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Utah Development Records $33 Million at Inaugural Sales Event 61 homesites sold in exclusive community
October 29, 2007-Red Ledges, a private four-seasons recreational community located in the Heber Valley, just outside of Park City, Utah, sold more than $33 million during its inaugural homesite selection event. During the project's inaugural property release, 61 custom homesites were purchased.
With an average sales price of more than $500,000, buyers purchased homesites ranging from 1/3 acre up to 2 acres in size. Buyers came from across the country including Ariz., N.J, Fla., Calif. and Utah. The sales success at the Red Ledges initial homesite selection event helps reiterate the strength and value of the Deer Valley real estate market in this area. According to the Office of Federal Housing Enterprise Oversight's Housing Price Index, Utah experienced a 15.3 percent increase in real estate appreciation over the past four quarters, claiming the position of the number one state in real estate appreciation.
The two-day event was hosted by the project's managing owners, M. Anthony Burns, retired Chairman, President and CEO of Ryder System Inc., and Nolan Archibald, current Chairman, President and CEO of Black & Decker. Also on hand for the event were key partners on the development's amenities, including golf legend Jack Nicklaus who is designing the Jack Nicklaus Signature Championship Course; tennis legend Cliff Drysdale who is establishing the club's tennis academy; world-class golf instructor Jim McLean who will be running the state-of-the-art golf academy; and Bill Zmistowski, world renowned architect who will be designing the architecture for the club amenities.
"The team at Red Ledges is committed to developing and operating a world-class community with the finest amenities and recreational opportunities, in an incomparable setting," said Burns. "Our vision and belief in this project has been validated by the strong response we received at our home site selection event, and in light of the current real estate market in the country, this strong response has reiterated Utah's position as a powerful value in real estate."
The Red Ledges community will feature:
- 18-hole Jack Nicklaus Signature Golf Course
- Nicklaus Design nine-hole short course
- Private ski-in/ski-out club at Deer Valley Resort®
- Jim McLean Practice and Instructional Facility (Golf Digest's No. 3 instructor in the country)
- Cliff Drysdale Tennis Academy
- Red Ledges Golf Clubhouse
- Premier spa and fitness facility
- Village center and trading post
- Equestrian center with indoor & outdoor facilities
- More than 1,200 homes across nearly 2,000 acres
- Private club boats at Jordanelle Reservoir
- Extensive network of hiking, biking, snowshoeing and horseback riding trails
