Category Archives: Our Company in the Media

Montage Square

JESS REID GOES TO BEVERLY HILLS – CHRISTIE’S GLOBAL OWNER’S CONFERENCE

We welcomed back our Principal Broker, Jess Reid, this week after a successful trip to Beverly Hills to attend the Christie’s Global Owner’s Conference. Reid and brokers from around the world joined at the spectacular Beverly Wilshire Hotel and Resort. They heard from speakers, including architects, artists, and marketers during the day, and networked and dined at night.

An awards dinner, honoring brokers for extraordinary sales, marketing techniques and more, was held at the Los Angeles County Museum of Art.

Christie’s International Real Estate is about to release their next “White Paper”, a compilation of statistics and information about luxury property, art and wine worldwide. A couple of interesting points coming out will include:

    • Luxury home sales volume has increased 16% since last year
    • Brokers from around the world are reporting problems with low inventory of luxury homes, which is constraining sales.

Reid was also given a tour of the Montage in Beverly Hills, the sister resort to the Montage Deer Valley. He also met with, the owners of Hilton and Hyland and a good friend to our brokerage, and took a tour at the office of the premier luxury broker of luxury homes in Beverly Hills.

Montage Residences BH

Montage – Beverly Hills

Please contact us today if you would like a copy of the White Paper to be sent to you as soon as it is released.

PC

PARK CITY REAL ESTATE MARKET OVERVIEW

PCThe Greater Park City real estate market continues to improve. Our real estate market is growing at a slow but steady pace; many believe this sets the stage for positive long term growth. The overall sold volume for all areas and all properties in 2014 was up 10% from 2013 to $1.6 billion.

Condominiums and vacant land are leading our recovery. Until recently, they were lagging behind single family homes. Now, more vacation home buyers are re-entering the marketplace and buyers are confidently purchasing land for construction. Condominium sales volume for the Greater Park City area is up 22% from last year at $518M and the average sold price is up 11% at $640,776.

Single family detached homes for the overall Park City area had been strongly leading the market but sales seem to have stabilized. The sales volume is up 1% from last year and total volume for 2014 was $921M. The average sold price is up 4% and is $968,577. However, the number of transactions sold is down 3% from 983 in 2013 to 951 in 2014.

Inventory levels are still at historic lows, especially in certain price ranges and property types, which have constrained sales. However, we are beginning to see more development projects that are almost complete or in construction phases that are pre-selling. New development projects include Silver Creek Village (Silver Creek), Park City Heights (Quinn’s Junction) Echo Spur (Old Town), Village on the Green (Midway) and Blackstone Residences (Canyons). This will increase new inventory in Park City.

Deer Valley’s total sales volume has increased 13% when compared DVto last year. Average sold price for all types of properties is up 9% with single family homes showing an average sold price of $4.1M, up 26% from last year. Condominium sales volume is up 32% and the average sales price was $1.7M in 2014. Stein Eriksen Residences, a new development, will offer more luxury units for buyers.

Canyon’s real estate sales are healthy not only due to Vail’s presence but the beautiful new golf course that is ready for the 2015 season. In Summer 2015, a $50M connection between Canyons and Park City Mountain Resort will begin. We also expect to see more development projects in 2015.

Luxury home sales are on the rise. In the Park City area, we had 243 sales of homes in the $1-5M range, compared to 210 sales in 2013. In 2014, we had 14 sales over $5M compared to 11 in 2013.

Our affiliate, Leading Real Estate Companies of the World (leadingre.com), the largest network of independent Brokers worldwide, is reporting positive sales nationally, above any other network of brokers. Our exclusive luxury affiliation, Christie’s International Real Estate (christiesrealestate.com), reported increases in the luxury home market internationally. When you list your home with us we have the resources to market it across the globe. Please let us know if you are considering purchasing a home outside of Utah or anywhere in the world and we will be happy to help you take the first step.

Talisker has defaulted on approximately $163M in loans with their lender, Wells Fargo. Wells Fargo and/or a court appointed receiver is seeking to find new ownership to re-organize and support the Talisker and Tuhaye properties. In the long run, this should be a positive change for members and should not negatively affect property values in the long run.

Other market influences affecting the Park City and Deer Valley real estate markets are significant. These include installation the proposed Deer Valley – Old Town gondola, the $50M connection of Park City Mountain Resort and Canyons, major progress at the Park City Film Studio which will impact our non-snow economy positively and new regional and local traffic solutions being worked on by the Wasatch Accord planning group.

If not now, when? With the national economy growing stronger, more and more people will be continuing to look at improving their quality of life by getting involved in the Greater Park City community through real estate investments. Contact us today for specific information on any part of the market!

To see graphs comparing 2013 to 2014 for Greater Park City – click here.
To see graphs comparing 2013 to 2014 for Deer Valley – click here.

