Let me explain.
1) Park City Mountain Resort has always been ranked one of the top 6 ski resorts in the United States. However, it stayed a small, family run operation that lacked national marketing muscle to make it a true destination resort. Now Vail is in charge, and this is what they do best.
2) Canyons Resort has also been perennially ranked one of the top ten ski resorts in America. This was mainly due to it having the most skiable acres in North America. It’s no secret that this has always been a mis-managed resort that was loved more for its potential than for the reality of the experience delivered.
3) Last year, Vail Resorts, an undisputed world class resort operator, took over Canyons. Vail made its intentions known that they would be investing hundreds of millions to make Canyons the new crown jewel of their vast resort portfolio. Vail Ski Resort has always been ranked #1 or #2 in the nation, trading places each year with Deer Valley. They know how to do things right and have already gone to work.
5) Vail has announced that PCMR and Canyons will be linked, creating the largest and finest ski resort in the U.S.A.. Deer Valley and Jackson Hole are going to have to step up their excellence to compete.
6) Over time, there will be an influx of HUNDREDS OF THOUSANDS of additional skiers who will come to Utah (many using their Vail Epic Pass) from all over the world. This new resort will be an experience that isn’t available anywhere else.
7) When these new visitors discover that Park City is only 35 minutes from an international airport that hardly ever closes, and they ski a resort unlike anything else in the world, on the finest champagne powder in the world, they will be hooked.
8) When these same skiers realize that Park City Real Estate is readily available for 50% OR LESS than real estate in other destinations like Vail, Jackson Hole, Aspen, and Telluride, their decision to buy here will be a complete “No Brainer”.
9)Deer Valley, who has always ranked either number 1 or 2 in the nation, will not be sitting on their hands watching this unfold. You can count on them fighting tooth and nail to maintain their coveted spot as the Best Ski Resort in the nation. For years, DV has planned on connecting their resort to Old Town Park City through the use of lifts and people movers. This will certainly be fast tracked, creating the only European Ski Experience available anywhere in the U.S.A.
10) Vail Resorts is currently putting the finishing touches on the Canyons championship golf course which had been delayed 10 years by the previous operators. The course will be open in Spring 2015 and offer more off-season staying power for the resort.
This all means that here is an inefficiency in the valuation of Park City Real Estate that cannot and will not be maintained much longer now that Vail is in town.
You have a town with the best access, the best snow, and now, the two best ski resorts by far, priced at less than half their competitors. Skiers are being wooed here with open arms, being told they can come and ski here for free on their Epic Pass. It’s only a matter of when, not if, this inefficiency in the market will correct itself.
If you’re considering a vacation property of any type, I highly recommend you take a close look at Park City and act post haste. It won’t be long before this window of opportunity is slammed shut forever.