Thursday, June 23, 2016

Utah Ski Country Real Estate Deals Vanishing

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.

Search for Utah Mountain and Ski Resort Real Estate. 

THE NEWS Since the real estate collapse of 2008, there have been a steadily shrinking number of major Utah Ski resort areas that offer extraordinary values on real estate, and those great deals may be coming to an end. 

The Park City/Deer Valley area led the comeback from the recession, with property prices exploding upward within a few years.  Among major ski resort areas, the Ogden Valley, home to Snowbasin, Powder Mountain and Nordic Valley, has been the most resistant to price recovery.  But indications are property values in this mecca of big mountains, abundant powder and uncrowded slopes, may be poised to make a significant leap.

For the past couple of years, the median price per sq. ft. in the Park City/Deer Valley area has moved up and down in the $350 - $400 range.  In contrast, median prices per sq. ft. in the Ogden Valley have been as low as $120 but never above $150 per sq/ ft.  Recently, there have been sales of properties at $200+ per sq. ft.  Sales at lower prices in the Ogden Valley are still keeping the median price down, but the trend seems to be up.

It has long been a puzzle to many why prices in the Ogden Valley have remained so low.  It's a stunningly beautiful alpine valley with a large recreational lake, two world-class ski resorts with terrific amenities and few crowds, only 15 minutes from Walmart and less than an hr. from the Salt Lake International Airport.  Best bet is a lack of promotion since the 2002 Olympic downhills and super-g's were held at Snowbasin.  The Valley is a well-kept (and highly guarded by those-in-the-know) secret.  But with more and more national articles heaping praise and the high profile Summit Group purchasing Powder Mountain, the proverbial worm may be turning in terms of property prices.  Great news for sellers; not so good news for buyers.

Consensus opinion is that if Snowbasin ever breaks ground to follow through with their significant development plans, there would be a rush to purchase property in the Valley and prices would escalate quickly.  But Snowbasin's plans are a well-kept secret that have defied speculation for at least a decade.  Even if they don't move forward, the Valley real estate market could be poised to explode. Something this good - well, it's hard to imagine it remaining a secret, and a great deal, for much longer.

Wednesday, May 18, 2016

April Was A Big Month for Utah Ski Resort Property Sales

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.

Search for Utah Mountain and Ski Resort Real Estate. 

THE NEWS April was a big month for the Utah Ski Resort Real Estate Market.  With a number of areas setting six month highs in units sold, median sales price, price per sq. ft., and fewest days on the market, the upcoming summer sales season could be a hot one.

In addition, Utah's terrific ski season and snowfall (at least in comparison to the last few meager years) have the lakes and rivers full, the valleys a lush green, and promise a delightful summer for those shopping for property.  As of this writing, Snowbird is still open Thursday through Friday, through the end of May.

Little Cottonwood Canyon, home to Snowbird and Alta, and the Salt Lake City bench areas around the Canyon, saw a six-month high in April in terms of units sold at thirty-one, and a low for median days-on-the-market at eight.  Property sold in the Park City/Deer Valley area reached a six-month high of $502.00 per sq. ft., which is also very close to the all-time high.  There were forty-nine units sold at the Canyons, a six-month high, and the median days-on-the-market dropped to 25.  Big Cottonwood Canyon, where Brighton and Solitude host skiers and riders, saw a six-month high of $369,000 for median-sales-price.

Moving north into the Ogden Valley, home to Snowbasin, Powder Mountain and Nordic Valley, there were also benchmarks in property sales.  The Valley and surrounding bench areas consistently offer some of the best values in Utah ski country.  The median sales price of property sold in April in the Ogden Valley reached a high of $383,000, and did the median price per sq. ft. of $130.00.

The Ogden Bench area and Mountain Green, only minutes from Snowbasin and the Ogden Valley, reached six-month highs in units sold at eighty-six, median sales price of $187,000, price per sq. ft. at $88.00, and a low for days-on-the-market at 19.

Contrast the $502.00 per sq. ft. in the Park City/Deer Valley area with $130.00 in the Ogden Valley area and $88.00 on the Ogden Bench and it's obvious there is a price point that will fit the pocketbooks of many shopping for property at, or close to, the world-class skiing all of these resorts offer.

The comparative statistics mentioned above, and more, can be perused by clicking here.  These real estate sales statistics are updated monthly

Stay tuned, it should be a great summer sales season for real estate in Utah ski country.






Wednesday, April 13, 2016

Many Research Tools Available to Utah Ski Property Buyers

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.

Search for Utah Mountain and Ski Resort Real Estate. 

