12 Jun 2013

Vail Resorts enters Utah Ski market with lease of Canyons Ski Resort

by | posted in: Summit Group, Utah Ski Country Comparative Real Estate Activity Statistics, Utah Ski Resort MLS, Vail Resorts | 0

Utah Ski Country Real Estate Comparative Statistics: Click here for the latest Utah Ski Country Real Estate Comparative Statisticsfor 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

It has been a fact for years – Vail Resorts has long tried to acquire a resort or establish a presence in the Utah ski market.  They now have their presence…as they take over operations of Canyons Ski Resort.

 According to the May 30th edition of The Salt Lake Tribune, in an article by Christopher Smart and Dawn House, the Colorado-based resort operator will operate Canyons under a long-term lease with Talisker Corporation of Toronto, Canada. The article quotes Nathan Rafferty, president of Ski Utah, “Vail Resorts is really good at selling lift tickets, and they have lots of experience in some of the busiest, and most popular, resorts in North America.  It brings a lot of credibility when a company with such a broad reach is part of our industry.”

At some point the agreement could include all ski terrain currently operated by Park City Mountain Resort, according to a statement from Vail and reported in the same article.  This further development depends on the resolution of a legal dispute between Park City Mountain Resort and Talisker.

Jenni Smith, Park City Mountain Resort president and general manager, was quoted in the Tribune as saying “We welcome Vail Resorts to the Utah ski community and look forward to working with them to continue to grow Utah’s ski industry.  As we have for the past 50 years, we remain committed to owning and operating Park City Mountain Resort and will continue to work toward a fair resolution of the lease dispute.”

This news, along with the Summit Group’s finalization of their purchase of Powder Mountain, should provide a high octane boost to the Utah ski and mountain property market.  More of the “Colorado faithful” will surely show up to see what Utah skiing is all about, particularly if they can utilize their Vail Resorts pass.  If history is any indication, once they’ve experienced the epic powder and overall snow quality, reasonable pricing, temperate winter temperatures, un-crowded slopes, and the fact that most of Utah’s ski resorts are less than an hour from the Salt Lake City airport…well, many of them will decide to put down some roots.

Utah’s ski resort real estate continues to heat up.

A number of Utah’s ski resorts and bench areas adjacent to the Wasatch have experienced dramatic jumps over the past month in the number of properties sold and average sales prices, while at the same time showing significant drops in days on the market.  As an example, the Ogden bench and Mountain Green areas, with their close proximity to Snowbasin and Powder Mountain resorts, reported sales of 63 units in May, up from 39 units in April.  The latest sales statistics can be perused at Utah Ski Country Real Estate Comparative Statistics. The buyer’s market is rapidly turning toward a seller’s market, and savvy buyers will likely not stay on the sidelines much longer.