Lookout Park City Blog

A Few Of Our Favorite Things!

By Jerry Urwin
Dec 20, 2017

Here are some of our favorite things to save you time and enable you to get out and enjoy our mountains!

Click here to find out!

Mayflower transaction closes!

By Jerry Urwin
Nov 14, 2017

It’s official! Extell Development Company closed on their acquisition of the Stichting Mayflower parcel of land neighboring Deer Valley Resort on November 3rd after an extensive and exhaustive due diligence process. The 2,300-acre parcel in Wasatch County is just south of Deer Crest and west of the Jordanelle Reservoir and Highway 40. This acquisition, coupled with Extell’s Blue Ledge parcel, which consists of 40 acres north of the Mayflower land, is anticipated to provide an unparalleled platform for a new resort village and ski improvements.

To read the full article, click here.

Market Update - October 2017 Focus - New Construction

By Jerry Urwin
Oct 10, 2017

 

New Construction - A Plan for Every Palette.

There's just something so appealing about new construction opportunities - whether it's the chance to select finishes perfectly suited to your tastes or simply the opportunity to select your preferred location and desired vistas, we are fortunate to have a good variety of new construction offerings in the greater Park City area. We've organized them by neighborhood and status of construction. Please contact me to fill in the details on any of these communities.
Townhomes in the Lower Canyons Village  |  Debuting 2017 Ski Season 3-5 beds  | 3 - 4 baths  |  1,750 - 3,900 sf  |  Priced from $1.2M
Three Residences with Direct Frontage to Frostwood Gondola and Seasonal Stream 5-6 beds  | 5-8 baths  |  4,700 - 5,500 sf  |  Priced from $3.7M
True Ski-In/Ski-Out Mountain Modern  |  Detached Residences, Attached Townhomes & Penthouses  | Three Building Tiers 3 - 5 beds  |  4 - 5.5 baths  |  2,000 - 3,790 sf  |  Priced from $1,825,000
Luxury Ski & Golf Villas |  Attached Townhomes  |  Short Walk to Frostwood Gondola 2 - 4 beds  |  3 - 5 baths  |  1,850 - 2,250 sf  |  Priced from $1,125,000
Mountain Rustic  |  Frostwood North 3 - 4 beds  |  Approx 2,620 sf  |  Priced from $999,000 - $1,195,000
Full Hotel Services  |  Village South  |  Mountain Contemporary 1 - 4 beds  |  1 - 5 baths  |  680 - 2,700 sf  |  Priced from $379,900  |  Are your dogs considered family?
Heart of Canyons Village  |  61 Condominiums, 6 Story Building  |  Contemporary Modern  1 - 5 beds  |  Approx 830 - 3,200 sf  |  Underground Parking  |  Priced from $575,000
Ski & Golf  |  Frostwood  | Mountain Contemporary   1 - 4 beds  |  790 - 2,800 sf  |  Priced from $555,000 - $2M+  |  Need to work on your putt?
Full Service Condominium Hotel  |  Frostwood Gondola Terminus  |  Fully Furnished  Studio - 4 beds  |  1 - 4 baths  |  370 -1,980 sf  |  5 Star Amenities  |  Priced from $380,000  | Interested in free dues?
Ski/Golf Townhomes  |  Frostwood  | Mountain Contemporary  2 - 5 beds  |  1,470 - 2,010 sf  |  Priced from $825,000 - $2,350,000  |  Prefer salt water swimming?
Six Townhomes  |  Top of Main Street 3 beds  |  4 baths  |  Outdoor Spaces & Parking  |   2,700 - 3,300 sf  |  Priced from $2.9 - $3.625M
Rossie Hill  | LEED Certified  |  Mountain Modern  4 - 5 beds  |  4 - 5 baths  |  2-Car Garages  | Priced from $3,600,000  | Going green?
Eight Homes  |  Steps to Park City Library, Park City Mountain Resort, The Shop Yoga Studio, and Dog Park   3+ beds  |  3+ baths  |  2,730 sf  |  Private Garages  |  Priced from $2,500,000
Shared Ownership  |  45 Days per Year  |  Full Amenties  |  Junction of Main St & Heber Ave  Full Ownership Residences Available at SKYStrada and SKYSilver  |  Call for Availability & Pricing
