Tom and Kevin's Blog

Foggy Morning in Park City

By Tom Peek
Jan 15, 2015

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I was taking pictures of a new listing in Hotel Park City and here's what the Park City Country Club looked like at 9 am while standing on the balcony of number 205!

Park City Year End Stats

By Tom Peek
Feb 08, 2013

Park City, Utah -- The year-end 2012 statistical report released by the Park City Board of REALTORS® indicates an increase in the number of sales and total dollar volume, with inventory the lowest it has been in over six years. It also shows a slight gain in median prices compared to 2011. The total volume of real estate sold for the entire market area (Summit and Wasatch Counties) reached $1,240,542,783 in 2012 -- a 15% increase over 2011.

 

Sales The number of sales continued to climb in 2012 with a nine percent increase over 2011 in all property types combined, reaching 1,817 total transactions. This is up 61% over the low point in 2009.  The number of sales now surpasses the early 2000’s and is approaching the number of sales necessary to be termed a more balanced market. Sales for the year were very strong after the first quarter of 2012. Each of the last three quarters averaged over 150 sales more than the first quarter. Quarter Four is up 28% compared to the fourth quarter of 2011.

 

Inventory Levels With only 1,879 active listings on the market for 2012 compared to 2,146 in 2011, the inventory level has decreased by 12%. The greater Park City market has consistently seen double digit yearly decreases in the number of properties for sale since the high point of listings on the market in 2009. Based on an average of the past three months’ sales, this inventory represents about a 10 month supply -- excluding the lots, it is at an eight month supply for houses and condominiums. This is the lowest housing supply since the Park City Board of REALTORS® began systematically tracking the monthly active/pended listings in January of 2007.

 

Pricing The median price, for all property types combined (single family houses, condos, vacant lots and fractional interest properties), has rebounded nicely in 2012 reaching $395,000 which is a 13% increase over last year, though this number is still below the median prices of 2010 and 2009. Median single family home prices continued to rise in most areas and had a five percent increase overall reaching $548,107. The median price for condos also increased seven percent to a median price of $343,000 for the entire market area.  Vacant lots had the best performance in 2012 with a 22% increase over 2011 reaching $213,750.

 

Within the Park City Limits area, median single family home prices show an eight percent increase over last year reaching $1,077,500. Condos are down three percent to $522,500 and vacant land is down two percent at $475,000. In contrast, within the Snyderville Basin and Jordanelle areas, the median price for a single family home is down five percent to $649,000, while condos are up 14% to $308,543, and vacant lots are up 51% to $249,500 over 2011. Significantly, even with an increase in the median lot price, the number of sales in 2012 was the same as in 2011, showing that though lots have gone up in price, the number of sales has not decreased.

 

Distressed Sales and Foreclosure Report The number of distressed properties on the market has continued to drop through 2012 and the number of Notices of Default has decreased compared to previous years. Interestingly, the prices of distressed properties that come on the market are listed very close to market price or sometimes even above market. For the fourth quarter in Summit County, distressed sales accounted for only 13% of total sales which is down 31% from the fourth quarter in 2011, according to data compiled by Rick Klein of Wells Fargo Private Mortgage.

 

Year End Wrap Up The Park City Real Estate market continues to strengthen with positive signs in the number of sales, dollar volume, pricing and inventory.  The combination of all of these factors points to a continued active market through 2013. In 2012 the number of sales averaged about 35 per week finishing the year with 1,817 total sales.  Mark Seltenrich, Statistician for the Park City Board of REALTORS® says, “If this rate continues through 2013, we would be looking at sales numbers approaching 2000, which would be a healthy pace for buyers and sellers.”

 

Prices have continued to stabilize, with most areas and property types seeing slight price increases. There were a few areas to buck that trend -- most notably: condo prices in Old Town, down two percent; and home prices in Pinebrook, down 13%.  Seltenrich notes, “This could be due to buyers snapping up the lower priced properties due to a fear that once those units are gone, they will be replaced with higher priced properties.”

 

Looking Forward Prices in our market have generally been falling for four straight years, with many parts of our market 40-50% below where prices were at the peak.  However the downward pressure on prices now seems to be over. Seltenrich cautions that “Price increases need to be justified by a proper evaluation of the property’s attributes, and just like the market of the past several years, a property needs to be properly priced in order to sell. An overpriced property will continue to sit on the market.”  With inventory levels in decline, there aren’t as many choices as in the past.

 

There continues to be strong buyer interest and activity, and the number of sales and prices will probably increase in 2013.  With specific 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. President of the Park City Board of REALTORS®, Jeff Spencer, adds that 2013 is off to a strong start, “Realtors are busy and writing offers. We’re looking forward to 2013 being an excellent year for real estate in Park City.”