THE NEWS For those interested in the purchase of property in Utah's ski country, there is a wealth of research tools and material that are available with a click on your computer or smart phone.

A knowledgeable real estate agent dedicated to assisting you in finding the property that best suits you is indispensable - both in locating the property and then in navigating the daunting, arduous process of making offers, counter-offers, writing addendums, and actually closing on the property. But there are numerous, highly informative and helpful tools a prospective buyer can utilize to initiate and refine their search while looking for that "perfect fit" of an agent.

The MLS, or multiple-listing-service, used to be accessible only to real estate professionals.  There is now a public MLS for Utah (www.utahrealestate.com/index/public.index), which allows anyone to search through the vast majority of listings (everything other than "For Sale by Owner"/FISBOs) that are available.  Searches can be refined by zip code, type and size of property, price, etc.

There are three privately or publicly owned national online listing services which are also very helpful, and do feature FISBOs and adds/promotions for certain agents who pay for the exposure.
These listing services are http://www.zillow.com/; www.trulia.com/, and www.realtor.com/

And of course there are numerous hard-copy real estate magazines available in most local areas which feature many properties.

The Utah Ski Country Real Estate Comparative Statistics, a feature of this blog, allows prospective buyers an opportunity to compare vital sales statistics such as median price, price per sq. ft., days-on-the-market, etc., for the different ski resort real estate markets.  This data is updated monthly and shows comparisons with the previous six months data.

Armed with the statistical sales comparisons of the geographical areas you are interested in, and after researching and perusing the properties listed on the MLS and other listing services that fit your criteria, it's time to locate the real estate agent/agency that will best suit your needs.  As with many professions, there are excellent, highly knowledgeable, dedicated  hard-working real estate agents in the area(s) you have an interest in.  And there are likely quite a few who do not fit that description.  Ask questions.  Carefully examine agent and agency websites.  Look at sales histories.  Talk to references of at all possible.

Again, the real estate sales process is highly regulated, detailed and labor-intensive, and a real estate professional, if not absolutely necessary, is a terrific asset.  It won't cost you a penny, as the seller pays the agent's commission. There is no good reason not to hire an agent.

Thursday, February 18, 2016

Is Utah Ski Country Real Estate Cooling While the Powder Keeps Falling

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.

Search for Utah Mountain and Ski Resort Real Estate.

THE NEWS The Utah ski season is living up to what the optimists and dreamers envisioned, and as spring rapidly approaches, powder days continue to pile up.  At the same time, a few chinks have appeared in the previously red-hot resort real estate markets, particularly in the Park City/Deer Valley areas.

It's not that the snowfall at Utah resorts this season has been epic, which it hasn't...or even much above average, which it hasn't.  But after one record-setting dry, warm year and a few others below par, the multiple powder days and significant bases so far this season are providing real joy for skiers and riders.

On the Utah ski resort real estate front, there is some puzzling news.  Good snow, the opening of the Quicksilver gondola  connecting The Canyons with Park City and creating the largest ski resort in the country, the additional amenities Vail has provided for Park City and The Canyons - and yet the statistics for December and January real estate sales show significantly declining numbers in the Park City/Deer Valley market..

The Utah Ski Country Real Estate Comparative Statistics for January 2016 for the Park City/Deer Valley market shows that the median sales price dropped to $500,000 from a high in October 2015 of $1,408,000.  Unit sales dropped to 11 from a high of 28, also in October of last year, and the median price per square foot dropped to $354.00 from a recent high of $412.00.

An aberration...or a trend?  Hard to tell.  Looking at the statistics for other Utah ski resort markets offers few clues.  The Canyons and Alta/Snowbird/Salt Lake City Bench show consistent sales numbers over the past few months, including January 2016.  The Ogden Valley market, home to Snowbasin and Powder Mountain, also shows no major movement in the statistics over the past few months, and property in this area remains hands down the best value among the major Utah ski resort markets.

With the current, substantial bases, and if the snow keeps falling, Utah should have an excellent spring ski season.  Real estate activity usually picks up during this period - so stay tuned to this blog and the Real Estate Comparative Statistics.



Tuesday, January 19, 2016

Utah Ski Season Real Estate Market, Big Snowfalls Coincide

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.

Search for Utah Mountain and Ski Resort Real Estate

THE NEWS The holidays are over, the winter real estate market at Utah ski resort areas is heating up, and it's happening as the snow keeps piling up.

