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What effects has the Amangiri Resort had on the local area's around Page Az?
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AE posted on 12 Feb 2010 09:01 AM

What effect has the newly just opened Amangiri Resort in Canyon Point Utah had on the local real estate market near Page and Greenehaven Arizona?

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At this point it looks like the foreclosure rate in Page is below national and state averages (search for Page, AZ in RealtyTrac Trend Center), but home values are down more than 15 percent in the last 12 months (search for Page, AZ in Home ValueTrac).

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As of yet, Amangiri has had very little effect of the local market. A couple of folks have leased, rather than purchased, homes. 

The Lake Powell real estate market has been pretty stable over the years, not given to large ups and downs. We are, however, starting to see some of the first REO properties hitting the market. 

In 2008 home prices actually went up in Page and Greenehaven 12%, while the rest of the country was falling, so a 12 % or 15% dip for 09 really puts us at about even from the end of 2007. 

The Lake Powell area is not only isolated geographically but also financially.

As Amangiri becomes busier, we may see interested guests looking for vacation homes in the area which could impact Greenehaven more than Page or Big Water.

I own/blog at The Lake Powell Real Estate Blog and just finished an article on a tour I recently went on at the resort - Amangiri at Lake Powell  which you may be interested in.

Cheers!

Heather 

 

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