SUN VALLEY, Idaho, Feb. 25, 2021 /PRNewswire/ -- It is certainly no secret that there has been a meaningful nationwide demographic shift in residential demand in the last 10 months. Movement from the urban environment to suburbs, ex-urbs and resort markets was already a trend, but as the corporate world embraces work from home, this trend is turning into a permanent shift in where people will live.
Few companies can say they saw this coming, but three affiliated companies in Sun Valley, Idaho were ahead of the curve and well-positioned to capture the market. Last spring VP Companies, Inc. was poised with three specific projects in the Ketchum/Sun Valley market already through approvals, early-phase construction and initial sales. In the last seven months they are virtually sold out, with presales on most remaining units. With pricing between $1.75 and $5.5 million, these homes resonated with an upper-end buyer demographic that was already relocating more permanently. VP previously identified this trend to "living in your second home" and their $80 million in new product sales is the proof. "We recognized the demand and provided the right product. Mountain contemporary design, amenities and high-quality construction produced the winning formula and our long track record generated the confidence for presales," says VP President David Hutchinson.
Key to their success is a fully-integrated effort from land acquisition through final sale, a process that requires the ability to raise capital, build and, of course, market and sell. Formed in 2009 with an eye toward future opportunities, Intermountain Equity Group (IEG) evolved through affiliations with Ernst & Young and State Street Advisors, and is now a viable funding arm for many VP projects. Spectrum Marketing (SM) provides sales and marketing integration and oversees the process from initial branding and image through the hands-on sales process. Spectrum head Gretchen Peter has extensive experience and understanding of the markets in which VP operates. " We believe in selling amenities and a better lifestyle," says Gretchen. "People invest in their futures and dreams, not just bricks and mortar, and today's market proves that theory."
The VP/IEG/SM collaboration has a long track record of success in multiple western states including Colorado, Idaho, Nevada and California, and they are currently working on Farmstead, a 20-acre, mixed-use project in Woodinville, Washington that includes up to 425 residential units as well as a significant retail component driven by the Washington wine industry. A 4+ star hotel is also planned in this tourist/business zone. The first residential phases are due to start this summer and the suburban "eastside market" in the Seattle area is coveted.
The team has also actively focused on the Park City/Deer Valley market and VP continues to hold land interests in the Lake Tahoe area. Robert Parker, who runs acquisitions and asset management for VP, states "We have specialized in these markets of the west for many years and have always believed in their potential for future growth. To say the least, this recent meaningful demographic shift is keeping us busy."
"We have created a bit of a following and our current database of buyers could not be stronger," says Hutchinson. "We have long believed in these markets and enjoy helping people find their place in them."
SOURCE VP Companies
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