Park City Real Estate Trends

PARK CITY UTAH IS A WORLD CLASS RETIREMENT CITY

By kendrummetblog
May 16, 2015

What? Right, most people think of Park City as a World Class ski city, and it is, with three great ski areas of Deer Valley, Park City Mountain Resort and Canyons; and it is an Olympic town too, with training facilities for bobsled, luge, skeleton, ski jumping and aerialists.

Retirement in Park City isn't about rocking chairs Retirement in Park City isn't about rocking chairs

Park City real estate appeals to retirees, those ready or just planning for the future because Park City is a small town where you can know almost everyone, find part-time employment,, or fulfill your need to help others by volunteering in numerous non-profit organizations. Just over the hill is Salt Lake City, where you will find convenient access to an International airport, trauma medical centers, several universities, museums, and unlimited entertainment venues.

A low-humidity, temperate, bug-free climate, allows you to enjoy summer hiking, biking, golfing, fishing, camping, and attending numerous music events. Venture out seven hours from Park City and you will find nine National Parks, more than twenty National Monuments, and numerous State parks and campgrounds. Most retirees find they don't have enough time to do all they want to do....but you can be outside and active year round.

Prepare for your retirement in Park City and call an agent with the YouInParkCity.com real estate group today to find your perfect home...and be ready to be visited frequently by friends and family.

Promontory Golf and Real Estate Review

By Todd Anderson
Jun 08, 2013

The Promontory development of Park City, Utah bills itself as a four-season resort with activities and amenities geared toward year round use, but its two golf courses place it firmly in the golf community real estate category for the summer months.

 

Promontory Real Estate Views from "The Shed" at Promontory

The Promontory community has weathered the downturn and financial crisis well and could be said to actually have benefitted from it in certain aspects. Promontory is without a doubt the most amenity rich option of the social club and golf communities in the Park City, UT area. The amenities they offer and the scope of their membership opportunities have grown each year.

 

Golf Digest for 2013 ranked the Dye Canyon Course as #3 in the state followed by the Nicklaus Painted Valley course at #4 in the state. The Pete Dye designed Canyon Course also was named as #48 of the top 100 public golf courses by Golf Digest.

 

Real estate sales at Promontory show similar numbers for the past 12 months as the preceding 12 months, but there is a different feel. Pricing of the sales is up. The median sales price on building lots is up 20% and the median price on sold homes is up 15%. The number of distressed sales at Promontory has dropped dramatically. The last 12 months shows 16 sales of homes for a price of under $300 per square foot while the previous year had 27 such sales in the same number of total sales. There are currently 6 offerings on the Park City MLS in Promontory for under $300 per square foot of the 55 active sales.

 

The recent sales data at Promontory has been strong enough that the developer (The Pivotal Group) is beginning to re-introduce developer owned lots as well as increasing their “cabin” home offerings. Developer owned lots and cabins at Promontory can include memberships and delayed or deferred social club and golf fees which need to be considered as part of the Promontory amenities, so not all purchase prices are equal.

 

Non-golf related developments are a huge contributing factor to the value at Promontory. The Shed which opened last year has been a huge success. This year’s new additions include a “dog park” athletic and social club refurbishing and an additional pool. Most noticeable are the $1M spent by the Promontory Conservancy on trees.

 

With the total development still being less than have done and still a large number of resale opportunities; there is quite a bit of territory and many options to consider. For a tour and assistance in navigating the options at Promontory contact a golf realty specialist with YouInParkCity.com at (888)968-4672.

Victory Ranch Golf Real Estate Update

By Todd Anderson
Jun 04, 2013

Victory Ranch & Conservancy Golf Victory Ranch & Conservancy Golf

The golf course at Victory Ranch (about 25 minutes from Park City, UT) has been open for nearly a month now and the real estate opportunities at Victory Ranch & Conservancy were re-released just over two months ago. The real estate options changed with prices being reestablished to fit the current market and the number of lots and overall size of the development being drastically reduced. The golf course remains unchanged; still deserving of its #2 ranking in the state by Golf Digest in 2012. Access is and will remain limited.  

During the period while the development moved through loan default and the subsequent purchase by Sterling Bay Companies, the property and facilities were maintained and available for use by the owners. Sterling Bay has re-envisioned (and employed Meriwether Companies to assist the luxury development and management of) the property limiting the development to 200 single family homesites and ranchettes plus 100 golf cabins. Four thousand acres of the 6700 acres will remain untouched “backcountry”.

