Real Estate News: Park City, Utah

By Todd Anderson

Jul 20, 2009

St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers. The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly. The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner. In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels. The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction area of Park City just off hwy 224 near the I-80 interchange. The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out. In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward. The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.

Tags: canyons, Dakota, Deer Crest, Deer Valley, home owner, hotel, kimball junction, lodge, Luxury, mountain, Park City, planning, property, Real Estate, research park, resort, st. regis, treasure hill
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Park City, UT Price Stability

By Todd Anderson

Oct 27, 2008

This is a follow-up post from Oct 20, 2008. On the 22^nd of October Park City's local paper The Park Record ran an article stating that average home prices in Park City have shown only a 5% decrease while sales volume is down over 40%. In the previous YouInParkCity.com blog post it was noted that some Sellers "don't have/or need to sell" as a reason why prices have remained somewhat stable in Park City and Deer Valley. The homes and condominiums that are currently selling have represented strong values and have been some of the most aggressively priced. So the question is "why doesn't everyone lower their price?" We want to explore a possibility beyond Sellers being "stubborn" or not truly needing to sell unless they get the price they want. Another reason why Sellers haven't lowered their price may be because they truly can't afford to do so. While statistics can show that pricing has remained stable here in Park City and Deer Valley, it can also be shown that many of the properties that are selling have sales prices close to those of 2005. For a Seller that bought last year or on 2006, they are not necessarily "upside-down" but they may be "underwater" or in a negative equity position. These owners aren't necessarily in danger of losing their home, but they are in a position of being "stuck". While these owners may wish to move, they would need to bring a check to the closing and actually pay to sell their home. To a lesser extent, Sellers may lose the money they had put down originally. For many residential homeowners the majority of their wealth is tied to home equity. They don't have the ability to walk away from equity they had, or start over again with none. Some national data has shown that nearly 20% of homeowners that bought their home since 2006 may be in a negative equity position. For many of these homeowners, there are only a few ways out of their home and most of them have very harsh financial impacts. Frequently, these homes stay on the market at a sales price that doesn't reflect the current market conditions. Prices may stay stable due to the fact that these owners truly can't afford to lower their price. Submitted by Todd Anderson Todd@youInParkCity.com