The escalating cost of skiing is becoming more apparent, particularly at resorts like Deer Valley and in locations such as Park City where the median home price is over $3.5 million. Rising lift ticket prices, along with major corporations like Vail Resorts and Alterra Mountain Company making significant investments in ski resorts, are causing even millionaires to feel the financial strain of the sport. These corporations are expanding resorts, adding new lodging, dining, and retail options, and giving ski areas a luxurious makeover with projects like the “Expanded Excellence” initiative at Deer Valley and a $100 million investment at Powder Mountain from Netflix co-founder Reed Hastings.
While capital improvement projects are underway at various ski resorts in Utah, such as Snowbasin Resort and Park City Mountain, some individuals are concerned about the focus on community and culture alongside these developments. Increases in lift ticket prices and rent have raised questions about employee housing and affordability for workers in the area. Despite these concerns, the development and expansion of ski resorts do not seem to be slowing down. The demand for luxury travel experiences during ski season continues to rise, as seen in increasing travel to Utah by private jet providers and exclusive vacation clubs.
Exclusive Resorts, a luxury vacation club with a significant investment fee and annual dues, considers Deer Valley a member favorite and plans to maintain a presence at the resort despite the ongoing changes and expansions. The expansion efforts at Deer Valley are expected to double the size of the ski resort and provide new opportunities for buyers interested in ski-in, ski-out properties. Real estate prices in the area are steep, with true ski-in, ski-out properties at Deer Valley costing upwards of $5 million. The expansion plans are aimed at capitalizing on the appeal of Utah’s abundant snowfall, which has driven an increase in interest from visitors renting properties for extended periods to enjoy the winter sports season.
The boom in Utah’s ski industry can largely be attributed to the consistent snowfall in the region, with Alta Ski Area receiving over 900 inches of snow during the last season. The allure of the picturesque winter landscapes and ample snowfall has attracted more visitors to the area, driving up demand and leading to significant investments in resort infrastructure. As interest in skiing and luxury travel experiences during the winter season continues to grow, the development and expansion of ski resorts like Deer Valley are expected to attract high-end buyers and vacationers seeking an upscale skiing experience. Despite concerns about affordability and community focus, the allure of Utah’s snowy slopes and luxury amenities remains strong.
