Tuesday, May 10, 2011

Will Record Snowfall and Powder Days Lead to Utah Ski Resort Real Estate Uptick?

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


It Snowed...and Snowed...and Snowed!!


Prodigious dumps of Utah's "Greatest Snow on Earth" came early this season...and late...and are still coming.  Resorts in Big Cottonwood Canyon opened in October, Alta closed after over 700" total inches and with a base near 200", Snowbird is over 700", still open, and should have great skiing into the summer months, and many of the other resorts closed with bases large enough to have guaranteed another month of  skiing and riding.

Why close with so much late snow and huge bases?  Spring, summer and fall recreational activities along the Wasatch are so numerous and enticing that many of the locals are ready to move on to the next season by late April or early May.

The record snowfall and number of powder days demonstrated in spades to this winter's visitors the allure of skiing and riding in Utah - great skiing you can count on...numerous days floating through the world's greatest powder...the option of skiing the day you arrive in Utah and the day you leave due to the short ride from the airport...terrain to suit every taste and ability level...and resorts with every amenity possible.

So...will guests who were impressed with what they saw this winter come back and buy resort property?  That's the multi-million dollar question.  Skier and rider days were up at many resorts and real estate brokerages report increased property inquiries.  But the real estate buying season at ski resorts is typically in the late spring, summer and early fall months.  Stay tuned as this blog will have the answer to the multi-million dollar question for you in the months to come.  

Interesting Facts About Ski Resort Property Buying Habits

From 2001 - 2009, as many buyers found property through online searches as through real estate agents - 36%.

First step taken by property buyers - 36% looked online for property; 19% contacted an agent; 11% looked online for information on how to buy.  Much smaller percentages used a variety of other first steps, from magazines and newspapers to yard signs.

Over the past three years, 90% of home and property buyers used the internet at some point in their search. 

A higher percentage of the 90% who used the internet eventually used an agent (88%) than those who didn't use the internet (73%).

The average income of those who used the internet in their real estate searches was $74,200.00 vs. $55,200 for those who didn't use the internet.

The highest percentage of those who used the internet in their initial searches for real estate were individuals 25 - 44 years old.

*The above statistics courtesy of the National Association of Realtors

Deer Valley: Deer Valley to Keep More Lifts, Restaurants, Amenities Open for Summer Season

Continuing a trend to make Utah's Ski Resorts legitimate four season resorts, and attract more summer visitors and property owners, Deer Valley has announced the following:

The Royal Street Cafe, accessible by the Silver Lake Express chairlift or car, will be open for the summer season.

The Deer Valley Grocery and Cafe will remain open year-round.

In addition to the Silver Lake Express chairlift, the Ruby Express chairlift will be open for the summer season, and both lifts will now access over 65 miles of biking and hiking trails.

Snowbasin: Snowbasin Holds Open Houses for Master Plan in Morgan County

The Morgan County News recently reported that Snowbasin was scheduling open houses in Morgan County to display and discuss the master plan for development of the resort's base village, residences, golf courses, and various amenities.  A significant portion of the development will be in Morgan County.  Weber County, which much of the development will occur in, has already given final approval to the plan, and Morgan County approval is the last major step in the approval process.