Skiers and riders are descending on Utah ski resorts in droves, surely in large part due to the terrific early season snow.  And likely because of the new lift connecting the Canyons and Park City resorts...or the proliferation of Epic Passes and other changes caused by Vail's purchase of the two ski areas...or Deer Valley's purchase of Solitude. The numerous, recent articles singing the praises of Ogden as a top ski town and the Ogden Valley's Snowbasin and Powder Mountain are also attracting numerous visitors.

Everything seems to be coming together for an epic ski season in Utah...a season that should significantly impact the resort real estate market.  When visitors experience the copious amounts and quality of the "greatest snow on earth", the easy access to the slopes from the Salt Lake City airport, the excitement and choices of a night-on-the-town in Park City, the amenities of Deer Valley, the lifts, lodges, food and terrain of Snowbasin, the vast powder stashes of Powder Mountain - well, some are sure to decide to put down roots.

The real estate market in the Park City, Deer Valley and Canyons market is red-hot, with prices well up from a few years ago.  A seller's market.  At the same time there are still terrific deals in the Ogden Valley/Ogden bench areas, as well as Sundance and the southern Utah areas of Brian Head and Eagle Point. A buyer's market.

If the snow continues and all the other positive influences do, in fact, create an epic year for Utah's ski industry - the real estate market could reach a critical point in terms of decision-making for those considering entering, as either seller or buyer.  Stay tuned to this blog for further developments and monitor the real estate market Comparative Statistics.

Saturday, December 19, 2015

Major Snowstorm and Nation's Largest Ski Resort Both Arrive in Utah to Open Season

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.

Search for Utah Mountain and Ski Resort Real Estate

THE NEWS As this blog is being written, the mountain's of Utah's ski country have been pounded by 2' - 4' of powder over the past week, more storms are lined up for the coming week, and the Quicksilver Gondola, which connects The Canyons at Park City with Park City Resort, is open.  The largest lift served terrain in the lower 48 is now in Utah - over 7,000 acres!

Back to real estate after the Holidays!!

Merry Christmas and Happy New Year!!!

Sunday, November 15, 2015

Park City/Deer Valley Property Prices Sky High While Snowbasin, Powder Mountain a Bargain

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.

Search for Utah Mountain and Ski Resort Real Estate

THE NEWS Snow is falling in Utah, real estate prices in the Park City/Deer Valley area continue to rocket upward, while the beautiful, pristine ski mecca of the Ogden Valley continues to be a true bargain for property buyers.

The "Vail Effect" (Vail now owns Park City and The Canyons) with all the benefits of the Epic Pass, the new gondola that will connect The Canyons with Park City, creating an enormous amount of interlinked, lift-served terrain, the improving economy, etc., etc. - there are plenty of theories.  But the fact is the median sales price and cost per sq. ft. continue to rise to record heights in this resort area.  The October statistics show a median sales price of $1,407,000 and a cost per sq. ft. of $401.00 for the Park City/Deer Valley market.

At the same time, in spite of a rising number of articles lauding the skiing, beauty, amenities and lack of crowds at Snowbasin and Powder Mountain - the Ogden Valley, the area that both resorts perch above, continues to offer property prices that are shockingly low. In stark juxtaposition to the October median sales and per sq. ft. prices of $1,407,000 and $401.00 for the Park City/Deer Valley area, prices in the Ogden Valley were $400,000 and $143.00.

One of the most recent articles, entitled Utah's Hidden Gem, appeared on October 16 in the Financial Times.  Christopher Solomon, the author, pened the following statements.

"Snowbasin has some of the best terrain, the fastest lifts, the most delicious food of any ski resort in North America.  It's slopes are so barren that you could race a tumbleweed downhill."

"Snowbasin's lodges further confounded me.  They are massive piles of stone and timber, outre' in their ponderous grandeur.  Earl's Lodge, the base lodge named for the resort's late owner, Earl Holding, has wall-to-wall English Wilton carpet, golden sconces and wardrobes big enough to access Narnia through."

A month ago, a major article appeared in Delta Airline's on-board magazine praising Powder Mountain as one of the best secrets in North American skiing.

At some point, real estate prices in the Ogden Valley/Snowbasin/Powder Mountain area are sure to explode.  Nothing this good stays a secret forever.  And there's plenty of room for a big upward surge, which should be on the radar of anyone thinking about buying property in Utah's ski country.

In other news, the snow has begun to fall in the mountains of northern and southern Utah, it's cold enough that the guns are blasting out the white stuff, and it's less than a couple of weeks until the season opens at many resorts.  The most anticipated event - the opening of the gondola that will connect the Park City and Canyons at Park City (new name courtesy of owner Vail) resorts.