real estate
NEWS WEDNESDAY, APRIL 3, 2024
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Pictured Above: A newly listed and rarely offered Crystal Springs penthouse unit features incredible views, true ski-in-and-out access, a private parking garage, and a central location in the heart of Teton Village.
RESORT REPORT ILLUMINATES NATION’S BEST SKI REAL ESTATE Collaborative report offers real estate market insights from across the West. by Staff Writers Ski area properties across the American Mountain West hold enduring appeal within the broader national real estate market, providing recreational value and investment opportunity. These specialty market areas are often insulated, if not entirely removed, from larger macro-market real estate trends and are best assessed via a more nuanced analysis than is commonly available. The Resort Report from Sotheby’s International Realty affiliates provides collaborative market analysis of seventeen distinct ski resort markets across the West to help inform your specific real estate investment decisions. No two ski towns are the same—each area offers its own unique character, market influences, and the occasional logistical hurdle—beyond the skiing itself. From the big-name Colorado resorts to the feast-orfamine snowfalls of the Sierra and everything in
between—each of these regions offers diverse onslope experiences and real estate opportunities. The Resort Report helps to break down several key real estate metrics and helps to illustrate recent market trends. Traditionally, real estate within these resort markets is less influenced by external factors like mortgage rates than in other parts of the country, and is considered to be less volatile than financial instruments like equities. While data sets represented within the Resort Report are as standardized to the greatest degree possible, unique geographic distinctions and specific reporting criteria vary slightly, and consultation with a local real estate professional is encouraged for a complete picture of a specific area. Accessibility varies depending on the resort’s location and proximity to major transportation hubs. While many of the resorts featured within the Resort Report are accessible via a regional airport, at a minimum—Jackson Hole benefits from direct commercial flights from twelve airports across the U.S. during the winter season.
Pictured Above: Sublette Ridge Ski Lodge epitomizes a Jackson Hole ski property, offering six bedrooms across a generous 8,577-square foot plan. Completely renovated in 2020, the home is being offered turn-key and is ideally suited for entertaining.
The real estate market in ski resort areas is influenced by numerous other factors, including seasonality, tourism trends, and economic conditions. Collectively, these resort areas continue to see strong activity as overall demand for luxury living and recreational properties remains robust within the West. The frenetic pace of transactions in recent years has slowed, somewhat, with the average number of days on market increasing in all but one region featured within the report. Jackson Hole and the adjacent communities have seen steady appreciation in property values, fueled by a reputation as a world-class ski destination and year-round outdoor playground, and bolstered by a very favorable tax environment and a laid-back western attitude. Here, luxury properties continue to be the primary market driver, where homes sold above $5M accounted for more than half of the overall sales volume— helping contribute to an 18.2% increase in the average sold price. By comparison, while Colorado is home to 32 active ski resorts, it is household names like Aspen that tend to dominate the headlines—and often serve as benchmarks within real estate market metrics. Aspen, famous for its slopes and potentially more so for its vibrant après-ski scene and luxury amenities, once again set the high point for both the highest sold price and average price-per-square-foot—which eclipsed $3,000/ sq.ft. in 2023, and was more than twice Jackson Hole’s average for the year. In sharp contrast, New Mexico’s Taos Ski Valley offers a more secluded experience amidst the rugged, high desert beauty outside of Santa Fe. There, the average sold price and price-perSee RESORT REPORT on page 7.