Ski Condo Investments – Park City, UT

By Todd Anderson

Sep 09, 2016

Is now the right time to invest in a vacation rental in Park City, Utah?

The ski and snowboard magazines rating the new 2016/2017 equipment are in the racks or already in your mail stack, and there are less than 90 days to the opening of the snow ski and ride season. Is now the time to buy a Park City condo you can use a few weeks this season and rent out while you aren’t using it? Here are some of the things you can expect if you start the process now:

Sellers while having been on the market all summer may be less inclined to lower their price

While it may seem like sellers would be willing to get more aggressive and move away from their ski condo, the opposite is often true. After carrying the condo all summer long with little or no use and rental revenue, the reservations for the upcoming Park City ski/ride season are ramping up and Sellers can see a positive revenue stream on the way in the near future. The upside of this for potential Buyers is the same for the non-seller, rental revenues are not far off.

Holiday weeks may already be booked

Peak holiday weeks in Park City can often book a year out. Sundance, Presidents Day, the Christmas to New Year’s holidays and some spring break weeks are already showing strong bookings. This is a positive for your rental cash flow, but may impact your ability to use your condo at these times. On the flip side, it could be a great time to come out and check on your investment (maybe your CPA will allow you to write the trip off?!!).

It is easy to see the available inventory now

Many people get the idea to buy a Park City vacation condo while they are on a ski vacation. The trouble is that if you are here during peak times, many of the condos you want to see are not available due to the fact that they have renters in them. We at YouInParkCity.com encourage you to come out now and enjoy the fall colors while the rental rush is quiet. It will allow you to see the options and make your decision while there is still time to plan your winter stays here.

There is still time to make minor improvements

A full remodel is likely out of the question before the slopes at Park City and Deer Valley open, but a fresh coat of paint, new carpet and adding some personal touches are still viable upgrades before the season starts. These little things make your rental show better in photos and rent better for the upcoming season.

Why wait? There is revenue to be collected to start paying for your new vacation

The results of the upcoming election will have no impact on how much you want to ski this year. And as Warren Miller likes to say: “if you don’t do it this year, you will just be a year older when you do it next year”. It’s time to start making those family memories, skiing is one of the few truly multi-generational sports out there.

For reliable and truthful information regarding Park City and Deer Valley ski (and snowboard) condos contact a local real estate professional with the YouInParkCity.com Group at KW Park City Keller Williams (435)962-9472.

Tags: Deer Valley, Park City, rental, revenue, snowboard, Utah, ski condo
Posted in buyers, Park City Skiing | 0 Responses to "Ski Condo Investments – Park City, UT"

Canyons to be Operated by Vail Resorts

By Todd Anderson

May 29, 2013

Vail Resorts announced today that it has entered into a long term lease to assume all of the resort operations of Canyons Resort in Park City, Utah.

Vail lost out to Talisker a few years back in the bidding to purchase the resort, but is now coming back to take over the operations. Talisker Corporation has retained all of the development rights. In the original battle between Vail and Talisker for the purchase, Talisker’s lack of ski mountain operations background was a point of contention. In today’s press release Vail commended the work Talisker had done with $75M in improvements and other moves that had raised Canyons into the top ten ski resorts in North America as rated by the readers of Ski Magazine.

The website home page of Canyons Resort announces that “Utah is now Epic”. This refers to Canyons Resort being included as part of Vail Resorts’ Epic Pass which offers skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly, and Kirkwood all for $689 (20% below the price of a Canyons Resort pass last year).

The press release states that the companies agreed to a fifty year lease with six fifty year options to renew at a price of $25 Million per year plus a yearly increase and portion of EBITDA.

The agreement also includes the land which Talisker currently leases to Park City Mountain Resort. The leased land is mentioned as potential lease without additional consideration. The litigation between Talisker and Park City Mountain Resort is ongoing. The chairman and CEO of Vail Resorts is quoted as saying he hopes “Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts”. Great news for skiers and snowboarders at Canyons and Park City, but a questionable phrase for Powder Corp (Owner of Park City Mountain Resort).

Park City as a whole should only benefit from what Vail Resorts brings in terms of marketing and resort operation expertise.

