Powder Mtn. Ski Resort Sale Final - Major Implications for Ogden Valley

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The Summit Group recently closed on their acquisition of Powder Mountain Ski Resort, and the finalization of the sale could have enormous implications for real estate sales in the Ogden Valley.

The Ogden Valley has long been a paradise for the relatively few aficionados of four season recreation and natural beauty who know about it.  Snowbasin is a bonafide world class ski mountain, with terrain that received rave reviews when the 2002 Olympic Downhills, Super-Gs and Combined alpine events were held there. Some of the most elegant ski lodges on the planet, award-winning food, cutting edge snowmaking, multiple base-to -summit gondolas, open bowls and 400 inches a year of Utah powder are all a part of the resort's appeal.  Powder Mountain is the largest ski resort in North America in terms of privately owned, skiable acres, with just under 10,000.  And Powder averages 500 inches of "the best snow on earth" each season.  Wolf Mountain, a small resort with a strong local following and a terrific slalom and giant slalom hill, completes the ski resort trifecta in the Ogden Valley.

Pinveview Resevoir, a 2200 sq. ft.recreational lake offering boating, fishing, wake boarding and skiing, fills much of the floor of the stunningly beautiful Ogden Valley, which is ringed by imposing peaks, dotted with farms and ranches, and doesn't have a single traffic light.  Numerous biking and hiking trails, trout streams and snowmobiling opportunities are but a few of the other recreational draws in this gorgeous alpine valley.  And it's less than an hour from the Salt Lake City International airport.

The purchase of Powder Mountain by the Summit Group, reported on at length in the Huffington Post on 5/8/2013, will surely mean changes and development on some level for the Ogden Valley.  Couple that with Snowbasin's master plan for a base village and housing, which is reportedly close to final approval with the second of two counties that the development will encompass, and major changes and a significant jump in real estate prices in the Ogden Valley is essentially a given.

The Summit Group's plans for Powder Mountain are all built around environmentally conscience, limited development geared to it's members and visiting movers and shakers in the art, business, science and political communities.  Local businesses are already tapping into the Summit's multiple undertakings and operations in the Valley.  And more and more influential and well-to-do individuals drawn to the outdoors and natural beauty will see first-hand this remarkable corner of the globe when they attend the Summit Group's high profile conferences, which in the past have been attended by such luminaries as Bill Clinton and Richard Branson.

Also affected should be the greater Ogden real estate market, where property is considerably cheaper than in the Ogden Valley.  Ogden is only a twenty minute drive from the Valley via either the stunning Ogden Canyon or a gorgeous mountain pass adjacent to Snowbasin, and the town of 80,000 was recently judged the "2nd best ski town in America" by Powder Magazine.

If you have experienced he idyllic beauty and recreational opportunities of the Ogden Valley and have thought about purchasing property, or haven't yet, but are looking for an amazing mountain environment at what could still be considered bargain prices - don't delay!  Call a local realtor.

In other news related to Utah ski and mountain real estate, sales in terms of units are dramatically up while days on the market are dramatically down (Utah Ski Country Real Estate Comparative Statistics) at a number of resorts.  Little and Big Cottonwood Canyons, the Salt Lake Bench, and the Park City/Deer Valley and Canyons areas lead the pack in positive real estate trends for sellers.

National real estate is, in many areas, trending strongly toward recovery.  Utah ski and mountain property reflects this trend.  Again, if you're in the market for a home, condo, land, fractional ownership - it might be wise to act quickly!

Ogden Valley's Powder Mountain Development Gets Final Approval, $24 Million Bond for Infrastructure, and The Sanctuary Get Heli-Ski Permit

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest UtahSki Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

Ogden Valley's Powder Mountain has finalized major milestones toward getting underway with construction related to the resort's master development plan.  The Summit Group, now operating Powder Mountain and soon to close on its sale, has received both final approval for the initial phase of its Master Plan and a $22.5 million bond to finance the needed infrastructure.  The Weber County Commission granted both.

And there's more big develop-related news for the Ogden Valley.  The Sanctuary Ranch, approved for six 40+ acre residential lots, has been granted a rare, private Heli-Ski Permit, which will allow property owners to access 80,000 acres of heli-skiing from a pad in their community.

In an article by Janelle Hyatt in the April 9 Standard Examiner, Ogden, Utah's major print and online newspaper, Thayer, Walker, the "chief Reconnaissance officer" of the Summit Group, is quoted.  "The initial development at Powder Mountain will be a village tucked away among the trees and out of sight."  Thayer added that "the proposed 154 dwellings range from full-size homes to "nest units" of between 200 and 400 square feet."

