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DD Web • January 5, 2017
The Vail Effect: How Is It Impacting Utah Real Estate?
The Snow Gods have spoken, ski season is underway, and more visitors than ever are pouring into resorts all across Utah. Last season, Utah hosted 4.5 million skiers, a new record credited in part to the “Vail Effect.” Vail Resorts acquired Park City Mountain Resort in 2014 and later revealed a $50 million construction plan that would combine PCMR and Canyons Resort, producing the largest ski resort in the United States.
The expansion provided a total of 7,300 acres of skiable terrain and other renovation projects and additions including restaurants, a new base area, expanded parking and upgraded chairlifts. And that’s only the beginning of improvements which have been announced for the new Park City Vail Resorts project.
This was big news for Park City, and for the ski industry at large. But what has the ‘Vail Effect’ had on Utah real estate. Is it real? How has it impacted not only local residents, but the Utah real estate market as a whole?
Let’s take a look…
As tourism capital increases in Utah, so does the demand for both vacation rental homes and homes for sale . According to the most recent U.S. Census Bureau Report, Utah’s population crossed the 3.0 million mark and became the nation’s fastest–growing state last year. This population growth, coupled with the rise in tourism, caused local home values — as well as home sale prices — to rise substantially. Many are attributing these rising home values to the ‘Vail Effect.’
Initially, back when the acquisition was first announced, ultra high-end ski/in out homes at Canyons jumped 20-25% overnight, and low-priced condos around the base of the Park City Resort got the attention of real estate investors and quickly disappeared off the market.
Now that we are over two years into the ambitious improvement plan, it’s hard to deny that the Vail Effect is real. At 2016 third quarter end, both the median sales price and the number of closed sales continued to trend upward (7.5% annually since 2012) despite historically low levels of inventory. Summit and Wasatch County property values continue to rise and limited inventory has forced buyers who felt priced out of the resort market to expand their search south/east into Heber and Kamas Valleys, and west into Salt Lake County.
Looking ahead, home prices around these areas are expected to rise at a steady rate through 2017 as all types of real estate buyers are lured into Summit and Wasatch Counties. Finding affordable property in these micro-markets remains challenging and demand in surrounding neighborhoods is higher than in previous years. Additionally, millennials are a new class of buyers who are becoming more and more active in this market.
The Greatest Snow on Earth is living up to its reputation and continuing to attract the attention of a growing number of tourists and home buyers. If you’re in the market to purchase a home this year and want to learn how to take advantage of the Vail Effect, reach out to an expert who can provide you with some insight into where home prices are heading in your desired neighborhood.
Now…where to Aprés-ski?
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
REDEFINING THE EXPERIENCE
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