Tax valuations are being mailed now. The Deadline for Appeals is September 15th. If you haven’t received this year’s Property Tax Valuation Notice from the County, you will very soon. If you feel the valuation exceeds the market value of your property, you have until September 15th to contest the bill. Don’t forget that in Utah, property taxes and assessed valuations are billed in arrears, so the Assessor is looking back to year end 2017. If you feel the valuation of your property may be questionable, please send me a copy of the notice and I will research the data and let you know if I believe there is a [...]
I’ve been involved representing 151 buyers and /or sellers of Deer valley properties over my 20+ year real estate career in Park City. As you can imagine, data is critical in terms of providing meaningful value-added advice to clients. In that regard, I’ve been publishing the Deer Valley Report since 2008 and the first quarter 2018 Report is attached. With the exception of Empire Pass condominiums, which were for the most part dominated by closings in the new One Empire Pass complex, the trends in Deer Valley pretty much follow the market in incorporated Park City as a whole, which was down 21% in dollar volume and 14% in [...]
On Saturday March 31st the new owners of the Talisker Club, and the undeveloped real estate at both Empire Pass & Tuhaye, met with Club members and property owners to give an overview of what is coming under the new ownership’s plan. Saturday’s discussion was largely from the 10,000’ view so to speak, as they will refine the various amenities and other upgrades over the next few months and on July 2nd, they intend to roll out more formal plans. The discussion was led by Mark Enderle, a principal in the new ownership group Storied Deer Valley, LLC, and affiliate of Storied Development (storiedliving.com). Mark’s background in real estate generally, [...]
About the Mayflower Mark Sletten of Engel & Voelkers discusses the newest developments at the new Mayflower development in Deer Valley and the expected impact on the Jordanelle area in general.
Are you looking to buy a home? Then you might be worried about interest rates, but how much do they really matter? With the recently passed tax cuts adding to deficit fears, the Fed is expected to raise short term interest rates. While this means an anticipated rise in the 30-year fixed mortgage rate from from the current rate of 4.33% to 4.6% by the end of 2018, I thought it might be of interest to consider the bigger picture. While rising interest rates are of course a concern to the average homebuyer, it is interesting see so starkly that this anticipated rise still leaves mortgage rates at historically low [...]
It's that time of year again, and the numbers are in! The Deer Valley Report brings you the scoop on the real estate activity in Park City, UT. As with past Reports, it is broken down by area (Empire Pass, Upper Deer Valley, Deer Crest, and Lower Deer Valley). However, due to Deer Valley’s significant expansion plans at Mayflower, this year the report has expanded as well. Read all about it!
This year’s Sundance Film festival kicks off on January 18th for a 10-day run. Over 40,000 people are expected to attend and it’s a great opportunity to see independent films from around the world. This year, 110 feature-length films were selected for the festival. If you want to attend and have not already purchased tickets, we just checked the Festival’s website and ticket packages were still available. Check it out: https://www.sundance.org/blogs/news/2018-sundance-film-festival--feature-films-announced As a property owner, you have experienced and know that if you get out skiing during the Festival, you’ll have the slopes pretty much to yourself. Conversely, the restaurants will be packed, so if you are a chef at heart, [...]
Traffic & parking in and around Park City is already close to maximum capacity. So, it begs the question: how can the impacts from the development at Mayflower mitigate those two critical elements? First off, the Mayflower area will include as many as 800 parking spaces which will interconnect to the Village Core through a transit system styled after Mt. Tremblant in Canada. It will also have a real mitigation impact on traffic - both vehicular and skier. As to skier traffic, the new lifts out of Mayflower will go either up to Bald Mountain, or into the new terrain being created (by the way, most of this new terrain is north facing). [...]
Based on the preceding update, you may be asking “… who is Extell Development and do they have the capacity to pull this all together?” As a brief overview of their extensive portfolio, Extell has developed and/or owns 32 New York properties, including One 57 (New York City’s tallest residential tower), the Carlton House, and the Park Hyatt, among others. They also own and operate the iconic Four Seasons Vail. For additional details, you should take a moment and go to their website: https://extell.com/. And then to this link, which while written just over a year ago, gives an accurate 3rd party review of the Mafflower transaction: https://therealdeal.com/2016/05/24/gary-barnett-hits-the-slopes-hunts-for-a-new-market/.
The Mayflower parcels on the east side of the Deer Valley Resort closed escrow on November 2nd. The seller is the Dutch investment group Stichting Mayflower Recreational Fonds (they have owned the property for many years), and the buyer is an affiliate of Extell Development. This update, and others yet to come, are designed to be informative as to what this transaction means to the Resort, and its guests and pass holders. You may already be somewhat up to speed on this expansion based on what you’ve heard on KPCW, or read in the Park Record, but what you may not know is the enormity of the undertaking, as what is proposed [...]