In the case of ski resort properties, the rising tide of real estate is lifting boomers not to the slopes, but to scenic second homes overlooking snow-capped peaks.

According to the National Association of Realtors, second homes are rising in popularity, so much so, that for the first time, the organization added second home/vacation homes to its bi-annual homebuying/homeselling survey released just this month. Although only two percent of homes purchased in 1996 and 1997, the periods covered by the survey, were second homes or vacation properties, the rise is significant and should be much higher the next time the survey is conducted at the end of 1999.

Industry spokespersons believe the rise in vacation homes are due in part to several reasons, the Taxpayer Relief Act of 1997, rising incomes and the aging Baby Boomer population. The average age of the second home buyer is 51.

This is the target market of resort property purveyors in popular cold weather destinations such as Aspen, where brokers are seeing as much as a nine-fold increase in some home prices.

With ski-based tourism flat for over a decade, some ski resorts have turned to making their acreage attractive for year round use by offering such warm weather diversions as ballooning, mountain biking, golf, and tennis. Ski companies such as Intrawest Corp, owner of Copper Mountain and other resorts, are looking to construct housing developments and offer buildable lots to complement golf courses and hiking and biking park trails. The company sold a remarkable 108 homes in six hours for about $33 million, and plans to build as many as 1,100 more homes over the next ten years. Last year, Intrawest earned $121.3 million from its real estate operations apart from its resort holdings.

Aspen, which has virtually no undeveloped land left is opening some of its resort land holdings to homeowners. The Aspen Skiing Co. recently sold 31 single-family home sites priced between $1.1 million and $2.5 million. Plans are underway to include 32 new town homes at $2.5 million each and 73 condominiums at a minimum of $800,000 apiece.

Individuals are joining the gold rush to ski resort properties. Robert Ritchie, an Aspen real estate broker, is representing a 500-acre property which has recently been put on the market for $37.5 million. The owner paid $9 million for the property in 1990. Boasting a snowcat parking space at the Snowmass ski resort lift, the property is virgin land with no buildings on it, as yet.

Published: August 3, 1998

Use of this article without permission is a violation of federal copyright laws.

Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.