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, [...]
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 [...]
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 [...]
The sale of Deer Valley just closed…. Now all we need is snow Just this week, it was announced the resort’s acquisition by a newly formed entity controlled by affiliates of KSL Capital Partners, LLC and Henry Crown and Company, has closed. So, Deer Valley is now part of a portfolio of 13 resorts, plus Canadian Mountain Holidays (a heli-ski operator). Its mountain resorts are in many of North America’s major ski regions: West - Squaw Valley/Alpine Meadows, Mammoth Mountain, Snow Summit, Bear Mountain, June Mountain, Deer Valley, Steamboat and Winter Park. East - Stratton Mountain, and Snowshoe Mountain Resort Canada - Blue Mountain and Mont Tremblant. In our next [...]
I am struck by the extraordinary amount of activity taking place surrounding the Jordanelle Reservoir, and anyone looking to buy or sell a home, condominium, building lot in this area should take a look at this data. In 2015 year to date, there have been 149 transactions which have closed escrow (20 single family homes, 87 condominiums, and 42 building lots). Another 108 properties (24 homes, 73 condominiums, and 11 building lots) have gone under contract since January 1st. Altogether, that is 257 transactions in all 3 categories. By way of comparison, if you add in the 1,204 transactions which occurred over the same period for all property types in [...]
I recently met with the agent representing East West Partners on their new condominium development in Empire Pass. By way of reference, this new building will be constructed and built just below the existing Silver Strike Lodge. The building will be what the developer is calling “Modern Organic” - meaning there will be lots of wood, stone and glass in a more contemporary style than other buildings in the area. The building will be all concrete allowing for 10’ 6” ceiling in all of the residences, excepting the top floor which will likely have some taller elements. In addition, to maximize views and light (all units will have Lady Morgan/Empire [...]
The Park Record reported in the July 18th edition that building permits in incorporated Park City for June of this year dropped dramatically to $7.3MM from $25mm in May and $14.5MM in June of 2014. My take is this drop is completely a function of the inventory of developable land in the City limits – it’s almost all gone as evidenced by the tear downs now occurring in the Park Meadows neighborhood. Here’s what the Park Record went on to say: “The construction industry is continuing a strong rebound from the depths of the recession. The Building Department this year has issued permits for large developments, including for work at [...]