Salt Lake City - Winter Olympics 2030??

Question

Hey Biggerpockets! Salt Lake City is one of two cities still on the list as a potential host for the 2030 winter Olympics (See article). Aside from all of the growth that is currently going on in the Salt Lake and surrounding areas (including Weber, Davis, and Utah Counties), what affect would this decision play in the real estate market?  Salt Lake City stands out as a potential candidate because many of the required facilities are already in place. Many people believe Salt Lake City would have to expel relatively little effort to host the Olympics again. Not to mention the fact that Salt Lake City was one of the only host cities in history to make a profit from hosting the Olympics back in 2002. I think that it is a great option and would love to see the Olympics come to Salt Lake again. I wanted to start a discussion to see how real estate is affected by massive events like the Olympics and what other people have experienced in the past, not only in Utah but other areas of the US. In what ways do people anticipate these events, and strategize to maximize their returns. I know that vacation rentals (airbnb, vrbo, etc) would be a great place to invest during that time, but I feel that there are potentially more profitable ways to invest in real estate in the  years preceding large events like the Olympics. I know that there is so much that can change in 12 years, but I don't think it is too early to start a discussion.

Nathan P. · Answer

Will AirBnB still exist in 12 years? This is the question....

Blair Poelman · Answer

the olympics only last a couple weeks (and is ridiculously expensive & inconvenient for the entire community).  I wouldn't recommend going out and buying a short term rental in anticipation of just that one single event.  We should be more concerned about losing events like outdoor retailer which was a regular event that we didn't have to build an almost useless light rail to support...

Completely unrelated to RE - traffic throughout the entire valley was a freaking nightmare for years leading up to that event (we have what appears to be an addiction to I-15 construction here so we've decided to continue snorting lines of orange cones pretty much since that construction party started decades ago).  I hope we don't get the bid.  We've paid staker,  wadsworth,  and a slew of other companies enough to do a terrible job on highway construction.

Matthew Perry · Answer

Let speculators speculate. I saw the exact same thing happen in Boston when there was the chance that Boston was going to get the Olympics, and that people were buying up property because the Olympics coming was going to be this amazing windfall financially. And what happened? Boston did not even come close to getting the Olympics. Anything that requires an excuse to buy, real or imaginative is not worth it let alone productive. The point about Deer Valley is a different point unto itself in that that whole area was revitalized and now it has the Sun Dance Film Festival and one of the premier resort ski locations in the US, and it has been rebuilt on the backs of those two pillars. That is not to say I do not absolutely love the area however. Look what happened with Atlanta in 1996 all those buildings are now being torn down, renovated, or at the very least repurposed into something else mostly loft space for artists and offices. I think across the board the Olympics have generally been a negative effect in the short run after the games are over because nobody knows what do with this massive venues that seem to only be built for a month use. Google the Bird's Nest in China, and the swimming venues, and the huge cycling centers. There are better reasons for investing in SLC then the Olympics POTENTIALLY coming.

Jonathan Mueller · Answer

@Blair PoelmanGotcha! I thought that might be the case! Let me know if you ever come up to Park City to ski, lets get a few laps in and a cup of coffee or tea!

Blair Poelman · Answer

@Jonathan Mueller  Traffic in SL valley is very often quite terrible throughout the entire day.  I don't ride the train because it is inconvenient. There really are very limited options when it comes to getting on, and then getting off close to where I'm going. Seems to me that most folks in the valley don't live close enough to a station to make it worth the effort to ride the train to work or downtown other than to hit a game or do something on the weekend.

I've also been stranded downtown in the middle of the night after shows or parties when the train stops running at midnight

Jonathan Mueller · Answer

Hey Blair,

I agree 100% about losing things like Outdoor Retailer, so frustrating that our local gov. would let them walk away.

Why is the light rail in the Valley so under utilized, is it because traffic isn't bad enough yet for people to consider it as an option? Or is it too expensive to ride? I come from Minneapolis where the light rail is very popular and used a lot. Im very curious.   I live in Park City so I dont come down to the big smoggy city very often.

Jonathan Mueller · Answer

AirBnB may not exist, but nightly rentals surely will.

Jonathan Mueller · Answer

The olympics made a huge impact on Park City after getting all the exposure in 2002. I don't think there will be the same affect if the Olympics were to come back again. We are so built out up here already and things like the Sundance Film Festival and the Vail machine continue our exposure to the rest of the world as a great place to own a home at an accessible ski destination. As stated, Park City(and SLC) nightly rentals will crush it during the Olympics(if they come back to Utah) but there are a slew of other events/reasons to invest in Park City. I would love to see the Olympics come back to Utah, it is such a fun spectacle to participate in and be apart of. I would highly advise anyone to be a volunteer/spectator during the Olympics.

Becca Summers · Answer

@Jaiden Olsen I've had some of the same thoughts. I've always wanted a second home in Park City and might just need to make it happen by then. A quick search shows how expensive it would be. I know a lot of people talk about renting their houses in Salt Lake County for thousands of dollars so maybe buy a rental as a long-term and make the lease end at the time of the Olympics then do short-term rentals and convert it back when the Olympics are over?

Brian Christensen · Answer

I agree. Maybe a short term boon, but it comes, then goes. If some kind of infrastructure made an area more desireable and appreciates, then perhaps. But I cannot think of what that might be. Obviously Airbnb will be hot during that time.

Salt Lake City - Winter Olympics 2030??

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