but the board's CEO Sharon Woodbury said initial inquiries suggest there will be good participation from the largest firms.

A list of accessible properties can be viewed at www.ParkCityOpenHouse.com and Woodbury said she expects even more participation than what is posted.
The state's list is at www.UtahRealtors.com .

On any given weekend there are several open houses in Summit County and people house hunting, Seltenrich said. But this unique opportunity to see so many homes on a given day will make people better-educated shoppers.

If someone has been on the fence about a property, getting a better understanding of the market and pricing will hopefully prompt them to take action before the federal deadline, he said.

Naturopathic physician joins Golden Door Spa at new Luxury Hotel at the base of the Canyons Resort, Park City

Naturopathic physician joins Golden Door Spa
Director: aim is to become a full-service wellness center
by Andrew Kirk, OF THE RECORD STAFF
Posted: 04/02/2010 04:31:56 PM MDT
When Scott Cowdrey became director of the Golden Door Spa earlier this year he said he wanted to attract more locals. Even though the spa would always service hotel guests and destination visitors, he was also offering memberships for Parkites to make it their fitness club.

The Golden Door is more than a relaxation spa, he explained.

"Putting people on the path to a really healthy lifestyle is the basic goal of the Golden Door Spa. It's not just a spa to relax in. You can, and we can knock your socks off. But we're also coming at it from the standpoint of an investment (in health)," he explained.

That goal prompted the spa to recently add naturopathic physician Trevor Holly Cates to its staff. Cates was practicing out of a medical office on Ute Blvd. in Newpark.

Cowdrey said Cates can offer guests and members nutritional counseling to complement their treatments. The spa gives Cates' clients access to fitness and stress-relieving services complementing her holistic treatments.

"We offered nutrition, but never to this level," he said.

Whatever a person needs to achieve optimal health and fitness, everything is available under one roof, Cowdrey said. That's been a goal of his ever since becoming director.

"They can walk outside her door and walk right into ours," he added.

Cates said it's a perfect fit because she's interested in the whole person. Everything a client needs for exercise and stress management is in the same place.

Destination guests to Golden Door come for a transforming week, and even though she won't be their primary-care physician, she can send them home with information to implement in their lives.
For her regular clients, the only difference will be they can now valet their car and hang out in the spa after, she said.

The hotel was recently purchased by Talisker which plans to rename it Waldorf Astoria, Park City.

Park City brings Olympic Games back home

Local Olympians and Paralympians parade down Main Street
Matthew Piper, OF THE RECORD STAFF
Posted: 04/02/2010 04:32:17 PM MDT

(Photo by Grayson West/The Park Record) Local residents Nate Roberts, left, and Bryon Wilson...

On a bleak Tuesday afternoon with frosty winds whipping through Main Street, Park City residents showed where their priorities lie by lining the streets at a parade for Utah's 2010 Olympic and Paralympic athletes.
"It's always great to see the community out to honor the Olympians, because I just remember the 2002 Olympics, and being with this group again brings back memories," said Park City resident Lola Beatlebrox.
"The last time it was like this was July 4th," she said.
Beginning as advertised at 5:30 p.m. sharp, local junior athletes trod behind a convoy of international stars while viewers took part in the traditional parade fare waving, screaming and snapping photos.
There were no floats, as athletes rode in a cavalcade of SUVs and pickup trucks. 2010 World Cup giant slalom title winner Ted Ligety led off and quickly heeded one photographer's cry to "Start waving!"
Paralympic sled hockey gold medalist Greg Shaw joined fellow Park City resident and Closing Ceremony flag-bearer Monte Meier (stand-ski) in an SUV adorned with posters and paint. Behind them, recently retired moguls bronze medalist Shannon Bahrke shared a truck bed with moguls teammate Heather McPhie while trailing men's moguls athletes Nate Roberts and bronze medalist Bryon Wilson.
"It was a nice surprise," said New York's Bob Ingersoll, a winter sports fan on vacation in Park City. "Ted Ligety and Shannon Bahrke that made my day. I watched those guys during the Olympics."
Nordic combined medalists Brett Camerota and Billy Demong nearly tumbled on top of each other as their truck accelerated quickly at the top of Main Street, giving their audience a laugh.
Camerota was on a post-Olympic vacation in Thailand when he found out about the parade and rushed home.
"I really wanted to get away a little bit, but once I found out about the parade in Park City, I definitely made sure I made it back," Camerota said. "These programs are pretty much the reason I have a medal, so I wanted to show all the kids that these programs are a lot of fun and they actually do work."
Aerialists Lacy Schnoor and Jeret "Speedy" Peterson, and speedskaters Travis Jayner, Rebeckah Bradford, Tucker Fredericks and Catherine Raney Norman were also among the 24 athletes on hand.
The School of Rock Show Band played while athletes signed autographs for hordes of fans, young and old alike, at the Town Lift Plaza.
"We have a lot of pride," said City Manager Tom Bakaly on Tuesday afternoon at a Park City Rotary Club attended by Peterson, Camerota, Wilson and Demong. "We love being able to pull together, especially with the ski team taking the lead (in medals)."
Bakaly said Park City's variety of elite training facilities like the U.S. Ski and Snowboard Association's Center of Excellence not only benefit Utah's medal count, but local businesses.
"Every time Park City gets mentioned, that's good on a lot of levels," Bakaly said. "But on an economic level, it's very important to us."
Demong, who moved to Park City to train with his teammates and is originally from Vermontville, N.Y., said the work done by the city has made it feel like home.
"The town has really grown on me over the years," Demong said. "At the beginning, it was a means to an end, but it's been really cool to watch the community develop."
USSA Vice President of Communications Tom Kelly thought the celebration hosted by the Park City Chamber/Visitors Bureau, Youth WinterSports Alliance, and Park City Municipal Corporation was unique for its sheer size.
"We're really excited that the city of Park City has been looking for ways to acknowledge and congratulate the athletes," he said. "There's celebrations like this happening all over the country, but I don't think there's any other celebrations that included over two dozen athletes. It really shows how big a role Utah plays."