Thursday, June 23, 2016

Utah Ski Country Real Estate Deals Vanishing

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 Since the real estate collapse of 2008, there have been a steadily shrinking number of major Utah Ski resort areas that offer extraordinary values on real estate, and those great deals may be coming to an end. 

The Park City/Deer Valley area led the comeback from the recession, with property prices exploding upward within a few years.  Among major ski resort areas, the Ogden Valley, home to Snowbasin, Powder Mountain and Nordic Valley, has been the most resistant to price recovery.  But indications are property values in this mecca of big mountains, abundant powder and uncrowded slopes, may be poised to make a significant leap.

For the past couple of years, the median price per sq. ft. in the Park City/Deer Valley area has moved up and down in the $350 - $400 range.  In contrast, median prices per sq. ft. in the Ogden Valley have been as low as $120 but never above $150 per sq/ ft.  Recently, there have been sales of properties at $200+ per sq. ft.  Sales at lower prices in the Ogden Valley are still keeping the median price down, but the trend seems to be up.

It has long been a puzzle to many why prices in the Ogden Valley have remained so low.  It's a stunningly beautiful alpine valley with a large recreational lake, two world-class ski resorts with terrific amenities and few crowds, only 15 minutes from Walmart and less than an hr. from the Salt Lake International Airport.  Best bet is a lack of promotion since the 2002 Olympic downhills and super-g's were held at Snowbasin.  The Valley is a well-kept (and highly guarded by those-in-the-know) secret.  But with more and more national articles heaping praise and the high profile Summit Group purchasing Powder Mountain, the proverbial worm may be turning in terms of property prices.  Great news for sellers; not so good news for buyers.

Consensus opinion is that if Snowbasin ever breaks ground to follow through with their significant development plans, there would be a rush to purchase property in the Valley and prices would escalate quickly.  But Snowbasin's plans are a well-kept secret that have defied speculation for at least a decade.  Even if they don't move forward, the Valley real estate market could be poised to explode. Something this good - well, it's hard to imagine it remaining a secret, and a great deal, for much longer.