01:03:25 · Thomas Wright
[01:03:25] S3: I love that they shop all the resort markets. I think that's fabulous. I was in our office in Jackson Hole or I'm sorry, in Lake Tahoe one day and I saw a client and I came home and then I saw the same client walking into our Park City office. So they're definitely shopping the resort markets and they should. They are all very different. They all have different attributes and unique things to them. And I just want clients to find what what works for them. So if it's in another resort market, I'm happy to refer them to somebody with Sotheby's International Realty in that market and let them let them find the property that works for them. Utah is unique because Utah has consistently been number one in business opportunity. Have a very friendly tax structure. We have the newest airport in The United States, which has been a boon for our economy. We're becoming a sports city with the recent addition of the NHL team to Utah. And then best of all, the East Village at Deer Valley doubled the terrain of Deer Valley, while XTell Development simultaneously is building Four Seasons, Waldorf Astoria, their ski in ski out lots at Deer Valley. They already finished the Grand Hyatt. And then there's even a great affordable option called the Piosche Village where you can buy a condo really close to the... To ski access for about $400,000. Woah. And I know one of your avid listeners that introduced me to your show, Gavin Van Wagner, would be stoked to hear his name. But there is a plethora of options there at the East Village Of Deer Valley, and it's really doubled the terrain. So our resort market has experienced this incredible growth because we've been able to double the amount of skiable terrain. And Deer Valley, you know, is consistently ranked the number one ski resort in North America, and you can get there now without going through one traffic light from the Salt Lake City International Airport, the newest airport in the country.
01:05:11 · John Coogan, Thomas Wright
[01:05:11] S1: Woah. Yeah. That's huge. Pretty good pitch. What, what what is the the the history of the real estate market in Utah? Like, what what are the key inflection points? I imagine COVID was a big one. Is the the the housing crisis, like, what what are the turning points where you noticed, okay, business is different. We're in a new normal. Take us through some of the history, throughout your career. [01:05:33] S3: Yeah. I think Utah's always had this insecurity complex that, like, people didn't know we were here. You know? Like, I grew... I was born and raised here, I can say that. I think now we're looking going, why did we want everyone to know? Yeah. [01:05:45] S1: Know? So
01:05:45 · John Coogan, Thomas Wright, Jordi Hays
[01:05:45] S1: Know? So [01:05:45] S3: I've seen it in a twenty five year run. We've gone from one extreme to the other. So it kind of started with the Olympics in 2002. We hosted the Winter Olympic Games. Mhmm. And I think people kind of got exposure to Utah. Wow. Okay. Like, this is a place that, you know, we have a lot of the Olympic athletes that are based here now and train here because we have all the venues. The Olympics are coming back in 2034, which we're really excited about. And I think we saw a really steady growth through the great recession, but COVID really changed Utah. And the reason it changed it was people realized that you can access these incredible mountain communities in this this unmatched outdoor lifestyle, whether it was the big Cottonwood Canyons where Snowbird and Alta are or the Red Rock, you know, national parks of Southern Utah or experiencing Park City and Deer Valley. Utah just has this incredible outdoor lifestyle. And I think during COVID people realized, hey, I'm going to work remote anyway. This seems pretty affordable compared to Vail and Aspen. [01:06:40] S0: Sure. [01:06:40] S3: And, you know, the airport's closer. It's easier to access. It's tax friendly. The people here are super friendly. It's a great place to live. We have the highest volunteerism in the country. Like, Utahns are all about just helping their neighbor, and people kinda figured it out. And COVID was a huge turning point for Utah. And since then, it's just it's been nothing but accelerated growth.
01:06:40 · Thomas Wright, John Coogan, Jordi Hays
[01:06:40] S3: And, you know, the airport's closer. It's easier to access. It's tax friendly. The people here are super friendly. It's a great place to live. We have the highest volunteerism in the country. Like, Utahns are all about just helping their neighbor, and people kinda figured it out. And COVID was a huge turning point for Utah. And since then, it's just it's been nothing but accelerated growth. [01:07:02] S1: What, what features of houses at the high end are, are are newly trending? Like... And what... I mean I mean, I guess, what what... What's on an upswing? What's on a downswing? Like, what what what was in a previous era the the the hot amenity that is no longer and vice versa? I'm I'm interested in [01:07:21] S3: Good question. I I wanna host you guys in Park City, Deer Valley. So you reach out to me. Come. I'll show you some of these luxury homes in Deer Valley. [01:07:28] S1: Yep. I'm in. [01:07:29] S3: Yeah. Let's do it. Come out and let's check them out. [01:07:31] S0: Yeah. We we actually talked to a couple buddies, like, last year about doing a... Like, if we were to do a winter event, Utah would definitely be at the at the top of the list. Yeah.
01:07:31 · Jordi Hays, Thomas Wright, John Coogan
[01:07:31] S0: Yeah. We we actually talked to a couple buddies, like, last year about doing a... Like, if we were to do a winter event, Utah would definitely be at the at the top of the list. Yeah. [01:07:42] S3: Okay. Well, I'm... I'll be your planner. Alright? I'll make sure you get in all the right restaurants and Perfect. Ski all the right runs and and experience the Utah lifestyle. So you... You've reached out to me. I think the biggest amenity... It's it's life... It's wellness and health. Okay. People care more about their health and their wellness and their well-being than they ever have. And so you see in these homes, lot of red light saunas, steam rooms, cold plunges. Yeah. You know, advanced yoga or fitness opportunities. Those seem to be really popular. And maybe the one of yesteryear. I don't know. The theater room was kind of the thing at one point, and now you see those conversions back into fitness rooms. I don't know if you agree with that. [01:08:20] S1: I love I love the theatre room. A [01:08:22] S0: bar. Bar. [01:08:24] S1: And I love the theater room, a full projector. That's my sweet spot, but I'll be picking up for a bargain apparently, which is good good case for me. [01:08:32] S3: Well, when you when you... And hey. They're still popular. But when you come to... And people stream now too. Right? You're not getting a video... A movie and watching it on DVD.
01:08:32 · Thomas Wright, John Coogan, Jordi Hays
[01:08:32] S3: Well, when you when you... And hey. They're still popular. But when you come to... And people stream now too. Right? You're not getting a video... A movie and watching it on DVD. [01:08:40] S1: And TVs are so big that they're basically cinema quality now. You don't need the dedicated light controlled theater because the OLED's so bright. Like, there's a lot of other solutions. [01:08:48] S3: But when you guys come to Deer Valley, I'm gonna get you a beautiful luxury home with all these amenities and a theater. [01:08:53] S1: And a theater. There we go. That's great. [01:08:55] S0: How... What what's the seller's mentality right now? When when do people when do people leave? You know, they they... Is it is it changes in whatever period of their life? They're not using the property as much? Are there people that are waiting that wanna sell into this sort of liquidity cycle that's happening? I heard of a recently exited tech tech founder that immediately bought three, like within within three months of selling, he bought three homes within, you know, a very very, you know, call it a tenth of a tenth of a square mile, something like that. Yeah. So I do think that's going to be potentially a driving force in a lot of these resort regions. But what's what's the viewpoint?