PC Calendar of Events12/28/08 to 01/03/2009

The Egyptian Theatre Presents The Music Man
November 21, 2008 - January 4, 2009
Location: The Egyptian Theatre
Phone: 435-649-9371
www.egyptiantheatrecompany.org
This classic musical with its traveling con-man and the lonely piano teacher has been charming audiences for decades. Come, bring the whole family to this heartfelt and uplifting entertainment and spend the holidays with us at The Egyptian Theatre. Please call for show days and times.

Torchlight Parade
December 30, 2008
Location: Deer Valley Resort
Phone: 800-424-3337
deervalley.com

New Year's Eve Celebration at The Canyons Resort
December 31, 2008
Times: 7 to 9pm
Location: Resort Village at The Canyons
Phone: 435-649-5400
Admission: Free
thecanyons.com
Festivities kick off at 7pm with live music. Fireworks display is at 7:30pm. The band will then play until 9pm.

Three Dog Night at The Eccles Center
December 31, 2008
Location: 1750 Kearns Blvd
Phone: 435-655-3114
www.ParkCityTickets.com
The legendary pop band will bring a little "Joy to the World" on New Year's Eve.

Park City Film Series - The Duchess
January 2, 2009 - January 4, 2009
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
This period drama adapted from Amanda Foreman's best-selling novel Georgiana, Duchess of Devonshire, stars the beautiful Keira Knightley and always intense Ralph Fiennes. The story documents the romantic entanglements of an 18th century London celebrity whose unhappy marriage to the Duke of Devonshire threatens to erupt into scandal when she falls for an enterprising young politician.

PC Calendar of Events 12/23/08 to 12/27/08

Santa on the Slopes
December 23, 2008 - December 25, 2008
Location: The Canyons Resort
Phone: 435-649-5400
thecanyons.com

Santa Claus Visits Deer Valley
December 24, 2008
Location: Deer Valley Resort
Phone: 800-424-3337
deervalley.com

Traditional Holiday Celebration and Torchlight Parade
December 24, 2008
Location: Park City Mountain Resort
Phone: 800-514-3418
parkcitymountain.com

Gallery MAR Winter Grand Opening and Miniature Show
December 26, 2008
Location: 580 Main St
Phone: 435-649-3001
Admission: Free
www.gallerymar.com
Local Utah artists present new miniature works for this holiday season. All styles and media, for all tastes. Delicious eats and artful conversation. Show runs from December 19 through January 4.

Park City Film Series - Happy Go Lucky
December 26, 2008 - December 28, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
In the effervescent new comedy from writer/director Mike Leigh (Topsy Turvy, Secrets & Lies), Sally Hawkins stars as Poppy, an irrepressibly free-spirited school teacher who brings an infectious laugh and an unsinkable sense of optimism to every situation she encounters, offering us a touching, truthful and deeply life-affirming exploration of one of the most mysterious and often the most elusive of all human qualities: happiness. Poppy's ability to maintain her positive perspective is tested regularly by the characters around her. She, nevertheless, manages to set a marvelous example of how to find the bright side of life for us all.

Park City Gallery Association Presents The Gallery Stroll
December 26, 2008
Times: 6 to 9pm
Admission: Free
www.parkcitygalleryassociation.com
On the last Friday of each month, members of the Park City Gallery Association offer a unique showcase highlighting artists, special exhibits, and art events. The last Friday Gallery Stroll is a free community event that gives locals and Park City visitors alike the opportunity to enjoy light refreshments while exploring Park City's exciting art scene. Please visit any of our participating galleries to pick up a free gallery guide.

Julie Nester Gallery Artist Reception--Philip Buller and Tor Archer
December 27, 2008
Times: 5:30 to 8pm
Location: 1280 Iron Horse Drive
Phone: 435-649-7855
www.julienestergallery.com
Philip Buller is known for his figurative paintings that have references to the old-world masters. Tor Archer's work has revolved around a series of figurative sculptures based on the standing female form. Both exhibits run from December 26 through January 27.

Best Buy in Deer Valley

7620 Royal Street, Royal Plaza #302

Located in the exclusive Silver Lake area of Deer Valleu, this fully furnished Royal Plaza condominiums is conveniently on the ski slopes of Deer Valley Resort. Darling 1 bedroom, 1 bathroom, approximately 945 square feet with cozy warm floor plan. Just the place to sit back, relax and put up your feet after a long day on the slopes! Offered at $689,000

PC Calendar of Events 12/18/08 to 12/20/2008

Park City Free Winter Concert Series - Special Christmas Concert
December 18, 2008
Times: 8-10pm
Location: HarryO's, 427 Main St.
Phone: 801-661-1888
www.parkcityconcerts.org
With Park City All-Stars including Joy & Eric, Rich Wyman & Lisa Needham, and Mister Sister. Produced by The Park City Concerts Foundation and sponsored by The Canyons, the Thursday night series will bring a mix of the best bands in Utah and national touring acts to Park City's historic Main Street.

Park City Film Series - I Served the King of England
December 19, 2008 - December 21, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
Renowned Czech New Wave filmmaker Jiri Menzel has created a black comedy detailing the shrewd rise of an ambitious waiter. All the diminutive manservant Jan ever wanted was to be very rich and to preside over his very own hotel. With World War I I fast approaching and the Germans steadily taking occupation of Czech territory, the opportunistic waiter begins his rapid ascent up the hospitality ladder by working for a number of high-profile figures. The pursuit of riches is not all it is cracked up to be as the tale develops into universal moral and ethical dilemmas.

Natalie MacMaster--Christmas in Cape Breton
December 20, 2008
Location: The Eccles Center, 1750 Kearns Blvd
Phone: 435-655-3114
www.ParkCityTickets.com
Ushering in the holiday season, this bonnie Canadian not only fiddles up a storm, but step dances with lightning-fast footwork. Performing both rollicking and lament-peppered Celtic music – with an occasional roots-jazz-Latin twist or two – MacMaster has topped the Billboard charts, earned several Junos as well as a Grammy nomination and received Canada's highest civilian honor, the Order of Canada. As the Winnipeg Free Press put it "No one can touch her when it comes to playing the fiddle."