Tags: canyons, Epic, Park City, resort, Ski, snowboard, Talisker, Utah, vail
Posted in Park City Real Estate Notes, Park City Skiing, Park City value | 0 Responses to "Canyons to be Operated by Vail Resorts"

Back to School Sales and Back to Skiing / Riding in Park City

By Todd Anderson

Aug 07, 2012

Preseason Season Pass Sales at Park City Ski and Snowboard Resorts

Season passes can now be purchased at Park City Mountain Resort, Canyons Resort, and Deer Valley. Daily ticket prices have not been released at all of the resorts, but if you are going to ski ten days or more it makes good sense to look into making an early purchase of your season pass.

Park City Mountain Resort Season passes offer the broadest range of options as their passes can be customized for the resort’s various offerings. Adult Season passes start at $750 and top out at $1425. The add-ons include underground parking, night skiing/riding, and Fast Tracks express lanes. Youth Passes (7-12 years old) range from $145-$445; Teen Passes (13-17 years old) range from $195-$495; Young Adult/College Passes range from $475-$1050; Senior Passes (65-69 years) are offered from $475 to $1050, and Super Seniors (age 70 and above) start at $270 and max out at $845 with all the options. Pass purchases include summer lift access for the current season. The age of the passholder is determined as their age on opening day November 17, 2012. Daily rates have not been published yet, but were $96 per day for adults last season, so anything more than 8 days for the year could prove to be a worthy investment. Pass prices go up on September 15.

Canyons Resort made a change this year and got rid of the mid-week pass option, but they have also reduced the rate on their full season pass so that it is less than the price of last years’ mid-week pass. If you buy an adult full season pass before Sept 15, 2012, the price is $849 (after Sept 15 the price jumps to $1149, and $1449 after Oct 15). Canyons offers a “platinum upgrade” which includes valet parking and a ski/boot locker with boot dryer. Youth (7-12 years old) Season Passes at Canyons Resort are $409 for non-residents and $249 for Utah students. Young adults (ages 13-17) from out of state can purchase a full season pass for $749 while Utah students pay $279-$319 depending on their school grades. Utah college students can buy a season pass for $599. Canyons Resort also offers pass deals for Teachers, Firefighters, and Police as well as Military personnel. As with Park City, Canyons season passes can become a better value with as little as 8 days of skiing/riding for the season.

Deer Valley which was ranked the #1 Resort in North America for the 5th year in a row last season is the only one of Park City’s three resorts to have posted their daily ticket rate for the 2012-2013 season and for the first time, it has topped $100 with a daily rate of $102 ($106 Holidays). Adult full season ski passes at Deer Valley are $1810 ($1470 for the 2nd when purchasing 2). Youth passes (4-12) are $450. Teen passes are $750 and Young Adult passes (18-23) are $1100 for the season. Seniors in the 65-71 year old bracket can purchase a season pass for $925 while Super Seniors (72 and up) can get a pass for $850. Midweek passes are available at Deer Valley; adult passes are $925 while Senior rates are $850; note that midweek passes are not valid Dec 26-Jan 1. Prices go up on November 1, 2012.

If you think you’ll be in a position to ski more than a week this upcoming season take a hard look at a season pass at your favorite Park City area resort. I guarantee that if you have a pass you will ski/ride more than if you are buying individual tickets. You will be willing to go up for just a couple of hours because you’ve already paid for it. Take full advantage of why you own real estate in Park City and get out on the snow this year.

For more lift ticket specifics visit: www.CanyonsResort.com, www.ParkCityMountain.com , and www.DeerValley.com.

Tags: canyons, Deer Valley, lift passes, Park City, Park City Mountain Resort, season tickets, Ski, snowboard
Posted in Park City Skiing | 0 Responses to "Back to School Sales and Back to Skiing / Riding in Park City"

Winter Comes to Park City This Week

By Todd Anderson

Oct 23, 2010

The weather is changing and on recent mornings a light dusting of snow has been visible on local peaks and ski runs here in Park City, UT. The classified ads in the newspaper are showing more seasonal jobs available with the resorts, hotels, property management, restaurant and service industries gearing up for the winter season. But more than the dark mornings and shorter days, the upcoming ski and snowboard season is marked by movies coming to town. In particular, it is ski movies coming to town. They mark the start of winter like spring training baseball games mark the start of summer. We have seen Matchstick Productions' highly acclaimed The Way I See It already come and go (I couldn't believe it was "already that time"). This weekend will see the screening of the latest Warren Miller film Wintervention. The film is the 61^st Warren Miller ski film. This year's is narrated by Jonny Moseley and contains all of the music, powder shots and big mountain lines that make up ski dreams. For many it will also manage to make us think that it is time to get in shape for the winter.