Sundance: Park City Real Estate Hits New Peaks

Inside a Stein Eriksen residence.

While the Sundance Film Festival is poised to turn Park City into a high-powered Hollywood scene for the next two weeks, the tiny town of 7,500 is in the midst of its own real estate boom, one that may have every other U.S. ski resort town beat.

“It’s popping again. Things are better than even at the peak of the market for luxury sales,” says Sotheby’s International Realty agent Paul Benson of the area where Katherine Heigl, Michael Jordan, and former Good Morning America host Charles Gibson own homes. “Not only are we getting buyers from all over the world who are attracted by residences like The Montage and St. Regis, we’re also starting to get year-round buyers. Lots of tech people are moving here for their primary residence. And in the actual town of Sundance where every other home is Hollywood owned, prices are back up to the $5-$10 million region.”

Among the area's high-end listings: John Schnatter’s 6,800-square-foot condo at the St. Regis. Schnatter, a real estate collector and owner of Papa Johns, put his mountain-facing spread on the market for $17.9 million. Michelle Eastman and Brigid Flint of Sotheby's International Realty hold the listing. 

Mitt Romney purchased a slope-side mansion in Deer Valley in late 2013. Listed at $8.9 million, the 9,000-square-foot, super-sized log cabin included six bedrooms and eight bathrooms – a suitable size for the politician and his wife’s 25 grandchildren.

“The Romney sale is indicative of the kind of action we’re seeing again,” says Keller Williams agent Steve Blankenship, who cites the $125-million Park City Film Studios, which broke ground in October of 2013, as another huge future boon to the residential real estate market. “Having sound stages and a film school right here in town could definitely bring in even more movie industry people,” says Blankenship, adding to current homeowners like Paramount CEO Brad Grey and Modern Family producer Steve Levitan. 

PHOTOS: 15 Films That May Spark Frenzy at Sundance

Not that every big-ticket listing is selling overnight. DreamWorks Animation CEO Jeffrey Katzenberg’s pine-and-granite house has been on the market since August 2012 with a $20.5 million price tag that hasn’t been reduced. “This isn’t a mainstream home,” says Benson. “It’s a unique property, but there will be a buyer, somewhere out there in the world, who just has to have it.”

Striking broader appeal, and debuting just in time for the Sundance scene, are the Stein Eriksen Residences, a set of 16 homes that will be priced from $2 - $7 million in Deer Valley. A model home will be open for the film festival. Built near the Stein Eriksen Lodge, which is frequented by Robert Redford and Ryan Reynolds, the homes give the rustic mountain look a contemporary upgrade, with clean lines, huge windows and modern décor.

The Colony at White Pines, however, offers the ultimate in high-end homes. The gated, heavily forested, community boasts some of the highest priced homes in the area, including one owned by Will Smith. “I think of these homes as mini ski-in/ski/out mini ranches,” says Erik Asarian of Keller Williams. “We currently have a home listing there for $24.6 million and overall it’s a hot market. Seven homes sold there in 2013, and we had 16 lot sales in the same year, up from eight lot sales in 2012 and six in 2011. This is the ultimate Industry hideaway. It’s our equivalent of beach front property in Malibu.”

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Snapchat Stays in Venice Office Longer Than 10 Seconds

Snapchat's Market Street expansion.

This story first appeared in the Feb. 7 issue of The Hollywood Reporter magazine.

Snapchat is laying down roots in Los Angeles.

Last year, the fast-rising photo messaging service (which turned down a $3 billion cash buyout offer from Facebook in November) signed leases on 6,000 square feet of office space on Market Street in Venice. Now the company has leased an additional 3,940 square feet on the same side of the street, according to sources close to the deal.

STORY: Silicon Beach Boom Hits the Playa Vista Housing Market

The two-story building, built in 1922 and located just a block from the beach, is owned by producer-director Tony Bill, who is said to originally have purchased the property back in the 1970s with earnings from The Sting, for which he shared a best picture Oscar with Michael and Julia Phillips. The ground floor of the building was an Aardvarks vintage clothing store until 2010 and, more recently, an art gallery.

The deal isn't the only way Snapchat is increasing its Venice footprint: In addition to the company's expanding Market Street presence, co-founder Bobby Murphy, 25, purchased a two-bedroom, Larry Scarpa-designed home nearby for $2.1 million in December. Bill and Snapchat did not return calls for comment.

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Robert Pattinson Sells Los Feliz Home for $6.37 Million

Robert Pattinson has sold his Los Feliz gated estate for $6.375 million, reports real estate blog Trulia.

The actor purchased the 1922 home, designed by Stiles O. Clements (of the El Capitan Theatre) in September 2011 for $6.275 million. The three-bedroom, three-bath home melds plenty of original details with state-of-the-art technology updates.