Santa Arrives at the Town Lift Plaza
December 20, 2008
www.parkcitymountain.com
Welcome Santa and Rudolph as they fly their sled full of goodies into Park City on the Town Lift. Enjoy an evening of holiday carols, Christmas cheer, hot cocoa and cookies.

Santa Skis Free
December 20, 2008
Location: The Canyons Resort
Phone: 435-649-5400
thecanyons.com

PC Calendar of Events 12/07/08 to 12/13/08

FIBT Bobsled & Skeleton Intercontinental Cup
December 8, 2008 - December 14, 2008
Location: Utah Olympic Park
Phone: 435-658-4200
olyparks.com

FIS Nordic Combined World Cup
December 8, 2008 - December 14, 2008
Location: Utah Olympic Park
Phone: 435-658-4200
olyparks.com

FIS Women's Continental Cup
December 8, 2008 - December 14, 2008
Location: Utah Olympic Park
Phone: 435-658-4200
olyparks.com

A Park City Holiday
December 10, 2008
Times: 5:30pm
Location: Park City Ice Arena
Admission: Free
www.parkcity.org
A night of fun, caroling, skating, sledding, pictures with Santa, face painting, 2008 Park City ornament, hot chocolate, popcorn and peanuts. Dress warmly, bring your sleds and visit with Santa. Join us for a reading of 'Twas the Night Before Christmas and a performance by the Jeremy Ranch Choir.

Park City Film Series - The Motorcycle Diaries
December 10, 2008
Times: 7pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
Admission: Free
www.parkcityfilmseries.com
This is a beautifully wrought account of the dawning of the social conscience of one of the 20th centuries most romanticized revolutionaries. Brazilian director Walter Salles, filmed in Argentina, Chile, Bolivia, Peru, Brazil and Venezuela to recreate the 8 month trip through South America taken in 1952 which opened the eyes of a 23 year old Argentine medical student who would become the charismatic Che. The film makes rich use of its beautiful location. It is a revelation of intelligent and artful story telling without being politically didactic and reveals a humanity found in few movies. Part of the Reel Classics Film Series.

Business After Hours
December 11, 2008
Times: 5:00pm - 7:00pm
Location: Rikka
Phone: 435-649-6445
Join us for our next Business After Hours Mixer hosted by Jane Sahagian and Rikka. Enjoy complimentary hors d'oeuvres and beverages while networking with fellow Chamber members. Please RSVP to Jane by December 5, 2008 at or jsahagian@rikkafloral.com.

Park City Free Winter Concert Series - Detonators
December 11, 2008
Times: 8-10pm
Location: HarryO's, 427 Main St.
Phone: 801-661-1888
www.parkcityconcerts.org
Produced by The Park City Concerts Foundation and sponsored by The Canyons, the Thursday night series will bring a mix of the best bands in Utah and national touring acts to Park City's historic Main Street.

Park City Film Series - Frozen River
December 12, 2008 - December 14, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
Reviewed as one of the most interesting American independent films to come out of this year’s Sundance Film Festival, Frozen River is the story of Ray Eddy, a struggling upstate New York mom who is lured into the world of illegal immigrant smuggling when she meets a Mohawk girl who lives on a reservation that straddles the US-Canadian border. Broke after her husband takes off with the down payment for their new home, Ray reluctantly teams up with Lila, a smuggler, and the two begin making runs across the frozen St. Lawrence River carrying illegal Chinese and Pakistani immigrants in the trunk of Ray's car. This is an intense and unique look at the lives of two enthralling characters.

Park City Historical Society's Dungeon Party/Annual Membership Drive
December 12, 2008
Times: 5 to 7:30pm
Location: Elks Lodge, 550 Main St.
Phone: 435-649-7457
www.parkcityhistory.org
Free to members; memberships available at door.

Demo Day
December 13, 2008
Location: The Canyons Resort
Phone: 435-649-5400
thecanyons.com

The Park City Nutcracker
December 13, 2008
Times: 3pm and 7pm
Location: Eccles Center
Phone: 435-658-2345
This annual performance by Park City Dance brings the magic of The Nutcracker to life for adults and children. Come see the snow angels, Raggedy Annes and Andys, dancing elephants and more in this Park City holiday tradition. Call for tickets and information weekdays after 3pm.

The Future for Home Prices

Cover Story
The Future for Home Prices
Americans still see real estate as their best shot at wealth. It may be wishful thinking.
DECEMBER 2, 2008
By JAMES R. HAGERTY
Over the past few years, Americans have had a brutal lesson in the risks of real estate. House prices have crashed more than 35% in some parts of the country, millions of people are losing their homes to foreclosure, and banks are failing.
The takeaway? Many Americans still see real estate as their best shot at wealth. In survey after survey, people expect prices to bounce back -- in some cases, as soon as six months from now.
Those hoping for a quick rebound are likely to be disappointed. Economists and other pros generally say home prices won't bottom out before the second half of 2009, and some don't see a bottom until 2011 or 2012. Even when they stop falling, prices may scrape along the bottom of the rut for years.

