VAIL COMES TO PARK CITY – WHAT DOES IT ALL MEAN?
As you have probably heard, Vail acquired Park City Mountain Resort from Powdr Corp for 182.5 million dollars. Fortunately, litigation is over and the worry that PCMR may not open for the 2014/2015 ski season is over. The acquisition was a surprise for many of us and it’s taken us a couple of days to wrap our heads around the whole thing.
Here is our answers about questions we have been hearing, that are opinion based:
What does the future hold for the Canyons and Park City Mountain Resort (PCMR)?
We expect to see a connector between the two resorts by the 2015/2016 ski season. A connection would mean PCMR and Canyons would be the biggest ski resort in North America. This could also be the first step to the reality of One Wasatch, which would eventually connect all seven of the ski resorts in the Wasatch Mountains.
Park City is now “Epic”. The Epic Pass, which gives carriers’ access to Canyons, Vail, Beaver Creek, Breckenridge, and Keystone in Colorado; and Heavenly, Northstar, and Kirkwood in Tahoe, can now be used at Park City Mountain Resort. Day passes bought for the Canyons can also be used at PCMR and vice-versa, which makes for 7,000 skiable acres in Park City with one pass/ticket.
How do you feel about the new ownership of Park City Mountain Resort?
As locals, we have mixed emotions, but with all things considered we think that it will be great for our community and we are thankful Park City Mountain Resort will be open for the 2014/2015 ski season. However, we do not think that Vail is the magic solution that will make Park City better; we are already a world-class ski-town. We all hope that Vail will be considerate as they fit into our town that we love.
How will it affect real estate prices?
Real estate sales have been on the rise the past couple of years in Park City, and we hope to only see them go up. With the increased exposure and Vail’s powerful marketing, we expect to see an increase in tourism and an incentive to buy. As we recover, from the great recession, the same people that vacation here buy property here.
There is no question that having PCMR open will increase the price of condominiums at the base of the resort. If Vail can facilitate renovation projects with various homeowners associations at the base of the resort then the values will definitely increase.
Real estate prices at Vail Resort are higher than prices in Park City, so if buyers are seeking more affordable real estate near a Vail-run resort, they may be enticed to buy in Park City.
What could be a possible downside of the new ownership?
Rapid growth in a small town can often lead to over-population problems, such as traffic and parking situations. Park City’s City Council needs to be careful about maintaining the small-town feel that we all love. New roads, development projects and plans are in the works to compensate for a growing population during tourism seasons and year-round.
Simply put, no. Deer Valley Resort has an unmatchable quality of service and a high level of loyalty from their visitors. We think that Deer Valley could become more desirable especially by people who seek great snow, great service, great food, and a resort that does not get overcrowded.
We are waiting to see what renovations and changes Vail will make to PCMR, if any. Many of us agree that PCMR needs a facelift and could benefit from new restaurants, a better base area, increased parking and faster chairlifts. The connection between Canyons and PCMR will be a huge change and it will be interesting to see what it leads to. We will keep you informed with our real estate market updates.
Please let us know what other questions you have and we will be sure to send you our opinion!