STORY: Oprah Winfrey Lists Condo for $7.75 Million 

Sitting on a stunningly landscaped 1.5-acre lot, the estate comes with a long line of entertainment industry owners, including Tim Curry, Noah Wyle and cinematographer Robert Richardson.

The Twilight and Water for Elephants actor lived in the home with Twilight co-star Kristen Stewart until her affair with Snow White and the Hunstman director Rupert Sanders was revealed. Stewart then moved out of the house, followed by Pattinson, who rented in Beverly Hills.

The actor first listed the home for $6.75 million in October 2013, and early this year actor Jim Parsons (CBS’s The Big Bang Theory) and his partner, art director Todd Spiewak, purchased the estate. Property records show that the deal closed on Monday.

David Gray of Partners Trust Beverly Hills represented Pattinson in the sale and Ronald Shore of Keller Williams Coastal Properties was Parsons' agent.

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Real Estate Round-Up: Christina Ricci Lists; Robert Pattinson Sells; Jim Parsons Buys (and Lists)

Robert Pattinson's home was purchased by Jim Parsons.

Christina Ricci has listed her Los Feliz bungalow for $1.65 million, according to real estate blog Trulia. The actress purchased the 1,891-square-foot home in December of 2005 for $1.505 million. Located behind a gated driveway, the two-bedroom home -- featuring open-plan common areas, a covered patio and swimming pool -- was built in 1957.  Aileen Comora of The Agency holds the listing.

Robert Pattinson successfully sold his Los Feliz spread for $6.37 million. The actor purchased 1922 home, designed by Stile O. Clements (of the El Capitan Theater) in September of 2011 for $6.275 million and famously lived in the three-bedroom mansion with Kristen Stewart. David Gray of Partners Trust Beverly Hills represented Pattinson in the sale and Ronald Shore of Keller Williams Coastal Properties was the buyer’s agent.

STORY: Park City Real Estate Hits New Peaks 

The lucky buyer of the Pattinson home, which has been owned by Tim Curry, Noah Wyle and cinematographer Robert Richardson, was actor Jim Parsons, of CBS’s The Big Bang Theory.

Parsons and his art director partner Todd Spiewak, in turn put their Los Feliz hillside home on the market for $1.85 million, reports Trulia. The remodeled home, with three bedrooms and just over 2,800-square-feet of living space, is located just a few blocks from their newly purchased upgrade.

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Itsa Energy acquired by Flow Data ownership group

Itsa Energy has been acquired by the ownership group of Flow Data, strategically positioning Itsa and Flow Data to support expansion of upstream and midstream service and solutions capabilities in the Texas oil and gas market. The alliance enhances both companies' existing abilities to drive service and automation technology as a total solution. 

Itsa Energy supports upstream and midstream automation, corporate systems, and enterprise solutions for oil and gas production and related operations.

Flow Data services and installs its product for upstream automation and control throughout North America. The company currently has operational facilities and field service teams in the Rockies, Williston Basin, Midcontinent, and Appalachian Basin regions. 

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FormCap acquiring Cowley County prospect in Kansas

FormCap Corp. (OTCQB: FRMC) is making payments to Keta Oil & Gas and Kerr Energy toward the purchase of oil and gas exploration and development leases in Cowley County, Kansas. Formcap will pay Kerr and Keta $200 per acre for up to 2,400 acres of leases, at a cost not to exceed $480,000 (the purchase price) unless agreed otherwise by the company.

Formcap is evaluating a specific block of 875 acres (from the 2,400 acre total) of prospective oil leases to acquire from Kerr and Keta. The company will own 100% of the leases (80% net revenue to FormCap; 20% freehold royalty), and will be operator. FormCap will also have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest, the terms of which are set forth in the agreement.

Per the agreement, FormCap is required to drill one well in each of the first two years of the lease term to maintain its interest in the leases, and will have the option to participate in the drilling of up to six exploration or development wells on lands currently owned by Keta and Kerr.

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Baytex to acquire Aurora Oil & Gas, strategic Eagle Ford acreage

Baytex Energy Corp., an oil and gas corporation based in Calgary, Alberta, Canada, has agreed to acquire Aurora Oil & Gas Ltd. for $2.6 billion, providing Baytex with 22,200 net contiguous acres in the Sugarkane field of the Eagle Ford shale play in South Texas. The total consideration to be paid by Baytex is $1.8 billion, plus assumed debt of $744 million, for a total transaction value of $2.6 billion. All amounts are in Canadian dollars.

Aurora’s fourth-quarter 2013 gross production was 24,678 boe/d (82% liquids) of predominantly light, high-quality crude oil. The company forecasted this year’s average gross production at 29,000–32,000 boe/d, about a 43% increase from 2013.

The Sugarkane field has been largely delineated with infrastructure in place, facilitating low-risk future annual production growth. The company noted that the assets have future reserves upside potential from well downspacing, improving completion techniques, and new development targets in additional zones.

