People like ski and snowboard towns. Here's an excerpt from a recent WSJ article talking about Park City:

Prices continued to rise in most luxury ski towns this past year, but none grew as much as Park City, a former silver mining town 32 miles east of Salt Lake City. The average home sale price there grew 35% in 2023 from 2022, compared with a 9.4% increase at Vail and Beaver Creek and 3.2% at Aspen, according to the resort report by Summit Sotheby’s International Realty. 

The main point of the article is this: Park City has gotten really expensive, and so people are now looking and buying homes further out in places like Heber City, Midway, and Kamas. Here's how expensive expensive is:

Over the last four years, Covid has stoked demand for western resort real estate. In Park City, single-family homes have sold for a median price of $4 million year-to-date, up from $1.996 million in 2019, according to Redfin, which averaged the monthly median sales prices weighted for the number of homes sold. One home was listed in September for $65 million, which could set a record for the state. It’s now under contract, according to listing agent Paul Benson of Engel & Völkers, who declined to disclose the sale price.

This, of course, isn't a novel phenomenon. It's the whole "drive until you qualify" thing. But what's interesting about this particular mountain example is that it's not centered around access to a CBD or downtown; it's centered around "how fast can I get to a ski and snowboard resort?"

For example, Deer Valley has a new East Village that is expected to open up in 2025. This brings the cities mentioned above closer in. And buyers seem to be doing that math: "It's a 25-minute drive today, but next year I'll be able to get on a lift in 15 minutes. Score."

Given that Deer Valley also doesn't allow snowboarders, it's interesting to think about how these trends could be bifurcating the region between skiers and snowboarders. I don't have any data on this, but I bet if you mapped it out, there would be some sort of clustering happen.

The article also goes on to talk about transportation. Because you can't talk about new development and real estate without talking about traffic. But I think Bill Ciraco (Park City Council) gets it exactly right in the article: This is a car problem, and less of a people problem.

In my mind, the Wasatch Range is destined for something like this ONE Wasatch concept, which is/was a proposal to link seven resorts through a handful of new skiable connections. This is similar to what you'll find in Europe, and it means less driving and more time on the mountain.

That's what everyone wants to be doing anyway.

Photo by Lauren Pandolfi on Unsplash

We already know that many successful cities are struggling with housing affordability. But what you may not know is that a similar phenomenon is happening in many ski towns. Supply is constrained and demand is high.

Here is an excerpt from a recent New York Times article:

Local officials and housing experts say it is a symptom of widening economic inequality, one that is especially sharply felt in tiny resort towns hemmed in by beautiful but undevelopable public land. While the wealthiest can afford $5 million ski homes and $120-a-day lift tickets, others work two jobs and sleep in shifts to get by.

“It’s so much worse today than it’s ever been,” said Sara Flitner, the mayor of Jackson, Wyo., where the median single-family home price rose 24 percent last year to $1.2 million, according to the Jackson Hole Report.

It’s for reasons like this that some ski towns have strict criteria around who is an eligible resident. For example, Banff, Alberta does this to ensure, “that housing remains available for those whose primary objective is to live and work in the community.”

In small landlocked ski towns – where it’s difficult or almost impossible to increase supply – there are only so many options. 

I went snowboarding today and so I’ve got it on the brain right now. It’s one of my passions. But besides the actual act of riding down the mountain on a flexible board, there’s something much more about the sport to me.

First, I love the small villages that develop – ideally organically – at the base of ski mountains. Here’s a neat video of Zermatt, Switzerland that makes it look like a “miniature" town. Click here if you can’t see it below.

//player.vimeo.com/video/28956652?portrait=0&color=ff001a

And second, I love the vistas that you get. I don’t know exactly how to describe it, but I find that they really pull you away from your everyday life. Here’s a stunning time-lapse video called the Mountains of Valais (Valais is the Swiss canton that Zermatt is located in). You need to watch it. Click here if you can’t see it below.

//player.vimeo.com/video/81082164?portrait=0&color=a3e5ff

The town of Zermatt is almost completely surrounded by high mountains and is home to Switzerland’s highest peak at 15,203 feet above sea level. I think it’s time I added it to my bucket list.