Down the Road
And longer term? Over the next 10 to 20 years, housing economists expect prices will rise again -- but, on average, probably not nearly as much as they've averaged over the past decade. That isn't to say that some places won't experience booms (and busts). But, the experts say, you should generally expect house prices to rise just a bit more than inflation and roughly in line with household income.
Karl Case, an economics professor at Wellesley College whose name adorns the S&P Case-Shiller home-price indexes, has studied U.S. house prices going back to the 1890s. Over the long run, he says, home prices tend to increase on average at an inflation-adjusted rate of 2.5% to 3% a year, about the same as per capita income. He thinks that long-run pattern is likely to continue, despite the recent choppiness.
Other experts make similarly modest predictions. William Wheaton, a professor of economics and real estate at the Massachusetts Institute of Technology, says he expects house prices to increase at a rate roughly one percentage point higher than inflation over the long term. Celia Chen, director of housing economics at Moody's Economy.com, a research firm, expects house prices to increase an average of around 4% a year over the next couple of decades.
Some experts say it's a bad idea to count on your home rising in value at all. People should think of their own homes mainly as places to live, not as investments, advises Kenneth Rosen, chairman of the Fisher Center for Real Estate at the University of California, Berkeley. Sure, home mortgages provide tax benefits, and most homes appreciate in value over the long run, he says, but there is always risk.
For all of those forecasts, many Americans are undaunted. Consider three surveys, all from October.
In a poll of 2,000 adults, real-estate-data provider Zillow.com found that 61% believed the value of their home would either remain level or rise over the next six months. Another survey of more than 1,000 homeowners, sponsored by real-estate-services firm Realogy Corp., found that 91% thought that owning a home was the best long-term investment they could make. And an online survey of 5,000 people commissioned by Citigroup found that just 32% believed it was a good time to invest in stocks -- but 51% said it was a good time to buy a home.
"I just believe in real estate," says Jason Schram, a lawyer in Chicago who has bought two rental properties this year at what he considers fire-sale prices. "I've seen over and over people I know build wealth through rental real estate, and that's the path I intend taking, even though it's a bit bumpy at the moment."
Location, Location
So, as homeowners and buyers look ahead, what factors will determine whether their homes are really likely to rise in value, rather than just in their dreams? What are some of the bullish signs -- and some of the bearish ones?
In the long term, house prices are driven by fundamentals that are hard to predict: immigration, birth rates, the size and nature of households, and incomes. The trick is to figure out where job and income growth will be strongest and where immigrants and others will want to live.
William Frey, a demographer and senior fellow at the Brookings Institution, a think tank in Washington, says young people and immigrants are likely to flow to Florida, Georgia, the Carolinas, Tennessee, Virginia, Nevada, Arizona and some of the more affordable interior parts of California.
These areas generally have lower housing costs than the Pacific Coast or Northeast and job growth from modern industries and leisure businesses, he says. Areas with little immigration and low growth or falling populations are likely to include Michigan, Ohio, the Dakotas, Iowa, western Pennsylvania and upstate New York, Mr. Frey says.

Hit Parade
Newland Communities LLC, a San Diego-based planner and developer of neighborhoods, employs a full-time researcher to study long-term housing demand and ranks metro areas in terms of their growth prospects. Among those near the top of Newland's hit parade are Washington, D.C., Raleigh and Charlotte, N.C., Atlanta, Dallas, Houston, Phoenix and Las Vegas, says Robert McLeod, the developer's chief executive.
All of them, Newland believes, will keep growing because they have well-diversified regional economies and other attractions, including mild climates. With the exception of Washington, they all have fairly affordable housing costs. Washington has a highly educated work force, high incomes, a stable source of government-related jobs and rapidly expanding technology firms, Newland says.
"The older industrial cities are going to suffer" from shrinking employment and forbidding weather, says Mr. Rosen of the University of California. Some Sun Belt cities, including Atlanta, also could languish if traffic jams and sprawl ruin their charms, he says.
Among metro areas that Mr. Rosen expects to do well in the long run are Albuquerque, N.M.; Boise, Idaho; Salt Lake City; Seattle; Portland, Ore.; Denver and Colorado Springs, Colo. He says those places generally offer "urban vitality" and "easy access to outdoor activities" combined with affordable housing and good job-growth prospects from modern industries, such as biotechnology.
Still, just looking at population trends isn't enough. Prices in the crowded coastal areas tend to be more volatile, rising and then falling much faster during booms and busts than do inland areas, Mr. Case notes. Shortages of land and building restrictions make it hard for builders to respond quickly when demand for housing rises in coveted neighborhoods near the coasts; further inland, it's usually much easier to find vacant homes or land, and so sudden movements in prices are less likely.
For instance, despite rapid growth, home prices in Texas cities have tended to climb only gradually. Those cities typically have plenty of room to sprawl, and Texas regulates land use less strictly than many other states. Supply swells to meet demand.
The Wonder Years
What's more, no one can assess the outlook for housing without considering the effects of 78 million aging baby boomers. For instance, some housing experts believe the boomers will be much less likely than their parents to settle for sun and golf in their retirement; they may prefer urban settings with lots of cultural life or to live nearer friends and families. That could mean higher demand -- and increased prices -- for housing in urban neighborhoods.
Most of this is just guesswork, though. "A lot of people have theories about the baby boomers," says Mr. Frey, the Brookings demographer, but boomers always have tended to confound expectations.
Dowell Myers, a professor of urban planning and demography at the University of Southern California, warns that the retirement of boomers over the next two decades is likely to depress house prices in many areas. As boomers relocate to retirement homes and cemeteries, there will be a lot more sellers than buyers in parts of the country, he says.
"It's going to really mess up the housing market," says Mr. Myers. He predicts that this "generational correction" will be larger and longer-lasting than the current slump.
To get a sense of the effects of aging boomers, Mr. Myers looks at the number of Americans 65 and over per 1,000 working-age people. He sees that number soaring to 318 in the year 2020 and 411 in 2030 from 238 in 2000.
Many people over 65 buy homes, of course, but as they get older they become more likely to sell than buy. People aged 75 to 79 are more than three times as likely to be sellers than buyers, Mr. Myers says.
In some areas, younger people will be happy to buy (and probably renovate) those boomer nests. The problem, Mr. Myers says, will be in places where lots of older people are selling and few young people are settling down. He says the effects will be strongest in the "coldest, most congested and most expensive states rather than the high-growth states of the South or West." Among the states where Mr. Myers sees downward pressure on prices within the next decade: Connecticut, Pennsylvania, New York and Massachusetts.
Of course, applying demographic trends to house-price forecasts can be hazardous. Economists N. Gregory Mankiw and David Weil predicted in a paper in 1989 that demographic trends would lead to a "substantial" fall in real, or inflation-adjusted, home prices over the next two decades "if the historical relation between housing demand and housing prices continues." They reasoned that baby boomers were coming to the end of their prime house-buying years and that the smaller baby-bust generation would bring lower demand for housing.
That warning proved, at a minimum, premature. Despite the recent drop, the average U.S. home price is up about 35% in real terms since the end of 1989, according to the Ofheo index. Messrs. Mankiw and Weil both declined to comment.
Few people who invest in housing have time to follow these academic debates. For nearly four decades, Rich Sommer and his wife, Carolyn, have been investing in rental properties in and near Stevens Point, Wis. Mr. Sommer describes real estate as a good way "to get rich slowly." He and his wife, both former schoolteachers, gradually have built their net worth from zero to around $2.5 million through their rental properties. They have dealt with countless plumbing emergencies, evicted deadbeats and even once had to clean up after a suicide in one of their properties.
Still, he hasn't been hit very hard by the real-estate crash, in part because the Midwest is much less vulnerable to booms and busts than coastal areas. When asked what he would do if someone handed him $1 million today, Mr. Sommer doesn't hesitate: He would put it into real estate.
—Mr. Hagerty is a staff reporter for The Wall Street Journal in Pittsburgh. bob.hagerty@wsj.com