In late March, the Weber County Commission agreed to back a $22.5 million bond for the Summit Mountain Holding Group.  The bond is essentially a loan, and is designated to build the infrastructure of roads, water and sewer that is the first stage of any development.  Property owners within the special assessment district, limited to the 1,570 acre development, will be responsible for the nearly $1.6 million annual bond payments.  No county taxpayers at large, who live outside the special assessment district, will be liable for any of the levied taxes.  According to Douglas Larsen, executive director of the Weber Economic Development Partnership, quoted in a Standard Examiner article by Jesus Lopez Jr. on April 1, "by backing the project, the county is supporting economic growth in the community."

Thus, the first major development at either of the Ogden Valley's two major ski resorts, Snowbasin and Powder Mountain, is finally poised to start - reportedly this summer.  Stay tuned for updates.

The Sanctuary Ranch is a 525 acre development high above the floor of the Ogden Valley, in the southeast corner.  According to the development's representatives on their Facebook page," the roads and power are complete and building lots are now for sale."  Lots are 40+ acres and the development's Heli-Ski Permit is" the only such permit in Utah."  The Sanctuary operated this winter as a Heli-Ski Base, and Diamond Peak Heli-Ski has access to 80,000 acres of private terrain less than a ten minute flight from the development.


Real estate prices are continuing a slow, but steady climb at most Utah ski resorts as the inventory of foreclosures, short sales, and distress sales declines significantly.  The real estate market is red-hot in some parts of  Utah, especially certain areas of Salt Lake, and the mountain communities are showing signs of beginning to follow that trend.

For investors, Realty Trac, an online real estate research site, named Ogden, Utah, as one of the top twenty real estate investment cities in the country.  Ogden is a mere eight miles from the Ogden Valley and Snowbasin, Powder Mountain, and Wolf Mountain. 

 

 

Is The Summit Group's Powder Mountain Development the Launch of Ogden Valley, Utah, as an Elite Resort Destination

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The Summit Group is moving forward rapidly with their unique development concept for Powder Mountain, and this endeavor could be the impetus for, and the beginning of, the long anticipated arrival of the Ogden Valley as one of the elite ski and four-seasons resort destinations in the US.  When this pristine valley, with three ski resorts, limitless recreational opportunities, stunning vistas, and 50 minute access to an international airport, finally is mentioned in the same league as Park City, the Vail Valley and Aspen - real estate prices will undoubtedly take off.  Three scenarios may well be about to intertwine to make this rise in values a reality.

A second meeting with the local community was recently held by the Summit Group, at which time they revealed their Master Plan for Powder Mountain(Powder Mountain PRUD) and much more detail related to their proposed development than in their earlier, previous presentation.  There was more emphasis and discussion on home sites, condos and lodging that will be available for purchase to the public than in the first meeting, when they emphasized the village that would be exclusive to Summit members.  Some eyebrows were raised and a few pointed questions generated after the group's managing partner, Greg Mauro, mentioned an eventual, self-imposed limit of 1400 units and limited access to some hiking trails which have been used for years by locals (even though they have long been on private property).  However, the consensus of those present appeared to still be positive, albeit with a wait-and-see attitude.  If the Summit's young entrepreneurs can pull off their significant, but low-key plans, which they consistently state will always show a reverence for the history and traditions of Powder Mountain, as well as the environmental and community impact of each aspect of the development - most locals seem to agree that the Valley and its residents will only benefit.

Russ Watts, the builder for the Summit Group's Powder Mountain development, gave a thorough presentation of what the various aspects of the project will entail, and his presentation was also well-received.

As the Summit Group waits for the final board and commission approvals for the initial stages of the development, which could come within the next month, the real estate market in the Ogden Valley continues to show significant signs of recovery.  This is the second piece of the puzzle.  The majority of bank-owned properties and short sales, which dominated the market and kept prices low over the past four years, have largely disappeared.  Prices have begun to rise, more properties are being sold, and there are many more folks looking...more potential buyers.  There has been a great deal of recent, positive, national press about the Ogden area and the Ogden Valley, and it is being felt in both an increase in skier days at the Valley's three ski resorts (Snowbasin; Powder Mountain; Wolf Mountain) and the upswing in the real estate market.  The recent national jobs report showed a large increase in construction jobs and home prices are climbing significantly across the country and in Utah.  A strong real estate recovery in the Ogden Valley should continue.

