So end of story......., you've cleaned up.Maybe a little counterpoint here. We bought a place in Mammoth 3 years ago, and are in escrow to sell it right now. Owning there was a dream come true for me, but the only way that it made sense for us financially was to rent it out. If you do need to rent it to make it work it does change the dynamic of things. Having strangers in and out of your dream come true is odd. We were also fortunate that our place was in very high demand with renters, but that also didn't gel with our usage patterns at all. We go up when the snow is good, not pre-planned vacations. Our place was usually booked 1 to 2 months in advance, so if we went up chasing a storm we were always in a hotel or renting someone else's place. The cost of renting is also pretty crazy. Our mortgage is about $1,500, HOA $600, and property taxes around $325. We grossed about $65K (pre-covid) in rental income per year, but never actually turned a profit in any given year. Between management fees, city taxes, cleaning fees, linen fees, utilities (power bill ran $700 per month with renters blasting heat in the Winter), repairs, supplies for renters, etc., the money goes quick.
This next part may be a little more specific to Mammoth, though I've heard similar stories. Trying to get professional services (contractors, repairmen, etc.) in a mountain town can be a nightmare. I was having a conversation with a buddy about this the other day, but people who go to resort towns to live and work have an amazing comfort level with not actually working. Anytime I called anyone for a gig they seemed really put out with the prospect of having to work. Work was often shoddy, and prices were crazy. Case in point, I needed a couple repairs done to the condo to get it ready to sell. I needed 2 window cranks installed (original ones were broken by renters). Window guy quoted me $200 each just for parts (everything I saw online ranged from $20 to $80). I asked which cranks he was getting and he told me to go fuck myself, literally. We also needed an electrician. I put numerous calls into 4, and only heard back from 1. He told me his next availability was 12/29.
We're turning a killer profit selling just 3 years later, so as an investment it has been good, and it makes sense to sell now. If the market doesn't leave us in the dust we will buy up there again in the next couple years, but we'll do something smaller and cheaper that we don't have to rent in order to offset costs.
Our place in Australia has doubled its price in 10 years and we have people who told the manager they want to buy our place as soon as it comes on sale, but we wouldn't sell it unless we bought a better place to move down the mountains when we retire, however this won't be cheap. Fortunately we have no debt on our house so we can comfortably enjoy it what it offers, get okay tax breaks, get some rental return $$$, and most importantly, snowboard when we want. We book our weeks in every year as I know when it's strategically the best times for snow. It's also really nice down the Alpine in summer.
Owning snow accommodation is probably more so a lifestyle thing but you only live once so enjoy life whilst you have it.