Tuesday, July 10, 2012

Auction Brings More Intrigue to Ski Resort Development in 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.


THE NEWS

Wolf Creek Resort, a major residential and golf community in the Ogden Valley, was put up for auction on June 1 and the results have created more intrigue and questions than answers. 

According to Ogden's Standard Examiner, "the auction was part of a Chapter 11 bankruptcy plan filed in 2010 so Wolf Creek Properties LC could sell assets to deal with debt estimated at $10 million to $50 million."  In 2010 Wolf Creek officials blamed the bankruptcy filing on a downturn in the real estate market and economy.

The Standard Examiner went on to state that Wolf Creek officials had hoped the entire resort would sell in one piece, but a $7 million final bid for the resort was rejected during the first phase of the auction.  And this is when things got interesting.

The second phase of the auction put individual pieces of the development/resort up for auction.  No bids were made on the Wolf Creek Golf Course, but the Farm Bureau had the top bid of $600,000 for Pineview Lodge and the clubhouse.  The Summit Group, reported in the previous two posts on this blog as rumored to be close to purchasing Powder Mountain Ski Resort (which sits just above Wolf Creek), purchased 1,400 acres of Wolf Creek property for $500,000.

So...will the same entity that eventually owns Powder Mountain also own parts or all of Wolf Creek Resort?  Many knowledgeable ski industry folks and informed observers have long thought a tram from the Ogden Valley to Powder Mountain is a viable option for overcoming the thorny issue of the road to Powder, which is a major impediment to any significant development.  That would require land in close proximity to Wolf Creek.

As often happens after creditors reject a bid at auction, will there still be addional attempts to put together a deal for the complete resort?

Eden Properties is the managing member of Wolf Creek Properties LC.

Most visitors to the Ogden Valley find it to be one of the most beautiful, serene and peaceful alpine valleys they have seen.  Add three ski resorts with uncrowded slopes, one of which hosted the 2002 Olympics, a gorgeous lake, unlimited recreational opportunities, proximity to the airport and all the happenings in Ogden and Salt Lake - and it's mind-blowing how inexpensive homes and lots currently are in this mountain paradise.  Costs per sq. ft. are a fraction of what they are at other major Utah resorts.

There is a lot of buzz in the Ogden Valley about what may be about to happen.  Whether it's Powder Mountain or Snowbasin that makes the first move toward development, or just the inventory of bank and short sales disappearing, it's a good bet that a paradise like this won't remain such a bargain for much longer.

 

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 like 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.