Foreign investment in U.S. real estate is increasing as foreigners see the U.S. as a bargain and a safe way to diversify their portfolios. Nationally, we are 15-20% off of peak prices, so foreigners still see U.S. property as a bargain. (Park City’s median single family home price is about 12% below the peak). Foreigners are scooping up luxury properties in New York, Los Angeles and Miami. Can we expect them in Park City? The answer is an “epic” yes.
Vail Resorts is now running two of Park City’s three resorts and the Epic ski pass is already a game changer. Ski any of Park City’s mountains and you will hear a multitude of languages spoken on the chair lift. The Epic Pass is sold in 80 countries and in all 50 states. This one pass is putting Park City on the international map.
For the 2014/15 ski year, Epic Pass holders could enjoy unlimited skiing at 11 Vail resorts for $729.00. Epic Pass holders also gained access to limited complimentary skiing at Niseko, Japan, Verbier, Switzerland and Les 3 Vallees, France. The Epic pass is making the ski world a little bit smaller and more accessible for everyone. And those of us who live in Park City full-time or part-time know that once foreign visitors discover Park City, they will fall in love with it, too.
Bottom line? Expect to see more foreign investment in Park City.