Real Estate News and Market Updates
PARK CITY REAL ESTATE BLOG

March 26, 2012

New Prudential Real Estate Poll:

Americans Increasingly Optimistic About Homeownership

Park City, Utah
Prudential Real Estate, a Brookfield Residential Property Services company, released a new national survey showing that Americans are significantly more optimistic about homeownership than they were a year ago. According to the second-annual Prudential Real Estate Outlook Survey, a full 60 percent of Americans have favorable views toward the real estate market. That is up 8 points since last year.
Read entire survey

March 23, 2012

Median home prices up from 2011
Gina Barker, The Park Record
Posted:   03/23/2012 04:21:49 PM MDT

Park City area median home prices are moving up in the first quarter of the year. According to the Park City Board of REALTORS (PCBR), the median price increased from the same period last year by more than 20 percent, with the median home price at $400,000 in 2012 as of March 19.
Mark Seltenrich, the PCBR statistician and local realtor, said Park City can expect to see home prices rise in the coming year, a good sign the market has reached its bottom. "Our prices, because they did go so low, will see an increase by the end of the year," he said. "Last year at this time, things that were on the market for $220,000, on the lower end of real estate prices, it would sit there for 30 days before selling. This year, if something came on for $260,000 and it was the same condo, it would sell in a week."

Bargains are starting to thin out along with foreclosed homes, which have depressed home pricing in the area. More than 1,600 home sales made up last year's end median price of $350,000. Revenues generated by sales remain below last year, althoug a number of key properties are pushing the median above last year. "From January 1, 2011 to March 1, 2011 in the Park City multiple listing service area, $70 million worth of real estate was pending or in escrow," said Craig Reece, an associate broker for Prudential Real Estate, regarding Prudential sales. "In the same time period this year, that number is at $170M. It may be a buyer's market, and prices are low. But prices are not going any lower." Reece said the smart money is buying property now, before the good deals are all gone.
"You can be a buyer in a buyer's market or a seller's market," he said. "The smart people are buying now. The economy is better and people are buying."

Park City trends while more unique than national trends because it is a second home and retirement destination are still following state and national trends. Nationwide, economists are expecting to seem home prices stabilize before the fall. "That's a product of three plus years of modest economic growth," said Jeff Thredgold, a Zions Bank economist. "Obviously Park City is a little different and benefits from an overall better economic performance.

"Park City will of course benefit from better performances in Utah and nationally, but at the same time another element will more heavily affect Park City. That is the stock market. The stock market is now at a four-year high and portfolios are looking better, stock options are worth more. People are more willing to convert stock market gains into real gains by buying real estate." A Montage Deer Valley property recently sold for $8.25M the 16th sale for Montage in the past 15 months and a major sale for the area, making it one of several properties pushing the median home price into a higher position. "For the first time in a long time there is some pent up demand," Seltenrich said. "People are looking, watching the market, and when something comes up, they are snagging it."

2011 Sales:
City Limits Median Prices
Homes at $990,000
Condos at $620,000

Snyderville Basin Median Prices
Homes $632,000
Condos at $220,000

2012 Sales:
City Limits Median Prices
Homes at $1,195,000
Increase of 21 percent

Condos at $690,000
Increase of 11 percent
Snyderville Basin Median Prices
Homes $490,000
Decrease of 22 percent

Condos at $280,000
Increase of 27 percent
*Numbers based off of homes sales as of March 19, 2012

 

February 2, 2012

FOR IMMEDIATE RELEASE:
Prudential Utah Real Estate

(The Park City Board of REALTORS (PCBR) is a trade association of nearly 900 members comprised of REALTORS® and Affiliates from the greater ParkCity real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of ParkCity.)

Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board of REALTORS show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continues to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.

Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the state of Utah. For the Park City area, tourism, resort industries and a nationally ranked public school district continue to draw both primary and secondary home buyers. It was predicted that 2011 would look much like 2010, and that turned out to be true. Just as in 2010, in 2011 the number of sales was up while prices continued to decline. The exception to this is that prices in some neighborhoods and some property types seem to have stabilized. Prices have declined in many areas and property types with the following exceptions: home prices overall and particularly in the Snyderville Basin were either flat or saw an increase, while vacant land prices in the Snyderville Basin and in the Heber Valley were either flat or have increased. “The market continues to be active, with the number of sales in all four quarters of 2011 being strong, with the second quarter of 2011 having the most sales that we’ve seen since the fourth quarter of 2007," says Mark Seltenrich, Statistician and Past President of the Park City Board of REALTORS.

Prices
Median sold prices in 2011 were down 13% for our overall market, although single family homes continue to be the strongest part of our market with a 1% increase. Condo median prices were down 16% and vacant lot median prices were down 13%. While the percentages improved in the second and third quarters, they are still well below where they were predicted to be at the beginning of the year.

Number of Sales
The number of closed sales in the Park City area in 2011 was up substantially over 2010. Home sales increased by 19%, condo sales were up 10% and vacant land sales were up 23% in 2011 compared to 2010. Just as had been noted throughout the year, the number of overall sales and home prices in particular are the two bright spots in our market.

Single-Family Homes
Home prices may be stabilizing. Although certain neighborhoods are still seeing declining prices, other neighborhoods are experiencing increased prices. This is similar to the national trend where the year end statistics showed three straight months of improved sales and is characterized by the National Association of REALTORS as a .. market in recovery.

In reviewing the data for individual neighborhoods, some areas are certainly doing better than others. Median home prices in Old Town are down 14% to about $817,500 while median home prices in Park Meadows are down 7% to an even $1,000,000. Median home prices are also down 2% to about $609,000 in the Silver Springs area. However median home prices in the Sun Peak area are up 25% to a median price of $872,500, up 12% in the Old Ranch Road area to a median price of $1,500,000 and up 13% in Pinebrook to a median price of about $642,500. Conversely, median prices in Jeremy Ranch are down 11% at $624,000.

Condos
Median condo prices inside the city limits are down about 28% from a year ago to a median price of $539,500, while median prices in the Snyderville Basin area are down about 15% to a median price of about $260,000. However, there are some areas where median condo prices have increased, including Empire Pass (up 25%), the Prospector area (up 12%) and Sun Peak (up 4%).

Vacant Land
Median lot prices were down about 18% inside the city limits, and were flat in the Snyderville Basin (exactly the same at a median price of $160,000). However, just as with home and condo prices, certain neighborhoods did post median price gains, including Promontory (up 7%) and Summit Park (up 59%). The Promontory area had by far the highest number of sales in an individual area, accounting for over half of all lot sales in the Snyderville Basin area.

Foreclosures
As in 2010, foreclosures continued to be a significant part of our market in 2011. As reported previously, the number of Notices of Default in Summit County peaked in the third quarter of 2009 and has been falling since. In fact, the number of Notices of Default in 2011 was about half of what it was in 2009, and about one-third fewer than in 2010. The number of foreclosures peaked in the fourth quarter of 2009 and has also been generally falling since. The total number of foreclosures was down in 2011 about 25% from the higher numbers seen in 2009 and 2010. "The numbers are still historically high, but it is a positive sign that those numbers are decreasing," says Seltenrich. As for actual sales of distressed properties in our market, about 30% of all sales were distressed, a high number but down from 2010. Distressed sales still make up about 7% of all properties on the market. In Wasatch County, the numbers of foreclosures is declining but the number of NOD’s was still elevated throughout 2011. So even though there were fewer foreclosures in Wasatch County in 2011 than 2009 and 2010, the number of foreclosures is likely to increase in 2012 compared to 2011.

Looking Ahead
Prices in our market have, in general, been falling for four straight years, with many parts of our market being 40-45% below where those prices were at the peak. Similarly to how many erroneously thought that in mid 2000 that prices would keep rising forever. It is just as erroneous to assume that prices will keep falling as they have over the past four years. It appears that prices have now corrected in virtually all parts of our market, and although price increases will probably be slow, future sizable declines seem unlikely. It continues to be a buyers market, but choices are declining as the distressed properties are being purged from the market.

