Perched above and to the east of the base of Deer Valley Resort, the site is adjacent to one of the ski runs in the private community of Deer Crest. From below the site can only be seen from a particular angle near the south tip of Jordanelle Reservoir.

With ski-in, ski-out access, incredible views of the Wasatch Back, situated in one of Park City's most upscale communities adjacent to a resort repeatedly voted No. 1 in America by affluent skiers, something like a St. Regis was the only thing deserving of the site, Zaccaro explained Thursday.

The ownership group in conjunction with the developers, Stan Castleton and DDRM, chose Starwood Hotels' St. Regis brand because of the large and loyal following it has among elite travelers especially those in the Northeast.

General Manager Michael Hatzfeld said St. Regis is excited to be in Park City because being at the best addresses in the best destinations is core to its values. Deer Crest and Deer Valley is one of those addresses and Park City is one of those destinations.

The St. Regis in Aspen, Colo. has been "an iconic ski destination" for the company, but it isn't ski-in, ski-out.

Furthermore, the summer activities in Park City are superior to those in Aspen, he said.

"It's not just a focus on the three or four months of ski season, but the summer months can bring Fortune 500 companies to these destinations," he said.

So as not to overload Deer Crest with traffic, most guests and visitors are brought to the hotel by a funicular starting near the Deer Valley parking lot.

A gondola just wouldn't have done, Zaccaro said. The smooth, roomy and unique experience the funicular ride provides is the perfect introduction to the hotel. It was a focal point in the planning process, he said.

"It's not that much different than an elevator but far more spectacular," he said.

It is the first commercial funicular in the United States, holds 15 people plus luggage and is a 90 second ride that is touted as energy efficient. The views are expansive as well.

"Nothing else has the same impact," he said.

Zaccaro said the condominium-hotel industry was "given a black eye" by the start of the recession, but said the financial structure of the hotel is incredibly sound. The committed buyers are closing at a rate that has soothed fears, he explained.

At the ribbon cutting, Hatzfeld and Starwood senior vice president of operations Carla Murray both said they had been general managers at the Aspen location and both agreed St. Regis Deer Crest was "a little grander."

"This is by far the most spectacular and interesting (St. Regis) I've had the privilege to run in my career," Hatzfeld said.

"Count on us," Murray said during her remarks. "We plan to be an active member of this community."

Lt. Gov. Greg Bell addressed the crowd at Friday's ceremony and said he considered the hotel to be one of the country's most amazing structures. Conceptually, legally, financially and structurally it is a "remarkable" feat, he said, and called its completion despite the recession "miraculous."

As the hotel and its three competitors (Dakota Mountain Lodge, Stein Eriksen Lodge and The Montage) create more world-class amenities it will garner greater world-wide recognition, Zaccaro said adding, all four hotels are "looking forward to working with each other."

WASHINGTON (Reuters) - Pending sales of previously owned U.S. homes rose unexpectedly to their highest level in 3-1/2 years in October, a survey showed on Tuesday, suggesting the housing market recovery was gaining steam.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in October, rose 3.7 percent to 114.1, rising for a ninth straight month. This is the longest streak of gains since the series started in 2001.

Analysts polled by Reuters had forecast pending home sales, which lead existing home sales by one to two months, falling 0.8 percent in October after rising to 110 in September.

The Pending Homes Sales Index surged a record 31.8 percent in October from its year-ago period.

The housing market, the main trigger of the worst U.S. recession in 70 years, is recovering from a three-year decline. Housing construction contributed to economic growth in the third quarter for the first time since 2005.

Recovery is being supported by the popular $8,000 tax credit for first-time buyers, low mortgage rates and falling house prices. The government last month extended the incentive into next year and added a $6,500 credit for home owners buying a new residence. It had been due to expire on November 30.

"The credit is helping unleash a pent-up demand from a large pool of financially qualified renters," said NAR economist, Lawrence Yun.

Data from the Realtors group last week showed sales of previously owned homes rose to their highest level in more than 2-1/2 years in October. Yun, however, cautioned sales could dip in the months ahead.

"The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months," said Yun.

"Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process."

