Friday, June 19, 2015

Utah Ski Resort Property - Huge Variations in Price per Square Foot

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.

Search for Utah Mountain and Ski Resort Real Estate

THE NEWS The variation in price per square foot between properties in different Utah ski resort areas is jaw-dropping.  Some of this variation is understandable; but some seems to defy logic.

Perhaps the most valuable and enlightening price comparison between properties, whether in the Utah ski resort market or any other market, is price per square foot.  Whether trying to compare prices and values between properties in a single area or from one area to another, it is a quick and accurate gage.  In the real estate industry, "substitution" is the widely accepted principal holding that, unless there are special circumstances, a buyer will not pay more for a property than they will for a similar property.  This principal is also the basis of most residential appraisals and the comparative market analysis (CMA).

The Utah Ski Country Real Estate Comparative Statistics tracks price per square foot from month to month, and looking back through the numbers, there is some very intriguing information.  At the top of the price per sq. ft. ladder, a sweepstakes win for those wishing to sell and a losing ticket for those looking to buy, is the Park City/Deer/Valley area.  No surprise here.  This area gets the most exposure, does far more promotion and advertising than other areas, has 3 ski resorts and the famous, fun, restaurant and bar-loaded town of Park City and the luxurious, service-oriented Deer Valley.  Over the past couple of months median price per square foot has approached $400.00.  The Canyons, just ten miles down the road and often thought of in conjunction with the Park City/Deer Valley area, has had a median price per sq. ft. in the neighborhood of $275.00.  The Canyons and Park City Ski Resort will be joined by a chair lift for the 2015/2016 ski season.

At the low end of the spectrum for the major resort areas, and a true gift for property buyers, is the Ogden Valley.  Home of world-class ski areas Snowbasin (2002 Olympic venue for downhills, super-Gs) and Powder Mountain, the low per sq. ft. prices here are a bit of a mystery. $ 120.00 per sq. ft. is 1/3 of the property prices in the Park City/Deer Valley area and 1/2 that of The Canyons.  Granted, the Ogden Valley doesn't have the number of top-notch restaurants and bars that are found in Park City, but it doesn't have the traffic and congestion either.  The scenery is spectacular, with jagged peaks rising out of a lush, green valley with a recreational lake that covers much of the valley floor.  Think Switzerland. Magnificent, un-crowded skiing and riding on "the greatest snow on earth", boating, golf, hiking, fishing, etc., etc.  There isn't a traffic light in this idyllic valley, but it's only a fifteen minute drive to Ogden, a city of 80,000, with a Home Depot, Costco, Walmart., and a good-time "Historic 25th Street".  Another forty minutes and you're in  Salt Lake or at the SLC International Airport.  And then there is the "Valley Lifestyle" - touted by the locals.

Another great value is per sq. ft. prices is the Beaver Mountain area, at around $90.00 per sq. ft.  Beaver is a small resort, reached through a spectacular Canyon out of Logan, Utah.  But it's less than 30 minutes from Bear Lake, a large recreational lake with perhaps the most spectacular color of clear, turquoise water you'll ever see.

Take a look at the Utah Ski Country Comparative Statistics for comparisons in price per sq. ft. (and other property statistics).  This is invaluable information for anyone thinking of buying property, and it may well cause you to expand your search.