 

 

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

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Park City’s Gourmet Appeal

By Tom Peek
Jan 07, 2012

Our Gourmet Town Made WINE SPECTATOR Award of Excellence Wine Spectator Nov 15, 2011 http://www.winespectator.com/magazine/show/id/45772

Park City’s Gourmet Appeal Food-and-wine destinations rival the skiing in Utah’s top resort Tim Fish Issue: November 15, 2011 In recent years Utah has relaxed its once-draconian alcohol laws, and a new generation of ambitious, wine-savvy restaurants is opening in this resort town. Add the arrival of four new upscale hotels-the St. Regis, Sky Lodge, Montage and Waldorf Astoria-and Park City is fast becoming one of the hottest vacation spots in the country. Just 32 miles southeast of Salt Lake City, Park City was founded by prospectors in the early 1860s. By 1900 it was a booming silver-mining town, with 10,000 residents, 100 saloons and various houses of ill repute. When the silver petered out, in the 1970s, the town found salvation as a ski mecca. Today, Park City is among the wealthiest communities in the nation, with about 7,500 year-round residents and a constant flux of people, thanks to the many timeshares and holiday peak weekends. And during the film festival in January the town is bustling with stargazers. Part of Park City's appeal is its easy access to Salt Lake City's airport. "You can fly in from the East Coast and be on the snow by 1 o'clock," says Heidi Voelker, former member of the U.S. Olympic Ski Team and "ambassador of skiing" at Park City's Deer Valley ski resort. Yet the 45-minute drive from the airport is not for the meek. Separating Salt Lake City and Park City-and making all those wonderful ski runs possible-is the Wasatch mountain range. Winter is peak season, with 500 inches of snow the annual average, but summers are also popular, attracting hikers, mountain bikers and whitewater rafters. Indeed, Park City is not the sort of vacation spot that's meant for resting on one's derrière. The area is 7,000 feet above sea level, meaning you can lose your breath just walking up the long incline of historic Main Street while browsing the shops. It's all about cardiovascular exercise in Park City. It's all about earning that great evening of food and wine. The city's restaurant menus are aimed at hearty appetites, with steaks and short ribs, wild game and lamb, local trout and poultry. Nowhere is this better demonstrated than at Glitretind at Stein Eriksen Lodge, where wine director Cara Schwindt says the menu always has something rich to offer: "Comfort food taken to the next level," she calls it. Big flavors seem to be the rule as well. At J&G Grill, which chef Jean-Georges Vongerichten opened in the St. Regis in 2009, dinner could include a grilled Niman Ranch pork chop heaped with intense wild mushrooms and finished with a Pecorino sauce, or roasted halibut paired with Malaysian chile sauce and Thai basil. No doubt the biggest change in Park City's restaurant scene is the proliferation of new and expanded wine lists. With the goal of attracting more tourism even prior to the Olympics, Utah began relaxing its strict laws governing alcohol service. Ten Park City restaurants now have Wine Spectator awards for their wine lists, including three Best of Award of Excellence winners: Bangkok Thai On Main, Glitretind and The Restaurant (formerly Spruce). J&G is the newest and largest addition to the city's wine scene. Sommelier Mark Eberwein has put together a collection of more than 1,000 selections from California and Europe, all showcased in the restaurant's spacious wine vault, which doubles as a wine bar and private dining room. Schwindt has overseen the wine list at Glitretind for 13 years and has watched the city's wine evolution firsthand. While she's still required to buy wine through the state, the selection has expanded dramatically. A decade ago she was lucky to have a dozen white Burgundies and other Chardonnays on her list; now she has nearly 70. Challenges remain, however. Restaurants pay full retail price for wine, rather than the typically cheaper wholesale cost, which means consumers generally face a higher markup. "Getting older vintages is difficult because I can't really buy at auction," says Schwindt, who tries to compensate by cellaring bottles for three to five years before adding them to the list. Vongerichten is the first star chef to open a restaurant in town, though with the arrival of so many showcase resorts he undoubtedly won't be the last. While restaurant quality has improved overall, there's plenty of room for growth. Excepting Glitretind, service is generally weak, and while that isn't unusual for a resort town, you shouldn't have to suffer a ski dude as your waiter when the price tag for a solitary steak is $45. As for choosing a place to stay, there is an almost overwhelming number of resorts and hotels from which to choose, not to mention timeshares and private homes to rent. It helps to know the lay of the land. There are three ski areas: Park City Mountain, Deer Valley and the Canyons, and most of the major lodging offers visitors ski privileges at one or another. Deer Valley has been named the No. 1 ski resort in North America the past four years running by readers of Ski magazine. Many