ARTICLES
08.19.2010 - The Canyon Announces Mountain Improvements
From The Canyons Press Release, 8-19-10
In anticipation of the upcoming ski season, The Canyons announces the launch of two new, state-of-the-art lifts, a new direct-connect gondola, expanded terrain and vastly improved snowmaking capabilities. This is the first phase of the re-creation of The Canyons. Anticipate several future significant announcements including dramatic food and beverage news.
Orange Bubbled, State-of-the-art -- First of it's Kind in North America
Just outside the Grand Summit Hotel, the new lift is a marvel of engineering and will the the first of it's kind in North America. One of the most technologically advanced chair lifts in the world, the bubble enclosed, quad lift offers unmatched visibility, safety, design and includes sophisticated comforts such as heated seats. The weather protecting orange bubble will evoke the feeling of being inside a pair of ski goggles as it transfers guests from the steps of the Grand Summit Hotel to the mid-mountain Lookout Peak before continuing uphill to an ending point just south of the current Sun Peak lift. The new lift will be a visually stunning addition to The Canyons and will increase the uphill capacity from base-mountain by 47%. The new lift will enable skiers to get to the very top of the mountain in just 9 minutes.
New Direct Gondola Connection from the Center of Canyons Village--First Phase of Village Re-Creation
A new gondola portal has been created, located immediately across the Village Center from the Cabriolet lift. It will create a direct-connect gondola that transports guests from the center of the Village to the Red Pine Lodge. This will provide a far more simple and fluid process for transporting guests onto and off the mountain. In addition, the gondola cabins will be upgraded.
300 Acres of New Skiable Terrain / Iron Mountain Lift
Utah's largest resort is getting even larger and more exciting. The southern-most part of The Canyons will see the construction of another new detachable quad lift, which will provide guests with access to an additional 300 acres of northwestern facing skiing and snowboarding terrain. Ten runs, ranging from intermediate to expert to gladed tree skiing will bring the total number of runs to 176. Timberline lift will allow guests to ride in either direction and provide easy access to the south side of Canyons. This will allow guests to move around the mountain more easily.
New Snowmaking Enhancements
In addition to Canyon's almost 400 natural inches of snow and existing snow making capabilities, Canyons is constructing a 20 million gallon reservoir to ensure a consistent skiing and riding surface particularly in the early and late stages of the season. The reservoir and additional infrastructure investments will more than double The Canyons already significant snow making capabilities.
Canyons Ski Beach
The Ski Beach, located between the base terminal of the new direct-connect gondola and the new high speed, state-of-the-art bubble quad lift, will become a gathering place for the beginning and end of the day. Along with Talisker's award winning culinary team, Canyons will provide guests the ability to enjoy everything from breakfast to an apres ski beverage in a truly beautiful setting viewing up the mountainside. The ski beach will also provide a setting for concerts and other cultural events year round.
>>>Click Here to visit The Canyons web site<<<
07.26.2010 - Deer Valley Summer Update
Happy Summer,
At last we have had a chance to see the last of the snow melt (almost) and summer reemerge in the Wasatch Mountains. If you have every spent a summer day in the mountains, you know it is a special feeling with almost perfect, dry days and cool evenings. Park City is blessed with more than it's share of summer activities from (16) golf courses within 25 minutes of town, fly fishing, miles of trails to hike and bike and outside dining at most of the restaurants on Main St.
The chart below is a 12 month snapshot of the condominium activity in Deer Valley broken down into 3 areas: Empire Pass, Upper DV (Silver Lake area) and Lower DV (Snow Park Lodge and the surrounding meadow). With 52 sales in the past 12 months, the most activity was in the Empire Pass and can be attributed to the auction and post auction sales at Silver Strike (approx and the 40% off list discounting at Flagstaff. With proper pricing, buyers came in and were able to capture great values and the sweet spot was well under $1000 per foot for new(er) product in Empire Pass.
Summer is an opportunistic time to preview ski property (which doubles as a summer retreat) and possibly find a seller that would rather not wait until next January for a buyer. It's also easier to evaluate ski access and inspect a property that's not surrounded by snow.
Lower and Upper Deer Valley offer better values in terms if price per square foot. There are some tremendous values for larger properties that may not have on-the-snow ski access and may require a few steps of walking. Let me know if I can provide information on any of the Deer Valley developments mentioned below. I also have full statistics for single family homes and "great buy" recommendations as well.
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Neighborhood Condo
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Homes Available Today
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Price Range Low
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Price Range High
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Sq. Ft.
