The 2034 Olympics Are Going To Make A Big Impact On Park City Real Estate

While rumors and speculation about Salt Lake City being not only the best, but the only host preference for the 2034 Olympic Games, the decision hasn't been set in stone just yet. The IOC has announced that Salt Lake City is the preferred host for the 2034 Olympic Games and that announcement all but guarantees the spot according to Olympic Game news sources. This announcement is only two weeks old and already the buzz around town seems to be steadily growing and holding more merit every day that things are going to quickly ramp up from an investment perspective. The 2034 Olympics Are Going To Make A Big Impact On Park City Real Estate. An impact we've already seen when the 2002 Olympics were announced in 1995. 

I remember being outside of the Salt Lake City County Building in 1995, standing in the courtyard with a piece of pizza in my hand while watching a massive screen showing a live broadcast of Olympic committee officials standing by to announce the Olympic Games host city for 2002. The Olympics hadn't been announced yet and already there was a massive party unfolding on the streets of Salt Lake City, Utah. All of a sudden the announcement was made and the city erupted in an excited roar. One that lasted years. It was an excitement that we grew to embrace and stands to be something we are still proud of 20 years later. This announcement was made in 1995. Utah, in general, was what I consider an under the radar area. The most exciting thing Utah had to offer at that time was Karl Malone and the Utah Jazz. Utah's population was slowly growing at 1.9 million in 1995. Last year, 2022, 20 years after the 2002 Olympic Games, the population topped of 3.4 million and has become the 4th fastest growing area in the United States. My personal opinion is that the 2002 Winter Olympics was the catalyst that kicked off one of the biggest economic growth spurts in the states history aside from the transcontinental railroad in 1869. 

After the 2002 Winter Olympic Games were announced to be hosted by Salt Lake City, things immediately started to change. World-class facilities started construction, the freeways immediately started to change color from concrete into orange barrels. Orange barrels lined just about every major road for the following years in preparation for the impending traffic increases. Some say there are still orange barrels from 2002 lining I-15 where they will forever remain. Olympic statues and pieces of art started to line the streets and parks. The giant torch outside of Rice Eccles stadium was an incredible piece of architecture we still look at in awe today. 

In all seriousness, the growth leading to the Olympics was impressive, however the economic growth in Salt Lake City from a real-estate perspective after the Olympics was unprecedented. I watched places like Suncrest in Draper form from nothing. These areas were considered rural hunting grounds or off-roading parks at this time. This was just one example of an area nobody expected to see a road, let alone homes. As homes started to line the freshly built road there was a commonality of people from around the world moving in for the views, the outdoor environment, and the paragliding. I remember family members bunching up together in one house just so they could rent out their homes to the world travelers flocking in to support their country. They were renting their homes for prices Utah locals never expected to see. The 2002 Olympics brought the eyes of the world to this under the radar state and the rest is history. You know what they say, "History has a tendency to repeat itself". That brings us to today and now that the Olympics are set to be in Utah again in 10 years, what does that mean from an investors perspective and what can you do to prepare for the growth. 

Park City, Utah Is The Place To Be For The 2034 Olympics 

Even though the Olympics were hosted by Salt Lake City Utah in 2002, the real action was seen up in Park City. Some of the biggest and most watched events like the Men's Freestyle Skiing were held in Deer Valley Utah. If you've ever been to the Utah Olympic Park in Park City, you've seen the historic ski jump and the bobsled luge. The majority of the events and cameras were showcasing Park City and the surrounding area. I'm sure these venues and resorts are working fast in order to prepare for the 2034 Olympics and you might want to do the same. One comment that we see often was how much better the infrastructure of Park City and Salt Lake City are than most venues for hosting travelers. Our roads are made for the traffic, our public transportation system is one of the best in the nation. Our real-estate is accommodating and the people here are friendly. People like Utah and enjoy their visit! The 2034 Olympics are sure to bring a wave of people who will be visiting for their first time and others who will be looking at investing in the area before the games arrive. 

