Berkshire Hathaway HomeServices Ski Report 2024 by Berkshire Hathaway Homeservices

SKI REPORT 2024

Welcome A beloved winter pastime for many, skiing encapsulates a whole lifestyle—one that includes charming alpine architecture, merry après-ski revelry, and the unmistakable feeling of the wind rushing past you as you traverse your favorite slope. Long before the pandemic hit, ski resorts were considered sacred places for people from all walks of life to escape the daily grind and reconnect with nature. But in recent years, changes to work patterns and a re-evaluation of priorities have heightened this desire, prompting people to explore ways to spend more time in their favorite winter destinations—whether through short-term rentals, property purchases, or by spending more time in their cherished ski residences. The Berkshire Hathaway HomeServices 2024 Ski Report delves into some of the most celebrated ski

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resorts in the U.S. and beyond, unveiling fascinating trends and offering tips for homebuyers seeking their ideal resort residence. With insights from ski resort real estate experts across the Berkshire Hathaway HomeServices network, the following pages will enlighten you on the best times to search for properties in these sought-after destinations, what makes each resort so desirable, what the future holds for each area, and much more. Whether you’re an avid ski enthusiast or just contemplating purchasing a home in a beautiful part of the world, this report will serve as your trusty guide for navigating the exhilarating slopes of ski resort real estate. Christy Budnick CEO, Berkshire Hathaway HomeServices

SKI REPORT 2024

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Aspen, Colorado

Big Sky, Montana

Lake Como, Italy

Montreal, Quebec

Park City, Utah

Sun Valley, Idaho

Vail, Colorado

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SKI REPORT 2024

One of the world’s best-known luxury ski destinations, Aspen and the surrounding area is home to four skiable mountains: Snowmass, Aspen Mountain, Aspen Highlands, and Buttermilk. Yet despite the region’s global fame, there is still plenty of development taking place.

Aspen COLORADO

“So much has gone on in the last five to eight years,” said Brenda Wild, owner/ broker, Berkshire Hathaway HomeServices Signature Properties. “There has been a lot of development—in Snowmass in particular. It’s an ever-changing market and I continue to be amazed at how it's developing.”

SKI REPORT 2024

There has been a lot of development— in Snowmass in particular. Brenda Wild

Photo credits: Bottom-Left: Unsplash / Chase Baker; Top-Left: Adobe Stock / Mike & Valerie Mille; Top-Right: Unsplash / Joshua Sukoff

Owner/Broker Berkshire Hathaway HomeServices Signature Properties

While there is still scope for development around Snowmass, Wild explained that for new homes, Aspen proper is “pretty much tapped out.” Surrounded by Bureau of Land Management forest and under very strict regulations, Aspen is looking at some “serious housing deficits in the future.” The lack of new housing will only add to the exclusivity of owning property in Aspen, which is reflected in the prices. “In Aspen, the average house price is $12 million – $14 million,” Wild said. “And there was a recent record-breaking sale of $76 million. There are some great opportunities with older units in Snowmass, as they are larger and less expensive—you’re looking at $5 million to $6 million for a single-family home.” There are many reasons of course why the area is valued so highly. “Aspen is such a gem,” said Brenda. “You have access to everything, from live music to high-end shopping to great food—we received our first Michelin star recently. And it’s all walkable—you’re looking at it all from anywhere in town.” Your average property reflects the discerning tastes of those who spend their time here. Homes are replete with amenities including bowling alleys, shooting ranges, personal spas, media centers, cold plunges, and steam showers. There’s a strong focus too on unique flair. “It’s about the design aspect—the personalization of the home,” Wild said.

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SKI REPORT 2024

Big SkyMONTANA Montana’s ski tourism industry has exploded over the past decade. While it’s always been a great state for understated—but still top quality—ski resorts, the last five to seven years has seen the likes of Bozeman and Big Sky grow from small towns to flourishing vacation destinations. “It all happened with Covid,” explained Katie Morrison of Berkshire Hathaway HomeServices Montana Properties. “Bozeman grew over 11% from 2020-2023. And in Big Sky, the addition of a grocery store and hospital in the past decade, as well as amenities such as the Montage hotel and many new restaurants and shops added in the past few years, increased our appeal when there was the sudden influx of people buying homes in mountain resort towns.” The area’s real estate sales season kicks off in earnest in December and January when the highest number of new listings hit the market, while February and March see the highest number of contracts being signed—Presidents’ Day historically being the busiest day for contracts.