PC Calendar of Events 11/30/08 to 12/06/08

The Egyptian Theatre Presents The Music Man
November 21, 2008 - January 3, 2009
Location: The Egyptian Theatre
Phone: 435-649-9371
www.egyptiantheatrecompany.org
This classic musical with its traveling con-man and the lonely piano teacher has been charming audiences for decades. Come, bring the whole family to this heartfelt and uplifting entertainment and spend the holidays with us at The Egyptian Theatre. Please call for show days and times.

Park City Film Series - Park City Filmmakers Showcase
December 3, 2008
Times: 7pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
Admission: Free
www.parkcityfilmseries.com
Short works by local artists, film, photography, multi-media

Brown Bag Seminar on Credit Card Processing
December 4, 2008
Times: 11:30am to 1:00pm
Location: Best Western Landmark Inn
Phone: 435-658-9619
Do you accept credit cards and if so, do you know what you are paying? Advanced Merchant Group will host this lunch and will help you understand the world of credit card processing so you will be armed with the knowledge to help your business save thousands of dollars! Materials to bring: Your recent processing statement, pencil and calculator. Bring your own lunch and drinks will be provided. Please RSVP to Barbara at 435-658-9619 or Barbara by November 28, 2008.

KRCL Celebrates in Park City
December 4, 2008
Times: 4:00 - 7:00pm
Location: Phoenix Gallery, 508 Main Street, Park City
Phone: 801-647-2995
Listeners Community Radio of Utah, invites all friends of community radio to join us for a holiday Meet-&-Greet on December 4in Park City. The gathering celebrates KRCL's strong broadcast signal in Park City, Heber City, Oakley, Coalville, Summit Park, Jeremy Ranch, Echo, Kamas and surrounding areas. The celebration will be held from 4:00 to 7:00 pm at the Phoenix Gallery on historic Main Street in Park City, with appetizers enhancing the enjoyment of fantastic art.

Park City Free Winter Concert Series - Tim Wray & Fat Paw
December 4, 2008
Times: 8-10pm
Location: HarryO's, 427 Main St.
Phone: 801-661-1888
www.parkcityconcerts.org
Produced by The Park City Concerts Foundation and sponsored by The Canyons, the Thursday night series will bring a mix of the best bands in Utah and national touring acts to Park City's historic Main Street.

William Morris: Native Species Exhibition Reception
December 4, 2008
Times: 5 to 7pm
Location: Kimball Art Center
Phone: 435-649-8882
www.kimball-art.org
Mark your calendar for the upcoming exhibition, Native Species featuring the work of renowned glass artist William Morris. Join us for an opening reception on Thursday, December 4, from 5:00 - 7:00 p.m., at the Kimball, followed by a screening of the William Morris documentary, Creative Nature, with filmmaker John Andres at 7:30 p.m., at the Treasure Mountain Inn. The evening promises to awe through its exploration of some of the most extraordinary work in the studio glass movement. $5 tickets to the screening are available for purchase at the Kimball Art Center and Treasure Mountain Inn.

Julie Nester Gallery Artist Reception--Carol O'Malia
December 5, 2008
Times: 5:30 to 8pm
Location: 1280 Iron Horse Drive
Phone: 435-649-7855
www.julienestergallery.com
O'Malia's contemporary winter landscapes depict light and shadows reflected upon blue and white fields of snow. The show also includes interior landscapes which use the bed as a psychological landscape. The exhibit runs from November 28 through December 24.

Park City Film Series - Trouble the Water
December 5, 2008 - December 7, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
Winner of the Grand Jury Prize at the 2008 Sundance Film Festival, this astonishingly powerful documentary takes you inside Hurricane Katrina in a way never before seen on screen. Tia Lessin and Carl Deal tell the story of an aspiring musician and her husband, trapped in New Orleans by deadly floodwaters, who survive the storm and then seize a chance for a new beginning.

Celebrity Skifest
December 6, 2008 - December 7, 2008
Location: Deer Valley Resort
Phone: 800-424-3337
deervalley.com

Images of Nature Gallery Fundraiser for Recycle Utah
December 6, 2008
Times: 11am to 2pm
Phone: 888-238-0233
www.mangelsen.com
Enjoy holiday refreshments, special pricing, and prize drawings throughout the weekend. Recycle Utah staff will be on hand to help kids make a free holiday craft using household recycled materials. Become a new member, renew a membership, or make a donation to Recycle Utah and receive a complimentary gift from Images of Nature Gallery.

