Recently, Vail Resorts revealed a massive $50 million construction plan that will combine Park City Mountain Resort (PCMR) and Canyons Resort, producing the biggest ski resort in the United States. This is huge, even when compared to one of the most celebrated and iconic ski resorts in Aspen, which only offers 675 acres of skiing.
Vail Resort’s ambitious improvement plan will provide a grand total of 7,300 acres of ski-able terrain. The exciting additions will to the massive resort will bring along:
- A brand-new gondola
- Two entirely new chairlifts
- Full-service restaurant
And that’s only some of the bigger improvements which have been announced for the new Park City Vail Resorts project.
How Will the New Vail Ski Resorts Project Affect Park City?
This is big news for Park City, and for the ski industry at large. But, how will all these changes affect the local Park City area? How will the affect local residents and the Park City real estate market?
There’s no way to be certain. So, let’s start by looking at the facts, and form predictions from there:
PCMR and the Canyons Resort will both undergo major changes. So, it’s safe to assume that the Park City neighborhoods closest to the resorts will be affected the most.
That means properties in Old Town will stand to benefit a great deal, as well as the houses and condos near Canyons Resort. Prices in these areas will definitely spike for now, at the very least while it’s quite likely that prices for property will stabilize at a much higher level.
This is also good news for all of the restaurants and watering holes in the area. However, it could also mean that if you enjoy catching shows at the Egyptian Theater, you may soon have to deal with an even bigger crowd than usual. Then again, if you live in Park City, you’re used to the occasional arts crowds here and there.
How Will the Vail Resorts Improvement Affect Park City Real Estate?
It seems that the Vail Resorts improvement plan will bring new residents and more shoppers to the local area. So, most residents of Park City are wondering if Deer Valley Resort is going to get in on the action at some point in the future. As every local property owner and snow enthusiast is no doubt well aware, only a single rope barrier at the top of the lift separates PCMR from Deer Valley Resort.
One would think these two would also merge somehow to create an even larger local resort. This would definitely bring even more snow, ski and tourist related revenue to this local Utah community. In turn, this would help to increase the value of the local Park City real estate.
Ski Resorts to Increase Home Values in Park City
As more and more tourism capital comes to this Utah city, the more the demand for both vacation rental homes and homes for sale will increase. This will cause local home values, as well as home sale prices to rise substantially. Many homeowners who once found themselves upside-down just may find themselves right-side-up again. For Park City sellers who have been holding off, waiting for the market to stabilize more, this may finally be the time to unload your home.
To keep your fingers on the pulse of the real estate market here in Park City, come check in on the developments over at Jensen and Company. We’ve got all the market updates for the local area, plus community updates as well. Search for Park City homes for sale today.