The 2034 Olympics Will Result In Several Impacts On The Park City Real Estate Market

The announcement of the Olympics in 2034 for Park City, Utah depends on Utah meeting certain criteria but officials say that won't be a problem. The International Olympic Committee will announce their pick at the Paris IOC Session scheduled for July 2024. Until then people will quickly start to seek opportunity in this quickly growing area. We learned a lot from hosting the Olympic games in 2002 and here are some things we can expect for the 2034 Winter Olympic Games in Salt Lake City, Utah. 

1. Increased Demand: Hosting the Olympics often leads to a rapid increase in tourism, exposure, and overall interest in the host city and its surrounding areas. This can attract business investors, second-home buyers, and individuals looking to capitalize on the potential economic growth associated with the global event. The Olympic host city is chosen for a reason and those requirements usually relate to a robust economy nestled in a beautiful place built to handle compounding global recognition.

2. Infrastructure Development: The Olympics typically require significant infrastructure investments, such as improved transportation, attractive venues, and easily accessible accommodations. These developments can enhance the overall appeal of the area and contribute to both short-term and long-term property value appreciation. Use this home valuation tool by Railton North & Co.  if you would like to know what your Park City home is worth. 

3. Economic Growth: The influx of visitors and increased economic activity associated with the 2034 Winter Olympics can stimulate local businesses and create job opportunities. A growing economy can positively influence the real estate market by attracting more residents and investors. The surrounding areas will also see an impact, especially those with access to commute to Salt Lake City, Park City, or the surrounding recreation areas.

4. Short-Term Rental Opportunities: With an incredible surge in tourism during the Olympic Games, property owners may find opportunities to capitalize on short-term rentals. During the 2002 Olympics, locals were very lucky to have homes available for rent and other accommodations to offer during the 2002 Olympics as it turned out to be a very beneficial investment opportunity. Platforms like Airbnb, VRBO, and Vacasa could see increased demand, offering property owners a chance to generate additional income during the event. In 2002, locals were even renting out their travel trailers parked in their yards. 

5. Potential for Overpricing and Gouging: The anticipation of increased demand may lead to speculative buying and overpricing in the real estate market. Especially with rumors of 4 federal interest rate drops coming in 2024. Investors should be cautious and conduct thorough market research with a qualified Park City realtor to ensure that property prices are justified and worth an investment.

6. Legacy Effect: If the Olympics leave a positive legacy, such as improved infrastructure, increased tourism, and a positive global perception of the area, these factors could contribute to sustained growth in the real estate market beyond the event. The 2002 winter olympics sparked the foundation of the Utah Olympic Legacy Foundation which serves to provide opportunities to people of all abilities to enjoy winter sport activities. 

The 2034 Olympics May Have A Positive Impact On Park City's Local Economy

The 2002 Winter Olympics had a notable positive impact on Park City. In 1999 Mitt Romney accepted a job as the CEO of the Salt Lake Olympic Committee and had a mission to "make Utah proud and make America Proud." He started out with a $400 million dollar deficit and aimed at turning that number around. He was able to generate over $800 million from investors and finished the games with a 100 million surplus in operating budget and praise from local and global officials for the financial management of the 2002 Winter Olympics. This was one of the first times in modern Olympic history that there was a surplus after the games were over. This money was utilized to start programs to support the legacy and provide for Utah's infrastructure which can still be recognized over 20 years later. The impact was a positive one on Salt Lake City and Park City unlike many other areas that have hosted the Winter Olympics. Here are some of the notable successes that Park City and Salt Lake City benefited from during and after the Olympics which we may be able to use to forecast the impact of the 2034 Olympics. 

