Stats from the slopes

Christie’s International Real Estate, the world’s leading luxury network, has released its Ski Market Report. Designed in an innovative digital format, the report’s overarching finding is that lack of inventory is creating seller’s markets at major resorts. A rise in full-time residents has resulted from remote working, while ski markets have solidified position as year-round travel destinations.

Property highlights in traditional ski markets, for instance:

• Due to a lack of inventory, especially for homes under US$5 million, Aspen, Colorado, reported a 20% drop in sales. At the luxury threshold of US$7,500,000 and above, 21 homes sold year to date at an average price of US$11,800,000 due to wealthy sellers, not under pressure to renegotiate price, holding firm.
• Average home prices in the Jackson Hole, Wyoming region are up 10% year-on-year in the first half of 2019, with a 77% spike in sales above US$5,000,000.
• Homes in Lake Tahoe’s exclusive enclave of Incline Village, Nevada, saw the most significant increase in median price rising 16% to $1,225,000.

Dan Conn, CEO of Christie’s International Real Estate, said: “Our Affiliates are seeing a trend of remote working and ski resorts morphing into four-season communities creating more full-time residents, especially for parents looking to raise their children with an active outdoor lifestyle. Nevada and Wyoming continue to offer generous tax laws that attract both retirees and working professionals drawn to the potential for wealth preservation.”

The report also explored:

• Buyer preferences such as the popularity of new construction sparking a spate of remodelled homes and teardowns, while in Sun Valley, Idaho, buyers are looking at turnkey luxury with little interest in renovations.
• Comprehensive facts and lifestyle insights about each of the 10 resorts, to include:

1. Sip champagne at a tricked-out Mongolian Yurt in Park City.
2. Enjoy Italian gourmet at a European-style hütte in Telluride at an altitude of nearly 12,000 feet, reputed to be the highest-elevation fine-dining restaurant in North America.
3. Launch into space in La Clusaz, France — origin of “free riding” or backcountry skiing — on a ski jump fitted with bungee cords on a toboggan in winter or a bike in summer.
4. Ski vertical at Blue Mountain, Ontario, Canada, a black diamond delight.
5. Relish the Flavour Trail, with more than 40 farms and microbreweries, open for tastings and tours in Charlevoix, Quebec, Canada, a place so beautiful, Prime Minister Justin Trudeau chose it to host the 44th annual G7 Summit.
6. Celebrate the glorious mountain views in Big Sky, Montana, where architecture is evolving from the traditional log-style home to modern rustic with expensive windows and decks.

Read the full report.