Cover

Advertisement
Superior Small Lodging
Colonial Williamsburg

Printable version Send this page to a friend... Share this page

A Mountain of Opportunity

IS WINTER PARK THE NEXT VAIL?
by LARRY OLMSTED - December 2009

Published in :: Business

Back in 1939, the City of Denver purchased a former railroad construction camp less than 70 miles away and turned it into a "winter park" to make up for the dearth of downhill slopes within city limits. For most of the 70 years since, Winter Park has been known as a day skier's mountain-but recent changes have attracted a new rush of people, as Colorado's third largest ski area is quickly being transformed into one of the nation's largest destination ski resorts.

In 2002, Winter Park partnered with ski resort giant Intrawest, owner of major resorts like Steamboat and Copper Mountain in Colorado. In exchange for development rights, Intrawest did what the city could not do: bring the mountain up to the standards of its Rocky Mountain rivals. In just seven years, the company has invested nearly $50 million in skiing improvements, including four new lifts, 10 trails and grooming equipment, as well as a brand-new pedestrian base village with shops, restaurants, bars, condos, an ice skating rink and, for summer, the nation's premier mountain biking facilities. "We are among the 10 largest ski resorts in the country, in both size and number of skier visits, but what we lacked was a village," says Gary DeFrange, Winter Park's president and COO. "We were just a ski hill. Now we are a destination resort."

As a result, Winter Park is getting an influx of second-home owners leaping at the opportunity to acquire prime ski-area real estate at a fraction of what other Colorado resorts command. And, according to Lance Gutersohn, owner of Re/ Max Peak to Peak Realty and board president of the Winter Park/Fraser Chamber of Commerce, more than 90% of the new residential offerings in the surrounding area are second homes. This growth has already had the trickle down effect of creating more restaurants, nightlife establishments and non-ski activities, and at least a thousand more residences are planned for development. If you're in the market, here are some things to consider before you buy:

PROS: Winter Park is the closest major ski resort to Denver, and is served by train from the city's Union Station. There is excellent variety of terrain, including the Mary Jane ski area, widely regarded as one of the best bump skiing venues in the nation. Winter Park is family friendly and has reliable snowfall, and there are pre-approved plans with the National Forest Service for a third ski mountain should new residents crowd the resort.

CONS: The Village of Winter Park is nearly 2 miles from the ski resort. That's not far, but Aspen, Vail, Breckenridge and Telluride are right in town. And, while tourism infrastructure is growing quickly, the area is still behind in terms of the quantity of restaurants, shopping and nightlife. At present, the Winter Park name lacks the international recognition and glamour of, say, Aspen, which affects real estate values.

BY COMPARISON: Winter Park is often listed among the nation's top 10 ski resorts, but prices are much lower than at rivals, especially in the popular west-of-Denver corridor. Home prices in Winter Park's Grand County average $450,105; a new two-bedroom ski-in/ski-out condo in the base village is around $350,000. In adjacent Summit County (home to Breckenridge, Copper Mountain and Keystone), the average home price is $817,798, and in Aspen, it's more than $5 million. Snowmass, Aspen's less expensive mountain, just built a large new pedestrian base village, where studios begin at $535,000.

INCOME POTENTIAL: Because the ski resort has very little hotel lodging, the base area condos serve as de facto overnight accommodations; occupancy rates run high in ski season and on summer weekends. Any of the new village condos can be placed under the resort's rental management to generate income when not in use.

Whether or not Winter Park will join the prestigious ranks of Aspen, Vail and company remains to be seen-but, based on its recent growth, it definitely has all the ingredients of a world-class resort.

WINTER PARK PRICES
HERE'S WHAT YOU'LL GET FOR YOUR MONEY

DELUXE: At the base of Mary Jane is Bridger's Cache, an enclave of 20 lots for custom ski-in/ski-out homes, which local realtor Lance Gutersohn says are the crème de la crème of the area. Sites begin at just less than $1 million; homes are less than $3 million.

MODERATE: The nicest offerings at Intrawest's new base area are the slopeside Lofts of Winter Park Village, luxury condos above the retail storefronts and restaurants. Finished with hardwood floors, granite counters, stainless-steel appliances, large balconies and fireplaces, the units are first rate but relatively affordable. A two-level, three-bedroom, 1,070-square-foot unit runs about $700,000.

BARE BONES: Before the new village was built, the main base area's option was the Iron Horse condominium complex; while about 30 years old, it's still slopeside. A 413-square-foot studio goes for about $145,000.

OFF THE MOUNTAIN: The growth of the ski resort has led to several nearby developments, the largest of which is Grand Park, a 1,700-acre community at the north end of Winter Park. It has its own village underway and the first two phases of a 30-year master plan are now open. A brand-new, 2,300-square-foot, four-bedroom home meeting Colorado's "Built Green" certification costs $549,000.

Published in :: Business

Related features

Recent features


Browse Go Features: