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Show Wed/Thurs/Fri, July 28-30, 2010 The Park Record Bike show blazes new trails Camisasca began Lifeboat Events to "corral" these minievents together into a summer trade show called Dealer Camp. He said the event is not competing with Interbike because the goals are different. If his read of the industry is By ANDREW KIRK correct, however, it would be of the Record Staff no surprise if DealerCamp became the more relevant Lance Camisasca is work- event in years to come, he ing to change the way innova- added. Interbike has developed tions in the bicycle industry are unveiled this week at Deer from a place where new gear is unrolled to more of a "gatherValley Resort. For 10 years Camisasca ing of the tribe," he said. DealerCamp satisfies the directed the industry's main needs of smaller brands to fol-' trade show, Interbike, held each September in Las Vegas. low the lead of the major playIn recent years, manufacturers ers in introducing innovations have wanted to exhibit new earlier, Camisasca explained. Only manufacturers and gear in the summer, he said. There's been a growing qualified retailers are invited trend of the largest brands to this inaugural event at Snow holding sneak peeks for media Park Lodge July 29-31. So far, in June, and then inviting advanced reservations have retailers to special events in exceeded his wildest estimaJuly so the word is out in time tions, Camisasca said. Almost 350 retailers are expected to for September buying. That works if you're a checkout 61 brands. Lifeboat Events also organmajor company like Trek, but ized a special meeting for it's a tough strategy for the hundreds of smaller brands, he media in 2009 at Sun Valley said. The trend is forcing them Resort, and moved it to Deer to develop media relations and Valley last June. Deer Valley is special events in addition to the perfect place for events like these because of its biking running their businesses. venues near a high-class town near an Interstate and international airport, he said. The types of tents, booths and demonstrations companies want to have are usually easy to set up and tear down. They dont need the sophisticated services offered -by expensive convention centers. A place like the Snow Park Lodge parking lot gives exhibitors lower overhead and more control, Camisasca explained. "The bike industry in general is excited about our events. They're timed better and are bringing everyone back together. We're doing it where the weather is great and there are great riding environments," he said. Camisasca said he's worked in the cycling industry his entire life. He raced as a youth, and then got jobs at major retailers and manufacturers before taking the helm of Interbike for a decade. He brings that experience working with manufacturers and satisfying the needs of retailers to DealerCamp, he said. Brands registered to attend include Scott, Shimano, Fuji, Fox, Rock Shox, Fulcrum, Civia, Sram, BH and others. Seltenrich said the level of controversy over the Sweeney family's Treasure Hill development is evidence of that. When people make a mountain town their permanent home, they tend to be more involved in development decisions. Lower prices resulted in a 36 percent increase in sales of single-family homes during the first hah0 of the year. Homes priced under $1 million are With $543 million in real selling the fastest. Inventory estate sold, board president levels are down about 450 units Mark Seltenrich said this year from the same time last year. compares almost exactly with That's still too many for the 2008 as the market was coming homebuilding industry, but it is off the peak and beginning its progress, he said. slow decline. But perhaps a The median sale price for a better comparison might be home in Park City proper is 2003 or 2004, he said. now $1,125,000 - down 37 perSince 2005 was when the cent. That's average for 64 boom began, an argument homes sold - almost twice as could be made that the 2010 many as the same time in 2009. mid-year numbers show the The median sale price in the area returning to "normal," he Basin, is $650,000, which is said. down 7 percent for 105 units So far this year, 669 units sold. Last year 66 were sold by have been sold. That's up from mid-year. 415 for the same time last year Heber Valley home prices and roughly compares to 2008. are down 12 percent to an The fact that lower prices average sale price of $289,500. are spurring activity in the Kamas is down 30 percent to Park City area is great news, he $272200. Seltenrich said the said, because homes won't housing markets to the east move in a depressed market and south of Park City and the regardless of price and that's Basin rely on the health of the happening in other parts of the latter to succeed. The farther country. away from Park City a commuWith fewer speculation nity is, the more susceptible to buyers shopping, the Park City market fluctuations it tends to area is continuing its decade- be, he said. long trend of becoming more Condominium sales saw the of a year-round community. most improvement, Seltenrich People are recognizing the said. convenience of traveling in and He thinks it is because out and are choosing to make prices came down on high-end . it their permanent residence, units in Empire Pass. Also, St. he said. That brings stability to Regis this year was successful the market. at closing many of-the deals "It's really unique that peo- made during the boom - someple live here who arent related thing not every development to the resort industry. That has been able to do. means if the resorts do poorly, Because more expensive the housing market can still be units sold, the median sale strong," he explained. price is up 29 percentfromthe same period in 2009. Sales volume is up 93 percent. Even at $1.5 million, many condos were sold at 30 percent below original asking price and that was considered a bargain by those kinds of buyers, he said. Increasing sales also had the effect of bolstering confi-. dence in the market. Condos in the Snyderville Basin did not fare as well. The median sale price for the first two quarters is $325,000 down 14 percent. Most of those sales were made outside The Canyons, he said. The developments near the ski resort saw buyers who put deposits down during the boom years but were reliant on bank financing that didn't come after the recession began. The area has also seen the worst cases of foreclosure because people bought overvalued property and went "underwater" on the mortgages quickly, he said. This kind of unwise buying was widespread because Park City real estate was so hot that people bought property simply because they could. "At the very height of the market, the value of a property was that it was for sale... people wanted to get in at all costs," he said. The rebranding of the Dakota Mountain Lodge to Waldorf Astoria Park City was a wise move, Seltenrich added. "If it was a Waldorf from day one it might have seen a different mix of buyers," he said. Sellers of vacant lots are also lowering prices and saw a 13-percent increase in total sales. Lots still only make up 10 percent of all real estate sold during the first six months of the year, but that's a major improvement, Seltenrich said. 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