Park City Information and Real Estate News

One Park City - Vail Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 30, 2015

picture--large

In true Park City fashion, the entire town seemed in attendance at Legacy Lodge for Vail Resort's announcement of One Park City, its new brand and resort launch. After the intro video, Vail's Chief Operating Officer and Chief Marketing Officer spoke about the new brand and Vail's progress-to-date on its $50 Million improvement plan.

The biggest takeaway: the largest resort in America is now operating right here in Park City. After $50 million in capital improvements, which will be completed in time for opening this winter, mountain visitors will have access to 7,300 acres of ski terrain, 17 peaks, and a resort that extends 6.5 miles in length.

image3

 

The new Quicksilver gondola is proceeding on schedule and will be operational for the 2015-2016 season. Vail Resorts settled on the name "Quicksilver" because it denotes Park City's mining history and the speed of the 8-person, state of the art conveyance, which transports riders from the base of Silverlode to the Flatiron Lift via Pinecone Ridge in just 8 minutes.

Miner's Camp Rest

The restaurant formerly known as Snow Hut, has been re-named Miners Camp and will seat 500. Additional improvements and expansions will be made to Red Pine Lodge (capacity will be expanded by 250 seats), Summit House, and Legacy Lodge. Snow making has been added to Iron Mountain and near the gondola.

picture--medium

The new resort will operate under the sole name, Park City. The logo was re-purposed from Canyons Resort and has the tagline, "There is only one. Park City."

 

 

Spring Changes in Park City

By Berkshire Hathaway HomeServices Utah Properties
Jun 03, 2015

First Day Canyons Golf-0043 Canyons Golf Course

Spring has arrived in Park City and has brought with it some pretty big changes.

Vail Resorts has started its $50 million dollar improvement plan. Construction has begun on the interconnect gondola and the new Snow Hut restaurant and is proceeding apace. We are thrilled to see the astounding rate of progress and are ready to meet the change these evolutions will bring to Park City.

vail2 Construction on the new Interconnect Gondola

Canyons Resort has also opened its new golf course and is taking reservations. This new course is the latest major addition to the resort's already robust list of available amenities. Park City has become quite the golf destination and now boasts thirteen courses many of which have championship destination. The fairways are green and the weather fair--time to dust off the clubs.

vail3

Finally, Park City's new state-of-the-art library opens June 13. We are thrilled to welcome back our much missed literary hub. The new building seamlessly integrates the beloved brick facade of the old High School building and new contemporary features. The new space will feature a coffee shop, educational offerings, communal space, and more books!

PC-North-West-Corner-Final-sm

In addition to these novel developments, Park City's usual summer offerings have begun. Be sure to check out:

Farmers Market at Canyons (Wed and Sat)

Park Silly Market on Lower Main St. (Sundays)

Deer Valley's Big Stars, Bright Nights Concert Series (Starts June 30)

Breaking News: Vail Resorts Interconnect Gondola Approved

By Berkshire Hathaway HomeServices Utah Properties
Mar 26, 2015

Fall Color-00262

Passing the final hurdle, Vail Resorts was granted approval by City Hall to establish a gondola, which when completed, will connect Park City Mountain Resort and Canyons Resort. The result will be the largest ski area in the United States.

The City Hall vote was in unanimous support of Vail’s delivered proposal. In addition to the gondola, Vail’s other 50 million dollars of proposed improvements were green lighted by the city. While the gondola is the most critical infrastructure aspect necessary to complete the combined resort, Vail listed several very necessary improvements that will improve skier experience. On-mountain dining, lodging, and other aspects were named as significant priorities.

The gondola will carry eight-passengers and covers nearly 1.5 miles, and terminates right in the middle of The Colony, one of our exclusive development listings. This new super resort will allow skiers to explore most of the length of the Park City ridgeline.

Vail has brought a lot of excitement to our town and the ski industry in general this last year. It’s a perfect moment for existing residents and interested buyers to discuss the implications of Vail’s thunderous arrival and bold plans on the real estate market. BHHS Utah looks forward to helping the town manage the growth that will surely result—we feel strongly in both preserving the character of Park City and contributing to its evolution.

