Sunday, November 15, 2015

Park City/Deer Valley Property Prices Sky High While Snowbasin, Powder Mountain a Bargain

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 Snow is falling in Utah, real estate prices in the Park City/Deer Valley area continue to rocket upward, while the beautiful, pristine ski mecca of the Ogden Valley continues to be a true bargain for property buyers.

The "Vail Effect" (Vail now owns Park City and The Canyons) with all the benefits of the Epic Pass, the new gondola that will connect The Canyons with Park City, creating an enormous amount of interlinked, lift-served terrain, the improving economy, etc., etc. - there are plenty of theories.  But the fact is the median sales price and cost per sq. ft. continue to rise to record heights in this resort area.  The October statistics show a median sales price of $1,407,000 and a cost per sq. ft. of $401.00 for the Park City/Deer Valley market.

At the same time, in spite of a rising number of articles lauding the skiing, beauty, amenities and lack of crowds at Snowbasin and Powder Mountain - the Ogden Valley, the area that both resorts perch above, continues to offer property prices that are shockingly low. In stark juxtaposition to the October median sales and per sq. ft. prices of $1,407,000 and $401.00 for the Park City/Deer Valley area, prices in the Ogden Valley were $400,000 and $143.00.

One of the most recent articles, entitled Utah's Hidden Gem, appeared on October 16 in the Financial Times.  Christopher Solomon, the author, pened the following statements.

"Snowbasin has some of the best terrain, the fastest lifts, the most delicious food of any ski resort in North America.  It's slopes are so barren that you could race a tumbleweed downhill."

"Snowbasin's lodges further confounded me.  They are massive piles of stone and timber, outre' in their ponderous grandeur.  Earl's Lodge, the base lodge named for the resort's late owner, Earl Holding, has wall-to-wall English Wilton carpet, golden sconces and wardrobes big enough to access Narnia through."

A month ago, a major article appeared in Delta Airline's on-board magazine praising Powder Mountain as one of the best secrets in North American skiing.

At some point, real estate prices in the Ogden Valley/Snowbasin/Powder Mountain area are sure to explode.  Nothing this good stays a secret forever.  And there's plenty of room for a big upward surge, which should be on the radar of anyone thinking about buying property in Utah's ski country.

In other news, the snow has begun to fall in the mountains of northern and southern Utah, it's cold enough that the guns are blasting out the white stuff, and it's less than a couple of weeks until the season opens at many resorts.  The most anticipated event - the opening of the gondola that will connect the Park City and Canyons at Park City (new name courtesy of owner Vail) resorts.