Business Briefs for Oct. 19, 2005
Promontory announces most successful sales weekend In just one weekend, Promontory The Ranch Club, a private second home community in the Park City area, announced their most successful sales weekend to date over the weekend of Sept. 30 Oct. 1, 2005. Promontory unveiled 69 home sites in its newly-released Bison Bluffs neighborhood which sold immediately at the event. The Bison Bluffs units range from .69 to .99 acres in size with an average sales price of more than $400,000. Additionally, another 21 custom-lots were sold in the Deer Crossing, Palisades, Painted Sky and West Hills neighborhoods, several with purchase prices exceeding $1 million. Promontory reports it is already experiencing a banner year. So far, in 2005, 175 home sites have been closed for approximately $100 million in sales with another 100 custom lot sales pending, representing an estimated $50 million in additional revenue up from 2004 total sales revenue of $54 million that reflects 150 lot sales. The project to date has closed a reported 465 lots for more than $206 million in revenue. Coldwell Banker technology receives industry award Coldwell Banker Residential Brokerage announced that the LeadRouter lead management system used by its sales associates is a winner of the CIO 100 Award, given by IDG’s CIO magazine. LeadRouter makes it possible for sales associates to respond to online inquiries via telephone within minutes, the company said. "This award further underscores the tremendous advantages that LeadRouter brings to our real estate consumers," said Max Thompson, president of Coldwell Banker Residential Brokerage of Utah. "We continue to hear that LeadRouter is setting our sales associates apart from their competitors by giving them the ability to know immediately when a consumer inquires online about one of their listings plus it has strengthened our company’s ability to recruit sales associates." Cost of Living increases eighth consecutive time The overall cost of living along the Wasatch Front gained 0.8 percent in September the eighth straight month of overall increases, according to the Wells Fargo Wasatch Front Area Cost of Living Report. According to Wells Fargo Executive Vice President Kelly K. Matthews, as in prior months, September’s higher gasoline prices were the primary cause of the cost of living gains. The national cost of living on a non-seasonally adjusted basis rose 1.2 percent during September, according to data reported by the U.S. Bureau of Labor Statistics. The total percentage change is based on a weighted average of major spending categories, the weights determined by the spending patterns of a typical family budget. Gasoline prices pushed Wasatch Front transportation costs up 3.9 percent. Grocery expenses along the Wasatch Front went up 0.7 percent in September, reversing three months of decline. Wasatch Front clothing costs rose 0.8 percent and health care expenses inched a modest 0.1 percent due to higher prices for non-prescription medicines, according to Wells Fargo. Housing, food away from home, utilities, education and communication, recreation and other goods and services remained unchanged.
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The developer pursuing a major project at the Park City Mountain Resort base area intends to incorporate a paid-parking system as a key measure in the efforts to reduce the amount of traffic the new lodging and commercial spaces would generate.