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Sellers are finally deciding to drop prices, bringing them in line with previous sale prices. Katie Morrison Real Estate Agent & Luxury Property Specialist Berkshire Hathaway HomeServices Montana Properties

Photo credits: Left: Adobe Stock / Chad; Middle: Adobe Stock / Brandon; Right: Unsplash / Nate Johnston

SKI REPORT 2024

While there was a dip in sales at the start of 2023, the end of the year saw a return to form for the area. “We were quiet until June, but it’s been picking up since then,” Morrison said. “The last half of the year was incredibly strong compared to the first half—sellers are finally deciding to drop prices, bringing them in line with previous sale prices.” Homes that have continued to perform well are those within the $1 million – $4 million range. “If it’s priced well, properties around $3 million are sold in a couple of weeks,” said Morrison. “The $5+ million sector has slowed down somewhat—that’s where we’re seeing the price reductions.” Private communities are becoming more prevalent in the area. In Big Sky, “private clubs have all the amenities, so the homes are a little smaller,” Morrison explained. “These communities have pools, climbing centers, bowling—activities that allow people to come together.” Buyers choose Montana for the views and access to the many quality ski resorts. And they come from all over. “The Midwest, Florida, California, New York, Boston—and we’re starting to see more from Texas,” Morrison said. “It’s all about the direct flights.”

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SKI REPORT 2024

Lake Como ITALY

The gorgeous lakes region of northern Italy is ideally situated for those looking to experience the country’s culture, climate, and la dolce vita lifestyle, and during winter, some of the best skiing in Europe. With historic villas close to a host of outdoor activities and some of the best lake and mountain views in Europe, it’s understandable why a growing number of U.S. citizens are purchasing property in the country— approximately 16,000 Americans live in Italy today. Marina Rizzotto Yakovleva of Berkshire Hathaway HomeServices Como Lake Palazzo Estate explained that the process for buying property in Italy is quite different to that in the U.S., so it’s important to work with an experienced agent who is well versed in representing overseas buyers. According to Alessandro Sensi, Berkshire Hathaway HomeServices Como Lake Palazzo Estate, “the northern lakes market is in great demand—2023 was a great year for sales.”

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SKI REPORT 2024

If you love winter sports, this is the place for you. Alessandro Sensi

Photo credits: Left: Adobe Stock / Sabrina; Middle: Adobe Stock / Francesca Emer; Right: Adobe Stock / Nikokvfrmoto

Real Estate Salesperson Berkshire Hathaway HomeServices Como Lake Palazzo Estate

His tip for 2024 is Lake Maggiore, Italy’s second biggest lake: “It’s close to Malpensa Airport, Milan, and Switzerland,” Sensi explained. “The lake has sandy beaches and is surrounded by mountains—and it’s just 60km from three of the best ski centers in Europe: Monte Cervino, Monterosa, and Monte Bianco. “Currently, people are looking for villas, and at Lake Maggiore, prices are affordable compared to the other northern lakes. We have plenty of wonderful historical villas on the market. If you love winter sports, this is the place for you.” “Buying property on Lake Como or Maggiore is a dream for many,” Yakovleva added. “Americans want to immerse themselves in the area’s unique atmosphere—they are coming here to retire as well as to enjoy the great lifestyle.” There are no restrictions on foreigners buying property in Italy, although purchasing a home doesn’t grant you residency. “If you plan to stay for an extended period, you will need to apply for a visa or residency permit,” Yakovleva explained.

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SKI REPORT 2024

There are three major ski resorts in the province: Mont Tremblant, two hours north of Montreal, MontOrford, one hour south of the city, and Le Massif de Charlevoix, an hour north of Québec City.

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Montreal QUÉBEC

With much of the vast province of Québec covered by forests, the majority of the population lives within and around the southern cities of Montreal and Québec City.

