Swanky ski homes could lose value as climate change hurts resorts

Vail Resorts, the largest player in the U.S. ski field, reported better-than-expected quarterly earnings in its latest report but had to lower its full-year guidance because of a weak start to the season. The company's CEO, Robert Katz, attributed that"to guest concerns after two prior years of poor pre-holiday conditions."

"We do hear from shareholders quite a bit about this weather variability," said Katz."If I'm going to invest in Vail Resorts, how do I know that you can consistently drive results, even though you are subject to the weather, the snowfall, the temperatures? And we have, over the last 10 years, really made a point of showcasing to our investors that we are not only doing the right thing for the environment, but we are also changing our business model.

In 2017, Katz announced a commitment to using 100 percent renewable energy. That means solar panels and transitioning to more energy efficient snow making. Yes, snow guns in Colorado. "Anything that's out there that could be a risk to our business, we have to factor in. And it's one of the reasons why we did launch this season pass. And it's one of the reasons why we built geographic diversity," Katz said."It's one of the reasons why we have invested in lots of other activities that people can do at our resorts, so when they come to our resorts there's lots of different choices for people. All of those things are critical for us.

Home values in mountain towns like Vail and Aspen are some of the highest in the nation, and those values are at risk. By 2050, home values near ski resorts could drop by at least 15 percent due to warmer winters, according to a study by researchers at the University of Wisconsin. At lower elevation ski areas, such as in Utah, Idaho, Nevada and parts of California, they could fall as much as 55 percent.

Listen to this lyrics about climate

One of the best ski years in a generation....

Record setting ski season this year. Nice try though.

Bullshit

Pivot

I can’t afford this anyway.

Aspen is impossible now. Perhaps the herd will be thinned out.

FakeNews

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Climate change is taking a toll on the $20 billion ski industry — here's how resorts are adjustingSnow sport seasons are getting shorter, due to warmer temperatures. That is already having a distinguishable financial impact on residential and resort properties that profit from snow. The climate has been changing since day 1.. Whatcha gonna do - it’s the weather ! Be patient it will change as it has for hundreds of years !
Source: CNBC - 🏆 12. / 72 Read more »