The bottom for home prices has probably already past, and that may be true of lot prices as well. Condos are probably nearing their low point or will reach that point in 2012. There continues to be strong buyer interest and activity, and hopefully the number of sales will be similar in 2012 to what they were in 2011. Properly priced properties will continue to sell, while properties that are priced too high will languish. Seltenrich advises that with different neighborhoods responding differently to the current market, it continues to be very important to consult with your local REALTOR to understand what the market is doing in your area.

I hope you find this information helpful. I look forward to assist you with your Park City Real Estate questions.
Tim Gaebe
435-602-0657

 

IN THE NEWS.....

Prudential Winter 2012 Newsletter
Inside this issue:
- Prudential Leads the Way
- DevelopSpotlight
Community News
- Park City Makes History in Just 24 Hours
- Music Store Mixes Sweet Sounds, Coffee Grounds
- Flight Boutique Shares its Nest
- Slopeside Sustenance & Downtown Dining

November 2011,

Prices still down, but short sales declining
Inventory levels improving, prompting price increases in some areas
by Andrew Kirk, THE PARK ECORD
Posted: 10/25/2011 04:19:07 PM MDT

The Park City Board of Realtors third quarter report reveals the local real estate market performed below last quarter, but significantly above last year. According to a report summary given to the media, Park City is still enjoying one of the most active markets in the state. That is largely attributable to the area's strong tourism economy.

The good news
Inventory levels are down nine percent compared to one year ago a drop of 250 units. The number of sales was up 18 percent from last year and up 86 percent from two years ago. Sale prices for most types of property remain in decline, however. The upward trend seen in the second quarter did not continue, the summary said, placing recent sale prices above the first quarter average, but "well below" where they were in 2010. "The overall number of sales and single-family home prices are the two bright spots in our market," said past board president Mark Seltenrich in the summary.

Single-family homes represented 46 percent of all sales and 59 percent of total dollar volume. Prices were even up in many areas.
The mean average sale price for single-family homes was up five percent from last year. Median average sale prices were up nine percent to $548,750 across Wasatch and Summit counties. Typically, homes are selling for about five percent below the last listed price, which is almost the historical norm, the summary said. Some neighborhoods are seeing prices consistently rise. Home prices in Park Meadows are up 10 percent, Silver Springs up four percent and Pinebrook up nine percent. Old Town is down 39 percent, however, and Jeremy Ranch is also slightly down.

There is not enough data to compute a reliable average for other neighborhoods, Seltenrich said in an interview Monday. And it should also be understood that one high-priced home can skew numbers up, and a few low-prices sales can skew it down. There is also great variety within a single neighborhood, he said. Vacant land sales are also continuing to rebound. The brisk sale of lots was a big change in 2011, and that trend is continuing, although inventory is diminishing.

Lower prices prompted the tipping point, and that continues as well. Median average sale prices for lots were down 23 percent from one year ago. Lot prices are actually rising in Park Meadows and Promontory, caused by declining inventory. More good news is that the number of foreclosure sales and short sales is declining. They still made up 27 percent of sales and seven percent of all properties on the market, but that's down from last quarter and last year, the summary said. There is also a downward trend in the Notices of Default the document banks file with county recorders announcing a homeowner is late on payments. That suggests fewer people are struggling with their mortgages and the number of foreclosures should decline even further. The summary suggests the number of distressed sales should stop suppressing local prices within six-to-nine months.

The bad news
The worst news was about the condominium market. Median average sale prices were down 19 percent from last year. Condo sale prices within the city are down 39 percent. This is partly because upper Deer Valley condo sales in 2010 boosted that year's numbers. Snyderville Basin condo sale prices are down 16 percent on average. Condo prices are up in Empire Pass, prompted by strong sales at Montage Deer Valley. They are also up in Prospector and Silver Springs.