SKI REPORT 2024

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Sacha Brosseau, founder and CEO of Berkshire Hathaway HomeServices Québec, explained that these resorts have two busy periods—from December to the end of April, and the summer. “During the summer months, Mont Tremblant gets a lot of hikers,” he said. “Orford, which is closer to the U.S. border and popular wine regions offers horseback riding, biking, and wine tours; while Le Massif, which is affiliated to Club Med, has a slew of summer activities plus some very arts-focused nearby towns.” While Brosseau stated that each major resort has its own distinct architectural style, there are a few features that dominate properties in Quebecois skiing destinations. “You’ll find a lot of high-end wood features and stone fireplaces, making for a real rustic feel,” Brosseau said. “Hot tubs are annexed to the house, and 10-to-12-foot-high open concept spaces are popular. We have a very convivial culture in Québec.” As it stands, there is a ban on foreign investment in real estate until January 1st, 2025, but Brosseau is confident that the ban will not be further prolonged. “There’s a very slim chance it will be extended,” he said. And this doesn’t affect the buoyant rental market. “Depending on where you want to rent, seasonal renters are looking for four-month minimum rentals, as owners want to rent their properties for the whole season,” Brosseau explained. “In order to secure the type of property you want, you should look at renting a year in advance.” Rental costs vary, Brosseau said. On average “you’re looking at between $2,000 and $4,000 a month—or up to $5,000 to $6,000 a month for ski in, ski out homes.”

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SKI REPORT 2024

Park City UTAH Transitioning from a mining town to a ski resort in the 1960s, Park City is now one of the most revered winter sports destinations in the world, boasting the largest ski resort in the U.S. as well as the famed Sundance Film Festival. Under an hour from Salt Lake City international airport, Park City is easily accessible by car, and benefits from SLC’s direct flights from various Mexican cities, California, Texas, New York and New Jersey, and Florida. Previously a city that homeowners spent around six months of their time in, since Covid, residents have been choosing to stay year-round, according to Rich Fine, Berkshire Hathaway HomeServices Utah Properties. But there are still seasonal peaks and troughs. “The town gets full a week before Christmas,” Fine explained. “We have a 106% occupancy through the holiday season and into the new year. Martin Luther King Day is equally as busy, and then of course there’s the Sundance Film Festival towards the end of January. Sundance is the best time to ski— the town is full, but they are not on the hill. Plus, it’s always a good time for snowfall.”

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Photo credits: Left: Adobe Stock / Kevin Ruck; Middle: Unsplash / Benjamin R.; Right: Unsplash / Ethan Walsweer

SKI REPORT 2024

Sundance is the best time to ski— the town is full, but they are not on the hill. Plus, it’s always a good time for snowfall. Rich Fine REALTOR® Berkshire Hathaway HomeServices Utah Properties

While Park City is at its busiest during this time, it’s not necessarily the best time to complete real estate transactions. “It’s hard to get people in for viewings when the town is full,” said Fine. “We need to show videos of the properties instead. Also, people don’t want to move during the snowiest months.” Prospective buyers are also not quite in the purchasing mindset. “We call them the ‘be backs,’ as we know they’ll be back to buy later,” Fine explained. “July and August are the peak times for transactions. We have nice weather and more inventory, as people like to hold on to their condos during the winter to capitalize on rental income.” The area’s real estate market is looking healthy. “There is a lot of construction happening right now,” Fine said. “For example, 250 homes are under construction in the luxury Promontory community. The site has two amazing golf courses—and they even trucked in sand for a beach.”

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SKI REPORT 2024

Sun Valley IDAHO One of the first ski resorts in the country—and also the site of the world’s first chairlift, installed in 1936— Idaho’s Sun Valley is a historic and prestigious winter sports destination. The ski season starts on Thanksgiving each year and runs until Easter. However, as an all-yearround vacation destination, July is the region’s busiest month, with the highest number of people in town over the July 4th weekend. The real estate market has been healthy ever since the pandemic peak, according to Matt Stevenson of Berkshire Hathaway HomeServices Sun Valley Properties. “Transactions are down a little, but the dollar volume is strong for 2023,” he said. This has been helped by the rising price points in the area. “A few new modern townhouse projects are going up, as well as some high-end single-family homes,” Stevenson explained. “We hit $3,000 a foot for the first time ever in October on two separate homes—mountain modern contemporary properties like those you see in Park City and Aspen. However, we like to tell people we are a pretty good discount compared with those other ski resorts.”

