Wednesday, April 10, 2013

Ogden Valley's Powder Mountain Development Gets Final Approval, $24 Million Bond for Infrastructure, and The Sanctuary Get Heli-Ski Permit


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

Ogden Valley's Powder Mountain has finalized major milestones toward getting underway with construction related to the resort's master development plan.  The Summit Group, now operating Powder Mountain and soon to close on its sale, has received both final approval for the initial phase of its Master Plan and a $22.5 million bond to finance the needed infrastructure.  The Weber County Commission granted both.

And there's more big develop-related news for the Ogden Valley.  The Sanctuary Ranch, approved for six 40+ acre residential lots, has been granted a rare, private Heli-Ski Permit, which will allow property owners to access 80,000 acres of heli-skiing from a pad in their community.

In an article by Janelle Hyatt in the April 9 Standard Examiner, Ogden, Utah's major print and online newspaper, Thayer, Walker, the "chief Reconnaissance officer" of the Summit Group, is quoted.  "The initial development at Powder Mountain will be a village tucked away among the trees and out of sight."  Thayer added that "the proposed 154 dwellings range from full-size homes to "nest units" of between 200 and 400 square feet."

In late March, the Weber County Commission agreed to back a $22.5 million bond for the Summit Mountain Holding Group.  The bond is essentially a loan, and is designated to build the infrastructure of roads, water and sewer that is the first stage of any development.  Property owners within the special assessment district, limited to the 1,570 acre development, will be responsible for the nearly $1.6 million annual bond payments.  No county taxpayers at large, who live outside the special assessment district, will be liable for any of the levied taxes.  According to Douglas Larsen, executive director of the Weber Economic Development Partnership, quoted in a Standard Examiner article by Jesus Lopez Jr. on April 1, "by backing the project, the county is supporting economic growth in the community."

Thus, the first major development at either of the Ogden Valley's two major ski resorts, Snowbasin and Powder Mountain, is finally poised to start - reportedly this summer.  Stay tuned for updates.

The Sanctuary Ranch is a 525 acre development high above the floor of the Ogden Valley, in the southeast corner.  According to the development's representatives on their Facebook page," the roads and power are complete and building lots are now for sale."  Lots are 40+ acres and the development's Heli-Ski Permit is" the only such permit in Utah."  The Sanctuary operated this winter as a Heli-Ski Base, and Diamond Peak Heli-Ski has access to 80,000 acres of private terrain less than a ten minute flight from the development.


Real estate prices are continuing a slow, but steady climb at most Utah ski resorts as the inventory of foreclosures, short sales, and distress sales declines significantly.  The real estate market is red-hot in some parts of  Utah, especially certain areas of Salt Lake, and the mountain communities are showing signs of beginning to follow that trend.

For investors, Realty Trac, an online real estate research site, named Ogden, Utah, as one of the top twenty real estate investment cities in the country.  Ogden is a mere eight miles from the Ogden Valley and Snowbasin, Powder Mountain, and Wolf Mountain.