| OCR Text |
Show THE PARK RECORD SAT/SUN/MON/TUES, SEPTEMBER 18-21,2004 Briefs A-ll Business. www.parkrecord.com BUSINESS EDITOR: Monlka Guendner 649-9014 ext 110 business@parkrecord.com Luxury homes helping to reach $1 billion v ;! $iii Battle joins > ; The Latitude • Restaurant Group The Latitude Restaurant Group 'has hired Stanley Battle as head ;chef for the upcoming Hapa Grill expected to open in October in , Kimball Junction. Battle is one of several California , chefs courted by the company as it works to introduce a new line of fusion fare. Battle previously worked as kitchen manager and sushi chef at San Francisco's Sushi Groove South and has experience working for some of the Bay Area's most popular restaurants. Battle, a San Diego native, has an Associates degree in the culinary arts from the California Culinary Academy. • He is also a graduate of Le Cordon Bleu, a san Francisco culinary institute specializing in classic French cuisine. .• ..'•-. The return of the investment home follows the trend of a stronger stock market as buyers diversify true when you talk about a home in Layton.'" said Thredgold. .Summit County shines The Park City area has most definitely Resort communities across the coun- followed the trends of resort communities By MONIKA GUENDNER try, filled with luxury homes, saw a boom around the country, but it has its differOf the Record staff in the late 1990s when slocks were doing ences, said Mike Sloan, statistician for the The dropping mortgage rates - with well, said Thredgold. The savvy investors Park City Board of Realtors. the market reaching the -lowest in five probably realized the technology market "in our community though, we are months - will affect the purchase of pri- would not stay high forever and looked more of a dual personality, in my opinion. mary homes in the area, but to find out for something more tangible to invest than most resorts, primarily because we how a luxury home will do the slock mar- their money in. Often, those kinds of have two types of buyers here," Sloan investors would turn to resort communi- said. kets have a better answer. That's the case made by Jeff ties to buy. The two-facet market is setting the Thredgold, economic consultant to Zions "When the slock market was t>cttini> real estate market up for a significant Bancorporation, during the Zions Bank hit in 2001, 2002. the first half of 2OO.\ milestone in another record-breaking economic forecast breakfast last week. then you find some weakness in the resort year - $1 billion in sales volume. "Unless something were going to dras"When you're talking about tradition- community for higher-end real estate. al real estate markets in Salt Lake and Because stock options are less valuable tically happen, I can tell you that we are Ogden and Denver and Little Rock. or they're underwater. People's wealth very definitely on the path to do $1 bilArk., the real estate demand is a function was not as it was before, so they kind of lion this year," said Sloan. of interest rates and economic strengths back off a little bit," said Thredgold. This is a revision of his mid-year preor weaknesses and the level of mortgage "Their interest in buying anything is diction, where he estimated an increase in rates. diminished. They're more concerned sales, and another record, but still under "When you're talking about real about hanging on to what they've got at the billion dollar mark. estate values in a Vail or an Aspen or a that point and minimizing their losses," "I think I'm being conservative at $1 Deer Valley, then those factors are part he added. billion, but it would be the first time ever of it. but it tends to be more what's hap"1 would argue that there is a strong that we sold that much." he said. pening in terms of wealth creation or correlation between demand for high-end Sales volume for the first eight months wealth loss in the stock market," said real estate in resort communities that is of 2004 totaled $652 million - a 38 perThredgold. lied to the stock market that is not really cent increase over the $473 million for the first eight months of last year. "'We are experiencing strong growth in both ends of the market, permanent residents as well as people that are coming here as investors ... it's spurred on by different things. One is spurred on by interest rates and the other's spurred on by people looking for a different place to put their money," said Sloan. Sloan agrees that with the high-end market, investors buy high-end real estate when the