14 Residences & Penthouse |  Mixed-Use Building  |  Upper Main Street  | Private Parking 2 - 3 beds  |  2 - 3 baths | 1,400 - 3,620 sf  |  Priced from $1,650,000 - $5,495,000  |  Got Gorsuch?
Deer Valley Dr Roundabout   | 4 Residences  |  Mountain Modern  | Private Outdoor Spaces 3 beds  |  3 baths  |  3,515 - 4,360 sf  | 2 Car Garages | Priced from $3,000,000 - 4,000,000
Empire Pass  |  17 Residences  | Mountain Contemporary  |  Ski-In/Ski-Out  4 - 5 beds  |  4 - 5 baths  |  3,820 - 6,300 sf  |  Priced from $3,900,000 - $7,900,000
Silver Lake Village - Final Parcel  |  38 Residences  |  Affiliated with Goldener Hirsch Inn | Contemporary Design offered Fully Furnished  |  Underground Parking Studio - 3 beds  |  1 - 3 baths  |  570 - 2,400 sf  |  Pricing Available in January
Empire Pass  |  27 Ski-In/Ski-Out Condominiums  |  6 Story Building  2 - 4 beds  |  2 - 5 baths  |  1,400 - 3,200 sf  |  Priced from $1,595,000  |  Got One?
Ski-In/Ski-Out Evergreen Area  |   15 Single Family + 39 Condominium Residences  | Mountain Contemporary Many Size Options  |  Priced from $2,600,000
While the fairways hibernate under the snow, four of our premier golf & lifestyle communities offer different spins on ski resort amenities and access and a nice variety of homesites and residences. All communities are located within a half hour drive from Park City.
Promontory club membership includes complimentary shuttle service to both ski resorts and exclusive access to the Promontory Deer Valley Alpine Ski Lodge at Silver Lake Village. This expansive golf and lifestyle community just a short drive east of Park City offers new estate homesites and cabins for sale with a good variety of resale estate and custom homes. Club members enjoy golf courses, swimming pool, kids cabin, outfitters cabin, equestrian center, tennis, spa, and an onsite restaurant.
With its Nicklaus designed golf course at its center and a newly competed Par 3 Club Course this Heber Valley golf & lifestyle community offers club members access to the Deer Crest Club at Deer ValleyTM Resort. In addition to valet parking and skiers lounge in the St. Regis Hotel with direct access to the slopes cub members guest enjoy locker privileges, St. Regis Car service, concierge access to reservations and complimentary breakfast and lunch during ski season. Homesites priced from $170,000. Cabins priced from $895,000 and custom homes start at $1,150,000.
Residents within the Tuhaye golf and lifestyle community can choose a Talisker Club Membership, which provides a private member facility at the Tower Club at Empire Pass in Deer Valley. In addition to complimentary parking, members enjoy complimentary breakfast and après ski in their vibrant and elegant social club. Homesites priced from $315,000. Custom homes priced from $915,000.
Owners at Victory Ranch enjoy their own private skiers lounge on lower Main St. in Park City with lockers, gathering area and valet services to set your skis right by the Town Lift at Park City mountain resort. Concierge services including dinner reservations are offered. Members also enjoy access to Deer Crest Club at Deer Valley® Resort, providing slopeside ski access from within the St. Regis Hotel. Homesites are priced from $425,000 and cabins are priced from $1,825,000.
This impressive array of new developments that have just been completed, are under construction, or are in the planning stages, are an indicator of the strength of the Park City real estate market. They represent an upturn in real estate confidence and provide unique purchasing opportunities for potential buyers to enter the Park City real estate market. If you'd like to learn more about any of these properties or to schedule a showing, contact us today! 435-200-4830
 

