Tuesday, December 10, 2013

Ski Magazine Advises "buy property now" in the Ogden Valley's Ski and Recreational Mecca

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THE NEWS

Ski Magazine's current issue boldly states "buy property now" in its' feature article on Powder Mountain ski resort and the Ogden Valley.  National Geographic just selected Ogden, Utah as Number 1 on their list of the top ten "emerging ski towns", and Snowbasin Ski Resort has received the final approvals necessary to launch their long-anticipated base village development and resort expansion.  "Buy property now" in the Ogden Valley area may well be the best advice anyone interested in purchasing mountain resort property in Utah can possibly get.

Ski Magazine's feature article on the enormous potential at Powder Mountain and the Summit Group, who recently purchased the resort and is already building infrastructure on the mountain for a village and residences, makes a very strong case that the Valley's pristine beauty, three ski resorts, lake and myriad recreational opportunities, combined with very reasonable (some would say cheap) property prices - is a unique situation.  And one that should not be missed.  The article even draws an analogy related to the earliest days of the development of Aspen.

The Summit Group, and their plans for Powder Mountain, has been attracting a lot of recent publicity.  The organization has been described as a combination of "TED and Burning Man", and the Ski article's author, Gordy Megroz, thinks that "Summit isn't really selling the skiing experience to its prospective buyers (half of them don't even ski); what it's selling is the Summit Culture of good food, indulgences, and highbrow conversation among like-minded people."

But what the Summit Group does with the development of Powder Mountain, a resort with more skiable acreage then Vail, could have a dramatic effect on real estate values in the Ogden Valley.  And that is why Mergroz is telling people to "buy property now."  No secret as good as the Ogden Valley can last forever.

Snowbasin Ski Resort is still the undisputed "gorilla in the room" relative to the Ogden Valley.  Host of the downhills, super-Gs and combined alpine events during the 2002 Olympics, those-in-the-know praise the elegant lodges, dining lift system and terrain, typically filled with copious amounts of Utah's fabled powder but relatively few skiers and boarders.  A master plan for a base village and development that will include hotels, restaurants, shops, single family homes, condos and golf courses was made available to the public a number of years ago. But the planned development spans two counties, Weber and Morgan, and the final approvals were only recently granted in mid-November of this year.

The conventional wisdom has been that as soon as Snowbasin breaks ground on their base village, property values in Ogden Valley will take a significant jump.  With the last of the approvals final, that time may be close.

To be sure, there is a lot going on that could significantly raise what are still very reasonable property prices in the Ogden Valley.  And quickly.  Mr. Mergroz's advice to "buy property now" should perhaps be heeded.