Leading up to the 2002 Olympics, Park City underwent significant infrastructure development. The construction of world-class facilities, transportation improvements, and upgraded amenities enhanced the overall appeal of the city. This lead to the development of new Park City neighborhoods and easily accessible communities centered around winter activities. The Olympics brought global attention to Park City, attracting a large number of visitors and creating a surge in tourism. This exposure not only boosted the local economy but also increased the city's attractiveness as a destination for both tourists and potential real estate investors. The combination of improved infrastructure, increased tourism, and a heightened global profile contributed to rising property values in Park City. As more people discovered the area and recognized its appeal, demand for real estate grew, leading to appreciation in property values. Park City became a sought-after destination for second-home buyers, including those seeking vacation homes or investment properties. The allure of the city's natural beauty, recreational opportunities, and the legacy of hosting the Olympics made it an attractive location for those looking to invest in real estate. The positive impacts of hosting the Olympics continued after the event. The legacy effect included ongoing tourism, sustained economic growth, and a positive reputation that contributed to the long-term stability of the real estate market.

It's important to note that the success of the 2002 Olympics in Park City was not solely due to the event itself but also the strategic planning and investments made to leverage the opportunities associated with hosting such a major international event. The legacy left by the Olympics laid the foundation for continued growth in various sectors, including real estate.

Park City Prepares To Host The Olympics Again In 2034

As Park City prepares to host the Olympics again in 2034, there is potential for a similar positive impact that we saw in 2002, but the specific outcomes will depend on how well the city capitalizes on the opportunity, manages growth, and sustains the positive changes initiated by the event. Railton North + Co with Homes Park City offers some general insights based on historical trends and common patterns observed in areas that have hosted major sporting events like the Olympics.

1. Property Value Appreciation: Cities that host the Olympics often experience a surge in property values, particularly in the years leading up to the event and in its aftermath. The increased demand for housing, coupled with improvements in infrastructure and amenities, can contribute to rising property values.

2. Tourism and Short-Term Rentals: The influx of visitors during the 2034 Olympics can drive demand for short-term rentals. Many property owners will be seeking out short-term rental properties to accommodate the increased demand that will continue to grow for the next decade. Take a look at this informative blog containing the Top 5 Tips on Buying A Vacation Rental In Park City by Railton North + Co. 

3. Legacy Development: Successful Olympic hosts leverage the event to enhance their long-term appeal. Legacy development projects, such as improved transportation, sports facilities, and public spaces, can positively impact the local real estate market. These improvements make the area more attractive to residents and investors alike. The Utah Olympic Park is still a world-class facility that is over 20 years old now. People from around the world still travel here to train to compete against the world's best athletes. The incredible facility and the higher altitude make for an ideal training center to compete anywhere in the world. 

4. Economic Growth: The economic stimulus associated with hosting the Olympics can lead to job creation and overall economic growth. A thriving local economy is generally favorable for the real estate market, as it attracts both new businesses and new residents.

5. Second-Home Market: The prestige associated with hosting the Olympics can make the city a desirable location for second-home buyers. People looking for vacation homes or investment properties may be drawn to the area, further driving demand in the real estate market.

6. Infrastructure Investments: Hosting the Olympics often requires significant investments in infrastructure, including transportation, communication, and public facilities. These improvements can have a lasting impact on the city's overall appeal, contributing to sustained real estate market growth.

Why Is Salt Lake City Utah A Preferred City To Host The 2034 Winter Olympic Games? 

There are various important factors that the International Olympic Committee must consider when choosing a host city for the summer or winter Olympic games. One of the biggest deciding factors that the IOC takes into account is the current and potential infrastructure. Utah was a very successful host for the 2002 Winter Olympic Games and worked tirelessly to improve and build the ideal infrastructure to handle a world-class event. This progress has only escalated since its acceptance in 1995. The international airport with convenient access to both Salt Lake and Park City makes for a quick commute to any part of the events, attractions or venues. The freeway system is fast and capable of handling more traffic than it already does. Salt Lake City is rated number 2 in the nation for public transportation. Utah already has a state-of-the-art Olympic Park and training facility that has seen consistent improvements over the last 2 decades. The restaurants and hotel accommodations are capable of catering to a global crowd and the winters are known for being very consistent and predictable. These are just some of the important factors that the International Olympic Committee has to consider when looking at eligible candidates for Winter Olympic Game host cities. Simply put, Salt Lake has done it before and we are ready for another go! We have learned a lot and are ready to ensure an even better event for 2034. Here are some of the aspects that make Salt Lake City and the Utah Olympic Park in Park City such an ideal location to host the 2034 Winter Games. 