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SKI REPORT 2024

A lot of those people are supplementing their income by renting out their properties short term.

Photo credits: Left: Adobe Stock / John; Middle: Adobe Stock / Jannik Schneider; Right: Adobe Stock / Rumorfy Media

Matt Stevenson Associate Broker & Luxury Property Specialist Berkshire Hathaway HomeServices Sun Valley Properties

Visitors and buyers come from all over. “They come from the Bay Area, Los Angeles and Southern California, Portland, Seattle and some from Salt Lake City,” Stevenson explained. “Post-Covid we’ve seen a big influx from Texas, New York City, and Florida. Those markets historically went to Colorado, Jackson Hole, and Utah—as we become more well known, we’re seeing a more national clientele.” Of these buyers, around half stay year-round, while the other half buy a vacation home. “A lot of those people are supplementing their income by renting out their properties short term,” Stevenson said. Voted the #1 ski resort in three of the past four years by SKI magazine, Sun Valley is known for being a family-owned resort with short waits to get up into the mountain. “We don’t have the same amount of people visiting compared to other places, which is a huge advantage,” said Stevenson. “Our busiest day is a slow day for the other ski resorts. Even on your busiest weekend here, you’re really not waiting in line. It’s just easier—it removes the stress from this type of vacation.”

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SKI REPORT 2024

Vail COLORADO

Under a two-hour drive from Denver, Vail’s ski town success can be attributed to its accessibility, according to Craig Denton, Berkshire Hathaway HomeServices Colorado Properties. “The I-70 [from Denver to Vail] really made us, as you can come up here really quickly,” he said.

Photo credits: Left: Adobe Stock / Kevin Ruck; Top: Adobe Stock / ipivorje; Right: Adobe Stock / Jonas Tufvesson

SKI REPORT 2024

While the ski season typically runs between early November and mid-April, “buying season is year-round.” It helps that Vail is a year-round vacation resort. “Our summers are extremely busy,” Denton said. “Sometimes busier than the winter, with multiple world class golf courses, hiking, biking, gondola rides on the mountain, and rafting available.” Since the onset of the pandemic, buyers are looking for new or move-in-ready properties, Denton explained. “They don’t desire projects. In these mountain towns we’re limited with the workforce existing in metro areas. We used to have a huge workforce before 2009, yet with the completion of two major projects, The Ritz Carlton Residences and Solaris, we lost a tremendous amount of subcontractors to the metro areas that needed them.” In terms of what buyers are looking for from their properties, Denton said, “Besides looking for move-in ready, functional living spaces, main floor primaries, and rooms for gyms, buyers want parking at the base of the mountains. Parking spaces can go for $550,000—and we even have bidding wars.” Property prices are holding steady according to Denton. This is due to inventory issues that have been exacerbated by a lack of space to build. “We’re pretty much built out—the majority of new construction is from tear downs now,” Denton explained. “All ski resorts are like landlocked cruise ships—there is limited capacity, limited chances to build, so our prices will maintain.” Vail’s biggest feeder markets are the Colorado cities of Denver, Fort Collins, and Boulder, Kansas, Indiana, Illinois, Texas, and Mexico. “Mexican buyers feel comfortable and safe here,” Denton said. “And they tend to stay a lot longer than the other folks.”

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California’s Sierra Nevada mountains are home to the beautiful Mammoth Lakes. About 325 miles north of Los Angeles and 310 miles east of San Francisco, this prime skiing region is known for Mammoth Mountain and June Mountain as well as other nearby trails. Mammoth has one of the longest snow seasons in the United States, with winter activities typically commencing in early November and lasting through Memorial Day. During this time, residents and visitors alike enjoy skiing, snowboarding, tubing, sledding, fishing, and ice skating. And during the evening, there are plenty of dining and entertainment options to be discovered in the town of Mammoth Lakes.

VERMONT The northeastern state of Vermont is known for its incredible natural landscape—which is primarily forest. During the winter months, the state becomes the go-to destination on the east coast for those seeking exhilarating winter adventures, of which, there are plenty to choose from. No matter your level of skiing expertise or if you are looking for a huge mountain resort or a more laid back environment, Vermont has something for everyone. Some of the notable resorts in Vermont include Jay Peak, Killington, Stowe Mountain, and Okemo Mountain, to name a few.

