The Wall Street Journal - 20.09.2019

M2| Friday, September 20, 2019 THE WALL STREET JOURNAL.

COMPARISON SHOPPING

Steep Slopes,Steeper Prices

Luxury mountain living doesn’t come cheap. A few factors to consider before buying that retreat.

MOUNTAIN LIVING offers unbeat-

able ski access, spectacular vistas

and, particularly in the major mar-

kets of Aspen, Colo., Park City,

Utah, and Ketchum, Idaho, sky-

high price tags. Being a skip, hop

and a jump from the slopes brings

with it a significant price premium

and a real-estate market that has

its own rhythms and practicalities.

Buyers should make sure

they’re aware of what the area is

like in all seasons, and that

they’re prepared to deal with the

level of snow they might be regu-

larly getting. Many are looking for

a home for ski vacations but come

to find they love the summer

months as well. “It’s always good

to consider what is a property like

in different seasons. If you’re just

looking in the winter, think about

what is this property going to be

like in the summer,” says Aspen

real-estate agent Carrie Wells.

Mrs. Wells says that even though

Aspen is a ski area, she’s recently

noticed more sales happening in

the summer.

Agents see many factors that

account for the high prices in lo-

cales like Aspen, which has only

around 7,000 full-time residents,

and Sun Valley, Idaho, where the

remote location makes commut-

ing in more difficult. “Most of

these resorts are smaller resorts

and so you don’t have a stable la-

bor force. You’ve got a labor

force, but it is limited. Obviously,

construction costs are going to be

higher in a smaller area than they

are in a major city where you’ve

got lots of competition and lots of

workers available,” says Suzanne

Williams, owner of Sun Valley

Real Estate/Christie’s Interna-

tional Real Estate. Mrs. Williams

sees higher prices per foot in a

place like Sun Valley, where the

population was 1,473 as of 2018,

than popular ski destinations like

Jackson, Wyo., which has a much

larger supply of workers.

BYADRIENNEGAFFNEY

3 bedrooms, 4 bathrooms, 7,810 sq. ft.

VIEW:Bald Mountain

KETCHUM, IDAHO// $5.9 MILLION

MANSION | MOUNTAIN & SKI HOMES ISSUE

8 bathrooms, 6 bathrooms, 8,596 sq. ft.

VIEW:Wasatch Mountain Range

PARK CITY, UTAH// $2.5 MILLION

5 bedrooms, 5½ baths, 7,207 sq. ft.

VIEW:Waterrock Knob

WAYNESVILLE, N.C.// $3.999 MILLION

Buyers

should

make sure

they’re

aware

what the

area is

like in all

seasons.

Land-use regulations limit new

development and growth, and a

limited supply drives up prices.

They also shape the look and char-

acter of the town. “It makes for a

beautiful area, because we do have

height restrictions and limited

growth, but that means what is

developed becomes more rare and

pricey,” Mrs. Wells says. “Unlike

other resort areas where they

don’t have land-use codes in place

or they don’t have limited growth,

it has a different character. It

looks different.”

COUNTERCLOCKWISE FROM TOP: AARON KRAFT (2); MARILYNN KAY PHOTOGRAPHY; TEAM PARK CITY; FRED LINDHOLM; DAVID BARNUM; PETER GREENWOOD (ILLUSTRATION)

This home, above and below, looks directly at the Grand Teton, as well as the Teton Range to the west and Gros Ventre Range to the east.

DORSET, VT.// $2.995 MILLION

6 bedrooms, 4 bathrooms, 11,500 sq. ft.

VIEW:Green Mountain National Forest

JACKSON, WYO.// $4.495 MILLION

3 bedrooms, 3½ bathrooms, 3,158 sq. ft.

VIEW:Grand Teton

Feeloverwhelmedbythenever-endingwavesoftechnology

news?LetTheWallStreetJournal’stechnologycolumnists

help.JoinDavidPierce,JoannaSternandChristopherMims

everyFridayastheytalkaboutthemostimportanttech

trends—andwhyyoushouldcare.

Instant

Message

© 2019 Dow Jones & Co., Inc. All rights reserved. 4DJ8081

ApplePodcasts.com/InstantMessage