Ryan Bingham at The Eccles Center
December 6, 2008
Times: 7:30pm
Location: 1750 Kearns Blvd
Phone: 435-655-3114
www.ParkCityTickets.com
A bull-ridin,’ country rocker, this husky-voiced 28 year-old is a rising star, according to NPR’s WXPN. Bingham blends southern roots with bayou and south-of-the-border influences. Mandolins, harmonicas and slide guitars round out his gritty sound. In the word of Detroit’s Metro Times, “Bingham’s definitely a new troubadour, a desperado or modern ‘outlaw’ of sorts …a guitar man from a Texas border town strumming a form of new country that’s never too far from old-timey.”

Utah Winter Games Learn to Ski/Learn to Ride
Add to Itinerary
December 6, 2008
Location: The Canyons Resort
Phone: 435-649-5400
thecanyons.com
December 2008

PCMR opening delayed, weather too warm

Many local merchants say it's no big deal
by Andrew Kirk, OF THE RECORD STAFF
Posted: 11/21/2008 04:43:11 PM MST

Park City Mountain Resort isn't open today. It was supposed to be, but according to Krista Parry, resort spokesperson, in the last five years the resort hasn't been ready on its scheduled opening day more often than it has. The delayed opening isn't expected to have much bearing on the season, though. During the last five winters the number of skiers in Park City has increased, and last winter it seemed to never stop snowing, she said. Snow during Thanksgiving week is a "bonus," she said. Skiers understand November snow is never guaranteed, and most people who booked this week in the hotels did so for family and the holiday. . The resort said Tuesday afternoon that 72 hours of subfreezing temperatures are needed to ready the slopes, and the unseasonably warm temperatures made snow-making impossible. Seasonal workers, meanwhile, cannot start their jobs. Parry said the resort itself staggers the arrival of visiting workers to avoid overstaffing early in the season. Those already arrived now simply have more time to "settle in," she said. But employees of resort-dependent businesses unable to start their jobs are milling around town looking for part-time work. Kate Ellis, manager at the Pizza Hut on Sidewinder Drive, said she's seen a lot of that lately. "Usually in winter we need extra servers, cooks and drivers but we're slow, too, before the resorts open so we don't need people," she said.
A few small eateries are also left in a bind. Susan McGraw of the restaurant Boua' Thai at the Resort Center is frustrated because her kitchen has made 5-gallon buckets of sauce in preparation for Saturday that won't freeze or keep. "It really screws up our inventory," she said. The restaurant spent all the money allotted for supplies in November and now has to wait and see if there will be anyone to serve. Catie Weekes, an employee at Rocky Mountain Chocolate Factory at the Resort Center, said her store bought four large boxes of apples for dipping in chocolate that will now have to be used for something else. But most businesses are indifferent, remembering warm Novembers in the past. Jane Salaya, reservation supervisor at The Yarrow, said November isn't a big time for bookings. Out-of-town skiers usually wait until December, she said. Thanksgiving hasn't been a big holiday for the local ski industry, explained David Holland Zatz of David Holland Resort Lodging. The real value of early-season snow is getting skiers excited about booking a trip during the heart of the season. November skiers are mostly Utahns, he said. But if someone is wavering between skiing and a cruise in January, early snow helps "get them off the fence," he explained. "Whether or not we're open for Thanksgiving isn't critical to our bottom line," he said. Erik Boller, manager at Rennstall Ski Tuning, said he's busy enough getting skis ready that he doesn't worry much about when the resort opens. Once the snow falls, he'll hire more people, but until then everything is business as usual. Elizabeth Dowd, spokesperson for The Canyons, said the resort continues to prepare for an opening day of Nov. 27. Parry at PCMR said there's value in setting an early opening date because having a projected opening helps the resort plan and prepare for the season. She also expects new features still under construction such as a high-speed ski lift and the remodeled Mid-Mountain Lodge will be ready for the later opening day. Parry also said she reminds people that all it takes is one big snow storm for everything to be ready.

The Alpine Coaster will be open Nov. 26 from 11 a.m. to 3 p.m. and businesses at the Resort Center have staggered business hours.

PC Calendar of Events 11.23.08 to 11.29.08

The Egyptian Theatre Presents The Music Man
November 21, 2008 - January 3, 2009
Location: The Egyptian Theatre
Phone: 435-649-9371
www.egyptiantheatrecompany.org
This classic musical with its traveling con-man and the lonely piano teacher has been charming audiences for decades. Come, bring the whole family to this heartfelt and uplifting entertainment and spend the holidays with us at The Egyptian Theatre. Please call for show days and times.

First Annual Park City Turkey Trot
November 27, 2008
Times: 8am registration; 8:30am start
Location: Park City LDS Stake Center, 2300 Monitor Drive
Phone: 435-647-9379
Admission: 2 cans of food
parkcityturkeytrot.com
A 3.4 mile fun run/walk on Thanksgiving Day, benefitting the Christian Center of Park City Food Pantry. Pre-registration at parkcityturkeytrot@gmail.com

Park City Film Series - Bottle Shock
November 28, 2008 - November 30, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
In 1976, a small American winery bested the exalted French wines of the time and sent the wine industry into a tizzy - putting California wines on the map for good. Based on a true story, Bottle Shock chronicles the events leading up to the famous Judgment of Paris tastings, told through the lives of father and son, Jim and Bo Barrett. A former real estate attorney, Jim (Bill Pullman) sacrificed everything to realize his dream of creating the perfect hand-crafted chardonnay. Meanwhile in Paris, unwitting British wine shop owner Steven Spurrier (Alan Rickman) hopes to revive his own failing business by sponsoring a competition which will pit the traditional French powerhouse against the California upstarts. Little did Steven and Jim realize that they were both on course to change the history of wine forever.

Park City Gallery Association Presents The Gallery Stroll
November 28, 2008
Times: 6 to 9pm
Admission: Free
www.parkcitygalleryassociation.com
On the last Friday of each month, members of the Park City Gallery Association offer a unique showcase highlighting artists, special exhibits, and art events. The last Friday Gallery Stroll is a free community event that gives locals and Park City visitors alike the opportunity to enjoy light refreshments while exploring Park City's exciting art scene. Please visit any of our participating galleries to pick up a free gallery guide.