The third factor, and what would surely be a major force for the development of the Ogden Valley and a spike in real estate prices, is the date Snowbasin finally breaks ground on its base village, lodging and property ownership options.  Snowbasin, the site of the 2002 Olympic downhills, super-gs and combined alpine events, with its huge and diverse mountain, stunning lodges and world-class lift system and infrastructure - is still the gorilla-in-the-room related to the evolution of the Ogden Valley into an elite level resort destination.  According to reliable sources, their master plan, released to the public over two years ago, is in the final stages of the necessary approvals from Weber and Morgan counties.

Snowbasin hired a new general manager for the 2012/2013 season and beyond, and he is an extremely knowledgeable industry veteran who oversaw the development of the base village at Northstar, a Lake Tahoe area resort.  The Holding family, who owns Snowbasin and Sun Valley, are notoriously tight-lipped, but speculation is rampant that the long-anticipated base development at the resort is just around the corner.  When it does happen, it will be huge news in the ski and snowboard industry, and could set off a land rush of sorts in the Ogden Valley.

Utah Ski Property Investment Currently a Great Deal

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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 THE NEWS

Real estate Investors should be flocking to Utah towns in close proximity to the state's ski resorts, as well as to the resorts.  Home and land prices are still indicative of a strong buyer's market, while rental rates are up and the inventory available for rental in some areas is beginning to lag behind demand.

It's still a great time to purchase investment property close to Utah's fabled ski resorts, but the clock is ticking.  Many or the bank-owned and short sale properties have been purchased, but prices are still low.  Seasonal rentals are holding steady at the resorts, but long-term rent/leases are in high demand in the cities along the Wasatch, which are no more than a 45 minute drive from a number of resorts.  It is still considerably harder to qualify for a mortgage than it was previous to the real estate bust and recession, and coupled with the lack of property appreciation/depreciation since 2008 - the idea of renting rather than owning is gaining wide acceptance.  Which, of course, is good news for real estate investors.

But as the inventory of homes is further depleted and the economy continues to improve, prices could move higher quickly.  Very little inventory in terms of spec homes has been added over the past four years.  The Fed has promised to keep interest rates low, but they will eventually start to rise, and as banks ease their mortgage requirements, there could be a sort of gold-rush from those who have been waiting on the sidelines to purchase property.

One of the best current markets for investors is Ogden, Utah.  Ogden was recently voted the #2 ski town in the USA by Powder Magazine.  The historic town of 80,000 is less than a thirty minute drive from Snowbasin, the world-class mountain that hosted the downhills, super-gs and combined skiing events during the 2002 Winter Olympics.  Powder Mountain, with over 5,000 acres of terrain and 500" annual inches of Utah powder, and Wolf Mountain, are less than 45 minutes away.  SLC International airport is a 30 minute drive, a number of the town's neighborhoods are connected to hiking and biking trails into the Wasatch, and the cost of living is low.  Single family homes suitable for rental in a National Historic District in Ogden can be purchased for less than $100,000.

Although many real estate investors took substantial financial hits during the recent market downturn, opportunities for a reversal of that scenario now exist.  Property prices are low and likely headed up, in contrast to inflated prices before the downturn.  Rental rates are up, and if an investor has the resources to buy and maintain a property rather than counting on a quick flip or dramatic appreciation, the short term and long term returns can be significant.  Particularly as compared with the essentially non-existent returns on savings accounts and money markets.

Additional Thoughts

If you are interested in investment real estate in the Ogden/Ogden Valley, Utah area, contact Lisa Karam (801 791-8801; Ogden Valley Real Estate Guide).  She has extensive experience as a local real estate agent and investor.

If you are going to be in the Ogden/Ogden Valley area looking at property in March and are interested in photography, check out this link.

 

Utah Ski Resort Property Deals Vanishing Fast

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The terrific deals on real estate at, and in close proximity to, Utah's ski resorts, are vanishing at a rapid rate.  Foreclosures, short sales, and other significantly discounted properties are selling briskly as buyers who have been sitting on the sidelines are now trying to avoid being left out.  Far fewer distressed properties are coming on the market, so the available inventory will continue to decline, and prices will continue to rise.

Sales activity and prices continue to increase across the board all along the Wasatch front, mirroring the national trend, although some areas are emerging from the real estate recession faster than others.

Average resale prices of homes and condominiums at many of Utah's major ski resort areas are still in the $100.00 per sq. ft. or less range, including Big and Little Cottonwood Canyons and the Salt Lake Bench, The Ogden Valley and Ogden Bench, and Sundance and the Provo Bench.

