What is Deer Valley® ? And why the little “R”?
Deer Valley® is a Park City, Utah ski resort, created and opened in 1981. The name is trademarked, and is known as the highest quality ski resort experience in the world. Today, it is consistently the #1 ranked ski resort in North America in many categories such as customer service, dining, and lodging. It is home of Stein Eriksen Lodge, the #1 rated ski lodge in the World, per ratings such as “World Ski Awards”, Conde Naste, and Forbes, to name a few. Deer Valley is one of two ski resorts in the US that does not allow snowboarding.
Does Deer Valley® Sell Real Estate?
Although Deer Valley® has in the past, Deer Valley® Resort does not itself currently own, develop, or sell residential real estate. Deer Valley area real estate is typically independently owned and/or developed by independent individuals or developers. “Deer Valley Resort Lodging” is Deer Valley’s first class property management and property rental firm, for booking and renting independently owned ski properties for owners.
“Deer Valley Real Estate” generally means real estate in the geographic area on, adjacent to, and near the Deer Valley® Resort. Properties are marketed and sold by independent brokerages and none of the “Deer Valley Real Estate” sales agent’s or brokers’ websites you see on the web (including this one) are directly associated with Deer ValleyR Resort.
Is all “Deer Valley” property on the ski runs?
When we discuss “Deer Valley Real Estate”, we look not only at properties on the Deer Valley Resort ski runs, but also a larger, extended “Deer Valley” geographical area, as defined for Real Estate purposes. This includes condos on the lower “Deer Valley Drive” loop, and homes and condos on and near Solamere Drive, Queen Esther Drive, and Telemark Drive, such as “The Oaks”,” Hidden Meadows”, and “Solamere”. It also includes assorted non-ski run properties in the “Upper Deer Valley” geographical area, such as “American Flag” and several others in the “Silver Lake” area.
How far is Deer Valley® from Park City?
Deer Valley is actually within the Park City city limits. The base area of Deer Valley is about a mile from downtown Park City Main Street.
What are the major areas of Deer Valley Real Estate?
For Real Estate purposes, we define four major geographic areas in Deer Valley: Upper Deer Valley, Lower Deer Valley, Deer Crest, and Empire Pass. You can search these areas easily on my home page.
What is “Ski in/Ski out?
This is a subjective term, and when a property is defined in a property description as “ski in in/ski out”, it is prudent to dig deeper: Is it ski in and out directly to the door or patio? Is it ski in/out maybe to the far end of your yard? Or in a condo, is it ski in/out to my door, or is it perhaps to the far end of the development, requiring a hundred yard walk to my door? We also have properties we call “walk in/ski out” , with direct ski out trail access, but a few minutes walk to return home.
What are the newest residential developments available in Deer Valley Real Estate?
There is nothing like brand new! The newest is a condo development in Empire Pass called “One Empire Pass”. Ski in/out at the “Silver Strike” lift. It has just begun construction, with reservations on a number of units already. Check it out on my home page.
“Stein Eriksen Residences” is a brand new development just below Stag Lodge. Highest quality condos and free standing homes. Nearly sold out, but some still available. A number of these are completed and sales already closed, while completion work on the remainder is under way. Operated by the illustrious Stein Eriksen Lodge management group.
Montage at the Empire Lodge and St. Regis at Deer Crest are our two fabulous high rise luxury condo hotel properties.
Of course, there are also occasional brand new spec homes built by individuals.
What is “condo-tel” or condo hotel?
Luxury hotels such as Stein Eriksen Lodge, Montage, and St. Regis, consist of individually owned condominium units. So when you book a room at the hotel, you are actually visiting an individual’s privately owned condo.
What about HOA dues?
Home Owner Association dues are common throughout Deer Valley and Park City Real Estate. In condominium developments, they cover building insurance, maintenance (exterior), snow removal, landscaping, management of the hoa, amenities (if any) and sometimes unit utilities. They always seem too high, but HOA board members always meet to assess the efficiency and budgets of their HOA dues. When considering ownership in a development, in the interest of full disclosure, we always provided you with a copy of the HOA budget, for review of exactly how HOA dollars are spent.
How much are property taxes in Utah?
Annual property taxes are determined and collected each year by Summit County. For second home owners in Deer Valley or Park City, it is about 1% of what Summit county subjectively determines as your current market value. For primary residence owners (or properties that are leased on a long term basis), taxes are about .6% of assessed valuation.
If in a given year, you believe Summit County has assigned your property too high a value, it can be appealed by September 15 each year. Appeal is a simple, free process. I help clients with it any time
What is the best time of year to buy in Deer Valley?
In the past, our market was fairly seasonal, and the easy answer was spring or summer, when winter is over, and Sellers do not wish to hold their property through another summer and fall before enjoying or renting it again the following ski season.
Today, Park City and Deer Valley are much less seasonal. Yes, ski season is only from December 7 through mid April, but we have become a much more year round community, with increasing attractions of world class golf, hiking, biking, fly fishing, concerts, boating, sailing, and more. Consequently, we do not see the cyclical, seasonal ups and downs of real estate price flexibility or seller motivation. It really is consistent throughout the year in today’s market, with no particularly better Buying season than another.
Can I rent my property to others?
All condominium developments in Deer Valley, and most throughout Park City, allow or encourage rentals. The condo hotel buildings such as Stein’s, Montage, or St. Regis, have on site rental desks and programs, which will rent your property for you. A typical split is between 50 and 65% to you.
Not all single family home neighborhoods allow “short term” rentals. “Solamere” is one that does, and homes in that neighborhood do very well in vacation rental programs.
When I find a property I like, do I need an attorney to make an offer?
In Utah, we generally do not use attorneys to construct offers or to handle closings. The Realtor showing you property (Al Johnson!), and representing your interests, can write your offer for you with all appropriate contingencies and terms to protect you in the process. It is then presented to the listing agent for the property, who presents it to the property Seller.
Your Realtor is invaluable in helping with negotiating for you, and to answer questions such as; What else could I consider in this price range? How much to offer? Do I get a better deal if I offer cash instead of financing the purchase? How much Earnest Money? Is list price fair, or is this one overpriced? (Use those sales comps!) How long are my contingencies for inspections, reviews, etc?
Our closings are created, conducted and handled by any of our fine local Title Companies. If a lender is involved, new laws require the lender to draft closing statements. You can have a real estate attorney review your transaction and closing documentation if desired, but is usually not necessary or required.