Tuesday, April 5, 2011

Snowbasin Development Should Have Major Real Estate Impact

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past three 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

The News

Many Eyes on Snowbasin

The long-awaited development of a base village, hotel, retail, residential units, a golf course and other amenities at Snowbasin, whenever it happens, is likely to have a major, positive impact on the demand for real estate and property prices in the Upper Ogden Valley and Ogden bench areas, and should be ski industry news of the magnitute that will result in a positive impact on other Utah ski resorts.  The questions?  When will ground be broken?  And who will break it?

Snowbasin Resort Company released the master plan for the project to great fanfare, press, and an open house for the public in May of 2010.  Since that time approvals for the project have been issued by Weber County, one of two counties where the development will enventually be located.  To some, this is evidence that indicates the company is getting ready to move forward with the project.  But to others, cost-cutting during the 2010/2011 ski season related to services and mountain operations, along with the approvals, lend credence to the numerous rumors circulating that the resort is for sale.

Whenever the development at Snowbasin gets underway, and whoever is at the helm at that point, it will be big, big news in the ski resort industry and for real estate in the resort's vicinity.

Utah Real Estate Price Projections Revised Upward

The website FORECASTCHART.com has revised the appreciation/depreciation projections for Utah home prices upward in its 4th quarter 2010 outlook.  The 3rd quarter 2010 outlook had prices decreasing over the next 12 months at a 4.36 rate, while the 4th quarter projections show a decline of only 1.74%.  FORECASTCHART.com shows a HDTFA of 4.4%, which suggests a projected range of price appreciation/depreciation from +2.67% to -6.15%.

Park City: The Park City housing market is heating up, as single family homes are up in both transaction volume and median price.  Comparing the three months ending 2/28/2011 with the same three months in 2009/2010, median prices are up almost 20% and unit volume is up 15%.