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LET US SHOW YOU THE WORLD – WHAT’S NEW WITH OUR AFFILIATES?

worldWhen you list your home with Jess Reid – Christie’s International Real Estate your property is listed nationally and internationally through our affiliations with Leading Real Estate Companies of the World (LREW) and Christie’s International Real Estate. Our resources through our affiliations provide us with a network larger than any other luxury home network – in the world. This allows us to successfully market and sell your property, whether it is a local, or someone that lives halfway across the world.

If you are working with one of our agents and you are interested in buying property in the United States, or anywhere else in the world, we can refer you to a company that will be happy to find you a dream home outside of Utah.

Here are some more exciting things happening in our network:

LREW’s new website:  Ever wonder what it would be like to live in another part of the world or the country from a local’s point of view? LREW is getting ready to launch a new website. You will still be able to search real estate all over the world and on their new site; you will be able to “See what it’s like there”. Are you on social media? Check out the hashtag #leadingRElocal to see photos from agents all over the world to see what their neighborhood looks like. Don’t forget to follow us on Instagram; (@jessreidrealestate) and on Twitter (@jessreidcire).

Christie’s blog – Luxury Defined (luxurydefined.com): Christie’s new blog is a collaborative approach that shares information about luxury real estate, art and lifestyle. Check it out to read about travel, food and drink, art, interior design and market trends being seen worldwide.CHristie's WebsiteMarketing: As an affiliate of LREW and Christie’s, our company is a global – not just local – real estate company. Our affiliations provide world-class marketing and resources, allowing us to showcase listings all over the world, in digital and print advertising such as the Wall Street Journal and New York Times.

Christie’s International Real Estate’s Magazine: Want to receive a copy of the quarterly Christie’s Magazine? The magazine has listings and spectacular photography of properties all over the world and articles about luxury living. Email marketing@jessreidrealestate.com today to reserve your copy and we will ship it to you.  

Kim Square

DEER VALLEY OPENS IN 17 DAYS!

With only 17 days until opening day at Deer Valley Resort, we thought it would be appropriate to have Kim McClelland, Director of Lodging Operations of Deer Valley, visit the Jess Reid – Christie’s International Real Estate office to update on what is new at Deer Valley this season.

Kim McClelland and Steve Sandlin showed up promptly at 8:30AM on Tuesday to speak to our 30 cheery-eyed REALTORS – there is snow on the ground and that’s a reason for happiness at 8:30am, for anyone who lives in a ski-town. McClelland and Sandlin came armed with 2014-2015 Kim-LighterDeer Valley Ski Maps “hot off of the press”. After admiring the newest marketing materials we got into details of what is new this season at Deer Valley Resort.

Here are some of the highlights of our discussion:

• Lodging reservations are up 10% compared to last year
• Ski school reservations are up 18% compared to last year
• Nightly rentals are up 3-4% compared to last year
• Season pass sales have stayed steady and are even with last year – the Epic Pass offer that is new in Park City has not affected season pass sales for Deer Valley Resort
• Deer Valley Resort has spent a half a million on snowmaking and over a million on new snowcats
• The Brass Tag is a new restaurant and bar that has been added to the Lodges at Deer Valley, a condominium project managed by Deer Valley Resort Lodging
• A gondola from Old Town to Silver Lake is in the planning stages and they are working on funding, it is a $25 million estimated investment
• The experience at Deer Valley Resort is unmatchable and includes everything from Cadillac shuttles, bus shuttles, perfectly groomed runs, mouth-watering dining and more!

We asked McClelland to comment on the purchase of Park City Mountain Resort by Vail Resorts. McClelland told us that it is too early to tell if it will affect Deer Valley Resort. He thinks it is positive for Park City and has no doubt that it will bring more people to Park City internationally and domestically to experience all that Park City has to offer. However, Deer Valley will remain unique by offering their guests unparalleled service, short lines, and exceptional dining on and off the resort.

The other exciting news that our agents wanted to be the first-to-know about was the purchase of Solitude by Deer Valley Resort. McClelland said that the deal happened fast and they will monitor how the resort is being run this year. However, they will not begin running the resort until May 1, 2015. He also announced that season pass holders at Deer Valley Resort will be offered 4 days of skiing at Solitude this year and vice-versa for Solitude season pass holders.

The snow guns are blowing and Deer Valley is covered with snow, getting ready for opening day. If you have any questions about Deer Valley properties for sale or vacationing at Deer Valley Resort, contact us today. See you on the slopes!

Media 2

JESS REID ON MOUNTAIN MONEY IN PARK CITY

 

Media 2Jess Reid was featured on Mountain Money, a Park City local KPCW radio show, on Monday April 28, 2014.  Jess was invited on the show to talk about the Park City real estate market – as the company Jess Reid – Christie’s International Real Estate celebrates its 30th year in the local real estate market in Park City. Jess explains what has changed in Park City over the past 30 years and what has changed in the real estate industry.