stock market is bullish. "In the late 90s. you had the 'funny money1 of the new dotcom industry ... there was a lot of money there. "Some of those people had never had money like that so they were coming out here and buying houses in higher-end communities like upper Deer Valley and such. When that bubble broke, at one time any area with homes over %\ million price tag, we had a seven and a half year supply based on the current rale of sales," said Sloan. "We have come back now. Deer Valley [and similar areas) are very strong again and very active. Not like the 90s, but it's certainly becoming active enough now if a person needs to sell their house Ihey can do it. and don't have to lake a bath on it." he added. Operating 7-Eleven stores a family affair in Park City Dan Slaugh and family have a history with convenience grocery store company 350 Main announces fall menu V Throughout the autumn season, ' 350 Main Brasserie is offering a ' weekly price-fixed .menu featuring 1 locally-grown, farm-raised seasonal produce. With a menu changing weekly, the restaurant's Harvest Menu will include an amuse, followed by four courses highlighting the sea' son's abundance and depth of flavor. Although the Harvest Menu changes weekly, each week's offerings will offer the season's richest flavors by Chef Michael LeClerc The Harvest Menu complements 350 Main's regular a la carte menu. In addition,' 350'MaHT will continue its popular "Wine Lovers' Wednesdays" to study and enjoy wines from around the world. For more information, call 6493140 or log on to www.350main.com. August retail sales dip According to the National Retail Federation, August retail sales in the GAFS category (general merchandise stores, clothing and clothing accessories stores, furniture and home furnishings stores, electronics and appliances stores, and sporting goods, hobby, book and music stores) rose 2.0 percent over last year but dipped 0.4 percent over July. August retail sales released by the U.S. Commerce Department show that total retail sales (which include non-genera! merchandise categories such as autos, gasoline stations and restaurants) dipped 0.3 percent seasonally, adjusted over July, and increased 4.6 percent unadjusted year-over-year. ;. -v/: By MONIKA GUENDNER Of the Record staff Walking into a 7-Eleven has become so common, most shoppers probably dont think of who stands behind the familiar logo. In Summit and Wasatch counties, Dan Slaugh is one of the Lwhos' that owns the five 7-Eleven stores with his brother Doug Slaut and mother Sandra Peters, under the name Resort Retailers, Inc. They have recently added a sixth store with the purchase of the convenience store in the Silver Creek commercial area. The family began their reign in 1988 when they bought the North American area license for 13 counties and took over the operation of five company-run stores. Over the past 16 years, they closed one store and converted another one. the Blue Roof in Silver Springs, keeping theTiumber a steady handful until this year. "I was looking in this area before they built this store," said Slaugh. When the business and the property went on the market, the purchase seemed a good fit - it was in a growing neighborhood, it was in the family's licensing area and within the company's manageability range. Manageability for Slough and his family means all their stores are within 45 minutes of their corporate headquarters in Prospector Square. The family intends to continue working within the area as the population grows. Running a 24-hours-a-day. 365-days-a-ycar food store has its challenges and many details to keep track of, said Slaugh. Resort Retail's 7-Eleven stores will remain neighborhood grocery stores where residents can run for a quick bite or to gel a late-night dose of children's medicine. The precursor to 7-Eleven stores began in 1927; the company began opening for 24 hours (instead of from 7 a.m. to 11 p.m.) in 1%3. GRAYSON WESTtPARK RECORD Dan Slaugh and his family bought the Silver Creek convenience store, opening it as their sixth 24-hour 7-Eleven. Slaugh says the popular Silver Summit Cafe will remain at the Silver Summit 7Eleven. as will the Chevron gas pumps. The store has added some of the recognizable features, such as the Big Gulp soda cups. Slurpees, 7-Eleven nachos and the company's brand of coffee. "'Ilic store's a beautiful facility, and it's required very little adaptation." said Slaugh. Most of the employees also stayed with the new owners when Resort Retailer took over operation in early