 

The result of this limited development will be a community that feels away from it all. Most of the golf course will be surrounded by golf course and backcountry views; not homes. This, along with the private four mile stretch of Upper Provo River makes this a very different golf community. Truly Victory Ranch and Conservancy is an outdoor community designed to allow you to get away from it all that happens to have a great golf course.

 

Four lots have sold and four more have pending contracts since the re-release of the building lots at Victory Ranch. This puts the total number of ownership possibilities for single family homesites in Victory Ranch at about 140. The one hundred golf and family cabins are soon to be released with a target price for the finished product in the $400-$450 per square foot range.

 

In terms of golf course related Park City real estate, we believe that Victory Ranch is truly in a class by itself. To learn more about Victory Ranch and to gain a better perspective as to how it fits in the golf course communities of Park City contact a golf real estate professional at YouInParkCity.com (888)968-4672 today.

Red Ledges Golf Real Estate & Community Update 2013

By Todd Anderson
May 16, 2013

The Jack Nicklaus signature course at Red Ledges just seems get better every time we play it. In 2010 and 2011 Golfweek Magazine ranked it as “Best of State” and we think it is certainly in the top 3. There were no major changes made on the course last year. The reworking of several of the greens that was done a few years ago to make those greens more receptive and hold shots has paid off. The bent grass greens have had a couple of growing seasons since the alterations and they are rolling true and holding good shots. Red Ledges Golf - Park City

 

Red Ledges, one of Park City Real Estate’s premier golf communities, sold 48 properties in the in the past 12 months. For the same time period last year there were 36 sales. This shows a very healthy improvement. Part of what we see as very encouraging (for Park City’s golf community market) is that 10 lots were sold to smaller builders who intend to break ground on spec homes. New homes being built and in the planning stages is yet another sign that the Park City Real Estate market is turning the corner. Another positive indicator that Red Ledges is healthy is that a new neighborhood is breaking ground. It is called Mountain View. Mountain View will offer 4 models that will be priced in the $500,000 to $700,000 range. Red Ledges is differentiating itself in Park City’s golf market by offering homes in more price ranges than the other golf communities. With a few lots still available for under $200,000 and single family homes starting in the $500,000 range Red Ledges has with increased their pool of buyers compared to the other Golf communities. Golf or lifestyle memberships are currently included in developer sales but we expect that to come to an end soon.

 

Red Ledges amenity package now includes the Jack Nicklaus 18 hole championship signature course, a comprehensive practice facility, the Jim McLean Golf School, the Cliff Drysdale Tennis academy, a golf shop, and swimming pool and equestrian programs. The most exciting news is that they will be breaking ground on the Clubhouse next month. The current goal is to have all of the planned amenities in place in the next 5 years.

 

For more Red Ledges real estate information or for a tour of the community and facilities contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

Glenwild Golf Real Estate Update

By Todd Anderson
May 06, 2013

Glenwild is without a doubt one of the best golf courses in Utah and a premier Park City real esate area; in 2006 the course was rated as “Best in State” by Golf Digest and it has remained at the top of lists ever since. It should, without a doubt, be on your list if you are considering a second home in one of Park City’s golf communities. Located only 20 minutes from downtown Park City or Salt Lake City it should also be a consideration for families wanting to live in Park City who commute to Salt Lake. The par 71 championship course was designed by Tom Fazio and plays up to 7451 yards from the tips but with four tee boxes there is enough variation in yardage for players of all abilities to enjoy the experience. Last summer the greens, which are perfectly manicured, stimp as high as 12. Glenwild Golf and Real Estate

 

Now to Glenwild real estate. Of the 200 luxury homes and home sites at Glenwild there are 12 homes and 12 lots for sale currently. In the past 12 months there were 7 Glenwild homes sold. During this time 20 lots sold. The average price per square foot of the homes sold was $378 while the average for homes for sale is $419 per square foot. The active buyers in the Park City Real Estate market seem to be saying that they are willing endure the building process unless the price of an existing home is very compelling. The YouInParkCity.com group, as a member of the “Builder Services” division of Keller Williams Park City Real Estate works with many of the Park City builders and has access to a wealth of information regarding building trends and costs and what buyers are saying makes a lot of sense. At the builder service practice group we leverage these contacts and information to help ensure the design build process goes smoothly for our clients.

