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Ski Resort Real Estate: Does Supply prevent Appreciation?


  • William C. Wheaton

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


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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    References listed on IDEAS

    1. Dhillon, Upinder S & Shilling, James D & Sirmans, C F, 1987. "Choosing between Fixed and Adjustable Rate Mortgages: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 260-267, May.
    2. Dietrich, J. Kimball & Sorensen, Eric, 1984. "An application of logit analysis to prediction of merger targets," Journal of Business Research, Elsevier, vol. 12(3), pages 393-402, September.
    3. Statman, Meir, 1982. "Fixed Rate or Index-Linked Mortgages from the Borrower's Point of View: A Note," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 17(03), pages 451-457, September.
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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. repec:kap:jrefec:v:56:y:2018:i:2:d:10.1007_s11146-017-9598-z is not listed on IDEAS

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    JEL classification:

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


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