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Beds
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Baths
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Sold Last 12 Months
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Under Contract Today
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EMPIRE PASS
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Arrowleaf A & B
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10
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$1,200,000
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$2,980,000
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1404 to 1995
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2 to 3
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3 to 4
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5
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1
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Flagstaff
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0
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NONE
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LISTED
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22
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0
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Grand Lodge
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3
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$2,245,000
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$2,425,000
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2067 to 2290
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3 to 4
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4 to 5
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3
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0
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Ironwood
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1
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$2,695,000
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2500
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4
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5
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3
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0
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Larkspur
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2
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$3,650,000
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$3,997,500
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3607 to 3760
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4
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5
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1
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0
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Montage Deer Valley
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15
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$2,040,000
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$7,860,000
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1233 to 4367
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1 to 4
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1 to 5
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0
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2
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Shooting Star
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2
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$1,527,500
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$1,685,500
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1745 to 2114
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3
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4
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2
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0
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Silver Strike Lodge
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5
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$1,765,000
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$1,957,000
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2208 to 2487
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2 to 4
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4 to 5
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16
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0
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TOTALS
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38
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52
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3
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UPPER DEER VALLEY
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Aspen Hollow
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2
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$1,800,000
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$2,599,000
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3200 to 3770
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4 to 5
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4 to 5
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2
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0
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Bellearbor
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0
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NONE
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LISTED
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1
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0
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Black Bear Lodge
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3
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$660,000
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$1,400,000
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1552 to 2987
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2 to 4
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3 to 5
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3
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1
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Cache at Silver Lake
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2
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$1,598,750
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$1,975,000
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2705 to 3000
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3
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4
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0
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0
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Chateaux at Silver Lake
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5
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$1,125,000
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$1,990,000
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1379 to 2924
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2 to 4
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3 to 5
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3
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0
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Knoll at Silver Lake
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2
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$2,995,000
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$3,250,000
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5813 to 7000
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6 to 8
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6 to 9
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0
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0
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Little Belle
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0
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NONE
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LISTED
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0
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0
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0
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2
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1
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Lookout at Deer Valley
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6
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$2,390,000
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$2,995,495
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4724 to 6234
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4 to 5
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5 to 6
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0
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0
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Ontario Lodge
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1
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$995,000
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2232
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3
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4
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0
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0
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Ridge
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6
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$949,000
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$1,200,000
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2100 to 2218
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3
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4
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1
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0
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Ridgepoint
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1
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$785,000
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2100
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3
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3
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1
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0
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Royal Plaza
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0
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NONE
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LISTED
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1
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0
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Stag Lodge
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4
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$2,190,000
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$3,729,000
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2622 to 4595
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3 to 4
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4 to 5
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3
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0
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Stein Eriksen Lodge
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0
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NONE
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LISTED
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5
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0
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Sterlingwood
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2
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$1,295,000
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$1,785,000
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2443 to 3008
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3
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3 to 4
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1
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0
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The Inn at Silver Lake
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1
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$3,900,000
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4226
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4
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6
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1
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0
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Trailside
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1
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$1,625,000
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3600
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4
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6
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0
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0
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Twin Pines at Silver Lake
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0
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NONE
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LISTED
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1
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0
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TOTALS
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36
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25
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2
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LOWER DEER VALLEY
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Aspen Wood
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1
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$597,000
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2350
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3
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3
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2
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0
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Black Diamond Lodge
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1
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$2,100,000
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2210
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3
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4
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3
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0
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Bristlecone
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3
