Winter on one side of the lake, summer on the other? These things happen in Switzerland, on Lake Sils in the Engadine valley near St Moritz. In any case, whichever way you’re facing, the wellness options look welcoming. And isn’t that what we’re searching for, once we realize health is wealth? (Alamy)
Picture yourself on an outcrop of rock overlooking a wide alpine vista. The sun’s corona scorching the snow, the exhilarating air whistle-sharp and clean… Look down across the sweep of the white valley, past the brush of the green-tipped pine trees, and here you stand amongst the heights of wellness. So let’s talk real estate investment, shall we?
The contrast is as clear as shadows falling on snow. From Europe to North America (not forgetting the white peaks of New Zealand’s South Island), mountain life acts like a balm for those with their sights set on some welcome isolation and retreat amongst the evocative calm of nature. Others see opportunity for development. Why not? The mountains have been standing sentinel for centuries. Now what are we to make of them?
Evidently, a tremendous return on investment. According to Robb Report, the sixth-most expensive residential property purchase in the U.S. in 2024 was a $108 million estate in Red Mountain, Aspen, Colorado. Admittedly sixth is some way down the canyon from the $210 million record-breaking top-spot paid in Malibu on the Pacific shore. But when six-figure numbers start rolling upward off the abacus in any non-metropolitan location, never mind one where mountains are your neighbors, you know what happens next as demand outpaces supply.
When six-figure numbers start folling upward off the abacus in any non-metropolitan location, never mind one where mountains are your neighbors, you now what happens next as demand outpaces supply.
Imagine how such sums would land, if transactions could be teleported back into the minds of the 19th-century fur trappers and miners who labored here, the shepherds and farmers, the mountain men and adventurers who worked what was then inhospitable territory.
Otherworldly is the answer. Never could they have envisioned their fields and pastures turning into the über-wealthy havens of Gstaad and Zermatt in Switzerland today. Or their muddy Colorado sheep pastures becoming Vail. Or that the boom-then-bust silver town across the White River forest would eventually burgeon into the wealth of Aspen.
What is it that venturing to the top of the world does to the human brain? Suffuse it with fulfilment neurons now there’s nowhere higher to go? Here at Col du Pillon above Gstaad, Switzerland, as the fondue bubbles and the beer is extra chilled, there’s time to simply contemplate. (Shutterstock)
Who could have seen this coming? Ski guides and snow lovers maybe, who in the mid-20th century were excited by the increasing popularity of winter sport. They understood what reliable snow in a glorious landscape could mean. They loved the land, the sport and the lifestyle, and they were betting that others would too.
One of those people was the late Rodney Slifer, who came to Vail, Colorado’s largest ski resort, in the early days. The skier and realtor grasped that what he was selling was a way of life. In the Denver Post’s obituary, Slifer was credited with “61-plus years of relentless service to Vail the town, Vail the ski area, Vail the global mountain escape and Rocky Mountain state of mind.” People talk of his community-first ethic. And that, we might extrapolate, is the first habit of success if managing real estate in the close-knit conditions of mountain life.
Today, his daughter Adi Slifer, who grew up in Vail and is now a broker associate with Slifer, Smith & Frampton Real Estate, feels the same way. “People think it’s such a bubble when you’re in Vail,” she says. “But it’s a melting pot, full of so many people from all walks of life.” How people respond to that sense of community is the prism through which locals observe as incomers arrive. Real estate makes money, and the mountains have their own measure too.
Living in the relative off-the-beaten-trackness of a mountain town like Vail ski resort means taking the prevailing weather as it comes – and fitting in with neighbors’ expectations. “Community-first” is a phrase that often crops up in conversations with locals here. (Alamy)
Modern-day mountain towns may be remote, but no longer provincial. Long gone are the days of eking out a living herding livestock or mining metals. Today’s mountain dwellers are here to go skiing or mountain biking, to breathe fresh air. If the lifestyle is planned, that doesn’t mean contrived. Nature always plays the leading role.
If you went to Switzerland today, would you still see picture-book Hansel and Gretel homes? Of course, says Daniel Astore of Geneva-based brokerage FGP Swiss + Alps. “The classic Swiss chalet with its steep-pitched roofs, wide eaves and intricate wooden balconies remains a defining feature. They’re designed for alpine conditions and deeply rooted in Switzerland’s cultural identity.”
St Moritz wouldn’t be the glitzy place it is without a little unnecessary horse-racing in the snow like the annual White Turf event. Behind, the flat-roof new-builds speak an entirely different language to the old pitched roofs higher up the hill. (Alamy)
But as mountain resorts have grown in popularity, seasonal boundaries have disappeared. In the post-pandemic world, wealthy baby boomers and some fortunate digital nomads alike realized the vacation pace of life could become their year-round lifestyle. Resort towns respond to buyers expecting the conveniences of urban living, and that prompts something of a shift in architectural style.
In the early days, North American resorts copied the European alpine aesthetic, dotting the mountains with A-frame chalets and log cabins. Now new-builds in resorts gravitate towards the contemporary catchall of “mountain modern” with million-dollar views, floor-to-ceiling windows, open-floor designs and spacious decks with pools and hot tubs. Looking for Manhattan up the Matterhorn? The message reads Mountains are cool, but don’t take my urban comforts away.
For the past four years the season in Vail, Colorado, has lasted an average of 156 days from mid-November to late April. (Glade Optics/Unsplash)
At heart though, what seems settled in the minds of people who move to the mountains is that what’s important is exactly that sense of community Rodney Slifer prized. Real estate data proves it. More people tend to buy in places like Vail and Telluride rather than rent, in part because they’re drawn to make a bigger commitment to the place.
That’s the motivation in Europe too. “The allure of Swiss mountain towns like Crans-Montana, Zermatt, Verbier and Gstaad extends far beyond skiing,” Daniel Astore confirms, and adds what might seem an obvious conclusion. “These destinations offer natural beauty, tranquility, fresh air, a serene environment. In other words, a much-needed connection to nature.”
Right next to the desire for community – more easily achieved in smaller locations – is the persuasive power of mountain villages and towns to deliver on the wellness promise as an extension of the landscape itself.
As to real estate investment, the smart money comes from understanding not just this year’s hotspots or next year’s predicted trends. Mountain living is on a winning streak because, as we increasingly come to know, health is wealth.
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