publication . Article . 2005

Ski Resort Real Estate: Does Supply prevent Appreciation?

William C. Wheaton;
Open Access
  • Published: 01 Jan 2005 Journal: journal of Real Estate Research, volume 27, issue 1, pages 1-16
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 sho...
Subjects
free text keywords: jel:L85

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