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Utah Real Estate Sales Outpace Aspen, Sun Valley

By J.D. O'Connor
November 13, 2006

With its dramatic rock outcroppings, destination ski areas, and still affordable land values, Utah is fast becoming the go-to state for luxury accomodations and resort developments hoping to become the next Aspen or Sun Valley.

"It's no longer a secret," Stan Castleton, developer of the St. Regis Resort and Residences at Deer Crest in Park City, told the Associated Press.

Castleton's project, and others at the former Elk Meadows ski area and vivid red rock canyons of Big Water, are attracting attention for their plush style, million dollar pricetags and remote locations. If approved by county officials studying the project, the Elk Meadows ski resort alone will increase one southern Utah county's assessed property values by 20 percent.

Castleton's Deer Crest development includes 26 private condominiums and 67 condo suites. Slated for completion in 2008, it will set the standard for high-end accomodation, with guests treated to butler service, spas, and - of course - ski-in, ski-out access.

"I think that the transformation of the Park City area has clearly happened," Castleton said. "It's a huge bargain compared to those other places (Aspen and Sun Valley), with much better access. You can get on a plane in the morning and be on the slopes by the afternoon."

The pricetag for all that luxury and accessibility? One and a half million to $4.3 million for the condo suites and $2.5 million to $8 million for the residences.

Statistics show that Park City is outpacing Western resort towns in the number of property units sold and exceeded the volume sold in dollars, but has remained sixth in average sales price, according to numbers from The Rocky Mountain Resort Alliance.

The alliance was founded about 10 years ago and tracks real estate sales in resort towns in Utah, Colorado, Wyoming, Idaho and British Columbia, said Betty Brown, board president for the Park City Board of Realtors.

In the first quarter of 2006, Park City had 743 units sold, higher than the 100 in Aspen, Colo., the 180 in Sun Valley, Idaho, and the 674 in Summit County, Colo., home to Breckenridge, Copper Mountain, Arapahoe Basin and Keystone resorts. But the average sales price is $731,772 - lower than Telluride, Colo., Teton Village, Wyo., Vail, Colo., Sun Valley and Whistler, British Columbia.

A luxury home that would cost $1.7 million in Park City would cost $2.7 million in Aspen, Brown said.

"We are not just a perceived value compared to the other resorts, we are a value," Brown said.

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