The 6,444 acre Victory Ranch vacation home project outside Park City, Utah was recently sold to Sterling Bay Companies of Chicago for $30.8M. Victory Ranch already has a Rees Jones 18 hole golf course and fishing lodge on the Upper Provo River. Roads, sewers and utility lines are already completed. The original developer had invested over $100M in the improvements but was forced to turn over the development to Wells Fargo & Co when he was unable to make payment on a $50M loan.
Sterling hopes to reconfigure the project to offer bigger lots, from 4- 100 acres, to take advantage of the lower cost and also that buyers are returning to the vacation home market, which was up 7% in 2011, according to National Association of Realtors.
There is considerable competition in golf-oriented resort communities around Park City. Glenwild has a Tom Fazio course ranked #1 in Utah for several years; Promontory has Pete Dye and Jack Nicklaus courses; Tuhaye is a Mark O’Meara course: and Red Ledges has a Jack Nicklaus signature course.
Park City has developed into a full four season resort, with the world-class ski resorts of Deer Valley, Park City Mountain Resort, and Canyons for winter activities and numerous summer activities in addition to the golf resorts.
For additional information on Victory Ranch, or any Park City golf community or real estate contact Jim and Billie Harsch with Mountain Town Realty Group, Keller Williams Park City Real Estate at http://www.unlockparkcity.com
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