of the hotel resorts bill themselves as ski-on and ski-out properties, but not all such amenities are created equal and avid skiers will need to do their research. Park City stands out for its sheer variety of ski runs, Voelker says, which makes it appealing to skiers of a wide range of experience and skill. And not all the bunny runs are at the bottom of the mountain. One of Voelker's favorite runs is Sunset, which is a green, or beginner, trail located about midmountain in Deer Valley. "The view is incredible," she says, "and I love to take skiers on that run, regardless of their skill level." That variety of skiing opportunities is one reason Park City is a popular family destination, and some of the new resorts cater to youngsters. Montage, for example, has a large game room with pool tables, a bowling alley and video games. Heated outdoor pools and hot tubs are considered standard equipment. Those kids, of course, are the customers of the future. For all its rich history, Park City isn't stuck in the past. As long as there's plenty of powder, it will remain a top ski destination. And now, finally, it has a food-and-wine experience worthy of those swift slopes. WHERE TO EAT THE FARM Resort Village, The Canyons, 4000 Canyons Resort Drive, Park City Telephone (435) 615-8080 Website www.thecanyons.com/dining.html Open Lunch and dinner, daily Cost Entrées $19-$36 Credit cards All major Award of Excellence Excellent simplicity is the best way to describe the food at the Farm, one of the newest additions to the Park City restaurant scene. The menu follows the seasons, and executive chef John Murcko lets the quality of the region's fruits and vegetables, cheese, meat and fish do all the talking. Local blue rainbow trout is paired simply with sweet potato hash, while Farm Rockefeller is a deliciously delicate pork belly layered with spinach and Parmesan. The wine list, a compact collection of 300 wines at moderate markup, includes choices at various price points, ranging from Montes Alpha Carmenère 2007 ($57) to Château Margaux 2001 ($1,795). The restaurant is a small, modest space in the Canyons Resort Village, but outdoor seating abounds when the weather allows. GLITRETIND Stein Eriksen Lodge, 7700 Stein Way, Park City Telephone (435) 645-6455 Website www.steinlodge.com/dining/glitretind Open Breakfast, lunch and dinner, daily Cost Entrées $26-$59 Credit cards All major Best of Award of Excellence Glitretind is arguably home to Park City's most refined food-and-wine experience. Chef Zane Holmquist's winning menu features upscale comfort food well-suited for a feast following a day on the mountain, with offerings such as a buffalo flank steak and a Kobe beef pot roast. Service is first-rate throughout. Wine director Cara Schwindt has put together a savvy list of 750 selections, focusing on France and California, with a dozen by-the-glass offerings that fit the menu like a tailored suit. Wine pricing is moderate, but there's room to splurge with Staglin Chardonnay Rutherford 2008 ($130) or DRC Romanée-Conti 2004 ($5,000), for example. The dining room has the casual elegance of a ski lodge, and there's an expansive veranda for outdoor dining. J&G GRILL St. Regis Deer Valley, 2300 Deer Valley Drive E., Park City Telephone (435) 940-5760 Website www.jggrilldeercrest.com Open Breakfast, lunch and dinner, daily Cost Entrées $17-$42 Credit cards All major Award of Excellence This dining room is quite literally a mountaintop hideaway, only accessible via the St. Regis tramway. The chef behind it is Jean-Georges Vongerichten, who runs more than a dozen restaurants worldwide. The menu is a satisfying blend of big flavors, from hearty American fare like mac and cheese, steaks and chops to more worldly selections such as Sichuan pepper-crusted yellowfin tuna. The restaurant "wine vault" can be seen through frosty glass as guests enter the dining room, where wine director Mark Eberwein offers more than 1,000 selections from California, France and Italy. Prices run high, with Rochioli Pinot Noir Russian River Valley 2007 fetching $170, but the Pétrus 2001 can be had for $2,775. The dining room features an open kitchen, rustic stone accents and soothing views of the surrounding mountains. TALISKER ON MAIN 515 Main St., Park City Telephone (435) 658-5479 Website www.¬taliskeronmain.com Open Dinner, daily Cost Entrées $27-$39 Credit cards All major Award of Excellence This was the first public outlet of Park City's Talisker Club, which is a collection of elite, private communities in the area. The menu is a greatest hits of Talisker specialties perfected at the clubs, ranging from lobster hushpuppies and elk tenderloin carpaccio to short rib shepherd's pie. The kitchen isn't afraid to take a chance or two, and it mostly succeeds. Sean Marron, Talisker's director of wine and spirits, has put together a fine list of 225 selections, and prices are moderate, with offerings that range from Avignonesi Vino Nobile di Montepulciano 2006 for $55 to Harlan Estate 2006 for $995. Most restaurants located along historic Main Street have a certain rustic charm, but this dining room aims for more stately sophistication, with black-and-white tile, a tin ceiling and crystal chandeliers. Paired with an open kitchen, the effect is energetic if a bit noisy, but there