Wall Street a Faceplant for Skiers?

Utah resorts say a cautious no - hope for big season
By Mike Gorrell The Salt Lake Tribune
Updated: 10/27/2008 06:47:05 AM MDT

The people in Utah's ski industry are fretting, naturally, about what the economic maelstrom will do to business this winter. But there is an underlying confidence that if any place in the country is positioned to weather the onslaught, it is Utah. The main reasons - location and snow. More than ever, the ease of getting from Salt Lake City International Airport to numerous Wasatch Front resorts is expected to be inviting to visitors more likely to shorten their stays than to cancel their beloved ski vacation altogether. Having a big metropolitan area within a short drive of these ski areas also provides access to lodging of every price range, a luxury not shared by many resort towns courting thriftier-than-usual visitors. "You can't stay at the Motel 6 Aspen," quipped Ski Utah President Nathan Rafferty. When it comes to snow, no ski region in the country can match the dependable consistency of Wasatch Mountain accumulations. A 700-inch season may be a rarity, but it's a snow total Utah ski marketers can cite legitimately wherever they go. And among the diehard ski community, it's well known that the leanest winter in Utah would be the best year some places have ever had. "Our ski product is eminently saleable," said Rafferty, whose organization serves as the marketing arm of the state's 13 resorts and their extended $1 billion-a-year industry. "The ski industry is going to have a tough time. Nobody knows how hard it will be, and I don't think anyone is immune," he acknowledged. "But we have options that other destinations don't have." Rafferty is not alone in his restrained, somewhat hopeful, confidence. Joni Dykstra, who handles marketing for the venerable Alta Lodge, said bookings actually are ahead of last year at this time (and it turned out to be a good year). "We have a great brand and a rich tradition and loyal guests," she said. Bookings have been slower than usual at Utah Vacation Homes, which has economical-through-luxury lodgings around Salt Lake City and Park City. But assistant general manager Robyn Orme said her company expected that, given all the losses on Wall Street. The decline isn't a major reason for concern yet, she added, especially because ski people increasingly book late, waiting until snow conditions dictate when to travel. "Past years have shown that snow trumps all," Orme said. Her competitor over at Wasatch Front Ski Accommodations, Gayleen Johanson, sees things similarly. "I would have expected some kind of slowdown, but I haven't seen it," she said. "I'm seeing that people want fewer days. But if people are avid skiers, they're going to find the money to come out and ski." Like most Utah resorts, Snowbird depends extensively on locals to make ends meet. So even before the bottom fell out of the stock market, resort officials determined that the deteriorating economy warranted more discount deals to entice Utahns to take up the slack from destination visitor losses. The price of a young adult pass was cut from $1,000 to $625. A package for a family of four went from $2,500 to $2,000. Some early season lodging rates were lowered to $99 per night. That approach has helped to soften the blow, said Snowbird spokesman Jared Ishkanian. "Bookings are slightly down, and Snowbird is certainly feeling a small effect of the bigger conditions on Wall Street," he said. "The good thing is that season pass sales are up. . . .We have a strong local pool of skiers. We're just trying to respond to difficult economic times, trying to make it as affordable as we can." Other Utah resorts also are offering plenty of deals. Resorts will need every edge they can get in what promises to be a highly competitive environment, the likes of which "none of us has ever seen before," said Ralf Garrison, organizer of last week's Mountain Travel Symposium for the hospitality industry. "The storm clouds are a'coming," he said, noting that advance reservations in the Rocky Mountain states are 9 percent off last year's pace. In addition, "the [nightly] rate is down 2 percent, for the first time in recent memory." Garrison's featured speaker was Peter Yesawich, chairman and CEO of Ypartnership, a marketing, advertising and public relations agency serving travel, leisure, hospitality and entertainment clients. Addressing an online audience on a day in which the Dow Jones index plummeted 733 points, Yesawich said he was "deeply concerned about the short-term impact of what's happening in the markets now." To survive the immediate crunch, he advised resorts to develop inducements for potential clients whose tightening finances leave them strapped for time and actively seeking the best deals they can get. "Even more-affluent travelers will be far more value sensitive in the year ahead," he said. "They don't want to overpay. And people are now armed with the most important technology in commerce, the Internet, to make sure they don't overpay." Yesawich's message also reinforced the importance of the accessibility issue highlighted throughout Utah's ski promotions. "As we become more time impoverished, the radius of marketing efficiency is contracting. The maximum travel time is four to six hours, driving or flying," he said. "If people only have four days, and it takes a day to get there and a day to get back, that destination goes off the list." Brian Head Resort is emphasizing proximity in its promotional campaign in Las Vegas, its primary source of visitors. The drive to the southwestern Utah resort is much shorter than it is to anywhere in California, said Brian Head spokesman Bob Whitelaw. "As long as we can get that good snow, especially early in the season, and get people excited that we have everything open, people will come," he predicted. Mindful of the time and money constrictions facing its target audience, the Utah Office of Tourism and its private-sector partners are poised to unleash their advertising campaigns on Nov. 5, the day after the presidential election. In ads on national cable channels and in the all-important Los Angeles market, Utah's main theme will be, "You don't waste any time getting on the slopes," said Tourism Office managing director Leigh von der Esch. Just as importantly, the campaign will emphasize "more value per mile," she added. "No doubt the economy is on everyone's minds. That's why it behooves us to show that you can get the family vacation you expect, and the value, in Utah." mikeg@sltrib.com

PC Calendar of Events 11/16/08 to 11/22/08

Park City Film Series - Elegy
November 21, 2008 - November 23, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
With humanistic warmth, wry wit and erotic intensity, Elegy explores the power of beauty to blind, to reveal and to transform. Sir Ben Kingsley plays David Kepesh who glories in the pursuit of adventurous female students but never lets any woman get too close. When gorgeous Consuela, played by Penelope Cruz, enters his classroom, however, his protective veneer dissolves. Her raven-haired beauty both captivates and unsettles him. Even if Kepesh declares her body a perfect work of art, Consuela is more than an object of desire. She has a strong sense of herself and an emotional intensity that challenges his preconceptions. This is one of the most adult and satisfying American independent films of the year.