More bad news is that Notices of Default actually increased in the Heber Valley. Peggy McKenzie, Wasatch County Assessor, said she follows those numbers closely and sees no reason for alarm. Family sizes and incomes in the Heber Valley are more closely aligned to the Utah average, therefore it makes sense they would struggle with mortgages more than Park City residents. But the number of distressed sales is declining in Wasatch County, suggesting more people are holding onto their homes, she said. The last time she checked, there were only a handful of distressed sales occurring in her region.

Seltenrich said Monday that these ups and downs in the quarterly reports are becoming normal. As people adjust to the slumped economy, they often wonder if this is the "new normal." He said he thinks this is it. The number of sales is close to where it was a decade ago in 2000, he said. The funny thing is, Seltenrich said, there is brisk activity, but that doesn't help you if your home is on the market and you're not getting offers. "We're looking at seven sales per day, every working day. It doesn't seem that active, but when I look at the numbers, there they are in front of me in black and white," he said.

Some projects are selling well, and other people can't find buyers for their type of property. "That's still part of the market, too," he said.
Seltenrich said he thinks the condominium market is weak because those owners were reluctant to lower prices earlier. Those properties will need to go through a similar process as vacant lots, but they are slower to come to that realization.
"They're now reaching equilibrium," he said. Nearly half of the distressed sales in 2011 were condos, he added. Very few were vacant lots recently.

Reaction from experts
Mortgage expert Rick Klein of Wells Fargo, helped write the board's report. He said the decline of distressed sales is one of the greatest bright spots. While still more than one-quarter of all sales, the national average is one-third, he said. And distressed properties are selling faster than the national average. Demand is up, he said, and that will help in numerous ways.

Steve Roney, head of Prudential Utah, said he predicts the fourth quarter to be even stronger. Third quarters are typically the weakest of the year, he said, and it's likely the Park City resorts will see another strong year. That will bring more people to town to look at real estate. As inventory levels decline, people will be prompted to act faster, he said. "That should equal price stabilization and good, solid sales," he said.

John Calhoun, principal broker at Slifer, Smith & Frampton Park City, said he's encouraged by investors who see value in buying real estate in Summit County. He said via email he thinks there is so much reason for optimism and pessimism in the report because of what property is being purchased. "The changes that we are seeing have more to do with the quality inventory being absorbed and sellers gradually becoming more realistic as to the market value of their property," he said. "In the high-demand neighborhoods, we have moved through the majority of the super-distressed inventory, and are now settling into a more stable and predictable re-sale market."
For that reason, Calhoun said the market is not as confusing as it may seem. He fears, however, there may not be enough "market-priced, good inventory" in the market. The number of homes on the market is daunting, but when buyers focus on the types of property that work for them, there may not be much to choose from, he said.

The Park Record, October 25, 2011

February, 2010
The much anticipated Montage Deer Valley Residences are finally available for sale. The developer is offering substantial incentives to the first 15 families who purchase the First Tracks residences. The Montage Deer Valley is located in the Empire Canyon area on mountain near the top of Deer Valley Resort, just minutes to downtown Park City, Utah. Reminiscent of the great mountain lodges of North America, the Montage Deer Valley will feature a refined Mountain Craftsman style to complement its majestic Wasatch Mountain setting, complete with views of inspiring ski slopes and pristine sub-alpine valleys. The Montage Deer Valley is scheduled to open in December 2010 and will offer 174 luxury guest rooms and suites, as well as 81 whole ownership luxury Montage Residences. MORE INFO

February, 2010

Westgate Resort & Spa at The Canyons Resort
It's hard to believe that this one-day sales event will offer you a phenomenal opportunity to purchase a new residence with minimum bids starting as low as $149,000. Pre-registration is required to participate in this event, so contact me today for pricing and registration information. Westgate Park City Resort & Spa in Park City, Utah, provides guests all the comforts of a fully furnished home, all within minutes of Park City ski slopes, attractions, shops and restaurants. One of Utah’s premiere mountain resort properties, the luxurious Westgate Park City Resort & Spa boasts well-appointed accommodations from cozy guestrooms to spacious two-bedroom suites with fully equipped kitchens, whirlpool tubs, fireplaces and more, depending on the suite. MORE INFO

December 10, 2010

Silver Strike Auction -

PARK CITY, UT (Dec. 10, 2009) - Accelerated Marketing Partners (AMP) and 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 Resort, 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 Sun., Jan. 17 at 5 p.m., 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, CONTACT TIM GAEBE AT 435-602-0657 OR EMAIL FOR DETAILS AND LIST OF AVAILABE UNITS

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.

