Utah's Zermatt -- Gemutlich Whole Ownership Resort near Deer Valley at Fraction of Cost

On a Utah ski trip last week, I was introduced to Zermatt. Nope, I was not teleported magically to Switzerland. Zermatt is a 2 1/2 year old, 4-diamond, full-service ersatz Alps resort with 150 hotel rooms and spa plus 2-BR condos and 24 townhomes (minimum of 3 BR each) on the other side of the Deer Valley ski area. It is only an hour from the Salt Lake City airport but a world away from Park City/Deer Valley in terms of mood, people and prices.

Located in Midway, Utah, Zermatt has a lederhosen look and an apple-cheeked, eager-to-please staff. Lift a phone and the switchboard operator says: "Guten tag!" The atmosphere is centuries removed from the sophisticated, contemporary chic of its neighbors over the mountain (although it must be said that the Deer Valley and Park City work force is typically just as courteous.)

However, while Zermatt is only a 15-minute drive from Deer Valley's Jordanelle gondola, it is not in Deer Valley. Thus real estate is seriously cheaper. Broker Drew Fuller, son of Zermatt's developer, told me resales of "studio" hotel room condos are available for $175,000.

As is true everywhere, sales are suffering from the awful economy, with a few short sales of 2-BR villas in the low $300,000 range, said Fuller. There are 1800+ square-foot townhomes available in the mid-$600,000 range. In Deer Valley, that price tag on that kind of space could be for fractionals, not whole-ownership units.

Zermatt owners who are in financial difficulty are "trying to get the banks to work with them," Fuller said. He is nevertheless hopeful that "this is a property that will rebound very quickly" once the economy starts to climb out of cellar, whenever that may be.

Zermatt's high seasons actually are spring/summer/fall, especially for Utahans, and it is big on conventions and meetings. All in all, it offers an intriguing alternative to Park City/Deer Valley glitter.

Promontory Grows Near Park City

The latest posh four-season development near Park City, Utah is actually one Interstate exit past Park City. It's Promontory, a private subdivision of both custom and spec homes at Exit 150 off I-80 on the opposite side of the highway from the communities of Park City and Deer Valley. CEO Francis Najafi of the Pivotal Group, the developer, told a gathering in New York recently that in the past five years, Promontory has evolved into a genuine alternative to much higher priced mountain resort communities -- although with homesites priced at $500,000 and more, and houses selling for $2-million and more, it ain't cheap. Since it's a 20-minute from Deer Valley, among the most exclusive ski and summer resorts in the U.S., Promontory now has its own clubhouse there where owners and families can change clothes and leave their gear.

More Park City News: Leaf-peep With Stein

Count on rental income? Some managing companies are better than others in promoting "off-season" packages. Example: Stein Eriksen Lodge in Deer Valley, Park City's high-end neighborhood.

From Oct.15 through Nov. 21, the ski legend's lodge (which includes many condos) offers a "Fall getaway" where guests "enjoy unsurpassed luxury and brilliant foliage," according to a press Release. One-BR suite + 3-course dinner= $99/per person. That kind of rate can boost owners' bottom line during traditionally slow times of year.

Perk for Park City Second-Home Skiers

Maybe you own own a vacation home, condo or timeshare in Park City, Utah. If so, maybe you're so wealthy you don't care about freebies. But thanks to a promotion offered by the town's three ski resorts, you can convert your airline boarding pass into a same-day lift ticket to The Canyons, Park City Mountain Resort or Deer Valley Resort. You must bring the completed, required redemption voucher, along with same-day boarding pass and out of state photo I.D., to the resort ticket window. Since an adult ticket will cost $77 at Deer Valley (the others have not yet announced daily ticket prices) that's a perk that should not be ignored.