are more subdued rooms in the back. WHERE TO STAY ST. REGIS DEER VALLEY 2300 Deer Valley Drive E., Park City Telephone (435) 940-5700 Website www.stregisdeervalley.com Rooms 117 Suites 67 Rates $179-$1,925 Even with so many first-rate resorts in the area, the St. Regis rises to the top. Open since 2008, the resort's style is mountain luxury, done in rock and polished wood, and offering grand common areas both inside and out, with views of the surrounding slopes. The rooms are equally handsome, many outfitted with wood floors, granite countertops, gas fireplaces and private decks. Remède Spa offers indulgences in a soothing atmosphere, and the resort's split-level pool has both quiet and kid-friendly spots. There's quick access to the Deer Valley ski area, and the resort has ski valets to make things easier. The check-in experience is unique: Guests arrive at the bottom of the mountain and ride a scenic tram to the top. SKY LODGE 201 Heber Ave., Park City Telephone (435) 658-2500 Website www.theskylodge.com Suites 33 Rates $199-$2,000 Venture into the mountains but keep your big-city attitude at this boutique hotel situated in the heart of bustling Old Town. The suites seem rather like urban warehouse lofts, done in sleek concrete and warm colors, with high-tech accents and modern furnishings. They range in size, with the smallest measuring 1,200 square feet. Most have fireplaces, kitchens equipped with wine fridges, and decks with heated floors and hot tubs, ideal for a warming dip on a snowy day. A Japanese-style health spa with a small lap pool is situated on the property, and the rooftop Sky Blue Lounge is a popular hangout for guests gathering around the open-air fire pits. The town ski lift is a few blocks away, and shuttles to other nearby slopes run regularly. WALDORF ASTORIA PARK CITY 2100 Frostwood Drive, Park City Telephone (435) 647-5500 Website www.parkcitywaldorfastoria.com Rooms 94 Suites 80 Rates $129-$6,000 You may be deep in the wilds of Utah, but you don't have to forgo your share of extravagance. Arguably Park City's most opulent, this resort has the trademark Waldorf style of dark, polished wood, marble and granite accents and plush furnishings. All the rooms have fireplaces, and many suites have kitchens; some span two levels. The horseshoe-shaped resort grants most rooms semiprivate views of the swimming pool and surrounding mountains, and the Golden Door spa is Park City's most richly appointed. The restaurant is handsome, with a solid wine list, and a new chef was brought in after press time. Located at the base of the Canyons ski area just north of Park City, the Waldorf offers easy access to the slopes. More Restaurant Award Winners BANGKOK THAI ON MAIN Park Hotel, 605 Main St., Park City; (435) 649-THAI Wine director Keith Chan Wine strengths California, Bordeaux Wine selections 690 Wine prices Expensive Corkage $20 Cuisine Thai Menu prices $16-$35 Best of Award of Excellence CENA RISTORANTE The Chateaux at Silver Lake, 7815 Royal St. E., Park City; (435) 940-2200 Award of Excellence GOLDENER HIRSCH RESTAURANT Goldener Hirsch Inn, 7570 Royal St. E., Park City; (435) 649-7770 Award of Excellence THE MARIPOSA Deer Valley Resort, 7600 Royal St. E., Park City; (435) 645-6715 Award of Excellence THE RESTAURANT (formerly SPRUCE) Waldorf Astoria Park City, 2100 Frostwood Drive, Park City; (435) 647-5566 Wine director Stephen Collins Wine strengths California, France, Germany, Italy Wine selections 700 Wine prices Expensive Corkage $20 Cuisine Contemporary American Menu prices $31-$46 Best of Award of Excellence 350 MAIN NEW AMERICAN BRASSERIE 350 Main St., Park City; (435) 649-3140 Award of Excellence Wine Spectator award levels: The Award of Excellence denotes wine lists that offer a well-chosen mix of producers. The Best of Award of Excellence honors lists of greater breadth. The Grand Award is given to restaurants that show uncompromising devotion to their wine programs.

Welcome to TomPeekParkCity.com

By Tom Peek
Dec 30, 2011

We are very fortunate to live in a wonderful place like Park City.  I grew up in La Jolla California in the glory days.  My father and his family moved there in 1941.  After high school, I headed up to UC Santa Barbara to continue my studies in surfing.  In 1976 I moved to Utah to study skiing.  I like to say, “I’ve never lived in a crummy place!” Over the years, I have been joined by three of my siblings, and now their kids, so you might say I have a vested interest in helping to maintaining Park City as a viable, wonderful community long into the future.

It has been a pleasure and an honor to watch and help Park City mature over that time.  We have had our ups and downs (four cycles in my tenure) but we have always survived (usually better than our competition) because we are a community of choice where our residents have chosen Park City because they want to live here, not have to live here.  This is reflected in our schools, trails, open space, recreation and lifestyle.  I know of very few communities that when it comes time to tax ourselves through bonding for these amenities we always come through.

If you are a current resident or are considering Park City for your next home or vacation home consider my thought here, please.

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