 

Real Estate Deals Total More Than $575 Million In The First Nine Months of 2009

23 October, 2009 (Park City) – The dollar volume of real estate transactions in the greater Park City area (which includes Summit and Wasatch counties) totaled $575.5 million in the first nine months of 2009, down 33.7 percent compared to $868.1 million in total sales in the same January through September period in 2008, according to the Park City Board of REALTORS®.

"There continues to be tremendous opportunities in the current market for buyers," said Lincoln Calder, president of the Park City Board of REALTORS®. "When you look at the entire market for the Park City MLS, median sales prices have come off about 30 percent from their highs in 2008."

The 758 sales transactions in the first nine months of 2009 were down 30.4 percent compared to 1,090 transactions in the first nine months of 2008. The sales trend seems to have changed course in recent months, however. "Since February 2009, we have seen a steady increase in the number of pending sales," Calder said. "Buyers have come back to the market and have been motivated by lower pricing." He added that there continues to be pressure on pricing and finding value is of primary concern to buyers.

Single-family properties continue to account for the majority of sales transactions occurring in the market. Condominium sales make up nearly one-third of the total transaction volume.

Pricing (Single-Family Homes)
The median sales price for single-family homes sold in the Park City limits during the first nine months of 2009 was $1.4 million, down 13.3 percent compared to $1.6 million a year ago. The number of single-family homes sold in the first nine months of 2009 was nearly the same as the same period a year earlier (65 sales vs. 67 in 2008), suggesting that price declines have again motivated buyers.

In the Snyderville Basin (which includes Kimball Junction and Jeremy Ranch) the median sales price for single-family homes fell to $650,000 in the first nine months of 2009, down 9.7 percent compared to $720,000 in the same nine-month period last year.

Heber Valley saw its median single-family home price fall to $307,500, down 12.1 percent compared to $350,000 a year ago. The Kamas Valley also saw a decrease in its median price of homes, falling to $285,000, down 18.3 percent compared to $349,000.

Listen to Lincoln and Mark reporting Park City’s 3rd Quarter statistics on KPCW  

Park City's Best Real Estate Values: The Experts Weigh In
Let's be honest – none of us know what we can be certain of when it comes to the global or local economic recovery.  In a single day, one expert will emphatically declare we're well on our way to prosperity, then another says it's going to be at least two years before we can even begin to determine where the world's financial systems stand.  About the only point everyone agrees on is that all the rules are changing and things will never be as they were again … which might be for the best. Read more.

October 27, 2009

Park City's frozen real estate market is thawing

Sales and volume still down, but improving
by Andrew Kirk, OF THE RECORD STAFF

Posted: 10/27/2009 04:31:22 PM MDT

Park City Board of Realtors president Lincoln Calder refused to say that the market has hit bottom, but on Monday he did acknowledge that his Third Quarter Report reveals signs of improvement.

During the first nine months of 2009, more than $575 million changed hands in real estate deals. That's down 33.7 percent from the same time period in 2008, and down 50 percent from the market's all-time high in 2007.

Still, anyone following the board's quarterly reports recognizes those numbers as improvement. At one point, Realtors in Summit and Wasatch counties were reporting numbers down 75 percent from the all-time high.

Since February, pending sales have only increased.

"We've made up some ground," Calder said. "We're not out of the woods yet, but prices are down enough that buyers are seeing value in the market."