Following the purchase, Baytex’s 2014 production is expected to reach 85,000 boe/d, comprising 53% heavy oil, 34% light oil and liquids, and 13% natural gas. The deal gives Baytex additional proved reserves of 106.7 million boe and proved plus probable reserves of 166.6 million boe.

Regarding the acquisition, Baytex President and CEO James Bowzer said, “Baytex will acquire premier acreage in the core of the Eagle Ford, one of the leading shale oil plays in the US. The acquisition will provide our shareholders with exposure to low-risk, repeatable, high-return projects with leading capital efficiencies. This is a highly accretive transaction on a per share basis to reserves, production, and funds from operations. The Eagle Ford play provides not only exposure to light oil, but also to Gulf Coast crude oil markets with established transportation systems. A portion of the produced crude oil benefits from Louisiana Light Sweet based pricing, which currently trades at a premium to WTI.”

In 2012, Baytex purchased 100% working interest in 46 sections of undeveloped oil sands leases in the Cold Lake region of northeastern Alberta, Canada, for $120 million. Provincial authorities had conditionally approved the company’s 1,200 steam-assisted gravity drainage (SAGD) pilot and a 10,000-b/d development that was expected to launch in 2013.

Baytex is engaged in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Williston Basin in the US.

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Noble to farm out part of Leviathan interest

Noble Energy Inc. has signed a nonbinding memorandum of understanding regarding the sale of 9.66% interest in the Leviathan licenses offshore Israel to Woodside Petroleum Ltd.

Leviathan’s current partners—Noble Energy, Delek Drilling, Avner Oil Exploration, and Ratio Oil Exploration—are each participating as sellers of 25% interest in the licenses to Woodside.

Noble will continue as upstream operator with 30% working interest. Following completion of the transaction, Woodside will become the operator of any LNG development of the field.

The Leviathan project is on the Rachel and Amit licenses offshore Israel in 5,550 ft of water. It is thought to contain 19 tcf of discovered natural gas resources.

Total compensation to Noble is expected to include $525 million in cash payments, including $390 million payable at this year’s closing of the transaction, plus $502 million in shared future revenues.

Noble started drilling at Leviathan in 2010 (OGJ Online, Oct. 19, 2010), later estimating production of as much as 750 MMcfd for Israel via a northern entry point in 2016 (OGJ Online, Dec. 7, 2012).

Working interests in the Leviathan project after the transaction is complete will be Noble 30%, Woodside 25%, Delek Drilling 16.94%, Avner Oil Exploration 16.94%, and Ratio Oil Exploration 11.12%.

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Comcast Unveils $1.2 Billion Philadelphia Skyscraper Proposal

Comcast has unveiled a $1.2 billion proposal for a new 59-story skyscraper to house its corporate headquarters in Philadelphia.

Construction on the 1,121-foot-high building, designed by Norman Foster of Foster + Partners, is expected to begin this summer and be completed by late 2017.

"This is yet another historic moment for Comcast," said Comcast CEO Brian L. Roberts in a statement. "We continue to be proud to call Philadelphia our home, and are thrilled to build a world-class media, technology and innovation center right in the heart of the city, to bring NBC 10 and Telemundo 62 downtown, and to create thousands of jobs and further drive economic activity in the region."

Once completed the skyscraper, titled The Comcast Innovation and Technology Center, will rank among the tallest buildings in the United States. In addition to housing Comcast, the building will house a 200-room Four Seasons hotel.

"If you want a city behind your project, a hotel is a great way to get through the entitlement process," Paul Habibi, a real estate developer and professor at the Ziman Center for Real Estate at UCLA, tells The Hollywood Reporter. "Cities want the tax revenue. And attaching an architect like Norman Foster to the project is another way to win hearts and minds during approvals processes."

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Statoil targets mid-year restart for Njord production platform offshore Norway

Offshore staff

ABERDEEN, UK -- This summer Statoil expects to complete reinforcement of the deck of the Njord A semisubmersible platform in the Norwegian Sea.

Production and drilling operations on the Njord field and the satellite Hyme field were suspended last year following concerns over the deck’s structural integrity.

Once complete, production will re-start from both fields.  But due to continued weight restrictions, Njord A will remain without a drilling facility unless further strengthening is done.

Partner Faroe Petroleum says a further 170 MMboe of resources could be developed in the Njord area, via  a combination of production from the field’s existing wells, further in-fill drilling on Njord, and development of the North West Flank rich gas and condensate accumulations and the recent Snilehorn oil discovery.

At the Brage field in the Norwegian North Sea (Faroe 14.26%), Wintershall succeeded Statoil as operator last October, and is currently assessing infill drilling targets. Two new production wells are under way and should come onstream this spring and fall.

2/6/14

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