Rated by SKI Magazine in 2010 as one of the Top 12 “Hot Hotels in North America,” Escala Lodges is an expertly designed ski-in/ski-out enclave of 85 spacious and luxurious condominiums. In conjunction with The Canyons® Resort, Escala Lodges announces North America’s first 30-Year Ski Pass. Also available, Canyons Club sports valets and member services concierges offer a unique array of club facilities and services along with exclusive benefits designed to elevate and Escala Lodges enhance every aspect of life at The Canyons® Resort.

Running the Numbers

Park City’s 2009 real estate market acted a lot like the old adage for the month of March: it came in like a lion and went out like a lamb. At the end of January, the market was down over 50% in closed sales volume compared to the end of January 2008. Values improved every month, so that by the end of December, sales volume was only 17% down year/year. Not only closings, but also pended sales have climbed every month since their low point in February 2009. And, Park City is faring better than every other mountain resort in the West.

Looking Ahead

The statistics say that the low point for number of transactions was a year ago, in February 2009, so most real estate professionals believe the Park City market has turned a corner. While prices are still down, the number of sales is up and interest rates have begun to rise. The bottom line? The market is moving, and many investors are now returning to Park City to explore options and make offers.

“On behalf of our entire Montage family, I want to express our deep gratitude for the warm welcome accorded us by Park City and Deer Valley residents and officials. We are privileged to be joining your beautiful community and look forward to returning the hospitality when we open Montage Deer Valley, our first mountain resort, next winter,” said Alan J. Fuerstman, Founder and CEO, Montage Hotels & Resorts.

“We’re thrilled to celebrate this important construction phase of Montage Deer Valley. It’s a great tribute to our hard-working crews and partners, including Utah’s Layton Construction, HKS Hill Glazier Design Studio and Wilson Associates, to mark such safe and swift progress,” said Kim Richards, President, The Athens Group, the project developer.

On March 8, Barron’s magazine announced that “the market for luxury real estate is coming back to life” and named Park City and “the understated year-round resort community of Deer Valley” to the #4 spot, the first non-coastal destination on its list of the 10 Best Places for Second Homes.

Come Winter 2010/2011, the 81 private Montage Residences Deer Valley will capture the essence of the resort’s refined Mountain Craftsman style, with spacious floor plans, estate quality finishes and access to every resort amenity and service. A model residence is available to view.

To learn more: www.montagedeervalley.com, www.montagehotels.com.

Notes: The Hotel owner uses the Montage brand name and certain Montage trademarks under a limited, non-exclusive, and non-transferable license from Montage Hotels & Resorts LLC. This is not a solicitation for purchasers of Residences in any state where the offering has not been registered or where the offering does not qualify for an exemption from registration. Montage® and Deer Valley® are registered trademarks of Montage Hotels & Resorts, LLC and Deer Valley Resort Company, respectively.

Pond Skimming Contest & FREE Concert by Big Head Todd & The Monsters

March 26th – April 4th

The Canyons Resort presents the second annual Spring Grüv! For 10 days they’ll be having 4 huge, free concerts in the Resort Village, as well as the famous Pond Skimming Contest, 80′s Day and Canis Lupus Challenge! Come and be part of the best Spring around!

By STEVEN M. SEARS

We found another great article showcasing Park City:

Prices of luxury real estate are finally starting to rise, as bargain hunters swoop in.  Some of the best deals are in second homes with prices off as much as 40%.

At long last, the market for luxury real estate is coming back to life.

Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed.  In some on the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.

In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed.  Even the megadeal is back.  In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700 square foot home on six acres.  There’s nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse.  The return of hefty Wall Street bonuses hasn’t hurt, either.

With all that in mind, and with summer just around the corner, Barron’s sized up the market for upscale second homes, one of the greatest luxuries of all.  We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others.  Our conclusion: now could be an excellent time to buy.

Prices are way down – 40% off the peak in some locations.  Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters – and not just families in need of R&R.  Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management:  “We’ve seen an uptick in buying in just the last couple of months.

Top 10:

1. Maui
2. Kiawah Island
3. The Hamptons
4. Park City, Utah – Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America’s top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O’Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub, has direct flights to the East and West Coasts.
   - Median Price: $1 million
   - Drop From Peak: 45%
   - Neighbor: Robert Redford
5. Aspen
6. Pebble Beach
7. Palm Beach
8. Captive/Sanibel Island
9. Asheville
10. Gasparilla Island

The Auction at Silver Strike Lodge and closings at the St. Regis.

The Silver Strike Auction seems to be the successful kick-off to our winter selling season.  Activity had been quite slow until then, and prior to the auction, everyone was simply “watching and waiting”.  After the auction proved to be a success, and established a bottom of the market pricing, more buyers have come back to the market and we have since then seen quite an increase of activity of pending sales.  The silver strike lodge started with an inventory of 19 units, and now is down to only 5 remaining.  Their success has spurred success in other Deer Valley condo projects such as at neighboring Flagstaff which has just recently closed 7 units, and has 6 more under contract.  The opening of the St. Regis has also spurred renewed interest into the Deer Valley market.  So far they have successfully closed 32 units for a total of $111,000,000.  Pricing for available units starts at $1,450,000.

Some Interesting Stats:

For the upper Deer Valley Resort condo market: In the last 90 days, there have been 60 closed sales and still another 37 pending sales.

For our entire Park City Board of REALTORS® MLS:
Pended Sales, Year to Year Comparison as of March 5th.
For 2009  •  Pended Volume – $97,682,533  •  Pended Units – 129
For 2010  •  Pended Volume – $259,315,857  •  Pended Units – 286
An increase of $161,633,324 in dollar volume and 157 units!!!

Have We Seen the Bottom of the Market?

Are we in the middle of it, or have we passed it?  Who can really know, but the numbers sure are encouraging.

March Motivation
There are still great properties available, and some great values in the market, but inventory is now moving fast.  Sellers are now motivated to get their properties sold before the season ends, and buyers are finally motivated to make a purchase while good properties are still available, and before interest rates rise.