50th Anniversary - "A Ski Town is Born" Park City

Buyers paying cash for vacation homes - financing :

The Wall Street Journal is talking about a new twist in vacation home financing. Lenders are cracking down on the buyers obtaining financing for their vacation homes requiring them not only to sign an affidavit that they will not rent it out, but they are now occasionally checking sources to make sure it is not being offered on the short term rental market. Interesting fact - according to the National Association of Realtors, 46% of vacation homes were cash purchases last year. 

Read the Wall Street Journal article 
Vacation Home lending

Vail/Park City Mountain Resort legal battle - Vail prepares for battle

See below for an article in the continued drama between Vail Resorts / Canyons and Park City Mountain Resort. It appears as if Vail is ready for battle and not backing down any time soon. 

http://www.aspenbusinessjournal.com/article.php?id=9704

Vail Resorts prepares to go to war over Park City ski runs

BROOMFIELD, Colo. — Doing business in Utah will come at a price for Vail Resorts.

In its latest earnings report, the company (NYE: MTN) noted it is setting aside $5 million this year for a legal battle over a few thousand acres beneath Park City Mountain Resort.

Toronto-based Talisker Corp., which owns the land, is embroiled in a lease dispute with Park City Mountain Resort. After Talisker brought Vail Resorts in last spring to operate nearby Canyons ski resort, the Broomfield, Colo.-based juggernaut is now squarely in the fray.

Talisker is attempting to evict Park City Mountain Resort, contending that the lease expired, but Park City Mountain Resort executives counter that there were assurances the lease would be extended and, acting on good faith, Park City Mountain Resort poured money into infrastructure and other improvements.

Now it's Vail Resorts' problem as the company makes a push across the Colorado and California borders.

Over the next fiscal year, Vail Resorts expects $7.2 million in combined litigation and integration expenses.

But adding a Utah ski area to its expanding portfolio is strengthening the allure of its Epic Pass, which allows skiers and boarders access to 26 different resorts in five different states and four different countries.

"Since announcing the Canyons transaction in late May, we have seen a material acceleration in pass sales in the Tahoe and Utah markets as well as in our destination markets," Vail Resorts CEO Rob Katz said.

According to its latest earnings report, Vail Resorts' fourth-quarter revenue rang in at $112.3 million, down from $113.5 million in the same period the year prior, and its attributable net loss deepened to $59.9 million ($1.67 per diluted share) from last year's fourth-quarter shortfall of $53.8 million (or $1.50 per diluted share). But its net income for all of 2013 more than doubled to $37.7 million over what it saw in 2012.

Sales of passes through Sept. 22 — when almost 60 percent of total sales are made — for the upcoming ski season are up about 23 percent in sales dollars versus the same period last year, the report showed.

On the real estate front, Vail Resorts reported that it closed on 10 Ritz-Carlton Residence units, 12 One Ski Hill Place units and a $11.1 million land sale at the base of Breckenridge's Peak 8 in the last fiscal year. Vail Resorts' net cash flow from real estate transactions for 2013 was reported at $27.5 million.

"We reported record resort revenue and resort EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) that reflects higher overall visitation, improved pricing, increased average guest spend and strong pass sales," Katz said. "We generated significant real estate net cash flow driven by the increasing strength in resort real estate markets. We were successful in our acquisition strategy, completing our transaction for Canyons Resort in Park City, Utah, and acquiring Afton Alps in Minnesota and Mount Brighton in Michigan. We also launched the initial activities for Epic Discovery on Vail Mountain and made continued progress in the approval process for our broader summer plans across our resorts."

On Monday, Bank of America analyst Shaun C. Kelley reiterated a "buy" rating for Vail Resorts, and raised its price target from $72 to $76. Credit Suisse analysts, meanwhile, reiterated a “hold” rating and adjusted its price target to $71. Vail Resorts stock closed at $69.56 a share on Wednesday afternoon.

 

Heather Feldman

435-731-0803

heather@parkcityhousehunters.com

Park City Restaurant Fall Dine About

Check out the new Park City Dine About October 3-13

Eat More, Pay less!

Several restaurants are participating and will be offering 3 course dinners for either $15 or $30
What a great way to experience a restaurant for the first time, or go back to a favorite.

Click the link below for a list of participating restaurants

Park City Area Restaurant Association

Simple Seller "Do Not" list

I ran across this blog on Active Rain, a Realtor based website where we share information with each other that is helpful.

This agent from Houston Texas said it well. As Realtors we have all run into the seller that does one or more of these things not thinking how it hurts the sale of their home.

I think I'll add this to my listing packet....

SELLER DO NOT LIST


Heather Feldman
Equity Real Estate Luxury Group
435-731-0803

Park City Pending and Sold Statistics for the 2nd quarter of 2013

Park City Real Estate is looking good for 2013. Check out a few of the stats I am posting regarding pending sales and closed sales in our 2nd quarter.

Please call me with your Park City Real Estate needs.
Heather Feldman 435-731-0803

Have you purchased your Canyons Epic pass yet?

I still can't believe what a great price the Canyons Epic pass is!

The question is, which one to buy?
$589 for the epic pass with Holiday blackouts or the $689 for total unlimited access??
Both allow Canyons, Heavenly, Northstar, Breckenridge, Keystone and Arapahoe Basin and Vail. The dilemma is with or without restrictions.
Hmmm
Click the link below to see your options.
http://www.snow.com/epic-pass.aspx?CMPID=PARCR00001

Summit County Rockport fire

Lightning started this fire near Rockport Reservoir today and has consumed 15oo acres as of this evening. 

As of 9pm MST 3 homes and 15 structures have been burned. Some areas of Promontory have been evacuated. I am in contact with a good friend, Nancy that lives in Promontory and she is still in her home and has not been evacuated. From what I could see on the news the fire retardant has been dropped on the ridge which should prevent the fire from crossing into Promontory.

Park City Mountain Resort, Deer Valley and Canyons are not in danger and the fire has not crossed the I-40 or the I-80

Click below for KSL channel 5 and ABC4 for more updated information.

http://www.ksl.com/

ABC 4

Park City Pinebrook Great Value!

Watch this You Tube video of this value priced home in Lower Pinebrook. Beautiful 4 bedroom, 2.5 bath home with private yard backing to open space and Alf Engen Trail.  Motivated Seller!

Call me for details
435-731-0803

Outside Magazine Names Park City, Utah "Best Town Ever 2013"

Best Town ever? Yeah, I'm in. 

Each Year Outside Magazine runs an online contest for the Best Town Ever, and finally they got it right! Like we locals didn't already know, right?
Click below to see the Park Record's article. 

Park City named BEST TOWN EVER

 For all your Real Estate Needs in "The Best Town Ever" contact me at 435-731-0803 or email me at 
heather@parkcityhousehunters.com