With the Summit Series purchase of Powder Mtn. (December 2012 blog entry), speculation that Snowbasin may soon start that resort's long anticipated base development, and a number of recent national articles in major publications touting Ogden and the Ogden Valley's Snowbasin, Powder Mountain and Wolf Mountain resorts, this area could have some of the most dramatic real estate appreciation over the next few years.  At this point, prices are still relatively low. 

Again, time to look and buy. Don't wait any longer if you want to get in on the last of the great Utah ski property deals.

While you're looking at property, and if you have a family member or friend who wants to learn to ski or snowboard, check out Utah's ski resort's participation in January's national Learn to Ski and Snowboard Month.  Every resort is taking part with special packages, and a sampling is listed below.

Alta is offering a First Time Learn to Ski Package all season long.  For $199, first time skiers will receive four two-hour classlessons, four beginner lift tickets and four days of complimentary rental.

Park City's StartNOW has a great offer for beginning skiers and snowboarders.  For $200, the five-day program includes a lift ticket, beginner ski or snowboard lessons, and ski or snowboard equipment rental.

Snowbasin is offering the Lucky 13 Program.  For $39 an individual will receive a Little Cat Lift Ticket, two-hour group lesson and basic rentals.

As this blog entry is being published, the Wasatch is being pounded with the "Greatest Snow on Earth."  Resorts have reported up to 2 ft. over the past 24 hrs., the lake effect has kicked in, and another 1-2 ft. is expeccted over the next 24 hrs. 



 

Summit Series Assumes Management of Powder Mountain

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The Summit Series is now operating Powder Mountain, the sale of the ski resort will become final in early 2013, significant changes are coming, and the Ogden Valley is buzzing with excitement. 

According to an article in Forbes 12/3/2012 online edition by Steven Bertoni, "The Summit Series, the five-year old entrepreneur conference run by a gang of mostly twenty-something nomads, has announced that it has taken over management of Utah's Powder Mountain (rumors have been around for months) and is set to close the transaction to purchase the resort in early 2013." 

Powder Mountain is located in the Ogden Valley, a gorgeous, idyllic alpine valley ringed by jagged peaks, Snowbasin, Powder Mountain and Wolf Mountain ski resorts, and is the home of Pineview Reservoir, a popular destination for fishing, boating and water sports.  The resort gets an annual average of 500 inches of Utah's famous "greatest snow on earth," and has over 10,000 acres of terrain that could be utilized for skiing and touring, making it potentially the largest ski resort in terms of acres in North America.   Salt Lake and its international airport are less than an hour's drive away.

Bertoni also gives some history of the Summit Series. "Summit in recent years gained notoriety in the start-up world for its annual A-list-packed, weekend conferences that have taken over both a cruise ship and Squaw Valley, California.  These innovation festivals have included speakers and attendees like President Bill Clinton, Virgin Billionaire Richard Branson, Mark Cuban, Russel Simmons and Ted Turner.  Now it's transforming itself from an annual event to a year-round community.  Think entrepreneurial country club."

And he goes on to describe how the Powder Mountain project will work.  "Members buy plots of land on Powder Mountain (early lots were rumored to have sold for $1million a pop), build a home and get access to a private lodge and thousands of acres of skiing riding, biking and hiking.  Membership also brings a year-round program of speakers, conferences and concerts.  The goal is to create a community of like-minded entrepreneurs who dig the Summit ethos of innovation, art, and social impact with some hard partying mixed in.

Gregory Ferenstein, writing for the blog Tech Crunch, offers the thoughts of investor Tim Cheng, managing director of the Mayfield Fund, who has held gatherings at the Summit's temporary lodge.  "Imagine authentic friendship and community of something like Burning Man, but with deeper substance, a la TED."

This reporter attended an open house for the public hosted by Summit Series founder Elliot Bisnow and other partners in the Powder Mountain project, and their philosophy and initial plans for the resort were very well received...and by a local community ofter leery of development plans for their pristine valley.  Bisnow and his associates are young, bright, articulate, and offered promises of a low impact, environmentally friendly development that will retain the unique, family feel of all that is Powder Mountain.  The resort will remain open to the public.

500 homes for Summit Series members surrounding a village will be the center of the initial phase of development, and a lodge and meeting facilities for Summit meetings and seminars has already been approved.  Bisnow talked about a "world-class transportation system" which would utilize shuttles to attack the thorny problem of the Powder Mountain access road.  Homes will be limited to a modest 4,000 sq. ft. (at least for such a well-heeled group), and will be built with as much green technology as possible.

