At BHHS Utah we are tracking the effects of the Vail purchase with keen interest. While it's too soon to predict all the implications from this major change, we feel comfortable in saying that Vail’s presence will be very positive for our marketplace. There are several plots of land now owned by Vail that are available for new development, which will add substantially to Park City’s future real estate growth potential.
We are not the only ones who see this acquisition as a beneficial thing. Immediately after the sale was made public via press releases from both Vail and Park City, Vail’s stock shares jumped 12% in value. Stocks have continued to trend upwards, especially after it was announced that Park City Mountain Resort would be added to the Epic pass this coming season (2014-2015). Locals and visitors can now ski both mountains as part of the same pass, providing a uniquely affordable way to experience Park City’s legendary snow.
Going forward, we have begun to monitor our marketplace and in the future will have good idea as to how our market has been affected by this change and how it is likely to contribute to trends in the future. While Vail has yet to discuss or share its intentions with regards to new lifts, renovating the base of Park City Mountain Resort, or consolidating its Park City holdings, we look forward to seeing its vision for the largest resort in America.
We are hesitant to make any claims at this point with regards to real estate, but it is likely that property values will go up due to increased interest in Park City stemming from this newsworthy transition. Areas and neighborhoods that abut the two resorts have already garnered increased attention from buyers and are experiencing elevating median prices. In other words, now is the ideal time to invest in Park City real estate holdings.
Want to know how the Vail purchase affects your property's value or real estate goals? Call your BHHS Utah real estate professional today. bhhsutah.com