Jess returned the weekend before from a 17 day trip to Europe to attend the Christie’s International Brokers Conference in Barcelona, Spain. As the exclusive real estate affiliate of Christie’s, the conference is a great opportunity for the affiliated real estate Brokers to network with other real estate Brokers around the world and learn strategies to stay in front of the curve. Jess is excited to finally be coming out of the recession strong. He is excited for the years ahead and will continue to be involved in his real estate company in Park City, Jess Reid – Christie’s International Real Estate.

To listen to Jess Reid speak on Mountain Money – click here. Jess begins his interview about three quarters of the way through if you want to skip to the real estate section.

Bonnie Sellers

LUXURY REAL ESTATE ON FIRE

Bonnie Stone Seller’s, CEO of Christie’s International Real Estate, was featured on a recent episode of Fox Business to weigh in on the state of luxury real estate. The feature is titled “Luxury real estate on fire”, which tells us immediately that things are looking good in the world of lux real estate.

Seller’s begins by giving us the major stat from the Christie’s Annual Report, which indicates that luxury real estate sales are up 20% since last year. The demand is stronger and the days that luxury real estate properties are on the market is much shorter since past years.

The top markets include urban-central locations such as London, San Francisco, Hong Kong, Miami and Los Angeles. Resort sales are right behind urban-central sales – which is a good indicator for the market in Park City. As a whole, the stats of luxury real estate sales are a great global indicator for the economy.

Make sure you watch the video to get the details and see what sectors are spending their money on luxury real estate:

Bonnie Sellers

Jess-Reid

Jess Reid – 30 years – Still alive and kicking

Jess-ReidOne day, while supporting a local car wash, Jess Reid paid with his credit card. The cashier glanced at the name on the card. “Jess Reid?” he said. “I have been driving by the Reid Building for years and I thought you were dead.” It has been a joke ever since. Reid, founder and president of Jess Reid – Christie’s International Real Estate, not only has an iconic building in Park City but has also been a mover and shaker in the city for the past 35 years.

“I meet so many people who are surprised when I tell them who I am. I guess it makes me seem ancient having a building named after me – but yes, I am still here at the Reid Building every day,” Reid said, “I’m not dead yet.”

In 1978, Reid managed a Park City branch of the largest real estate firm in Utah, but he soon sought to make a change. Reid started his own real estate company, Jess Reid Real Estate in 1983, and shortly afterward listed the village at the base of Park City Mountain Resort. “I remember when there was no Park Meadows or Deer Valley, and you could buy a lot in Silver Springs for $19,000 and a furnished condo at Park City Mountain Resort for $30,000. Things have come a long way since then,” he said. In the 1980s, Reid’s team listed and sold many projects around town, most of them bank-owned.

Reid was the founding president of the Park City Chamber Bureau, on the founding board of directors and served as president for the Park City Board of Realtors and Park City Rotary club. Reid was a recipient of the Park City Leadership Award and served as a former board member and chairman of the Utah Travel Council.

After working at a large corporate real estate company, Reid feels his mid-sized boutique firm with just over 30 agents proves that bigger doesn’t always mean better. The firm is coming out of the Great Recession and celebrating its 30-year anniversary. Reid says it is gratifying that he has had so many people support him throughout the years, including several agents that have been with him between five and 20 years. “Agents stick around because Jess is a knowledgeable resource and he’s always there for us,” one of the agents said.

Jess Reid – Christie’s International Real Estate has adapted to the time and the market. “Technology is a huge part of the business today,” Reid said. “We recently built a cutting-edge website that is not only current and easy to use but the perfect tool for searching the entire Park City Multiple Listing Service. It is also a great resource for everything in our community and we post relevant information on all of our social media platforms.”

The company is affiliated Christie’s Art Auction House as well as Leading Real Estate Companies of the World (LREW). “We have a nice balance between local, national, and international affiliations,” Reid said. “Our affiliations with Christie’s and LREW are beneficial to our customers because they bring in leads from outside sources that are interested in buying our clients’ homes or selling their own.”

Reid has had offices in Upper and Lower Deer Valley for the past 15 years. After four recessions, Jess Reid – Christie’s International Real Estate has successfully been around longer than any other company in town. They must be doing something right.

Western Home Journal – Real Estate Roundtable

Western Home Journal hosted its second Park City real estate round table amid a light snowfall coating the lingering leaves of autumn. Discussion began by taking the temperature of the real estate environment for greater Park City as we likened the market to a struggling patient affected by the downturn. The surprise in the market’s condition is the health of the recovery.” -Western Home Journal, Winter/Spring 2014

 

Real-Estate-Roundtable-Blog