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Show ‘November 1995 | REAL ESTATE: Olympic Impact on Prices by AleX Miller dreaded) bid award. This situa-’ reports a similar tightening of maintained on a year round tion will almost certainly change basis, or if the mythical “Ski prices by sellers though no outas the event get closer. right hikes in prices of already Interconnect’”” ever becomes a Alas, for all the positives that listed units. She shares Chris reality it would be hard to imag- © we see in the market none of us ine a better situation than Big Caroon’s view that the winter real estate agents are going to_ Cottonwood Canyon. Of course will begin to change this situaget rich over night, neither will tion. even without these occurrences, — current ski property owners. ing at properties in the area the generally rising tide of Utah “T expect new listings will doesn’t take long to get to real For Information on Park include virtually all the recogcome in noticeably higher than ski property value will surely estate values. If you’re selling City properties call: nizable names. Marriot and float this new development. current availabilities. The reaRuth Ann_ Fitzgerald, you're psyched, if you’re buy-- _ Holiday Inn are is the only realIn short, The Olympic Bid sons are simple: the Olympic ing, you’re bummed. ly big hotel companies currently Prudential Coleman Real Estate has had an effect on the real Games further legitimize Salt It seems obvious that the in Park City.. 649-7171 estate market but it hasn’t been _ Lake City and Utah ski resorts coming of the Olympic games Chris Caroon, Jess Reid dramatic. As always, the market I also talked to Chris Caroon which were already beginning should reward ski property own- — at Jess Reid Real Estate in Park | to be recognized for what they finds its own way and it seems to Real Estate 649-3000 ers, especially in Park City and City. Jess Reid is a smaller, indeCanyons Cottonwood be reacting fairly calmly to the are, and up here we have the Deer Valley area, with higher pendent real estate company Realty 581-9969 news of the long awaited (or added benefit of extremely limproperty values. In addition to which handles property In ited supply. This is a very exclubeing Utah’s most obvious Heber and Midway in addition sive canyon.” resort, the Park City/Deer Valley to Park City. The company A canyon that has so far enjoys a reputation for good serarea which now must be considbeen overlooked may be one of ered to include Wolf Mountain vice and an eclectic assortment the biggest winners in the (erstwhile Park West), have the which gives potential buyers a Olympic real estate picture is added benefit of being the site good cross section of properties Big Cottonwood Canyon. fasidential Sales for several Olympic events like to explore. Chris’ knowledge of Solitude’s new development Vacation Rentals the slalom, giant slalom and oe the area was impressive. Chris may have just the right combiFTV d aad pert pe restated Ruth Ann Fitzgerald’s nation of assets to capitalize on style skiing. \ Property Management Ruth Ann Fitzgerald an observation that the awarding of the slowly developing Olympic agent for the successful the Olympic bid did not have a market. Prudential Coleman real estate dramatic effect on the market. The planned units are luxuriSnowbird/Alta company in Park City says that. Mr. Caroon feels that the Park ous, they offer ski in/ski out ” Bark Gy - ‘Solitude/Brighton while buyers’ interest has cercity area is extremely strong access and a mountain which is | Deer Valiey — Salt Lake Valley | tainly been piqued at the anyway. | a happy medium between Park Woif Mountain announcement of the games it is “Obviously the Olympics City and Snowbird: the scenery the sellers who have taken the _ will mean a good deal to the area’ is stunning, the properties will initiative. Ss down the road but at the be new and the development’s “Basically,” says Fitzgerald, “moment I haven’t seen any real timing 1s terrific. Packeeas tics “a lot of the sellers have gotten a - change. I think the pace will If | Guardsman’s pass little greedy and I have to - pick up this season when we get between Park City and Big remind them that while the | our customers for whom the Cottonwood Canyon is ever Olympics is a good thing, it is Olympics are a big deal.” still seven years away.” In Little | Cottonwood She hastens to add that the Canyon, where there will be no Little Cottonwood Canyon’s only on site real estate office now has Olympic bid is really secondary; Olympic venues and the availa new name - cottonwood canyons realty. Formerly snowbird the underlying strength of the ability of land is extremely limmarket is substantial and well . ited to begin with the Olympics realty. With over 20 years experience in the Snowbird/Alta Resort supported. has definitely had an impact. Areas, we are now serving Big Cottonwood Canyon. Looking for a When asked if the Olympics The potential customers for place in Solitude Resort’s new Village? We can help. Our name had either no, some or a big Little Cottonwood Canyon are has changed but our commitment to service or our knowledge of effect on her current business also aware of the extremely the canyons she replied that it had “some small supply of inventory. This effect’. Her principal experience means that any increase in and with regards to the Olympic bid demand for property, even if it is our selection just was that it did help move some a hiccup compared to Park got better! people already considering a City’s market has a dramatic purchase into action. impact on prices and supply. “Actually we were someGiven the high prices of the Ma what surprised to see the arrival properties left (approximately of a different sort of buyer: the $250.00 per square foot) people big hotels” she adds. “ Two are afraid of being priced out. It years ago the big hotels wouldhas become, on a small scale, a Sugarplum n’t even talk to us, but there has self fulfilling prophecy. While Powder Ridge been a lot of interest in suitable Cottonwood Canyons Realty Blackjack Snowbird Realty commercial land since the (formerly snowbird realty) has Hellgate PO Box 920071 | announcement, including land not exactly sold out of properties _ Snowbird Village Snowbird UT 84092 at the Park City Resort Center.” they have fewer listings than Condominiums 800-453-7122 In particular Fitzgerald menanyone working in the office can Homes 801-742-2222 ext. 4120 tioned the purchase of the femenvEr Pe Building Lots 801-742-2807 FAX | Adolph’s restaurant located Cottonwood Canyons Shared Ownership Located in ie Snowbird Genter - 2nd floor adjacent to the Park City golf Realty agent Cyd Bruns also course by Island Records, an POWDER BEACH raat (801) ee Nae Prayer extraordinarily successful record company which is looking to diversify. Island Records plan to build a luxury hotel » there. The hotel companies look- WHAT'S INA NAME. .........:00c0cc000082? y cottonwood Page 15 anvil Se lty a Salt lake City’s selection as _ the host for the 200 winter games is going to mean different things to different people. Depending on who you’re talking to it will be a boon or a disaster. When you talk to most people about the pros and cons it |