 

What makes Glenwild unique among Park City’s 5 golf communities, in our opinion, is that it offers a more intimate setting than most of the other golf developments which are substantially larger. The amenities which, in addition to golf, include an exceptional trails system, state of the art spa, spacious swimming pool, tennis courts, an elegant clubhouse and an inviting restaurant are sized to accommodate the limited membership. Glenwild is also the only gated golf community in Park City to offer memberships to people that don’t own property in the community.

 

There are currently 36 of the 325 memberships available. The price for a golf membership is $75,000 with annual dues running $12,000. Social memberships are also available for $15,000 with annual dues costing $6,000.

 

For more information about the real estate opportunities and how the Glenwild community may fit your lifestyle contact a local realty expert with YouInParkCity.com at (888)968-4672.

Park City Private Golf Community Udpate

By Todd Anderson
May 01, 2013

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving. Golf in Park City Utah

 

In the past 12 months there have been 149 sales plus 35 pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

 

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

 

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.

Park City Golf Real Estate Recap

By Todd Anderson
Oct 26, 2012

The six inches of snow that fell on Main St. Park City yesterday told us that it is probably time to take the golf clubs out of the car for the season and start thinking about getting in shape for ski season.

 

Golf is near and dear to the YouInParkCity.com group so with the days getting shorter and the golf season coming to an end we thought it would be good to recap what has happened so far this year in five amazing Park City golf communities which boast some of the top courses in the state. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional.

 

January 1 through August 31 there were 121 sales and pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time period in 2011 total sales and pending sales were 160 properties. For both years the majority of sales were in Promontory as distressed inventory was sold. Even though the number of sales was less in 2012 than in 2011, there are several very positive indicators for real estate in the Park City golf communities. One, there have been several bulk sales in these communities to builders which are not included in the Park City MLS numbers. Two, in Promontory we are seeing a few developer sales as opposed to distressed re-sales. Three, we are seeing an increase in plans being submitted and homes under construction. Four, Promontory, Red Ledges and Tuhaye have added or will break ground next spring on their already significant amenity infrastructure. We also expect exciting announcements from Victory Ranch as the new owners solidify their plans.

 

We will present a series of blogs in the next few weeks with an overview of each gated golf course community. For an in-depth analysis of a particular area, part of town, or specific property type that interests you contact a real estate professional with YouInParkCity.com at 1-888-968-4672.

New Lower Prices at Victory Ranch Club and Red Ledges

By Todd Anderson
Jul 01, 2010

Golf Course Development Projects Add New Lower Price Point Options         victory-ranch-017-comp.jpg   Recent economic changes have led to some rethinking and new options at local private club golf course communities.            Announcements have been made by Red Ledges and Victory Ranch that they will be offering new smaller clustered homes for prices less than that of some original lot sales. Victory Ranch Club will offer complete homes in the 1500-2100 square foot range with starting prices under $750,000. These homes will utilize local timber and stone with designs meant to blend in with the surrounding natural landscape and fit well within the Victory Ranch Club community. The current offering is for 11 semi-private homes on ¼ to ½ acre lots, three models are available.            Similarly, Red Ledges has announced a partnership with Ivory Homes for the construction of smaller and more economical homes within Red Ledges. The Mountain Villas at Red Ledges by Ivory homes will offer 5 models (two single family and 3 attached) ranging from 1300 square feet to over 2600 square feet. Options will be available for finished basements and plenty of upgrades. The homes will be located along the 6th fairway of the Jack Nicklaus Signature golf course which was recently named the best new private course by Golf Magazine.            These new home offerings could be an indication that the developers are seeing a need for something other than 4000+ square foot second homes or they could be a sign of the new economic reality worldwide. Likely they are a combination of the two. Lot sales and construction of new homes at Victory Ranch and Red Ledges has been slower than the developers would like despite discounts of 30% or more and other sales incentives. With this addition, both of these golf and social club communities are now offering new product at a price similar to recent bank owned property listings at Promontory and Tuhaye. These new offerings will definitely make sense to more people both in terms of price and size. The impacts on other prices within these communities and other nearby similar communities is worth a discussion. To explore golf and social club home and vacation home opportunities contact a professional with http://youinparkcity.com/ .