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$789,000
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$1,050,000
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1569 to 3217
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3 to 5
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2 to 4
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1
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0
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Chaparral
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1
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$699,000
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1992
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3
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3
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0
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0
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Comstock Lodge
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1
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$550,000
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996
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2
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2
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1
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0
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Courchevel
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0
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NONE
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LISTED
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3
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0
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Daystar/Amber
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0
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NONE
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LISTED
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1
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0
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Deer Crest Village
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1
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$1,825,000
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2518
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3
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4
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0
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0
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Deer Lake Village
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5
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$649,500
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$1,170,000
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1584 to 2035
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2 to 4
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3 to 4
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3
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0
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Deer Pointe, Deer Crest
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2
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$4,000,000
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$4,100,000
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6236 to 6527
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4 to 5
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6 to 7
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1
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1
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Fawngrove
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2
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$575,000
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$849,000
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1315 to 2111
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2 to 3
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2 to 3
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1
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0
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Glenfiddich
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1
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$650,000
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1545
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3
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2
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1
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0
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La Maconnerie
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0
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NONE
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LISTED
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1
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0
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Lakeside
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2
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$739,000
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$790,000
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2196 to 2570
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3
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3
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3
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0
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Lodges at Deer Valley
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11
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$595,000
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$975,000
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1000 to 1958
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1 to 3
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2 to 4
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3
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0
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Pine Inn
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1
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$1,295,000
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1798
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2
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3
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1
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0
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Pinnacle
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4
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$990,000
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$1,295,000
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3511 to 3710
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3 to 4
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4
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5
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0
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Powder Run
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3
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$895,000
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$1,175,000
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1465 to 1500
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2
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3
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0
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0
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Queen Esther Village
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6
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$595,000
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$1,250,000
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1403 to 3000
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2 to 5
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2 to 5
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0
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0
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Red Stag Lodge
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3
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$659,000
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$689,900
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1363 to 1500
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2
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3
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1
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0
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Silver Baron
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12
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$760,000
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$2,150,000
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1648 to 2984
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2 to 4
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3 to 5
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0
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1
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St. Regis, Deer Crest
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18
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$1,450,000
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$14,995,000
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984 to 5497
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1 to 5
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2 to 5
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37
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18
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Stonebridge
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2
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$699,000
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$775,000
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2660 to 2750
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3
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4
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1
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0
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Trails End at Deer Valley
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0
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NONE
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LISTED
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0
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0
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0
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2
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0
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Wildflower - Deer Valley
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1
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$554,000
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1275
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2
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3
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0
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0
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TOTALS
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81
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71
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20
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04.24.2010 - Ski Season Recap-Empire Pass Condos
The 2009-2010 ski season saw a marked improvement in Deer Valley Empire Pass condominiums over the previous season. With effectively 7 sales in all of last year and 96 units of inventory, this year's activity rebounded with 38 sales and 13 additional properties under contract. Inventory levels of available product are currently 54 units. In 12 months our market has seen our absorption rate increase 5 fold and inventory reduced to a 1 year supply of currently available product.
There are several reasons we believe are responsible for this up-tick in activity:
1) Pricing: The Silver Strike Lodge auction had absolute, minimum bids starting at $650 per foot. This was a 50% reduction off the list pricing that was in place during 2009. As a result of the January 2010 live auction at Stein Eriksen Lodge in Deer Valley, all 8 Silver Strike Lodge properties that were involved in the auction were sold (more than the entire 2009 effort in Empire Pass) at an average price of $760 per foot.
Post auction activity resulted in similar pricing for the remaining 11 condominiums and an additional 6 properties were sold.
Taking it's cue from the success of the Silver Strike Lodge auction, the developer of Flagstaff introduced 40% discounting off their list pricing (for a limited time) and effectively lowered their cost per square foot to $950. Since this action, they have sold or put under contract 12 units in 2010.
This is clearly a price sensitive market and the auction at Silver Strike Lodge helped establish the current market in Empire Pass in Deer Valley.
2) General Market Indicators: Though there have been some bumps in the road, the general trend of the housing market is in the positive direction (see data in The Market section). Housing starts are up, interest rates remain at an all time low and prices have been reduced.
3) Financial Improvement: In the past 12 months the DOW is up 40%. Though everyone's portfolios may not have seen this type of performance, there is a feeling that improvement has been made and now is the time to take advantage of high(er) real estate inventory levels, low pricing and a higher net worth that may afford a property purchase.
03.29.2010 - Silver Strike-Empire Pass update
The January 17th auction of 8 Silver Strike Lodge residences in Empire Pass had successful bidders for each. Minimum bids for the 2, 3 and 4 bedroom units were approximately $650 per foot and the average sale price during the live auction at Stein Eriksen Lodge was $760 per foot. With sizes between 1700 and 2300 square feet, the sale prices ranged from $1,300,000 to $1,750,000 and all included a full Talisker Club membership.
Since the auction, (7) additional Silver Strike Lodge residence have been sold leaving only (5) developer owned properties remaining in the Lodge. The momentum from the auction established a market and price point for Empire Pass property and clearly carried over to other ski in-out product in Deer Valley. In addition to the (15) Silver Strike Lodge residences, there have been 7 sales in Arrowleaf, Shooting Star and Flagstaff buildings combined with and additional 4 sales pending.