20150211__gondola~p1

An Update on BHHS Utah Ski Developments

By Berkshire Hathaway HomeServices Utah Properties
Mar 02, 2015

Bathroom-largejpeg

The 2014-2015 ski season has proven quite exciting with the arrival of Vail Resorts in Park City. The proposed changes to Park City’s resort landscape have impacted real estate trends on the slopes in interesting and unprecedented ways. Across the board, we are seeing a stunning increase in new construction and vacant land purchases. Consumers seem fixated on new construction and building. Amenities are also frequently cited as a strong point of consideration among buyers.

All of these preferences amount to a new kind of buyer.

barkerjpeg

In the Colony, our development agents are reporting a record-breaking number of builds taking place and tremendous interest from buyers about locating near the base of the planned and approved gondola connecting Park City Mountain Resort and Canyons Resort, which ends right in the middle of the Colony development. In the last year, 21 lots have sold in the Colony, and there are currently a total of 45 homes under construction or in the SARC process.

In upper Deer Valley, we have seen steady buyer interest. Again, we are seeing a new demographic of buyer emerge: one that wants newer builds, hotel-level amenities, ski access, and a good investment. Our Deer Valley developments have all reported strong sales and remarkable demand for new product.

Deer Crest currently has the lowest amount of inventory since the development’s inception. There’s a wide swing in prices, several resale lots, and great demand for land. In 2014, all new Deer Crest homes sold, most before construction was completed. There’s also less demand for large homes…the priority seems to be intimate family gathering spots with ski access.

The St. Regis at Deer Valley has seen quite a lot of activity: residences are almost sold out and there has been good turnover with the condos.

Deer Pointe townhomes are pre-selling as they’re coming on the market. The hill track ski lift, which takes Deer Pointe residents to Jordanelle skiing, has been completed.Exterior4jpeg

The Stein Eriksen Residences have continued to sell at an unprecedented pace. Currently, 36 of the 54 residences have sold. SER has capitalized on the new demographic of buyer by offering a perfect storm of features: brand new construction, ski-in/ski-out construction, great amenities, fresh contemporary design and finishes, views, and the Steins five star, five diamond management team and name.KitchenViewjpeg

Overall, our ski developments have seen a stream of buyers all expressing the same demands: new builds, ski access, amenities, and family gathering spaces.

StairCasejpeg

Vail Resorts Claim Major Gains Already in 2015

By Berkshire Hathaway HomeServices Utah Properties
Jan 14, 2015

Barn in Winter2

Vail Resorts is off to a good season.

In a release, Vail Resorts CEO, Rob Katz, shared that the publicly traded company's initial Epic Pass sales and season-to-date revenue saw significant gains over last year. As real estate professionals on the ground in Park City, we have already noticed Vail's influence on our visitor demographics and market. Our agents have reported an uptick in international visitors, many of whom are holders of the Epic Pass. Good thing we are a global brand.

Here's what Vail is reporting:

  • Season-to-date total lift ticket revenue at the Company's nine mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 9.3% compared to the prior year season-to-date period.
  • Season-to-date ancillary spending increased over prior year, with ski school revenue up 9.2% and dining revenue up 6.8% at the Company's nine mountain resorts. Additionally, retail/rental revenue for resort store locations was up 10.4% compared to the prior year season-to-date period.
  • Season-to-date total skier visits for the Company's nine mountain resorts were up 1.8% compared to the prior year season-to-date period.

