Utah Ski Resort Real Estate Showing Signs of Recovery

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Utah Ski Country Real Estate Comparative Statistics: 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

The News

Recovery in the Utah Ski Resort Real Estate Market?
According to PR Newswire, “significant sales and steady price increases at Park City’s Promontory may be a bellweather.”
The press release goes on to say that current real estate sales trends are showing signs of encouraging growth in some market segments, particularly the ski resort market.  Luxury real estate brokers in Aspen, Vail and Lake Tahoe report that their regions have experienced a significant recovery, starting in 2010.
Promontory (www.prmontoryclub.com), a luxury second-home community in Park City, Utah, could be a bellweather of the mountain resort market recovery.  While sales quantity is not the only indicator of improvement, Promontory’s jump from 49 sales in 2009 to 124 sales in 2010 and 69 deals in the first quarter of 2011 – puts them on track for 300 transactions through the end of 2011.

Checking shorter term and more recent real estate sales statistics at Utah ski resorts, there are more encouraging numbers.  In the Alta, Snowbird and Cottonwood Heights (Salt Lake City bench) zip codes, unit sales jumped from 18 in February to 24 in March and the median days on the market dropped from 134 to 87.  Sales at Brighton, Solitude and the Salt Lake City bench area around Big Cottonwood Canyon jumped from 25 units in February to 39 units in March, and the Ogden bench and Mountain Green zip codes (close to Snowbasin and Powder Mountain)  reported a jump in units sold to 43 in March from 28 in February and a drop in median days on the market from 156 to 108.

Confirmation of  Summit Series Interest in Purchasing Powder Mountain
We reported in this blog last month (March 10) that a number of business blogs were reporting that the Summit Series was pursuing a possible purchase of Powder Mountain.  In a recent article in the Standard Examiner, Ogden, Utah’s daily newspaper, Patrick Lunden, marketing manager for Powder Mountain, confirmed that a “California company is exploring the possible purchase of Powder Mountain.  They are looking at the mountain and doing their due dilligence.  There will be an official press release once the deal is done.”  Lunden identified the company as Summit Series, based in Malibu.

Summit Series, founded by Elliott Bisnow in 2009, states on one of Bisnow’s business blogs (Bisnow Media) that Summit Series hosts “invitation-only events that connect and inspire a new generation of leaders to succeed in business and in life.”

The Standard Examiner goes on to report that “Past Summit Series events have drawn numerous celebrities, including former President Bill Clinton, Mark Cuban, owner of the Dallas Mavericks, and Craig Newmark, founder of Craigslist. 

News Flash!! www.utahskicountryhomesland4sale.com has partnered with Ski Utah and is now linked to the home page of the Ski Utah website. The website provides a comprehensive listing of Utah ski resort properties for sale, along with a wealth of information on owning or building in an alpine/mountain environment, google maps, resort information, etc. The go-to site for researching and locating Utah ski property, UtahSkiCountryHomesLand4Sale will now be available through a click to Ski Utah’s 150,000 monthly visitors. And property seller’s will for the first time have a way to advertise their property to these 150,000 visitors.
Ski Magazine Rankings
Ski Magazine http://www.skinet.com/ski/galleries/2010-2011-resort-rankings ranked Deer Valley as the continent’s #1 ski resort for an unprecedented fifth straight year, Park City #5, and a number of Utah’s other ski areas in the top thirty-five. No other resort had ever won the prestigious top spot more than three years in a row.

The Canyons was awarded the #18 ranking, Snowbird #19, Snowbasin #27, Alta #28, Brighton #29, and Solitude #30. Snowbasin was ranked #2 for food, and Alta was #1 for powder/snow quality, followed closely by Brighton, Snowbird, and Powder Mountain. Park City was also awarded the #1 ranking for family vacations.