PARK CITY & SALT LAKE CITY ON TRACK TO HOST THE 2034 WINTER OLYMPICS! …. WILL THAT AFFECT REAL ESTATE VALUES?
This week, In a significant development, the International Olympic Committee, convening in Mumbai, India, has designated Salt Lake City as the exclusive contender for the 2034 Winter Games, as officially declared on a Sunday morning.
Fraser Bullock, who serves as the President and CEO of the Salt Lake City-Utah Committee for the Games, expressed in a statement, "Today's decision by the IOC Session firmly positions Salt Lake City-Utah on the path towards a potential hosting role at the upcoming Paris Games in July. Our strategic approach, which involved staying ahead in meeting the necessary prerequisites for securing venues and government assurances across all levels, has afforded the IOC the opportunity to consider Salt Lake City-Utah as a reliable and preferred host for the 2034 Games."
The announcement from the IOC indicated that France, Sweden, and Switzerland had been initially highlighted as potential candidates for the 2030 Winter Games, with Salt Lake City-Utah included as an option if necessary.
Questions we receive:
How will this affect real estate values? The Olympics will draw significant attention to the Host City for years leading up the event and the reputation of Host City will remain in place as a positive credibility boost for years after. This all results in an increase in demand and when that is applied to the current inventory it leads to price appreciation. In short, The hosting of the Olympics is expected to boost the demand for real estate in Park City, Park City Mtn Resort, Deer Valley, Midway, Heber City, and Salt Lake City
What are the best locations to own real estate during the Olympics? This is a very fun question and even though you can make a case for many different types/locations of real estate I will break it down into properties that are (1) in close proximity to events/venues and (2) easy to access when town is busy.
- Deer Valley Ski In/Out Homes & Condominiums - I know this and the next option are pretty intuitive but these options will see great appreciation and rental return benefits.
- Park City Mtn Resort Homes & Condominiums – Depending on the timing of the redevelopment of the base of Park City Mountain Resort, there may be some excellent new construction offerings as well as existing inventory here.
- Old Town and Main Street Homes & Condominiums - The party is on Park City Main Street during the Olympics. These are Party in/out and some are a close walk to skiing.
- Jordanelle Homes & Condominiums - This area is adjacent to the new ski terrain at Deer Valley To the point where you could possibly watch the 2034 downhill event from your living room (with binoculars). Plus easy access off of Hwy 40.
- Midway Utah – Locals call it Park City South, and Midway is located on the south side of Deer Valley and Brighton Ski Resort. It is now also very close to the new Mayflower Deer Valley ski terrain. If people ask me about investment opportunities right now, this is at the top of the list. Soldier Hollow is the site of the Olympic Nordic events and state-of-the-art facilities have been maintained well. In addition to the Olympic Nordic Center, Midway is home to several great hotels, a vibrant Main St, and natural hot springs.
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Whether you are looking to buy or sell Park City Real Estate, Deer Valley Real Estate, or Midway Real Estate, our team of Realtors is here to help. Over the past 5 years, we’ve sold over $500 million in property in Deer Valley, Empire Pass, Old Town Park City, the Canyons, Hideout, Tuhaye, and all surrounding areas. Being the best realtor in Park City is what we strive for and no job is too big or too small. Deer Valley homes, Park City condos, Empire Pass ski-in ski-out properties, Hideout lots and New Construction are all in our wheelhouse so please don’t hesitate with the simplest of questions. We look forward to hearing from you so please reach out with your questions! Matthew Magnotta ([email protected]) Lindsey Holmes (li[email protected]) Brad Erickson ([email protected])