Vail Commits to $50 Million in Improvements

By Berkshire Hathaway HomeServices Utah Properties
Dec 08, 2014

Vail Releases Details of Improvement Plan

20141208_084756_DEC2014_ParkCity_ImprovementsMap_web2 Map is Credited to Vail Resorts

Today, Vail Resorts shared their action and improvement plan with regards to Park City Mountain Resort and Canyons Resort. The plan includes more than $50 million in improvements that will take place in just one season, making it the most ambitions ski resort improvement strategy to date. The changes will create the largest ski resort in America by combining Park City Mountain Resort and Canyons Resort. Here are some specific improvements listed in Vail's comprehensive press release:

The Interconnect Gondola. An eight-passenger, high-speed two-way gondola from the base of the existing Silverlode Lift at Park City to the Flatiron Lift at Canyons. The gondola will also have an unload at the top of Pine Cone Ridge to allow skiers and riders the opportunity to ski into Thaynes Canyons at Park City via gated ski access or to the Iron Mountain area at Canyons through new trails that will be created from Pine Cone Ridge.

Upgrade of King Con and Motherlode Lifts at Park City. The King Con  Lift will be upgraded from a four-person to a six-person, high-speed detachable chairlift. The Motherlode Lift will be upgraded from a fixed-grip triple to a four-person, high-speed detachable chairlift.

New Snow Hut Restaurant, Upgrades to Summit House Restaurant at Park City and Expansion of Red Pine Lodge Restaurant at Canyons. The plan calls for building a completely new Snow Hut restaurant at the base of the Silverlode Lift and next to the Park City terminal for the Interconnect Gondola, with 500 indoor seats and a top-of-the-line kitchen and culinary experience. The plan also includes an upgrade to the "scramble" area inside the Summit House restaurant to improve the flow of diners and increase seats. At Canyons, the Red Pine Restaurant will be renovated to accommodate an additional 250 indoor seats.

Snowmaking and Other Improvements. The plan features additional snowmaking on two trails in the Iron Mountain area of Canyons which will become increasingly central ski terrain given its proximity to the Interconnect Gondola. The plan also includes almost $5 million of "catch up" maintenance and upgrades at Park City, given the lack of spending at the resort over the past few years.

"This comprehensive capital plan for Park City and Canyons is one of the most ambitious and impactful plans undertaken at any resort in industry history, transforming the experience at both resorts and creating the largest single ski resort in the U.S. with more than 7,300 acres of skiable terrain," said Blaise Carrig, president of the mountain division for Vail Resorts. He added, "The improvements offer skiers and riders more terrain and upgraded lifts to enhance the guest experience and reduce crowding and lift lines, new and upgraded restaurants, more snowmaking and an overall ‘touching up’ of all aspects of the resorts. The plan was based on feedback from guests and the local community as well as discussions with the senior operating teams at the two resorts. We look forward to continuing to work with the county and the city and are hopeful we can bring this plan to life for the 2015-2016 ski season."

In Conversation with Vail

By Berkshire Hathaway HomeServices Utah Properties
Sep 26, 2014

Today, Blaise Carrig, President of the Mountain Division at Vail, joined BHHS Management and our agents for a discussion of Vail’s future plans.

Mr. Carrig gave an overview of Vail’s strategy with regards to mountain acquisition and growth, real estate development, growing appeal for winter sports, and running and operating resorts. The presentation was illuminating, and Mr. Carrig answered many of the remaining questions surrounding Vail’s recent acquisition of Park City Mountain Resort and the company’s immediate and future intentions towards its two local resorts.

A large part of the discussion revolved around the unique capital strength commanded by Vail. The business acumen of Vail Resorts allows the company to take a different and long-term approach to acquiring, maintaining, and growing its ski resorts.  In his explanation of the business structure of Vail Resorts, Mr. Carrig shared that the Mountain Division (ie. its ski operations) accounts for the overwhelming majority of Vail’s revenue. This is an important indicator of priority. While Vail does have lodging, retail, and real estate holdings, their main focus remains the successful running of ski resorts.

Vail’s interest in real estate stems from the company’s commitment to providing the best ski vacation experience, which extends to lodging. Mr. Carrig conveyed that Vail only develops real estate when it feels that additional lodging options are required (particularly around the base of a resort) to ensure quality accommodations for guests.

Beyond having the capital reserves to make a purchase along the magnitude of Park City Mountain Resort, Vail invests heavily into mountain maintenance and improvements.