What Makes Park City Real Estate Valuable? The 4th of July Celebration

By Todd Anderson
Jun 29, 2010

            More than just the skiing, biking, golf, snowboarding, hiking or ...it is the community and local amenities that make Park City Real Estate Valuable.             Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.             Today's topic: Fourth of July Celebrations Park City Fourth of July Parade            While Memorial Day marks the start of summer each year, it is truly the Fourth of July Celebrations in and around Park City that truly get summers here into full swing. Multiple events are going on in and around Park City. Trying to get to them all will lead you to need a vacation when it is all over. Here area a sampling of some of the things you'll find:             The Oakley Rodeo; the town of Oakley just minutes east of Park City is holding its 75th annual Rodeo and 4th of July Celebration which includes a PRCA sanctioned Rodeo (The REAL thing) Thursday, Friday, Saturday and Monday Nights at 8 pm with fireworks after the Rodeo and a dance on Saturday, a rodeo queen pageant (Saturday) and a parade on Monday. For more info go to: http://oakleycity.com/rodeo/rodeoHome.htm.              The Cole Sport/KPCW Summer Bash held at the Town Lift Plaza. Celebrate KPCW's 30th Birthday at this free and fun family event. Kids' activities, food and drink begin at 5pm, followed by rock and roll from Park City's Motherlode Canyon Band. Info at KPCW.org.             The Canyons Resort  FREE  Annual 3rd of July Celebration featuring music by The Disco Drippers followed by a huge fireworks show. Info at TheCanyons.com.             The Park Silly Sunday Market moves to a special Saturday to make way for Sunday's Parade route. Info at ParkSillySundayMarket.com.             The Utah Symphony plays a Patriotic Celebration at Deer Valley on Saturday July 3 at 7:30 pm. See deervalleymusicfestival.org             Park City Celebrates All day long on the 4th: 7:00 am Pancake Breakfast at City Park. 8:00 am Park City Ski Team 5k Fun Run. 10:00 am - 9:00pm Rugby games, live music, BBQ at the north end of City Park. 11:00 am Famous 4th of July Parade with over 70 floats celebrating Park City's history "From Silver to Snow". 12:00 noon - 4:00pm food, live music, beer garden, vendors in City Park. Fireworks at Park City Mountain Resort at dusk.             One Republic plays the St. Regis Big Stars, Bright Nights concert series at Deer Valley 7pm.                In addition to all of this, note that "mud-season" is officially over and all of the restaurants, shops and activities - including all three resorts (Park City Mountain Resort, Deer Valley, and The Canyons) with hiking, mountain biking rides, and more are ready and vying for your business. The great number of tourists and locals out and about in the area also make people keenly aware of real estate opportunities in the area, for assistance in that area, the YouInParkCity.com Group will be available to help you over the 4th of July Celebration weekend, give us a call at (888) 968-4672.             If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

Red Ledges Golf

By Todd Anderson
Aug 01, 2009

            The Red Ledges golf community in Heber City put out the call to local Park City area REALTORS® to come out  and play 9 holes. Rob and I gladly accepted to represent the YouInparkCity.com group from Keller Williams Park City Mountain Resort Real Estate.

            Red Ledges is less than 2 miles east of Main St. Heber City, Utah down Center St. (aka Lake Creek Rd), lays the Red Ledges community development. About 20 minutes from Park City, UT. Red Ledges' new Jack Nicklaus Signature golf course opened for play on the 3rd of July, 2009. The private course is the newest addition to the Park City area golf courses now numbering over 15.

            We were greeted at the golf course pro-shop, clubhouse and restaurant (a comfortable facility that will be used until the main clubhouse is built at a future date) and sent to the practice range for a few warm-up swings. The practice range has well laid out greens and bunkers and a beautiful backdrop. There is a newly constructed 5400 Sq. ft. home for sale overlooking the practice facility from the east with an asking price of $3.5M.

            We started on the par 3 9th hole which plays just over 200 yards from the "members' tees" (blue). The pin was hidden by a large juniper which we aimed over from the elevated tee box. The hole is very picturesque, nestled up against the namesake red ledges that will be home to the future clubhouse. The red dirt and rocky out croppings surrounded by sage, juniper and natural vegetation make for a beautiful golf hole (a recurring theme throughout the course).

