Utah Ski Resort Real Estate Showing Signs of Recovery

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. 

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