The Lange Group has been involved in 65% of all 2010 sales in Empire Pass. We have our finger on the pulse of not only Empire Pass, but the Deer Valley real estate market.
It should be noted that all 2010 sales of ski in-out property in Empire Pass (1 exception) have been under $1000 per foot and most were under $900 per foot. Comparing first quarter unit sales, year to year, 2010 sales are up 4 times over 2009 !!!
Despite the recent success in the Village area of Empire Pass, there is still ample inventory of condominium product. The Village area is made up of Silver Strike, Shooting Star, Flagstaff and Arrowleaf residences. This is still a Buyer's market and those who have been contemplating a purchase of a ski in-out second home now have a better benchmark of property values.
If you would like a detailed update and market analysis, please contact The Lange Group (435-640-0001) for the most current information.
03.29.2010 - Talisker Purchases Waldorf, The Canyons
Talisker Expands with Purchase of The Waldorf Astoria Hotel at The Canyons
Toronto – Talisker announced today its purchase of Park City’s newest luxury hotel, The Waldorf Astoria, Park City, located at The Canyons.
The Waldorf Astoria, Park City, opened last summer at the foot of Talisker’s ski resort, The Canyons. The hotel includes 170 rooms and condominium units, dining at Spruce, as well as the Golden Door Spa which offers an exquisite menu of services available to hotel guests and the community alike.
“We are proud to add this wonderful and complementary asset to the Talisker and Canyons properties in Park City”, said Jack Bistricer Chairman and CEO of Talisker. “The Waldorf Astoria, integrated into The Canyons Resort, will expand The Canyons’ offerings and Talisker’s Definitive Alpine Living experience.”
Talisker is developing real estate in several Park City area communities, including The Canyons ski resort, Empire Pass at Deer Valley Resort, Tuhaye golf course community, and others comprising more than 13,000 acres throughout the area. As the creator of the remarkable Talisker Club, Talisker has been recognized by the Robb Report as the Best of the Best of Mountain Resorts, and by Travel + Leisure Golf’s America’s Top 100 Golf Communities.
12.20.2009 - Silver Strike Lodge Auction
PARK CITY, UT (Dec. 10, 2009) - Accelerated Marketing Partners (AMP) and The Lange Group at Prudential Real Estate will conduct Park City, Utah's first-ever new development real estate auction when it auctions eight homes priced over a million dollars at Ironwood Resort Development's Silver Strike Lodge at Empire Pass, a ski-in/ski-out condominium in the heart of Deer Valley®, North America's #1 ranked ski resort. Minimum bids will start at $1.150 million, up to 55 percent off last asking prices, which were as high as $3.295 million.
The real estate event will take place on Sunday, January 17, 2009 at 5 p.m., at the Stein Eriksen Lodge, located at 7700 Stein Way in Park City, just a few days before the start of the 2010 annual Sundance Film Festival, also taking place in Park City.
"When we first launched Silver Strike Lodge at Empire Pass in 2006, we sold nearly half of the building at the grand opening," said Matt Mullin, principal of Ironwood Resort Development, the developer. "Our company has always started a project by listening to our clients' needs and by building what they want and not by what we think they want. While we may be in a different market than when the project was unveiled, this same philosophy will still drive our decisions. With this auction, we will be accepting what our buyers determine homes at Silver Strike Lodge at Empire Pass are worth in today's market."
Advanced registration for the event is required, and the auction information center and model residences will be open daily from 10am to 6pm through Jan. 16 at 8902 Empire Club Drive, Park City, Utah 84060
Residents of Silver Strike Lodge at Empire Pass enjoy a host of fine amenities, including a two-story lobby with fireplace and hearth seating; owner's lounge with fireplace and serving bar; fitness room; ski locker room; sport storage lockers; heated, outdoor plaza with spa pools and warming fire pit; and a full-time concierge, lodge manager and complimentary car service.
For all winning bids, the developer will also cover a $100,000 membership activation fee to the exclusive Talisker Club, designed by Robert A.M. Stern and named Robb Report's#1 "Best of the Best: Mountain Resort Community" and ranked #8 on Travel + Leisure Golf's "America's Top 100 Golf Communities" list. Membership provides access to world-class skiing, golf and all other outdoor activities on the club's +10,000-acre property. Members also gain access to the club's mountain restaurant and clubhouses, with elegant dining lodge, spa and fitness services.
For more information on the Silver Strike Lodge at Empire Pass auction, please call 1-888-982-8988 or visit www.auctionsilverstrike.com.
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