The pending home sales index in the Northeast jumped 19.9 percent to 100.2 in October. In the Midwest the index rose 11.6 percent to 109.6. Pending home sales activity in the South increased 5.4 percent to an index of 115.4, while contract activity in the West fell 11.2 percent to 127.7.

(Reporting by Lucia Mutikani; Editing by Theodore d'Afflisio)

Sales and volume still down, but improving
by Andrew Kirk, OF THE RECORD STAFF
The Park Record

Park City Board of Realtors president Lincoln Calder refused to say that the market has hit bottom, but on Monday he did acknowledge that his Third Quarter Report reveals signs of improvement.

During the first nine months of 2009, more than $575 million changed hands in real estate deals. That's down 33.7 percent from the same time period in 2008, and down 50 percent from the market's all-time high in 2007.

Still, anyone following the board's quarterly reports recognizes those numbers as improvement. At one point, Realtors in Summit and Wasatch counties were reporting numbers down 75 percent from the all-time high.

Since February, pending sales have only increased.

"We've made up some ground," Calder said. "We're not out of the woods yet, but prices are down enough that buyers are seeing value in the market."

In the past, local real estate experts predicted that sellers would need to begin lowering prices to experience a "thaw" in the market. Lower sales prices are disappointing and painful, but would lead to long-term recovery.

Most of the board's third-quarter numbers suggest that is now occurring.

Median sales prices are down 30 percent from highs in 2008, he said. Park City condominiums are selling for about 23 percent less than last year. Kamas homes are selling for an average of 18 percent less. Sale prices for single-family homes in Park City proper, especially in Old Town, had been holding steady. This report shows the average sale price down 13 percent.

As bad as that sounds, it's finally attracting buyers.

"A lot of those buyers are a drawn in by value. That's the No. 1 motivation," he said. "Those are the deals that are happening right now."

The trend is especially true for single-family homes. Calder said many houses, in contrast to condos, have been bought and sold because families are moving in or out of town. Loans for primary residences are easier to get, and necessity makes negotiation easier.

Condominiums have shrunk to only a third of the overall market because they're usually purchased for speculation or as second or third homes. There's less demand for "spec" homes and vacation properties. Loans for them are also harder to get.

Even though sale prices are down, increased sale volume is decreasing supply, which will eventually bring prices back up, Calder said.

He said Realtors are still struggling, but the activity is heartening.

Also Summit and Wasatch counties are mostly free of the troubles making national headlines. Less than 1 percent of all properties are in some state of foreclosure.

"Our market has never been driven by rampant speculation," he said.

The most talked about real estate in town is too new to be affecting the numbers. There have been a few closings at Dakota Mountain Lodge, St. Regis isn't allowing deals to close yet, and The Montage is not far along enough to begin accepting deposits, he said.

Vacant land sales have been, and continue to be, the weakest sector in the market.

According to the third-quarter report, volume is down from 183 transactions during the first nine months of 2008 to only 86 so far this year. Sale prices are down nearly 11 percent.

Better news is that projections for the state appear positive. According to Metrostudy, which tracks the new-home construction industry, new-home inventory is in rapid reduction in the Greater Salt Lake Area, which includes Summit County.

Inventory has decreased 56 percent in the last year, and 25 percent since the end of the second quarter. Metrostudy estimates it would take 2.6 months to clear that inventory, and two months is considered an ideal balance of supply.

By: Peter Linsey of Summit Sotheby's International Realty

Park City Ski Mountain has just announced their opening for skiing and snowboarding for the 2009-2010 season. The mountain is scheduled to open November 21^st with limited operation dependent on new snow fall. The local weather in Park City has been below freezing almost every night allowing the mountain to start snow making operations.

Park City is a well known luxury real estate destination that combines great summer weather for hiking, mountain biking, road biking, fly fishing, golfing as well as world famous winter activities such as downhill and cross country skiing, snowmobiling and snowshoeing. Peter Linsey has an intimate knowledge of Park City and would be happy to help you with any of your luxury real estate needs in Park City, Deer Valley, the Canyons, Promontory Ranch or any other surrounding areas.