The Egyptian Theatre Presents The Music Man
November 21, 2008 - January 3, 2009
Location: The Egyptian Theatre
Phone: 435-649-9371
www.egyptiantheatrecompany.org
This classic musical with its traveling con-man and the lonely piano teacher has been charming audiences for decades. Come, bring the whole family to this heartfelt and uplifting entertainment and spend the holidays with us at The Egyptian Theatre. Please call for show days and times.

Christmas in the Meadow Holiday Boutique
November 22, 2008 - November 23, 2008
Location: St. Mary's Catholic Church
Start and finish your holiday shopping with unique arts and crafts from around the Wasatch front and beyond. Admission: adults $1; children under 12 free. Located on Hwy 224 and White Pine Canyon Rd.

Norwegian Outdoor Exploration Center's Annual Fundraiser Gala
November 22, 2008
Location: Deer Valley Resort's Silver Lake Lodge
Phone: 435-649-5322
www.outdoorcenter.org

PC Calendar of Events 11/09/08 to 11/15/08

Park City Film Series - The Memory of a Killer
November 12, 2008
Times: 7pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
Admission: Free
www.parkcityfilmseries.com
An idealistic cop and a hard-bitten assassin are the subjects of this intricate thriller. The story takes place in Antwerp and other locales in Europe. The good guys and bad guys, partial to dangerous weaponry, hard drinks and pliant women, fill the twisted plot. This film is noted for its exceptionally fine performances and careful attention to detail. Part of the Reel Classics Free Screenings.

Park City Film Series - Up The Yangtze
November 14, 2008 - November 16, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
Director Yung Chang uses the construction of China's massive Three Gorges Dam as a springboard to better understanding the social hierarchies and changing times in his homeland in this documentary focusing on a luxury cruise ship that carries predominately Western tourists down the Yangtze River. Constructed as a symbol of modern progress in China, the Three Gorges Dam has forced millions from their ancestral homes, and will soon swallow up numerous towns and villages. This unusual film reveals the hidden difficult realities of life in rural China

St. Regis Deer Crest Photo Update

First Snow Fall Ski Season 08/09

November 5th, 2008

Park City Calendar of Events

11/02/2008 - 11/08/2008

Adopt-A-Native-Elder Annual Rug Show and Sale
November 7, 2008 - November 9, 2008
Location: Snow Park Lodge, Deer Valley
Phone: 435-649-0535
www.anelder.org
Friday, Nov 7: Special Event--adults $30, children under 12 $10, preview and sale, hors d'oeuvres, entertainment, live auction. Saturday, Nov 8, 10am to 6pm--$5 or canned food, weaving demos at 1pm. Sunday, Nov 9, 10am to 6pm--$5 or canned food, Veteran's Ceremony at 11am, weaving demo at 1pm, dances and Pow-Wow at 3pm.

Park City Film Series - Tell No One
November 7, 2008 - November 9, 2008
Times: Friday & Saturday at 7pm; Sunday at 6pm
Location: Jim Santy Auditorium, 1255 Park Ave
Phone: 435-615-8291
www.parkcityfilmseries.com
Tell No One is based on the international best-selling novel by Harlan Coben. An innocent man is on the run after he's accused of murder and his spouse seemingly returns from the grave in this thriller from France. The film stars Kristin Scott Thomas, Nathalie Baye and a cast of top French actors in a film of suspense and intrigue that will keep you on the edge of your seat.

Park City Ski Swap
November 7, 2008 - November 9, 2008
Location: Park City Field House
Phone: 435-649-8749
www.parkcityskiteam.org

Green Building Consumer Trade Show
November 8, 2008
Times: 10am to 3pm
Location: Grand Summit Hotel at The Canyons
Phone: 659-6990
www.recycleutah.org
The Park City Board of Realtors Environmental Issues Committee, Recycle Utah and The Canyons will sponsor the Green Building Consumer Trade Show. Experts will speak on indoor air quality, renewable energy, utility incentives, ice dams and alternative energy vehicles. More than 40 vendors will be on hand to explain the latest technologies.

Park City is just a hop, skip and a ski slope away

By Larry Olmsted, Special for USA TODAY
With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.
But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.

"We moved here 28 years ago from Laguna Beach," says Ann MacQuoid of Chin MacQuoid Fleming Harris, Utah's top Prudential real estate agent for many years. "We came then for the same reasons people come here now: We were skiers who went to Colorado or Tahoe but found we could get on a plane in Orange County and be here 2½ hours later. This is what has made Park City so popular. That, combined with the really successful Winter Olympic Games in 2002, started a huge upward curve in second-home sales."
Many Olympic facilities are still widely used, and visitors can bobsled, luge, speed skate and even try their hand at ski jumping and biathlon. Cross-country skiing abounds; in summer, biking and hiking are hugely popular, as is fly fishing, golf and boating on Jordanelle Reservoir.
But by far the main draw is a trio of world-class ski resorts: Deer Valley, Park City Mountain Resort and The Canyons.
Park City began as a thriving silver mining town in 1869, and though the full-time population has shrunk to about 7,400, the town issues more than 1.3 million daily lift tickets every winter. The other huge draw is the annual Sundance Film Festival.
The very walkable downtown, known as Old Town, is on the National Historic Register and filled with restaurants, shops and galleries.
This combination of small-town charm, ample dining and shopping choices and especially convenience have made Park City somewhat unique: Essentially a suburb of Salt Lake City, it has attracted significant numbers of residents who live the mountain lifestyle and commute into the city for work, the opposite of nearly every other ski town.

