From Deseret News archives:
Luxury resorts flourish in Utah
The luxury accommodations are putting Park City ahead of Aspen and Sun Valley in resort real estate sales and will increase one southern Utah county's assessed property values by 20 percent.
"It's no longer a secret," said Stan Castleton, the developer of the St. Regis Resort and Residences at Deer Crest in Park City.
Castleton said when the development of 26 large condominiums on the top four floors — dubbed private residences — and 67 condo suites is completed in late 2008, it will be one of the fanciest hotels in the state, featuring butler service, a high-end spa, and ski-in, ski-out access.
"I think that the transformation of the Park City area has clearly happened," Castleton said. "It's a huge bargain compared to those other places, with much better access. You can get on a plane in the morning and be on the slopes by the afternoon."
Prices for St. Regis Deer Crest range from $1.5 million to $4.3 million for condo suites and $2.5 million to $8 million for the residences.
In recent years Park City, which is about 25 miles east of Salt Lake City, has surpassed other Western resort towns in the number of property units sold and exceeded the volume sold in dollars, but has remained sixth in average sales price, according to numbers from The Rocky Mountain Resort Alliance.
The alliance was founded about 10 years ago and tracks real estate sales in resort towns in Utah, Colorado, Wyoming, Idaho and British Columbia, said Betty Brown, board president for the Park City Board of Realtors.
In the first quarter of 2006, Park City had 743 units sold, higher than the 100 in Aspen, Colo., the 180 in Sun Valley, Idaho, and the 674 in Summit County, Colo., home to Breckenridge, Copper Mountain, Arapahoe Basin and Keystone resorts. But the average sales price is $731,772 — lower than Telluride, Colo., Teton Village, Wyo., Vail, Colo., Sun Valley and Whistler, British Columbia.
A luxury home that would cost $1.7 million in Park City would cost $2.7 million in Aspen, Brown said.
"We are not just a perceived value compared to the other resorts, we are a value," Brown said.
She said Park City's popularity has grown as resort buyers became aware of the amenities surrounding the city's three ski resorts, which are located less than an hour's drive from Salt Lake City International Airport.
"We were discovered by many, many, many, many buyers at about the same time," Brown said. "I think our product has increased to satisfy those who want the higher end."
