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Resort real estate : an economic analysis of second come pricing behavior in Park City, Utah

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dc.contributor.advisor William C. Wheaton. en_US
dc.contributor.author Larsen, Brady W en_US
dc.contributor.other Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. en_US
dc.coverage.spatial n-us-ut en_US
dc.date.accessioned 2011-04-04T19:33:02Z
dc.date.available 2011-04-04T19:33:02Z
dc.date.copyright 2010 en_US
dc.date.issued 2010 en_US
dc.identifier.uri http://hdl.handle.net/1721.1/62129
dc.description Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2010. en_US
dc.description Cataloged from PDF version of thesis. en_US
dc.description Includes bibliographical references (p. 64). en_US
dc.description.abstract The purpose of this research project is to examine the market pricing behavior of vacation homes in resort property markets. To accomplish this a price index is constructed to track real price fluctuations from 1981 to 2010 for the 3 localized ski resort markets in Park City, Utah. The resulting price indices reveal a history of cyclical price movements, and surprising long-term real price depreciation of 12% to 25% between 1981 and 2010. To determine the causes of the cyclical movements in the price indices, time series analysis is performed, and a model created to predict market behaviors based on past levels of price, construction, and skier days. The results of this exercise reveal that the number of annual skier days in the area is an effective representative of demand for housing, and that the local ski business has a considerable effect on real estate prices. Additionally, it is revealed that Park City's ski business is largely affected by national economic conditions, more so than by both regional economical conditions and local snowfall. The analysis concludes that despite the thirty year decline in real prices, the Park City resort market behaves as a well functioning, healthy market. The model indicates that while increases in prices do stimulate new construction, the growth in the total number of dwelling units reveals a relatively inelastic supply market. This suggests that any growth in demand should be accompanied with long-term price appreciation. Market forecasts based on various demand scenarios indicate that except in the most pessimistic cases, prices in Park City should experience healthy appreciation in the near to mid future. It is believed that these findings can be applicable to various resort markets. en_US
dc.description.statementofresponsibility by Brady W. Larsen. en_US
dc.format.extent 64 p. en_US
dc.language.iso eng en_US
dc.publisher Massachusetts Institute of Technology en_US
dc.rights M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. en_US
dc.rights.uri http://dspace.mit.edu/handle/1721.1/7582 en_US
dc.subject Center for Real Estate. Program in Real Estate Development. en_US
dc.title Resort real estate : an economic analysis of second come pricing behavior in Park City, Utah en_US
dc.title.alternative Economic analysis of second come pricing behavior in Park City, Utah en_US
dc.type Thesis en_US
dc.description.degree S.M.in Real Estate Development en_US
dc.contributor.department Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. en_US
dc.identifier.oclc 707932626 en_US


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