Warmer Weather Will Hurt Ski Home Values

With rising global temperatures, the western parts of the U.S. are starting to experience shorter snow sport seasons. Resorts, like Colorado-based Vail Resorts, have developed ways of keeping revenue streaming, but home values in these mountain villages are at risk. CNBC’s Diana Olick says values near ski resorts could drop by at least 15% by 2050. Lower elevation ski areas, like UtahIdaho, and Nevada, are especially at risk and could fall as much as 55%.
Josh Lautenberg sells multimillion dollar homes in the Vail area, some of which are used for just a few winter months each year. He was stunned by the poor conditions to start last year’s ski season.
“That was the first delayed opening that I’ve seen since I’ve moved here in 1991,” he said, noting the slow start to business this year. “I think a lot of people were a little bit gun shy from last year. Deposits on hotels, and rental properties, and everything else.”
Snow doesn’t just support luxury home values – it is the lifeblood of the local economy. Most of the jobs in Vail, whether in hospitality, retail, restaurant or real estate are supported by tourism dollars.

Comments

Popular posts from this blog

Hot 50 Foot Wide Plans

5 Design Trends That Have Emerged During The Pandemic

Pro Tips for Planning Your Laundry Area