A Wall Street Alternative: 5 Timely Reasons to Invest in Vacation Property

RISMEDIA, Oct. 27, 2008-The stock market is down, and if you’re like most people, your level of investing confidence has dropped as well. Yes, only those with nerves of steel feel good about playing the market right now. And if you’re not one of those hearty souls, you’re at a bit of a loss as to what to do with your nest egg. Christine Karpinski has a suggestion: Instead of pouring your money into Wall Street, why not consider Ocean Boulevard or Mountainside Drive?
“A vacation home can be a remarkably good investment right now,” says Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment (Kinney Pollack Press, 2007, ISBN: 0-9748249-9-2, $26.00).
“Stock market woes have always pushed people to look for alternate investments, and real estate is a consistent stronghold,” she says. “Yes, home values are down right now but they have always rebounded. I wouldn’t recommend buying a second home with the expectation of flipping it for a quick buck, but if you hang onto it for a while-and better still, turn it into a vacation rental property-you’ll make a nice profit.”
Not incidentally, in many areas of the country, rental demand exceeds supply. The sunshine state (Florida) is a prime example. Buy a vacation home in a market like Cape Coral, Daytona, Destin, Fort Lauderdale, Indian Rocks Beach, Kissimmee, Madeira Beach, Orlando, Panama City Beach, Sanibel Island, West Palm Beach, or Windsor Hills, says Karpinski, and you can’t lose. Even if you prefer to buy elsewhere, if you adhere to proven marketing tactics, you should be able to attract enough guests to make the purchase worth your while.
So what makes buying a vacation home so attractive right now? Karpinski explains:
There are plenty of great deals to be had. Thanks to the aftermath of the real estate bubble, home prices are down right now across the board. That means in many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. And that means that if you’ve been kicking yourself for not buying a vacation home back before prices escalated beyond all reason, you’ve got a reprieve-Karpinski says that in some markets homes are back to 2000 prices.
“Housing bubble or no housing bubble, you’re not going to get bargain basement prices on, say, a cottage right on the ocean-but if you’re willing to buy a few rows back, you’ll likely find that prices have fallen substantially,” notes Karpinski. “Because houses aren’t flying off the shelf, there’s less pressure on you to make a quick decision. You can afford to take your time, do your research, and refine your plan.”
Interest rates are attractive right now. Recently, the Federal Reserve cut interest rates by half a percentage point in an effort to shore up America’s faltering economy. And rates have been reasonably low for awhile, following earlier rate cuts toward the beginning of the year. That’s good news for anyone (anyone with good credit, that is) who’s in the market for a mortgage.
“Add the lower interest rates to the lower housing prices, and it’s clear that now is the time to buy,” says Karpinski. “Of course, for the sake of our nation’s economy, we want the real estate market to pick up, but from an individual buyer’s perspective, the combination of lots of houses for sale, low prices, and falling interest rates is hard to beat.”
If you’re worried about investing in a sluggish real estate market, relax. Recent reports indicate housing is on the rebound. Last week the National Association of Realtors® reported that, “The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4%…and is 8.8 percent higher than August 2007.”

Park City homes holding their value

But buyers seem to be waiting for prices to fall
By Christopher Smart The Salt Lake Tribune
Article Last Updated: 10/23/2008 12:14:43 AM MDT

The good news is Park City real estate hasn't lost a lot of its value. The bad news is that sales volume is down 42 to 45 percent, according to Park City's Board of Realtors.

The market, observers say, has yet to bottom out. Eventually, that could lead to more significant dips in housing values. But according to the Park City board's latest statistics - covering Summit and Wasatch counties - the median sales price compared with one year ago is down just 3 percent for single-family dwellings, to $653,750. Set against a national real estate market that's been on the skids amid double-digit losses, that figure is comparatively good. Remarkably, the median sales price in Park City proper was up 12 percent, to $1.82 million. By contrast, that statistic in nearby Snyderville Basin is down 13 percent over the 12-month period that ended Sept. 30.
"We're seeing a lot of interest," said Tyler Richardson, the organization's president. "But people are still sitting on the sidelines, seeing how things flesh out." For the past decade or longer, Park City real estate - particularly high-end property - has been largely immune from ups and downs in the economy.

The run-up to the 2002 Winter Games and then its afterglow continued to push growth in the area's upscale vacation housing market established 25 years ago by Deer Valley. Resort real estate since the late 1980s - particularly in the Park City area - has proved to be a good investment for those who can afford it.

Prices have gone higher and higher. But this financial crisis is different. "We've seen a leveling off of sales and in some cases decreases as we've seen national events unfold," Richardson said. "Nobody knows how it's going to shake out." The majority of second-home owners in the Park City area - as well as potential buyers - live in other states, where real estate values have declined more precipitously. And buyers are waiting for bargains, which means that sellers, if they are in a position to do so, have to be patient. "Buyers are in the driver's seat," Richardson said. "They have a lot of choices to look at." The low sales volume has left many in Park City's veritable army of real estate agents with little to do but watch and wait. Utah economists say real estate prices in the state are not yet at their lows, according to Dave Anderton, public relations director of the Salt Lake Board of Realtors.

"I have people call me every day and ask if we've hit the bottom yet? I think the median price will go lower statewide." Sales volumes also are way off in tony Deer Valley. But the transactions that have gone through represent increases in the median sales price, said Bob Wells, the resort's vice president of real estate and development planning. In lower Deer Valley, the median sales price is $1.98 million. In upper Deer Valley it's $6.65 million.

To some extent, Deer Valley remains buffered from economic ups and downs. "The property owners are a very affluent group," Wells said. "They buy in Deer Valley for family use, not for speculation. And a lot of them pay cash."

Nonetheless, Deer Valley and Park City, like the rest of the nation, should prepare for tough times and a slow recovery, Wells added. "You have to expect this will have an effect [on real estate sales] this winter. In history, that's been determined by snow, not economic downturns. This could be different."