Ski Developments in Utah Attract More Buyers Than Colorado Housing Market
Looking for a second home on a ski mountain? Considering a mortgage loan on a residence out west?
It used to be a given that these shoppers would head straight to the Colorado housing market, specifically Aspen. This isn’t the case anymore.
With its dramatic rock outcroppings, destination ski areas and still affordable land values, Utah is fast becoming the go-to state for luxury accomodations and resort developments.
The word regarding luxury homes in the area isn’t a major secret, said Stan Castleton, developer of the St. Regis Resort and Residences at Deer Crest in Park City, told the Associated Press and Mountain News.
Castleton’s project, and others at the former Elk Meadows ski area and vivid red rock canyons of Big Water, are attracting attention for their plush style, million dollar pricetags and remote locations. If approved by county officials studying the project, the Elk Meadows ski resort alone will increase one southern Utah county’s assessed property values by 20 percent.
Castleton’s Deer Crest development includes 26 private condominiums and 67 condo suites. Slated for completion in 2008, it will set the standard for high-end accomodations, with guests treated to butler service, spas, and - of course - ski-in, ski-out access.
The pricetag for all that luxury and accessibility? One and a half million to $4.3 million for the condo suites and $2.5 million to $8 million for the residences.
It’s not exactly affordable housing - but it’s not such a bad deal in this demographic, either. Statistics show that Park City is outpacing Western resort towns in the number of property units sold and exceeded the volume sold in dollars, but has remained sixth in average sales price, according to numbers from The Rocky Mountain Resort Alliance.
In the first quarter of 2006, Park City had 743 units sold, higher than the 100 in Aspen, Colo., the 180 in Sun Valley, Idaho, and the 674 in Summit County, Colo., home to Breckenridge, Copper Mountain, Arapahoe Basin and Keystone resorts.
But the average sales price in that Utak marmet is $731,772 - lower than Telluride, Colo., Teton Village, Wyo., Vail, Colo., Sun Valley and Whistler, British Columbia.
A luxury home that would cost $1.7 million in Park City would cost $2.7 million in Aspen. That’s quite the difference for anyone seeking fixed or adjustable rate mortgages in the region.
In other words: it’s not just preceived value in the area; it’s actual value compared to similar towns out west.