In the past, local real estate experts predicted that sellers would need to begin lowering prices to experience a "thaw" in the market. Lower sales prices are disappointing and painful, but would lead to long-term recovery.

Most of the board's third-quarter numbers suggest that is now occurring.

Median sales prices are down 30 percent from highs in 2008, he said. Park City condominiums are selling for about 23 percent less than last year. Kamas homes are selling for an average of 18 percent less. Sale prices for single-family homes in Park City proper, especially in Old Town, had been holding steady. This report shows the average sale price down 13 percent.

As bad as that sounds, it's finally attracting buyers.

"A lot of those buyers are a drawn in by value. That's the No. 1 motivation," he said. "Those are the deals that are happening right now."

The trend is especially true for single-family homes. Calder said many houses, in contrast to condos, have been bought and sold because families are moving in or out of town. Loans for primary residences are easier to get, and necessity makes negotiation easier.

Condominiums have shrunk to only a third of the overall market because they're usually purchased for speculation or as second or third homes. There's less demand for "spec" homes and vacation properties. Loans for them are also harder to get.

Even though sale prices are down, increased sale volume is decreasing supply, which will eventually bring prices back up, Calder said.

He said Realtors are still struggling, but the activity is heartening.

Also Summit and Wasatch counties are mostly free of the troubles making national headlines. Less than 1 percent of all properties are in some state of foreclosure.

"Our market has never been driven by rampant speculation," he said.

The most talked about real estate in town is too new to be affecting the numbers. There have been a few closings at Dakota Mountain Lodge, St. Regis isn't allowing deals to close yet, and The Montage is not far along enough to begin accepting deposits, he said.

Vacant land sales have been, and continue to be, the weakest sector in the market.

According to the third-quarter report, volume is down from 183 transactions during the first nine months of 2008 to only 86 so far this year. Sale prices are down nearly 11 percent.

Better news is that projections for the state appear positive. According to Metrostudy, which tracks the new-home construction industry, new-home inventory is in rapid reduction in the Greater Salt Lake Area, which includes Summit County.

