Tuesday, September 16, 2014

Park City Resort soon to become 2nd largest ski resort in North America... What about Real Estate?

Whistler is the largest ski resort in North America, with  a reported 8171 lift served acres on its two mountains.   Alta/Snowbird combined ("AltaBird") offers only 4700 acres between the two.  By contrast, one of the most famous, iconic Resorts in the world, Ajax Mountain at Aspen, provides only 675 skiable acres!

With Vail's $182m purchase of PCMR resort, the future connection with Canyons Resort will create a 7000 acre resort; the largest in the US, and second only to Whistler in North America.   This is huge news for the entire Park City area and real estate markets!  It will only take one or two more lifts for a complete connection between the two mountains, which Vail says could happen as early as next summer.

Vail has already announced that Park City Mountain Resort will be included in Vail's "Epic Pass" this coming season!  So for $765, unlimited skiing at PCMR, Canyons, and Vail's Colorado and Tahoe Resorts, plus some in Europe!  Best deal in skiing.

So, how will this affect Real Estate?

Some things will change slowly, some faster.   How to take advantage?

A rising tide lifts all ships, but we think that Old Town homes and condos close to the PCMR lifts, and also lots and homes in The Colony (at Canyons Resort) closest to the new connecting access lifts will experience a very early and sustained increase in sales activity and prices going forward.

For Example, last Thursday, immediately after the purchase announcement, the Colony  developer immediately raised prices 10-20% on 12 of the newest phase lots, close to the future connecting lift.   Another home in the Colony area immediately bumped its list price by 10%

In addition,  two small condos within walking distance of PCMR lifts immediately pended (contract for sale) yesterday!   Prediction:  Old Town/PCMR resort proximity property will see brisk sales and firming prices in the coming months!

However, even a second homeowner or condo owner in lower Deer Valley will face a future of having the PC/Canyons option as a fantastic benefit.  And, as we all know, Deer Valley  Resort is only separated from PCMR by a rope at the top of Empire Lift.  Will Vail eventually negotiate a reciprocal pass agreement with DV to allow mutual ski access, to create Utah's "Trois Vallees"?   Perhaps!  

If you know of anyone considering Park City/Deer Valley Real Estate, it would be my pleasure to help and advise!

See you in Park City!

Al Johnson
Sothebys International Realty
Park City/Deer Valley

No comments:

Post a Comment