Mr. Carrig reiterated that Vail’s first order of business will be on-mountain improvement at Park City Mountain Resort. While he indicated that Vail has intentions of rehabilitating the base at Park City Mountain Resort, the company’s primary focus will be enhancing the immediate skier experience at PCMR by addressing lifts, restaurants, and snow-making. A two-way lift connecting Park City Mountain Resort and Canyons Resort is intended to be installed next summer assuming approval by all necessary parties. The new combined ski resort, which will be the largest in America with over 7,300 acres of skiable terrain, will likely use Park City Mountain Resort as its lead brand.

Vail is committed to building on their already established reputation of community involvement. The company just launched their community-giving organization, Epic Promise, which will be active in Park City. As a community partner, Vail has traditionally focused on youth and environmental programs. Vail is also in talks with Deer Valley, Ski Utah and the Utah Office of Tourism to potentially create symbiotic marketing campaigns geared towards maintaining and increasing visitation to Park City and Utah.

Our takeaway: Vail runs a strong business and will be good for Park City.

For more information on Vail’s business performance last year, see their latest fiscal report.

Special Report on the Arrival of Vail and Park City's Real Estate

By Berkshire Hathaway HomeServices Utah Properties
Sep 22, 2014

Baloon Fest-9331

It’s hard to find anything negative about Vail’s acquisition of Park City Mountain Resort. The purchase removes the uncertainty surrounding the upcoming season and operations at PCMR, which has been a source of anxiety among local businesses, resort employees, residents, and visitors alike. Beyond solving the immediate crisis, Vail promises only good things for Park City and its commercial, development, and residential real estate.

As a publicly traded company with an impressive trackrecord of financial solvency and growth, Vail has the wherewithal and intention of improving upon both of its Park City resorts. Its Epic Pass is immensely popular and promises a new and international demographic of visitors. While international buyers have previously only accounted for less than 1% of our marketplace, Vail’s presence and its Epic Pass are likely to catalyze an influx of foreign visitors, investors, and home buyers that Park City would otherwise have a hard time attracting.

From a real estate standpoint, Park City will see substantial development activity in upcoming years as a result of this sale. There is currently over 4 million square feet of developable land at the Canyons: 2.7 million square feet at the base and 1.3 million square feet at Red Pine. At PCMR, there is 650,000 square feet of developable land on and around the existing parking lots.

Further, our listing of the Mayflower parcel at Deer Valley allows for the potential new construction of 2,400 units and a new commercial village. This newly listed parcel has the potential to double the size of Deer Valley Resort and its skiable terrain, providing yet another unique opportunity to be involved in a local resort's evolution. We look forward to seeing Deer Valley build upon its already established reputation as a the 5 time winner of the "Best Ski Resort in North America" according to Ski Magazine readers.

New builds, commercial centers, and cultural venues will bring fresh life to our town. Berkshire Hathaway Utah represents more developments than any other Park City real estate agency and looks forward to playing a role in the responsible growth of our town.

While we are thrilled to welcome Vail and the subsequent opportunities it brings, BHHS Utah remains committed to preserving the authenticity and local energy of our town. Any future developments should contribute to and support Park City's existing town structure and culture. As part of its campaign to grow and maintain relations with our town and its civic leaders, Vail has given support to numerous local causes and non-profits since its purchase of Canyons. We believe going forward, Vail will prove a considerate and generous community partner.

Vail: The publicly traded company

If share price is any indication of a company's real value, Vail is one healthy company.

Vail has a longstanding history of competitor out-performance in the financial marketplace. According to the latest Wall Street data, Vail has a market cap of $3.2 billion with shares up 17.2% year-to-date. Since the announcement of the Park City Mountain Resort Purchase, share prices have  jumped close to 13%. The company boasts 43.85% gross profit margin, which has increased from the same quarter the previous year. Along with this, the net profit margin of 21.71% is above that of the industry average. Further, the net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Hotels, Restaurants & Leisure industry.

