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Ski Resort Real Estate: Does Supply prevent Appreciation?

Author

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  • William C. Wheaton

    () (Department of Economics and the Center for Real Estate, MIT Cambridge, Mass 02139)

Abstract

This paper examines the behavior of ski resort property in a major New England market over the last 25 years. A constructed property price series reveals that nominal prices are quite volatile and only slightly higher today than in 1980. These ?uctuations and trends are investigated with a time series VAR model. The ?ndings indicate that (1) natural snowfall is crucial to business;(2) regional annual business is central to individual resort demand and hence price appreciation; and (3) resort supply responds so elastically to any movement in prices, that it effectively curtails any long-term property appreciation. Impulse responses reveal that positive demand shocks fail to generate any long-term (real) price appreciation because of excessive new development. This behavior could be typical of many other ski resorts.

Suggested Citation

  • William C. Wheaton, 2005. "Ski Resort Real Estate: Does Supply prevent Appreciation?," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 1-16.
  • Handle: RePEc:jre:issued:v:27:n:1:2005:p:1-16
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    Citations

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    Cited by:

    1. Békés, Gábor & Horváth, Áron & Sápi, Zoltán, 2016. "Lakóingatlanárak és települési különbségek [Housing prices and location differences]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1289-1323.
    2. Van Butsic & Ellen Hanak & Robert G. Valletta, 2011. "Climate Change and Housing Prices: Hedonic Estimates for Ski Resorts in Western North America," Land Economics, University of Wisconsin Press, vol. 87(1), pages 75-91.
    3. Su Han Chan & Ko Wang & Jing Yang, 2011. "A Rational Explanation for Boom-and-Bust Price Patterns in Real Estate Markets," International Real Estate Review, Asian Real Estate Society, vol. 14(3), pages 257-282.
    4. Eli Beracha & William G. Hardin & Hilla Maaria Skiba, 2018. "Real Estate Market Segmentation: Hotels as Exemplar," The Journal of Real Estate Finance and Economics, Springer, vol. 56(2), pages 252-273, February.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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