Park City Real Estate News

What creates a company culture? Community giving. Camaraderie over competition.

By Berkshire Hathaway HomeServices Utah Properties
Mar 09, 2015

We care passionately about supporting the needs of our community. Civic involvement forms the foundation of our company culture at Berkshire Hathaway Utah Properties. As a company we gave $110,000 in community donations last year; just as importantly, according to a survey we sent out to our 400+ agents, 80% of respondents are actively involved as volunteers and 90% identified as regular donors to non-profit organizations. As a company, we are inspired by the great humility and example shown by our agents and constantly look for ways to positively impact the localities in which we operate.

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Some of our company supported community partnerships include: a longstanding sponsorship of the Park City Performing Arts Foundation and its “Big Stars Bright Nights” outdoor concert program, the Summit County Shop-with-a-Cop event (underserved children select Christmas gifts with local law enforcement officers), the Turkey Drive (ensures in need families sit down to a true Thanksgiving dinner), Running with Ed, and the Mountain Trails Foundation Film Festival.

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As a business, we champion green building, regional economic growth, and responsible development. Real Estate remains one of the biggest industries in Utah and acts as an important indicator of our state’s economic health. As a company, we facilitate and encourage relocation and second-home ownership in Utah, which contributes to the state’s economic growth. Just as we encourage people to reside in Utah, our company is a firm believer in the necessity of responsible growth, and we always consider the needs and limitations of our community when it comes to representing developments. We represent the first sustainable development in Park City and constantly leverage our reach through our company blog and social media to support green building and environmentally sound building. Salt Lake and Park City should remain authentic and colorful.

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Real estate agents are independent contractors and often compete with each other. Our company culture champions camaraderie over competition; during our weekly sales meetings, agents openly share vital information with one another, which improves all of our clients’ experiences. Open office doors ensure that knowledge and experience is shared and mentoring happens throughout the year.  We also have a company Culture Club that looks for ways to support our agents’ professional and emotional needs.

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Vail Resorts Claim Major Gains Already in 2015

By Berkshire Hathaway HomeServices Utah Properties
Jan 14, 2015

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Vail Resorts is off to a good season.

In a release, Vail Resorts CEO, Rob Katz, shared that the publicly traded company's initial Epic Pass sales and season-to-date revenue saw significant gains over last year. As real estate professionals on the ground in Park City, we have already noticed Vail's influence on our visitor demographics and market. Our agents have reported an uptick in international visitors, many of whom are holders of the Epic Pass. Good thing we are a global brand.

Here's what Vail is reporting:

  • Season-to-date total lift ticket revenue at the Company's nine mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 9.3% compared to the prior year season-to-date period.
  • Season-to-date ancillary spending increased over prior year, with ski school revenue up 9.2% and dining revenue up 6.8% at the Company's nine mountain resorts. Additionally, retail/rental revenue for resort store locations was up 10.4% compared to the prior year season-to-date period.
  • Season-to-date total skier visits for the Company's nine mountain resorts were up 1.8% compared to the prior year season-to-date period.

PCMR Sells to Vail

By Berkshire Hathaway HomeServices Utah Properties
Sep 11, 2014

Park City Mountain Resort Sells to Vail for $182 Million.

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Powdr Corp. has sold its Park City Mountain Resort to Vail Resorts, ending a tumultuous year for Utah's most popular ski destination.

"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," Powdr CEO John Cumming said in a statement. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."

The deal requires Vail Resorts to retain Park City Mountain Resort employees.

Powdr owned the Utah resort for more than 20 years, growing it into one of the most popular ski areas in North America.

According to Vail's Press Relesase, with the acquisition, all aspects of the previously disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort.

"First and foremost, we are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation," said Rob Katz, chairman and chief executive officer of Vail Resorts.

"Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. The acquisition will allow us to immediately bring Park City Mountain Resort onto the Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States," he added.

Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.

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