Sunday, June 10, 2012

Speculation or Development at Snowbasin, Powder Mountain and the 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

Is development finally at hand for the Ogden Valley, Snowbasin and Powder Mountain...or just more speculation?

After years of speculation...development and big changes might be at hand for the Ogden Valley and Snowbasin and Powder Mountain, the ski resorts that ring the pristine valley.

Rumors and posts on a couple of business blogs have the Summit Series purchasing Powder Mountain.  Wolf Creek, the residential and golf community at the base of the road that leads to Powder, recently went up for auction, and the Summit Series group purchased 1400 acres in the community, leading to further speculation that the rumors are true.

In a recent article in the Standard Examiner, Ogden, Utah's daily newspaper, Patrick Lunden, marketing manager for Powder Mountain, confirmed that a "California company is exploring the possible purchase of Powder Mountain. They are looking at the mountain and doing their due dilligence. There will be an official press release once the deal is done." Lunden identified the company as Summit Series, based in Malibu.

Summit Series, founded by Elliott Bisnow in 2009, states on one of Bisnow's business blogs (Bisnow Media) that Summit Series hosts "invitation-only events that connect and inspire a new generation of leaders to succeed in business and in life."

The Standard Examiner goes on to report that "Past Summit Series events have drawn numerous celebrities, including former President Bill Clinton, Mark Cuban, owner of the Dallas Mavericks, and Craig Newmark, founder of Craigslist

Snowbasin is reportedly close to acquiring all the approvals and permits necessary to start on the development outlined in the master plan they released to the public in 2010.  The resort has a new general manager, John Loomis, who arrived this spring from Northstar in California.  Among his many duties at the Tahoe area resort, he played a key role in the development of a village and other major improvements, including the construction of a Ritz Carlton.  So...is Snowbasin poised to finally move forward with the base village, hotels and housing that many have been expecting since the close of the 2002 Winter Olympics?

If major development does begin at Snowbasin, property values in the Ogden Valley should take a rapid rise, and many investors will try to be at the right point, at the right time, on the curve.
Take advantage of the lingering buyer's market for Utah ski properties, shop for your dream home or lot, and enjoy the numerous activities and events all along the Wasatch front this summer.

According to Ski Utah (comprehensive listing), the following is a sample of what will be available to Utah visitors and residents alike over the late spring and summer months. Each resort website and chambers of commerce have complete listings of events and activities.

Mountain and road biking take center stage along the Wasatch once the skis and boards are put away until next ski season. Midweek MTB is a casual Tuesday night weekly mountain bike racing series held at four venues, and the Mt. Ogden Midweek Race Series at Snowbasin is held each Wednesday starting in June. Annual and special races include the Intermountain Cup at Deer Valley 6/6 and the Mt. Ogden 100K at Snowbasin 8/18. There are also numerous road bike and distance races and relays.

The Wasatch is literally "alive with the sound of music" during the summer months. Deer Valley has multiple concerts each week in their series, featuring such notables as John Fogerty, Earth, Wind and Fire and Kansas, performing with the Utah Symphony, and the Mormon Tabernacle Choir. The Canyons Concert Series is on Saturday evenings, Sundance has the Bluebird Cafe Concert Series, Snowbird the Cool Air Concert Series, and Wolf Mountain has bi-weekly concerts, complete with a spectacular view of the Ogden Valley. Among numerous special concerts are the Utah Symphony performing 6/29 at Sundance and Jazz in July at Snowsbasin, featuring award winning songwriter and performer Anna Wilso on 7/21.

Interested in Theatre? 7 Brides for 7 Brothers will be presented by the Sundance Summer Theatre 7/23-8/18.

Want to be inspired and illuminated by literary discussions? The Sundance Resort presents its' Author Series each month starting in May.

Runner or Traithlete? There are numerous races and events, from 5 and 10Ks, to full marathons and Olympic distance triathlons. Check schedules online.

Yoga? Alta has the Spring Yoga Retreat 5/25-5/27.

If you or your family likes festivals, markets and fairs - again, there are far too many to mention here. A few notables are the Park City Silly Sunday Market and the Park City Farmers Market at the Canyons Resort, held each Wednesday. Ogden, Utah and the Ogden Valley also hold weekly farmer's markets. Snowbasin holds it annual Octoberfest 8/18 and 8/19, and annual Brewfest 6/16 and 6/17.

July 4th offers spectacular celebrations in the Utah mountains, from classic slice-of-Americana events in Huntsville in the Ogden Valley to rousing symphony renditions of patrrotic works and stunning fireworks at the resorts.

Increase in Property Units Sold in April 2012 at Utah Ski Resort

Alta, Brighton/Solitude, Canyons and Beaver Mountain showed strong increases in real estate units sold in April 2012. In the case of Brighton/Solitude and the Salt Lake City bench area adjacent to Big Cottonwood Canyon, the increase was dramatic - almost 50% over the previous six month average.

Recovery in the Utah Ski Resort Real Estate Market?

According to PR Newswire, "significant sales and steady price increases at Park City's Promontory may be a bellweather."

The press release goes on to say that current real estate sales trends are showing signs of encouraging growth in some market segments, particularly the ski resort market. Luxury real estate brokers in Aspen, Vail and Lake Tahoe report that their regions have experienced a significant recovery, starting in 2010.

Promontory (www.prmontoryclub.com), a luxury second-home community in Park City, Utah, could be a bellweather of the mountain resort market recovery. While sales quantity is not the only indicator of improvement, Promontory's jump from 49 sales in 2009 to 124 sales in 2010 and 69 deals in the first quarter of 2011 - puts them on track for 300 transactions through the end of 2011.

Checking shorter term and more recent real estate sales statistics at Utah ski resorts, there are more encouraging numbers. In the Alta, Snowbird and Cottonwood Heights (Salt Lake City bench) zip codes, unit sales jumped from 18 in February to 24 in March and the median days on the market dropped from 134 to 87. Sales at Brighton, Solitude and the Salt Lake City bench area around Big Cottonwood Canyon jumped from 25 units in February to 39 units in March, and the Ogden bench and Mountain Green zip codes (close to Snowbasin and Powder Mountain) reported a jump in units sold to 43 in March from 28 in February and a drop in median days on the market from 156 to 108.
News Flash!! www.utahskicountryhomesland4sale.com has partnered with Ski Utah and is now linked to the home page of the Ski Utah website. The website provides a comprehensive listing of Utah ski resort properties for sale, along with a wealth of information on owning or building in an alpine/mountain environment, google maps, resort information, etc. The go-to site for researching and locating Utah ski property, UtahSkiCountryHomesLand4Sale will now be available through a click to Ski Utah's 150,000 monthly visitors. And property seller's will for the first time have a way to advertise their property to these 150,000 visitors.

Ski Magazine Rankings

Ski Magazine http://www.skinet.com/ski/galleries/2010-2011-resort-rankings ranked Deer Valley as the continent's #1 ski resort for an unprecedented fifth straight year, Park City #5, and a number of Utah's other ski areas in the top thirty-five. No other resort had ever won the prestigious top spot more than three years in a row.

The Canyons was awarded the #18 ranking, Snowbird #19, Snowbasin #27, Alta #28, Brighton #29, and Solitude #30. Snowbasin was ranked #2 for food, and Alta was #1 for powder/snow quality, followed closely by Brighton, Snowbird, and Powder Mountain. Park City was also awarded the #1 ranking for family vacations.