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Show Canyon Reporter, 8-21 March 1994 REAL ESTATE What sold and for how much I was a pretty good year for holders of ski properties in Big and Little Cottonwood Canyon. Actually it always is a pretty good year for owners of these properties. After all, in the last ten years they have gotten a respectable return and have had the distinct advantage of being able to ski in and out of their investment as it matures (try and do that with your collection baseball cards or collection of rare Elvis Aaron “The King” Presley table lamps). Real estate sales in Big and Little Cottonwood Canyon for 1994 were about typical as compared to the previous years. Both canyons reg- istered a slight increase in number of units sold and in Little Cottonwood canyon the sale price per unit increased on an average of 6% as well. It was a healthy run. Actually, properties in Salt Lake City did better with regards to increase in average price, and Salt Lake City saw an extraordinary jump in num- ber of units sold over the past two years. Big and Little Cottonwood Canyon continued to exhibit the steady, if unspectacular, _ growth in value which they 1995 SALES SUMMARY: by Big Al Miller have cdntinu ally enjoyed through even the worst years Additionally, the nature of the at Solitude Ski Resort crescendevelopment should increase dos and the canyon enhances of the downtown real estate | the average sale price of propits reputation as a destination market. The limited amount of erties dramatically as new resort, it is entirely possible inventory and the specialized units at St. Anton Lodge and that there will be a more Creekside at Solitude are nature of the second home marked increase in values of market keeps activity on a offered at prices equal to the the established properties in more even keel than in the most expensive properties at the canyon. This possible raucous primary residential Snowbird and Alta (on a price jump in prices would likely be market. | per square foot basis). It is several years down the road. This situation may change unknown the effect this will There are other factors that over the next couple of seahave in the well-known Big will force price inexorably sons for a number of reasons. Cottonwood ayn subdivi- upward in these two canyons. First and foremost is the issue of inventory supply in the canyons. New inventory is . becoming more and more rare in Little Cottonwood Canyon not perfect. Per usual I did not round up my sources until way too late, so I may have missed some things. This list presents a very good picture of current values for a given style unit in a given development. I have endeavored to note special circumstances make a unit special not so special (any Bresee is known to the night suffered which or ........... place John have spent | a pea as the land between Snowbird -and Alta is built out. Snowbird Realty expects that the actual number of units sold over the next four or five years will decline slightly, while the average price rises noticeably. While this scenario should © hold true across the board, raw land stands to benefit most, as | it is the rarest commodity of all in Little ee Canyon. In Big Cottonwood canyon a different situation exists. The recent push towards develop- ment at the Solitude Ski Resort promises to increase inventory considerably. Teri Deardorff Of: 2644114 Powder bl sions like Silver Fork and Forest Glen, but it is probably safe to assume that things will not change much in the short - PONDEROSA REALTORS, INC. run. There should be the normal healthy inflation in lot and home prices as inventory of its Ridge They have been explored in previous articles in this paper. The most obvious influence would be the selection of Salt Lake City for the 2002 Winter Olympics, but there is a more tous decline in value and reputation). Big Cottonwood Canyon “A” frame - .25 acre in Silverfork, 3 bedrooms, half. bathroom, 900 square feet. Winter access and water, very private wooded lot- $78,000 Modified “A” frame - 1.5 Sugarplum Powder Ridge Blackjack iene Homes. Building Lots crucial, and in my opinion, underappreciated, source of upward pressure on prices in the canyon. That is Salt Lake City’s natural growth and broadening and strengthening of its economic base. It is impossible to figure a top on the market, but highly successful ski developments in the country like Aspen and Vail routinely sell well-located properties at $600 per square Hellgate shared Nett foot. Even if you discount Modified “A” frame - .19 properties in Big and Little acre, slope-side at Brighton, 2 Cottonwood Canyon to reflect and one half bathrooms, five 5300 South S00 East Murray, Utah B4117- -SNOWBIRD / ALTA sort declines. However, as development PROPERTIES Little Cottonwood Canyon’s only on site real estate office with over 20 years experience in the Snowbird/Alta peeoe Areas The View Snowbird Village -snowbird realty Snowbird Realty PO Box 920071 Snowbird UT 84092 ) 800-453-7122 winter vehicle access, marginal water system (two times in the last five years the house has temporarily been without running water for a short time in the winter months) $140,000 their slightly provincial repu- _bedrooms, modern kitchen. tation, it is easy to see that 3000 square feet - $180,000 Garage - .20 acre in Silver prices may go considerably higher than the $220-$250 per Fork with one water share. square foot range common in Winter water and access Little Cottonwood Canyon $48,000. Lot -:..75 acre in Silver — and the projected $300 per Fork with one water share on square foot price of Big Highway, zoned commercial Cottonwood Canyon’s new properties. $92,000. | Lot - .5 acre in Bivrost Following is a list of propGlen, with water share. erties which sold in Big and Little Cottonwood Canyon in Residential- $45,000. ~ Lot"--.3- aere: in Forest 1994. While this list is mostly Glen; with water share. accurate and complete, it is An cep 801-742-2222 ext. 4120 801-742-2807 FAX Located in the Snowbird Center- 2nd seasiel acre, slope-side at Brighton, two bedrooms and sleeping loft, one full bathroom. No = casa et cs AO Pam Page es |