            The course proved to be a classic risk/reward style course which forces you to know your game and distances ("can I fly that bunker in the center of the fairway 260 yards uphill?").  The course pushes you to "think your way around".  There are many elevation changes within the course and flat lies were few and far between. The greens run fast but true with many undulations. Rob walked away from it saying "I love it". It is a fair test and the setting is fantastic. I think it will prove to be a course that you can play over and over without becoming bored.

            We finished the day with frosty beverages and hors devours on the deck with views of the Mt. Timpanogos.  We were told that the back nine (finished and playable) has even better views as it sits higher up the hill than the front which we had played (hopefully we'll see it next time).

            There is a nine hole "short course" also planned for the Red Ledges community, but next to come will be the pool and gym facilities in the village center of the area. There are over 1400 lots that will ultimately be sold within Red Ledges (this will likely take10-15 years), but only 400 golf memberships. This gives some good insight to the fact that this community is not just about the golf. So while Red Ledges has made the golf portion of the development the first amenity to the community, golf is not necessarily the main focus of the overall master plan. Like other Park City real estate area private community and club style developments, Red Ledges plans a community style social atmosphere based around pool and gym facilities, equestrian access, future tennis club facilities, cross country skiing, snowmobiling, alpine skiing (at Deer Valley), and planned social events.

Park Meadows Golf Real Estate in Park City

By Todd Anderson
Jun 23, 2009

                Park City & Deer Valley real estate can boast of having many fine golf communities completed or nearing completion.  These include Glenwild, Tuhaye, Promontory Ranch, Hideout Canyon, Victory Ranch and Red Ledges.  Promontory features two courses, an equestrian center, club houses and numerous kids programs.  Tuhaye has one course (plus another in the works), a ski boat on the Jordanelle Reservoir, many kids programs but is unique in that its membership includes the Talisker Club amenities at Deer Valley ski resort. Victory Ranch will have an exceptional course but what separates it from the other clubs is that it has private river frontage on the Upper Provo River and fantastic fly fishing,  Red Ledges will open its Jack Nicklaus designed course 4th of July weekend and will have world class tennis facilities and other amenities. Glenwild's crown jewel is its Fazio designed golf course. It is a golf country club type of community complete with workout room, restaurant and swimming pool. All of the above are gated communities.

                 I think Park Meadows Country Club, which often seems to fly under the radar screen, is worth considering when a family is deciding to purchase a primary residence or vacation home in a Park City and wants golf to be a part of their Park City lifestyle.  It is not a gated real estate community and does not have many of the built in programs and amenities associated with these other clubs. On the other hand it is located within the Park City town limits which means all of the activities and amenities in Park City are readily available to families that purchase a home in Park Meadows and join the Park Meadows Country Club.  Some of the amenities in Park City are the Racquet Club, the free bus system, the Skate Park and City Park.  The Park City restaurants, clubs, events and shopping match its real estate in being world class.

                Park Meadows Country Club, originally designed by Jack Nicklaus, was renovated last year by John Harbottle. Park Meadows has a swimming pool, restaurant and workout room. It is adjacent to the Park City Racquet Club and is part of the city-wide free Park City bus system, a real plus for getting kids to and from all that Park City, Utah has to offer.

                No one knows what Park City real estate areas will appreciate more rapidly as we climb out of this recession but if I had to put money on it I would bet homes, condominiums and lots inside of the Park City town limits to bounce back more rapidly just based on the principle of scarcity. 

                If you are considering the purchase a home or condominium in the Park City or Deer Valley area and want to live on or near a golf course don't forget to take a peek at Park Meadows.

                For more info on Park City Real Estate contact a YouInParkCity.com Keller Williams Park City Real Estate specialist.

Golf at The Canyons Resort in Park City

By Todd Anderson
Jun 17, 2009

             Golf courses and spas are a major component of resort real estate in the Park City and Deer Valley area. Many of the real estate communities in The Canyons area of Park City have some reliance on golf in the area. A meeting will be held today to discuss why the proposed golf course adjacent to The Canyons Resort in Park City, Utah has not come to fruition.

            In the late 1990's as part of The Canyons Resort specially planned area (SPA), a golf course was required as part of the plan. The plan required a course to be in place by 2002.

