We spent the last few days in Scuol, Switzerland. Scuol is a small mountain town with under 5,000 people (2018 figure) near the eastern border of the country. The town first achieved notoriety in the 1860s because of the various naturally-occurring mineral waters that can be found in the area. They were / are thought to have healing properties, and so a spa tourism destination was created. Skiing and snowboarding were later added to the town’s repertoire.
We tried the water from this fountain — the Lischana source:
The best way I can describe the taste is to say, imagine water that has had pennies soaking in it for the last 100 years. That’s what it tastes like, which is not good. But it is rich in magnesium and other things, which is why people (especially athletes) seek it out. It comes out clear from the source but if you let it sit in a bottle it will naturally become carbonated and turn brown. That’s why the embankment above has the color that it does.
I had a handful of respectable sips. Hopefully that’s enough to make me strong. A big thank you to Klaus, Peter, and Jaimie for the invite to Scuol!
The building season is short in Park City. There was still snow on our site in May and there was snow again on our site by October. You can certainly build through the winter, but it's not ideal. It slows you down, and so the team has been racing to get "closed in" before the real winter weather arrives. (Park City Mountain Resort opens for the season on November 17.)
Right now, it looks like we'll be finished framing by early next week. We have our framing inspection scheduled with Summit County on Wednesday. Here's a progress shot of level three from last week:
This is the top floor of the house, which will house the kitchen, dining area, living room, terrace (which is where the above photo was taken from), and two bay windows. The far one is going to serve as a seat in the living room, and the closer one (on the right) is going to be a workspace area. In both cases, they're designed to orient you towards the trees and the mountain.
Overall, this was Mattaforma's design strategy -- to create a kind of introverted house. The windows facing the street are generally small and placed to frame very specific views of the landscape; whereas the windows facing the trees and mountain are generous. The intent was to always connect you with nature as you move throughout the house.
Sadly, PMH won't be available for rent this winter. But if you'd like to get on the list for next summer and winter, click here.
The County Manager has recommended approval of the deal and these are the terms:
- $55 million total purchase price (about $6,413 per acre)
- Structured through a $15 million three-year option to purchase, with a right to extend for another year for an additional $5 million (option fees to be applied toward the purchase price)
- During the option period, the County will have control of the property and pay $5,000 per month in rent
Another way to look at this deal is that Summit County needs to initially come up with $15 million of equity. This is because they are getting seller financing for the remaining $40 million. (Implied loan-to-value of about 73%.)
After 3 years, they will have to put in another $5 million, which lowers the implied LTV to about 64%. But in both cases, and assuming the $5k per month is all the County needs to pay, there’s effectively no interest on this 4-year “financing”. ($60k per year on $40-45 million.)
The purchase price is also only ~$6k per acre, which should tell you that this is not development land. Its value is what you see here:
And this is exactly what Summit County intends to do with the land: conserve it. As one of the last contiguous mountain ranches in the area that is privately owned, this sure seems like a win for the community. It’s a pretty good deal, too.