August 30, 2009

Victory Ranch - New course near Heber is a Picasso
By Dick Harmon
Deseret News
Published: Sunday, Aug. 30, 2009 12:14 a.m. MDT
There's a new golf artist in state.
We now welcome to Utah the honorable Rees Jones, affectionately called "The Open Doctor," for his renovation work on courses that host majors. The project is the just completed private Victory Ranch near Woodland and Francis on the upper Provo River just outside Heber City, 17 miles from Park City.  In the world of golf course design, Jones' first Utah painting is a Picasso.  In the world of Tom Fazio, Jack Nicklaus, John Fought, Gene Bates and Johnny Miller, whose golf landscapes dot the Beehive State, this one may have drawn the palette dry.  Victory Ranch simply gobbles up all of them.  In terms of its scope, vistas, the playability, acreage, choice of shot selection and tee boxes, Jones hung a frame on this one. With bent grass fairways and greens and 18 holes accented by wind-waved fescue, giant eagles soar above cliffs overlooking the Provo River. The word "wow" is glued to your tongue almost every time you speak.  Those other private courses that cater to the upper crust?  You rich folks Obama wants to touch might want your money back.
Victory Ranch shoves aside even the elite and exclusive Glenwild layout near Park City. The greens at Victory Ranch embarrass the newly opened Red Ledges, whose circus putting robs good approaches and decent golf effort. Promontory and Tuhaye wish they had this landscape. Park Meadows, Entrada and Jeremy Ranch? Well, they're neat little layouts near parking lots.  Jones has designed more than a hundred courses the past 30 years. He's the man seven U.S. Open venues have used to doctor up their antiquated layouts.  Six PGA Championship sites have called him in to give CPR to their courses.  Among his notable original designs are Nantucket Golf Club, Atlantic Golf Club, The Golf Club at Briar's Creek, RedStick Golf Club, Ocean Forest Golf Club, Quintero Golf and Country Club, The Bridge and Cascata Golf Course.  A couple of Golf Digest staffers played Victory Ranch the other day. I'm guessing when the 2010 rankings come out, this Jones job easily makes the Top 10 new courses in America and it could step up as the No. 1 golf course in Utah.
Trouble is, it's private. There are now 58 members, most from out of state and just 15 are locals. Because this is part of a resort development, some real estate and marketing folks might be able to sneak you in.  You might get in if you are serious or pretend you are serious about buying a cabin or cottage lot and get the top-drawer tour. On your Rolodex, look up the somebody who knows somebody. In time, Victory Ranch, unlike Glenwild, is open to consider some public events, tournaments and even some corporate outings, but that's way down the road.
If somebody asks you to join them at Victory Ranch, and you are a serious golfer, consider yourself anointed royalty and race there, even if you risk divorce or unemployment. "I have little doubt this will be the best course in the state," said John Beesley, director of golf, formerly at Talons Cove in Saratoga Springs.  There are tougher courses in Utah but none, even the beautiful Sand Hollow, Hobble Creek, Coral Canyon and Wasatch State Park have this typography.
When owner Bob Larsen approached Rees about designing Victory Ranch, Rees was leery about taking on a project because most simply don't have enough land to do a course justice, something around 200 acres.  “Do you have enough property," Rees asked.  Larson replied, "How will 7,000 acres do?"  The real estate here is almost endless. Because of that, the fairways stretch over two valleys and a mountain. The No. 6 par-3 has 13 tee boxes.  The No. 17 par-3 has 14 tee boxes. If you want, this plays 7,500 from the tips.  You hit it straight, you score. But every green and fairway is bunkered and protected. If you hit it in the knee-high rough, you are done. Two par-5s have first class pucker factor all the way to the putting surface.  From 17 and 18, you can see the Provo River wind through Francis from the High Unitas and glance over left and Kamas and almost Oakley. Look the other way and you clearly see Jordanelle Reservoir and Deer Valley. From the No. 17 green, and rock outcroppings, if you don't see an eagle coasting and guarding the 1,000 foot drop off to the river, ask for your money back.
The dare is on: Don't say "wow."  Rees, take a bow.
e-mail: dharmon@desnews.com
© 2009 Deseret News Publishing Company | All rights reserved

Deer Valley Resort Keeps Top Ranking
Andrew Kirk, The Park Record
9/2009

For the third time in a row, and the fifth time in a decade, Deer Valley Resort was voted the No. 1 ski resort in North America by readers of SKI Magazine.

Rising from fifth place, Park City Mountain Resort (PCMR) was voted No. 4 overall. All three resorts were in the top 20, and The Canyons ranked highly in accessibility, on-mountain dining and lodging.

Deer Valley president and general manager Bob Wheaton said taking care of the needs of his staff this past winter was key in helping them perform their best on the job.

In a press release, Wheaton said, "In an effort to support and retain the heart and soul of our organization during this tough economic time, last season we made the decision to invest in the Resort's greatest asset: our staff."

In an interview Wednesday, Wheaton said there was no single thing or "silver bullet" he could point to that would explain his resort's success, but that he wants Deer Valley to be a fun place to work."We make a consistent commitment to treat everyone on staff as you would your finest guest," he said. "That's not easily done."

SKI Magazine editor, Greg Ditrinco, said the largest resort companies in North America did massive lay offs last winter, and he thinks it's commendable Wheaton chose a different strategy.
"It was a pretty smart tactical move by them," Ditrinco said.

Wheaton said people who enjoy their job treat guests better."We get comments from guests: 'Everyone here is so happy,'" he said.

In addition to his staff, Wheaton also attributed the resort's success to support from the community.

"We really appreciate the support of all our guests and especially the people in town. There's no way we could be where we are without that support we see in season-pass sales and coupon books," he said.

Krista Parry, director of marketing and communications for PCMR, said the resort has placed fifth for three of the past four years. Going up to fourth makes them very pleased. Read More.

 

 

For more information on the Deer Valley Real Estate contact Tim Gaebe at 435-602-0657 or EMAIL