            The Spa allows for increased density at the base of The Canyons Resort and has many conditions which allow for the density increase such as a golf course (golf is often developed as "open space" in large development and SPA areas in and around Park City, Utah), roads, trails public right-of-ways, etc. Many of the problems with the proposed golf course and overall development of the base area at The Canyons Resort stem from the fact that there are over 25 different land owners involved dealing with complicated trades, leases and other transactions to get the original SPA approved.

            With the Talisker Corp. as the new owner of The Canyons Resort, it was widely anticipated that due to its golf background, the course would move forward quickly. This has yet to happen and the lawsuits surrounding the area can only make matters worse.

            Many of the real estate developments within and around The Canyons and Park City have made mention of the future course and no doubt many Buyers have made real estate purchases based on the proposed course.

            The proposed golf course at The Canyons could play an important role in making the resort and surrounding tourism driven developments more profitable year-round. Most of the newer real estate developments in The Canyons area (The Grand Summit, The Sundial Lodge, Escala, Vintage on the Strand, The Westgate, Dakota Mountain Lodge, Fairway Springs and more) have made some claim to proximity to and added benefit to owners and guests that the proposed golf course at The Canyons will bring.

            Unfortunately, golf courses are not cure-all prescriptions for real estate and tourism. Local private and semi-private Park City area golf courses are experiencing difficulties. These can be seen by the recent bankruptcy and subsequent emergence from bankruptcy at Promontory, as well as the exodus of over 100 members at the Jeremy Ranch golf club and heavily discounted memberships becoming available at Park Meadows Country Club.

            The completion of the proposed course at The Canyons Resort in Park City will be a welcome addition by area golfers and tourists alike, but how well the Park City area which boasts more than 14 golf courses (and at least 3 more on the way) within a 20 mile drive can absorb enough tee times to make them all work is yet to be seen. The effect on the real estate surrounding the Park City and Deer Valley area golf courses is a great discussion.

            For more information about golf related real estate opportunities in the Park City and Deer Valley areas, contact a YouInParkCity.com real estate agent.

Developer Buys Promontory at Auction

By Todd Anderson
Apr 27, 2009

             In the spring of 2008 creditors forced the Promontory luxury golf subdivision in Park City, UT into bankruptcy. The developer, Arizona based Pivotal defaulted on loans amounting to over $270M.

            On April 15, 2009 a group named Pivotal 7000 headed by the CEO of Pivotal, Francis Najafi, purchased the development for a price far less than the debt on which Pivotal defaulted. The $70M bid by Najafi which was approved by the U.S. Bankruptcy Court effectively wiped out $275M in loans that had been packaged by Credit Suisse.

            During the bankruptcy, Promontory maintained its operations which consist of two golf courses, clubhouses (golf, tennis, kids, outfitters, etc) an equestrian facility and more than 1000 building lots. The assets have been valued between $230M and $560M.

            The new ownership plans to move forward with Promontory's original vision for the second home luxury community. While some property owners within Promontory may still have a bad taste for Pivotal, the fact that the development is no longer in bankruptcy and is being run by a company familiar with the project may be a benefit. Promontory's plan of reorganization binds Pivotal 7000, LLC, as the new owner, to observe key provisions of the court-approved plan and sale procedures.  These provisions include the obligation to honor Promontory's county-approved master plan, the Promontory Club's membership agreements and membership plan, and the assumption of all lot purchase agreements with Promontory lot and home owners.  In addition, provisions have been made in the plan for funding of legitimate unsecured creditor claims and the creation of a reserve fund for Promontory's homeowners' association, the Promontory Conservancy.

            The stigma of bankruptcy and the relatively large number of speculative purchases and building that was done by private investors has hurt the market in Promontory. The luxury homes that are for sale in the Promontory area are currently some of the best values in Park City. Now may be a perfect time to invest or purchase a second home in a golf course community as the developer should be on much more stable ground for the near future.

            On another positive note, Golf Digest just ranked the Jack Nicklaus and Pete Dye designed courses at Promontory as the number 2 and 3 courses in the state behind Glenwild (also in Park City).