For those who like to visit Mammoth in the summer, enjoyment can be found hiking, biking, rock climbing, boating, kayaking, paddle boarding, and camping.

In fact, Stowe Mountain was recenting named sixth on Travel + Leisure’s 20 Best Ski Resorts Around the World list, with the magazine reporting that the town is reminiscent of a Hallmark movie and offers the quintessential New England ski experience.

Berkshire Hathaway HomeServices California Properties assists buyers and sellers in the Mammoth region for all their real estate needs.

Connect with Berkshire Hathaway HomeServices Vermont Realty Group to discover real estate opportunities within Vermont.

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LAKE TAHOE During the winter months in Lake Tahoe, days on the water are traded for exhilarating times on the slopes with great dining and nightlife after dark. With about 14 ski resorts, just under 500 miles of slopes, and almost 170 ski lifts, Lake Tahoe offers plenty of skiing, snowboarding, and winter activities galore. The shores of Lake Tahoe are split between two states—California and Nevada—and skiing can be found on both sides of the border. Measuring about 22 miles, this magnificent lake is just as picturesque during summer as it is in winter, with many celebrities and notable business figures choosing to visit, live, or hold a vacation home to enjoy all that there is on offer. The ski season in Lake Tahoe typically commences mid-November and can run as late as July, but great real estate can be found year-round. Berkshire Hathaway HomeServices Drysdale Properties can assist with real estate needs.

Photo credits: Left: Adobe Stock / Henry; Center: Adobe Stock / Manuel Lacoste; Right: Adobe Stock / Jen

MAMMOTH TO EXPLORE

More Destinations

SKI REPORT 2024

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Part of the Adirondacks, the area is popular year-round. Lake Placid is a charming village on the shores of its namesake, with boutique stores and picturesque views, while nearby you can enjoy the Adirondack Scenic Railroad, various venues used in the 1932 and 1980 Winter Olympics, plus ample other activities, including hiking, golf, cross-country skiing, and fishing. The area is home to a diverse property pool—from sprawling lakeside estates to contemporary condos and townhomes. Not only that, but there are many opportunities to secure vacation rentals of all types and price points. Reach out to the team at Berkshire Hathaway HomeServices Adirondack Premier Properties to find out more.

With a wide range of high-quality ski resorts throughout the state, New Mexico is an oft overlooked gem in the skiing community. Its unique blend of southwestern charm and stunning landscapes however make it a favorite destination for skiers and outdoor adventurers of all abilities. The north of New Mexico is arguably home to its most prestigious offerings, which include Ski Santa Fe, just outside the state capital, and Taos Ski Valley and Angel Fire Resort, which can both be found in the Sangre de Cristo Mountains. Typically less crowded than resorts in other states, New Mexico’s slopes present a more laid-back skiing experience. Coupled with the friendly local atmosphere and unique architecture, art, and cuisine the state has to offer, there’s a good chance the Land of Enchantment may be home to your new favorite ski destination. For real estate opportunities in the area, contact Berkshire Hathaway HomeServices New Mexico Properties.

JACKSON HOLE Surrounded by the majestic Teton Mountains, Jackson Hole, Wyoming, is a favorite amongst skiers for its dramatic scenery, lively après-ski scene, and high-quality snow—often referred to as “Champagne Powder.”

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Looming above New York’s Lake Placid, the famous Whiteface Mountain is known for having the highest vertical drop (3,430 ft) of any ski resort east of the Rockies. But it’s not just experts that love to ski here—there are dedicated areas for beginner and intermediate skiers, too.

NEW MEXICO

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LAKE PLACID

While the resort is venerated by expert skiers for its steep slopes— including Corbet’s Couloir, one of the steepest trails in America—there are also plenty of opportunities for less advanced skiers to enjoy the terrain. It’s not just winter activities that bring around 3 million visitors to the area annually: as the gateway to Yellowstone National Park, Jackson Hole offers the opportunity to enjoy one of the most unique geological regions of the country. Plus, the local shops, art galleries, and Western ambiance of Jackson Town Square are a big hit amongst visitors of all ages. To learn about securing your dream Jackson Hole home, contact Berkshire Hathaway HomeServices Brokers of Jackson Hole Real Estate.

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