Vail: The Resort Operator

Vail has already proven itself a capable operator of ski resorts. With 11 resorts under its management, Vail has the capacity and experience to run a resort and run it well. In its first year operating Canyons Resort, Vail improved on-mountain offerings and guest experience. The Epic Pass has proved highly popular and will bring fresh visitors to Park City. This upcoming season visitors and locals will be able to enjoy joint passes to Canyons and Park City Mountain Resort--over 7,300 vertical feet of skiing! Vail has announced its intention to connect the two resorts via a new system of links, which would allow skiers to seamlessly traverse the majority of the Park City range.

Park City visitors and locals will now have the chance to ski legendary Deer Valley, with its proven quality mountain service, and the largest ski resort in America.

The Epic Pass

The Epic Pass is a multi-mountain, multi-destination ski pass that allows its owners to ski at 21 resorts in 5 different countries. Epic Pass holders have the opportunity to extend their skiing and riding adventures globally with up to five consecutive free days at the renowned mountain resorts of Les 3 Vallées, France (Courchevel, La Tania, Méribel, Brides-les-Bains, Les Menuires, Saint Martin de Belleville, Val Thorens and Orelle) and Verbier, Switzerland, and five consecutive free days at Niseko United, Japan.

The Epic Local Pass

The Epic Local Pass, which just added Park City Mountain Resort to its roster of included ski resorts, grants pass holders access to skiing and riding at Canyons, Breckenridge, Keystone, Afton Alps, Mt. Brighton, Arapahoe Basin, Heavenly, Northstar & Kirkwood, and Park City Mountain Resort. The pass also includes a total of 10 days at Vail and Beaver Creek with holiday restrictions. Between these two pass options, locals and visitors will have access to over 7,300 feet of terrain in Utah.

Park City’s Market post-Vail Purchase

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2014

At BHHS Utah we are tracking the effects of the Vail purchase with keen interest. While it's too soon to predict all the implications from this major change, we feel comfortable in saying that Vail’s presence will be very positive for our marketplace. There are several plots of land now owned by Vail that are available for new development, which will add substantially to Park City’s future real estate growth potential.

We are not the only ones who see this acquisition as a beneficial thing.  Immediately after the sale was made public via press releases from both Vail and Park City, Vail’s stock shares jumped 12% in value. Stocks have continued to trend upwards, especially after it was announced that Park City Mountain Resort would be added to the Epic pass this coming season (2014-2015). Locals and visitors can now ski both mountains as part of the same pass, providing a uniquely affordable way to experience Park City’s legendary snow.

Going forward, we have begun to monitor our marketplace and in the future will have good idea as to how our market has been affected by this change and how it is likely to contribute to trends in the future. While Vail has yet to discuss or share its intentions with regards to new lifts, renovating the base of Park City Mountain Resort, or consolidating its Park City holdings, we look forward to seeing its vision for the largest resort in America.

We are hesitant to make any claims at this point with regards to real estate, but it is likely that property values will go up due to increased interest in Park City stemming from this newsworthy transition. Areas and neighborhoods that abut the two resorts have already garnered increased attention from buyers and are experiencing elevating median prices. In other words, now is the ideal time to invest in Park City real estate holdings. 

Want to know how the Vail purchase affects your property's value or real estate goals? Call your BHHS Utah real estate professional today. bhhsutah.com

PCMR Sells to Vail

By Berkshire Hathaway HomeServices Utah Properties
Sep 11, 2014

Park City Mountain Resort Sells to Vail for $182 Million.

Fall Color-00262

Powdr Corp. has sold its Park City Mountain Resort to Vail Resorts, ending a tumultuous year for Utah's most popular ski destination.

"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," Powdr CEO John Cumming said in a statement. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."

The deal requires Vail Resorts to retain Park City Mountain Resort employees.

Powdr owned the Utah resort for more than 20 years, growing it into one of the most popular ski areas in North America.

According to Vail's Press Relesase, with the acquisition, all aspects of the previously disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort.

"First and foremost, we are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation," said Rob Katz, chairman and chief executive officer of Vail Resorts.

"Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. The acquisition will allow us to immediately bring Park City Mountain Resort onto the Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States," he added.

Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.

 
 
Existing user sign in: 
Forgot Password?