My April 15, 2017 post discussed the news that a new alliance between KSL Capital Partners and Aspen Skiing Company had entered into an agreement to purchase Intrawest Resort Holdings ski areas for $1.5 Billion, followed several days later with the purchase of Mammoth Resorts. At that time Eric Resnick, CEO of KSL Capital Partners said that the new partnership was not about real estate development, but was focused on operations with seasons pass revenues the financial engine. This was a direct challenge to Vail's industry changing Epic Pass program. http://blogs.realcove.com/jimlewisblog/lets-get-ready-to-rumble/  . On August 21st Park City awoke to the news that the Aspen Skiing Company/KSL Capital Partners alliance have entered into a definitive agreement to acquire Deer Valley Resort. http://blog.deervalley.com/deer-valley-resort-to-be-acquired-by-newly-formed-resort-company-and-joined-with-intrawest-mammoth-resorts-and-squaw-valley-ski-holdings/ . The sale is expected to close prior to the upcoming 2017-18 ski season with no change in the existing Deer Valley pass product already on the market. Deer Valley has also announced that it has no plans to change the operations and standards that have made it the premier ski resort in North America, with management and staff unchanged. Although the four Aspen Snowmass resorts privately owned by the Crown family of Chicago will not be included in this transaction, they may participate in a joint pass program or other opportunities to work together in the future.

So what does this recent development mean for Park City?

I believe it will be easy to underestimate the impact of this good news on Park City's future. Park City now becomes the center of North American skiing. Park City will be the only town where dueling resorts are on the same bus route and within walking distance of each other. Both contenders will share the benefits of our huge transportation advantages, "greatest snow on earth", proximity to the booming Salt Lake metropolitan area, and our $2 Billion International Airport renovation, but I'm sure these two brands will compete to be recognized as the best providers of ski and other vacation experiences. Any fears of becoming a Vail "company town" disappear and both contenders have top reputations as philanthropists and community builders. With access to some of the best minds in architecture, construction & planning and hospitality, the future development of the Deer Valley Resort and other areas already on the drawing boards can only be improved. I do believe we can cut back on efforts to generate visitor traffic from everywhere all the time and concentrate on the quality of what we provide for visitors and residents.

Significant Sales - week ended 8/25/17

Park City real estate activity returned to normal last week. There were 68 pended sales reported by the Park City Multiple Listing Service in the week ended 8/25/17. 41 closings and 73 new listings were reported during that week.

Single Family Homes: Testing, testing - prices that is - new luxury listings continue to be priced aggressively with pended sales supporting that trend in most cases. In locations where that support does not materialize, we are seeing downward adjustments. Two new luxury single family home listings in Old Town demonstrate aggressive pricing, but the greatly diminished supply of top level Old Town homes has made such homes rare opportunities. 527 Park Ave in Old Town is a 2,000 SF, 3 bedroom, 3 bath home built in 1888 and remodeled in 2010. This is the architectural romance that every Old Town buyer is looking for. The location couldn't be better - close to Main Street and the Town Lift. Priced at $2,495,000 ($1,248/SF), this home is a jewel box. http://www.spotlighthometours.com/tours/tour.php?mls=11703537&state=UT . A home at 621 Woodside Ave in Old Town built in 2006 has been considered one of the prime reasons that this location is considered Park City's "Gold Coast". This 3,770 SF, 4 bedroom, 5 bath home features unparalleled craftsmanship, ski-in/ski-out access, an over-sized 2 car garage and many unique historic architectural elements. Priced at $5,500,000 ($1,459/SF) this is as much luxury as Old Town can offer. http://www.spotlighthometours.com/tours/video-player-hls.php?id=2388015&autoPlay=true.  A notable new listing in another very popular location is a home at 2490 Silver Cloud Drive in the Fairway Hills neighborhood in Park Meadows. This 6,783 SF, 5 bedroom, 6 bath home built in 1999 is priced at $2,995,000 ($442/SF) http://www.tourbuzz.net/public/vtour/display/857334?idx=1#!/ . If you've always wanted to live on the top of the mountain, check out a new listing at 147 White Pine Canyon Road at The Colony. This 7,420 SF, 8 bedroom, 10 bath home including a main house and a guest house is priced at $5,750,000 ($775/SF) with ski access on Winters Way. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1476071  . My vote for single family sale of the week goes to 4275 Quarry Mountain Road in the Quarry Mountain Ranch subdivision in the Old Ranch Road area. This 7,377 SF, 6 bedroom, 7 bath home on 2.31 acres was listed at $5,250,000 ($712/SF) after a recent reduction from an original listing price of $5,848,000. http://www.tourbuzz.net/public/vtour/display/583731?idx=1#!/ . 

Condominiums: A rare new listing at the Racquet Club condominiums in Park Meadows sets a hew high for that townhouse project. 177 Racquet Club Drive is a 1430 SF, 2 bedroom, 2 bath property built in 1976 and recently remodeled. Priced at $645,000 ($451/SF), this should attract major interest. http://www.spotlighthometours.com/tours/tour.php?mls=11703501&state=UT . After a recent $191,600 price reduction and 277 DOM, Unit E at the 205 Main St Condominiums went under contract last week. At the new price of $2,995,000 ($922/SF), this 3,249SF, 3 bedroom, 4 bath property is the second closing in this project and should help new townhouse construction on Main Street to find the right price levels. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1445773 .

Vacant Land: The only notable sale in this segment of the market was a sale at 195 White Pine Canyon Road in The Colony. This 4.00 acre site was listed at $1,800,000 with ski access on Trace and easy access to the Quicksilver Gondola. http://www.spotlighthometours.com/tours/tour.php?mls=11504647&state=UT .