Sunday, November 16, 2014

No Big News for a Month in the Utah Ski Industry is Big News

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 The big news is that there is no big news related to new acquisitions, partnerships and development among resorts in the Utah Ski industry since the last posting of this blog a month ago.

In the previous six months there seemed to be an unending stream of major developments involving Vail Resorts purchasing Park City, Deer Valley purchasing Solitude, Powder Mountain starting their resort development, and Nordic Valley (formerly Wolf Mountain) announcing significant development plans.  For this past month - all has been relatively quiet

The most notable news and issue of continued interest, other than the fact that as this is being written it is snowing in Utah, cold, and most of the resorts will be open on or before Thanksgiving - is the brightening prospect of One Wasatch (www.onewasatch.com) becoming a reality.  One Wasatch would be an interconnect of lifts that would connect up to seven resorts in the Park City and Cottonwood canyons areas, and create by far the largest interconnected, lift-served.terrain in North America.  Vail Resorts has already announced plans to move forward with a lift that will connect the Canyons and Park City resorts.  This would be the first link and optimists are now mentioning five years as a possible target date for completion.

The Utah ski industry's landscape has changed dramatically over the past few months, but the completion of One Wasatch would have an additional, huge impact.  Skiers and riders from around the world would be motivated to experience first-hand the Wasatch's incredible snow quality and depths, the wide variety of resort personalities and offerings, and the ease of access to it all.

Once folks come and sample the wonderful lifestyle available, a significant number will inevitably purchase property, either as a vacation home or to live the dream.  The next five to ten years should be an exciting time in the Utah ski resort and mountain real estate market.

Real estate markets at the major Utah resorts have slowed their dramatic comeback somewhat, and there are still bargains to be found, particularly in the Ogden Valley, home to Snowbasin, Powder Mountain and Nordic Valley.  Both Powder and Nordic are underway with major developments, and speculation is that Snowbasin may be close to starting their long-awaited resort village.   With all the new alliances and development among their competitors, it would seem logical they would want to take advantage of the heightened interest in Utah resorts.  In any case, the good deals are sure to vanish before uch longer.  In the Park City/Deer Valley and Canyons area - it's anybody's guess when and how much the recent major developments will affect the real estate market.