Promontory Bankruptcy Auction Date Set

By Todd Anderson
Mar 22, 2009

            Efforts to work through the Chapter 11 bankruptcy moved forward last week as it was announced that the Promontory Development will be auctioned off on the 15th of April, 2009.  Credit Suisse has opted to send the property and operations to auction rather than provide the $70 Million in exit financing mandated by the bankruptcy court.             It is expected that Promontory will emerge from bankruptcy in April and the winner of the auction will be bound to observe key provisions of the Court-approved reorganization plan and sale procedures.  The provisions include the new owner's obligation to honor Promontory's County-approved master plan, the Promontory Club's membership agreements and membership plan and the assumption of all lot purchase agreements with Promontory lot and home owners.  With some luck, this will remove some of the cloud of uncertainty that has been over the development since it was forced into bankruptcy in March of 2008.             The Promontory luxury golf, equestrian and "club" community of second homes covers approx. 7200 acres in the Park City Area with a master plan including 5 golf courses (2 are currently complete), pool, tennis, kids clubhouse, trails, outfitters cabin, ski resort amenities at Deer Valley and Park City Resorts and more (many of which are currently in place). The area includes over 1900 home sites. Of the 700 or so lots that have been sold, nearly 300 have homes completed or homes under construction.              Many of the homes and lots were purchased and constructed during the Park City real estate boom. They have not escaped the current market downturn and the effects of the bankruptcy cloud over the development. There are currently over 100 lots for sale and nearly 90 homes in various states of completion.  Many of the lots are offered at prices near or below their original sales price. There are 26 homes available for under $2 Million (I can recall a time two years ago when there was only one).             If The Promontory development emerges successfully from this bankruptcy and is able to complete its original vision as a four-season, multi-generational luxury community, this may prove to be one of the best times to purchase. See the Promontory golf page of the YouInParkCity.com website for a couple of our favorites.

Park City Golf Communities

By Todd Anderson
Jan 28, 2008

 The January/February edition of Travel and Leisure Golf includes a feature article naming "America's TOP 100 Golf Communities"; subtitled their "Annual List of the Best Places to Live-and Live Well".  The list includes Promontory, Talisker (aka Tuhaye) and Glenwild (all here in Park City, Utah).  The list was comprised with under the following criteria: "To be eligible, communities must offer property owners an opportunity for membership in an affiliated private golf club. Limited public access to the course- such as for guests at a resort- is allowed but may detract from a community's ranking.  Each property is reviewed in the following six categories, in order of importance: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural activities; management, service and programming options, nongolf amenities, such as full service spa, equestrian center or marina; and environmental stewardship."  These requirements take quite a few areas out of the mix; even so, finding 3 of the 100 in the Park City area seems implausible.

            Don't get me wrong.  I think that each of these communities is deserving of high accolades and that each community has its own unique selling points.  As a resident of the area currently looking at Park City's local ski resorts all showing over an 80" snow base, I long to get out and play some golf.  Granted I currently ski 3-4 times a week and love it, I do look forward to being outside without 6 layers of clothing.  Like many ski resort area residents, I can say that I moved to the area for the skiing, but stay because of the summers.  Summers here are fantastic and the golf at these three communities measure up well.

            Promontory was given the #6 spot on the list of 100.  It opened its second 18-hole course this year (a Jack Nicklaus design to compliment its Pete Dye Canyon Course).  This area was the first of the club-type properties in the Park City area and covers 7500 acres.  Its seemingly endless compliment of alternative amenities includes skiing, fishing, equestrian facilities and a 5000 sq ft area devoted to kids.  See Promontory under the Park City Information/golf section of youinparkcity.com  

            Talisker (this is the name of the club amenity, the golf course and its attached community is named Tuhaye) earned the #14 spot on the list.  Of the three communities in the rankings, this may be the most well rounded (at least from a skier's perspective).  It is also the newest and its amenities just keep coming.  Its golf course is a Mark O'Meara design and there is talk of a Tom Fazio designed course on the way.  See Tuhaye under the Park City Information/golf section of youinparkcity.com

            Glenwild is the true golf community mentioned here in that it has no skiing counterpart involved.  It does measure up to the extras in the review categories with its spa and pool facilities, but not to the extent of the other two here.  Its golf course, though, sets the standard for the state and nearly always sits at number one on lists.  It is rumored that a well known former NBA star recently purchased a home in the area which is limited to just 200 build-able home-sites. See Glenwild under the Park City Information/golf section of youinparkcity.com 

            All-in-all, these are three great golf communities and when you look at their proximity to a major airport and the limitless opportunities for outdoor recreation that Park City and Utah offer, I can see where these may be part of the top 100 in the nation.  Personally, I think that my top picks might come from areas with a longer golfing season.  Until then, skiing will have to fill the void.

 
 
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