July. Owning six 7-Elevens was almost inevitable for any member of the family. Slaugh s father always worked in the grocery business, including 2> years for 7Eleven. He was a vice president when hepassed away, said Slaugh. His mother worked in the company's human resources LAST CHANGE NAME ALBERTSONS (ABS) ALTFHIS (ATRS) AMERSK1 (AESK) BSDMED (BSDM) GLEARONE (CLRO) COMTHERMAL (CIO) DELJAAIR (DAI) DYNATRONICS(DYNT) WHITING P E T R O f m i ) EVANSSUT (ESCQ FXENERGY (FXEN) 2-5.18 29.40 .2360 1.300 4.86 .1700 4.01 1.58 29.77 5.16 8.52 ..18 ^ 28 ..0?50 .050 f.30 •0100 -.09 --.06 +.2? -.13 -.09 FHANKCOV (FOi HEAOWAI^KSlHDWH} INTLALfTSYSUAUS) ACObHISGOM INTRAWtSI ilDFll IOMED (1OX) IOMEGA ( O . I ) KMIGHTTRANSIKI-IGI) KROGER (KR) KIMBHHCLK (KMBI MEHITMU (MMS1I immm• • MPURPLE SAG than four acres. Future plans may include expanded on the unused portion of the lot. but for now, the family is watching the area - and business - grow. With 11 more counties the licensees could expand into, the future is wide open for Slaugh and his family. "Most of those areas are just sagebrush now but someday they mmht not be." said Slaugh. 'Hie best part of the business has been the customers, and when things on the business end have been stressful, as they tend to get with convenience store, Slaugh says he relaxes by going on the floor and working with the customers. "Ilie customers that patronized us for 1ft years made the family business viable." he said. Data for companies of interest to Utah investors, September 16, 2004 STOCK PERFORMANCE NAME department until they began operating the local stores. "My brother and I worked in and out of 7-Elevens throughout high school and college," said Slaugh. Even his three sisters worked for the company, including one sister who owns two 7-Elevcn franchises in San Diego. "We used to joke that we grew up in the house that 7-Eleven built," said Slaudi. 'Hie family moved to the Park City area in 1988 when they took over operation of lhe first five stores. This year, they are the key sponsor of the Cow Ballet, a fundraiser for Mountain Town Stages, tonight, Sept. IS from 4 to 8 p.m. at Woodenshoe Park in Peoa. 'Hie older stores sit on small half-acre lots while the Silver Creek store has more The Utah Stock Report is provided by Derrell Reeves of Paulson Investment Co., Park City, Utah LAST 1 68 20 ?S ./to 39T.0 i ' a»p 1 <:m •'.31 20 90 1 <>.&-> 6G.31 1706 CHANGE NAME . 03 MIIYLIIUUllY) MYHI/'lJ-'J rl.1Yr.Ni NATRSUN iflATRi 1'JOVLLL [IJOVl) NIJSI'H1'\J-ir.VMNI--SI>) NUSMrj ilflJSl NUIK^VJLUI iMiJIR) 1 fiOOOON! |i;iAC) OVITiSTK (OSTK) I'f.; GiKXJI' (I^HC/ifi OX)MM INI if)MM> • .0l» 150 -.0100 - 80 .{& • 03 06 20 - 13 LAST CHANCE 16.01 1 7.8-1 14.80 6.96 ?? BO ?<S.6O r.16 -.93 oa -.17 - •'.(> 03 -.06 + .21 ..15 -.0010 • 16 15 3 6 33 00 .(J700 mmmam• • • • i imam TIMBERWOLF LODGES #2A Stunning mountain ~* condo with top oi "-the line leather WESTERN CUISINE" NAME LAST OUESTAR (STR) SCOQIOUP iscow SCOTTPWFiiSPD SENTOCP (SMTO) SKYWEST iSKYW) SCTA'STAIR (LLM TENFOLD (TFNF) USAt-W-fLT |USrJA) UTAHMED (UTMD) VAILASSO (MTN) WE1DERI-JUTR (WNr) 40.48 3 73 29.97 6 45 14.35 14.34 1.400 32.59 19.04 19.19 3.18 CHANCE NAME * 46 .01 WtLLSf AH (WrC) 7EVEX (ZVXli ZIOf-lSBKGP (7IOW •-.•-4 +.15 +.20 +.19 •050 .19 .12 + .22 .22 DOW LAST CHANCE :fl ?'.i i>01 - 1 < 1" JONFS AVRRAGES 30 INDUS 10244.49 +13.13 ?nTRAN<; i U IKflNb 15 UTILS 3233 41 +17 66 294.25 +2.62 wmm mmmmWSimBSSS$5%J*l GoiM ai accents through out. "^ 2 bedrooms, 2.5 baths. , Truly a must see! *> $495,000 An Amman Mailinq Wnwps Company 601 TARGHEE DRIVE Buy one entree and receive another of equal or lesser value FREE with this ad. 2 for 1 Expires September 21 st , 2004 Open Monday-Saturday (Dine in only - Limit 2 coupons per table) 434 Main Street 655-9505 Private mtn retreat in gated community. Stunning views of the Llintas. 2 Master j suites with jetted tubs, balconies & r- : ^^__ vaulted ceilings. ^ We ve Serviced raxlc v^ity s j\lail Needs Since 1992" • rrom your 1 .vi. box ro home* or office • Uciilu mail pickup and aoliverij * iMail metering, sealing & prc-.sorlintj * i'lall forwarding & vacation liolu -- $234,900 • i One JYlontn. rixlixi (435) 901-0049 kk.cacew'1 wdparkcitv.com ha B cfrlwdp B a rkcily.co m \ / www.karingage.com LewisV/olcott Dornbush R E A L E S T A T E *» ^i_ L ' Sothebys t^^n0Ml»L, *lnfornutlon herein, although deemed reliable, is noc guacanceed. lo i\ew Customers Call loday ror Ueiails (435) 649-0685 Amcrica_n M a i l i n g J<M-VIC*S* 1950 \V<NxU>lr.o W « u , Sull« "\. Park City |