Existing Infrastructure: Cities with existing infrastructure that can be repurposed or upgraded for Olympic events are often preferred. The logistics have already been figured out and the time and money spent utilizing the current assets has provided plenty of data to make things even more efficient for another go around. This includes stadiums, transportation networks, and accommodations.

Natural and Scenic Appeal: The aesthetic appeal of the city and its surroundings can be a significant factor. Park City, situated in the picturesque mountains of Utah, offers a stunning backdrop for Olympic events. One of the main reasons there was such an influx of people from around the world moving to Park City after the 2002 Olympics is because of beautiful scenery and fun atmosphere they saw on T.V. during the games. 

Experience and Expertise: Previous experience in hosting major events, including past Olympics or international sporting competitions, can be an advantage. Because Park City has successfully hosted the Olympics before and has a track record of managing large-scale events, the IOC recognizes the city's ability to pull off a successful, profitable, world-class event. 

Legacy Planning: The ability of the city to create a positive and lasting legacy from hosting the Olympics is crucial. This includes improvements to infrastructure, economic development, and long-term benefits for the community. The Utah Olympic Legacy Foundation is proud to maintain and enjoy the Olympic Park, Soldier Hollow, The Utah Olympic Oval and a handful of other attractions spread throughout the state. 

Support and Enthusiasm: Local community support and enthusiasm for hosting the Olympics are important. This includes support from residents, businesses, and local government. The Deseret News performed a poll in February of 2023 and the results were as expected with the majority in support. Over 80% of the people who were asked if they want Utah to host the Olympics in 2030 or 2034 said they would support the decision. As Utah locals, we are never shy to say how proud we are of our beautiful state and we want to show it off to the world.. Again! 

Sustainability and Environmental Considerations: The IOC increasingly places emphasis on sustainability and environmental considerations. Cities that demonstrate a commitment to eco-friendly practices and minimizing the environmental impact of the Olympic Games may be viewed favorably in the eyes of the committee. According to ParkCity.org  Park City has announced some ambitious climate goals: to be net-zero carbon and run on 100% renewable electricity by 2030. Park City has also made the commitment to be zero waste by 2030, and to lead the transition to clean, reliable energy, a healthy environment, and sustainable community resources, including food, water, and housing. 

Are You Going To Invest In Park City Before The 2034 Olympics? 

The official announcement has not been made that Salt Lake City or Park City will host the 2034 Olympics however it is known that this area is the preferred site for the 2034 Games. There are a few requirements that Park City and Salt Lake must prove they can handle before the announcement is made but officials have stated that this is not going to be an issue and the preparations should begin now for the announcement. So what does this mean from an investors standpoint? Well it means that it is time to get your ducks in a row if you want to be a part of or invest in the inevitable. The Games are still 10 years away but they will be here before we know it. There are rumors that the Federal Interest Rate is going to drop 4 times over the next year or two which should spark interest and open the buying pool considerably. This means that if you are interested in making a strategic move on an investment property or business, the time to start putting the pieces together is sooner than later. At Railton North + Co. we are more than just Realtors, we are property investors and market analysts. Continuing education and predicting market trends are what we base our business on. We have been in Park City for over 40 years and have seen exactly what the Olympics can do from an investors standpoint and we are thrilled for this announcement. If you are looking to get your feet wet with an investment property or are ready to stack another win onto your portfolio, we want to share our knowledge and insight to make it as successful as possible. If you want to have  conversation about the market potential and the most promising ROI's in Salt Lake or Summit County, we are here to help at Railton North + Co with Homes Park City.