Deer Valley Sold!

By Jerry Urwin
Aug 24, 2017

Information is still trickling through about this transaction and we will continue to monitor it going forward. As far as the upcoming '17-'18 winter season for the resort itself is concerned, it appears that it will be business as usual.

We will be studying how this will impact our clients in the Deer Valley and Park City property markets.

If you have any questions, please don't hesitate to reach out to us at anytime.

http://www.parkrecord.com/news/deer-valley-resort-acquired-by-newly-formed-multi-resort-entity/

http://www.vaildaily.com/news/ski-resort-consolidation-continues-as-aspen-skiing-co-affiliate-acquires-deer-valley-resort-in-utah/

 

Deer Valley Real Estate Summary Oct 25th 2016

By Jerry Urwin
Nov 03, 2016

IMG_3493-1Click here for the latest in available real estate at Deer Valley ski resort  . You will be able to see a summary of all listed properties in Deer Valley broken down by type and development. If you require any further information, please don't hesitate to give us a call on 435-200-4830.

How do you find the best vacation home property manager in Park City?

By Jerry Urwin
Feb 18, 2016

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Over the past several months, I have been asked the same question repeatedly.... 'How do you find the best vacation home property manager in Park City?'

It is fair to say that a good property manager saves you both time and money but most importantly acts pro-actively to protect your home and investment. All too frequently, vacation homeowners get overly frustrated as they take on too much and try to cope with simple tasks that through sheer distance alone are made more complicated or worse still, adopt a minimalist approach to home ownership and choose short term economics over longer term robustness, sustainability and in turn future enjoyment of their vacation home.

It is easier to measure the money side of things, but it is the time and interruptions to our normal everyday lives that are difficult to quantify and are generally the cause of most of our angst when it comes to vacation home ownership.

It doesn't have to be this way!

Here are the main factors that we recommend homeowners consider in their search for an ideal property manager:

1. How many properties are they currently managing? How many employess do they have managing vacation properties?

Whilst many will look at this question and conclude that a higher number is actually a gauge of their success, we beg to differ. A property manager who is overly stretched cannot afford to attend to the often detailed and specific needs of a homeowner. It is possible to be lost in a crowd and all things being equal, you will gravitate to an average level of attention and service.

2. Do they own any vacation / rental properties themselves?

This question can cut both ways and depends more on the individual homeowner. On the one side, a fellow investor or homeowner can better empathize with your goals and requirements but on the other, some homeowners will view this as a potential source of competition that they will never be chosen over.

3. What is the property manager's approach to addressing maintenance issues?

In many cases this boils down to how does the property manager get paid. Several will simply add on a fixed percentage (typically 10-20%) whilst others will take over the decision process on your behalf up to a certain $ threshold. In the case of the former, we recommend that you have this term waived as it simply does not encourage fundamentally strong long term maintenance decisons. If you go down the threshold route, we recommend that you keep that threshold low ($150-$250) in the beginning until you build up a comfortable level of trust with your property manager. We certainly prefer the second option and choose to focus on how the property manager accounts for their time spent outside of the pre agreed monthly management fee.

All too often we hear of homeowners complaining of being 'nickeled and dimed at every corner'. You know your property and hopefully have a reasonable expectation of the general level of upkeep / maintenance that is required to ensure that you are able to enjoy it for years to come. Do factor in the harsh conditions that exist in Park City, but a good property manager will be able to guide you in terms of expectations for typical annual expenses.

4. Frequency of inspections?

This is typically highly correlated with the monthly management fee but something that the homeowner has to consider when setting an appropriate budget for property management. As interactive and smart as we can make our homes currently, there is no substitute for a personal inspection. We recommend weekly inspections simply due to the fact that Park City and its surrounding areas experience fast changing and wide varying weather conditions. The monetary and physical damage that can be caused if caught on the wrong side can be material. The homeowner will ultimately decide but we urge to err on the side of caution and more frequent inspections.

5. Interview your potential property manager thoroughly.

This might seem obvious and simplistic to some but ensure you engage a property manager who listens to YOU. A good property manager strives to meet YOUR needs and makes sure YOU are happy.

6. Do not be influenced by the promise of outsize rental incomes when the property is not being enjoyed by YOU.

An all too common trap. Homeowners envisage themselves using their property during the peak periods of the winter season and convince themselves that the rental income that their property can generate during the rest of the year will more than offset their costs of ownership. This is a very unpopular thing to say but this is myth. Set your expectations accordingly. A property manager who says different, in our humble opinion, is setting misleading expectations. In our experience, take away the week around New Year and the opening week of Sundance for personal use and that effectively removes 20-25% of your potential annual rental income.

7. If you want to rent out your property, what will the property manager charge?

For a long time in Park City, 40-50% of rental income after expenses was very much the norm. This seems extortionate to many but it is important to remember that the property manager is looking after your property for 12 months of the year and not just the 4 months of the winter season when your property will generate the vast majority of its rental income. Having said that, the increased competition amongst managers and the rapid rise in popularity of several vacation rental websites are forcing these rates down. Make sure you are comparing like with like - several property managers may charge the same commission but a subset may differentiate themselves by offering a wide variety of complimentary concierge services. Ascertain the target clientelle for your property and go with the property manager who best services that market segment at a fair commission.

8. What is your rental income goal?

An important long term factor. Do you want to maximize rental income or do you prefer to factor in the amount of days your property is rented? Lower rents will attract more bookings, but does the increased traffic through your property justify the potential increase in annual rental income?

9. If you want to rent out your property, what are the set up costs?

Do have this conversation prior to engagement. There are numerous expenses to be considered and they vary from business licenses and taxes (both sales and transient room) to bedlinen requirements and basic inventory expectations of guests. Ascertain who is responsible for each.

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The goal of the above is to provide a sensible starting point for the vacation homeowner who is looking for a new property manager. There can be numerous other factors that are specific to your property but the point is to identify them beforehand and interview your potential property managers accordingly.

There is a lot of choice out there. Best of luck!

 
 
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