The Summit Series is making a sustained and what appears to be sincere effort to become an integral part of the local community, and improve the lifestyle of Ogden Valley's residents, as well as those who visit Powder Mountain for recreation.

So how will this news impact the real estate market in the Ogden Valley?  A positive impact is a given...unless you're looking for a great deal.  Local real estate agents report calls from clients desperate to purchase property before prices go up after they saw the initial flood of media reporting on the Summit Series acquisition.  And all the positive press and buzz surrounding the developments at Powder Mountain follow Powder Magazine's ranking of Ogden, Utah (adjacent to Ogden Valley) as the "# 2 ski town in North America and a National Georgraphic online feature that gushed that the town is a "Disneyland for adrenalized adults."

Ogden, Utah ranked #2 Ski Town by Powder Magazine

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

 Powder Magazine ranks Ogden, Utah as the the # 2 ski town in North America, and National Geographic gushes that it's a "Disneyland for adrenalized adults."

According to a feature in the November issue of Powder, one of the ski industry's iconic and most highly respected publications, Ogden is ranked ahead of all but one of the country's cities or towns with ski resorts practically at their doorstep.

The Standard Examiner, Ogden's daily newspaper, states in an article by Mitch Shaw that Powder's criteria was based on a number of variables, including location, cost and terrain.  Shaw goes on to relate that the magazine "worked with an unnamed M.I.T. student to develop an algorithm to determine the amount of snow per person at the 32 locations named in the magazine."

The article goes on to quote Mike Rogge, managing editor of Powder Magazine, related to the criteria for their conclusions.  "Lots of skiable acreage and low skier visits yield higher scores.  The best days to ski are deep ones that aren't tracked out by noon.  The Ogden-Clearfield metropolitan area is the second-largest in Utah, but you wouldn't know it from visiting Snowbasin or Powder Mountain.  We wanted to find out, if you were going on a ski trip for three days or a week or even a month, where would you want to go. Ogden came out as the second-best place to ski.  You'll have these fantastic powder days, and there will be nobody around. You get much more bang for your buck in Ogden."

According to the magazine, as stated in the Standard Examiner article, Powder Mountain has over 7,000 skiable acres and Snowbasin over 3,000.  The newpaper also quotes Mike Caldwell, mayor of Ogden.  "It validates what we as a city have been talking about for a long time.  Ogden is a world-class venue for outdoor recreation."

National Geographic's website has a section on Adventure Towns, which further validates Mayor Caldwell's comments.  "If there's a disneyland for adrenealized adults, it's Ogden."  The online feature goes on to list the numerous man-made thrills in the city that compliment the amazing natural recreational opportunities of the Wasatch range, which literally rises straight up from Ogden neighborhoods.

Considering the natural beauty, 30 minute drive to Salt Lake City International Airport, low cost of living, sophisticated health care industry, and relatively vibrant economy - it's a great time to check out the terrific, but rapidly vanishing deals on homes, condos and land.  The housing market is on its way back in the Ogden area.

You can now conduct a comprehensive search for available real estate and properties at or near Utah's ski resorts and mountain communities on just one website. And this same site contains a wealth of information on each of the resorts, important factors to consider when buying property or building in an alpine environment, and a full complement of Google maps, mortgage calculators, etc.

Utah Ski Country Homes and Land for Sale has the most comprehensive listing of available properties in Utah's fabled ski country. Each listing links to a full page of information and a photo of the property, and then directly to the agent or owner's contact information.

If you're searching for Utah ski real estate, you can conduct in-depth research on numerous properties, their location, and the resorts and communities within a 25 mile radius. When you also consult Utah Ski Country Real Estate Comparative Statistics, you will have a very complete and detailed take on everything you need to know to make a wise and appropriate decision related to which properties to pursue through the owners or agents.

If you are trying to sell real estate, listing and promoting your property on Utah Ski Country Homes and Land for Sale will be an invaluable sales tool. The site appears at or near the top of the major search engines and is linked to other key sites those interested in Utah skiing visit in masse, such as Ski Utah and Go Utah. Many prospective buyers consult this site, and view its listings, as a first step in their property search.

Statistics from numerous surveys and studies show that each year more and more prospective real estate buyers conduct research on the internet before contacting a real estate agent or the property owner. When looking for homes, condos, fractional ownerships or land outside their home area, as is the case with many individuals looking to purchase property at or close to a ski resort, this already high percentage rises dramatically. A web listing is as critical to selling property as a cell phone is to taking calls related to the property you are trying to sell.