With this season distinctly lacking substantial dumps of the white stuff accross most of the Alps while the USA reports record levels in states like Colorado, is it worth looking at second homes in resorts like Winter Park where Intrawest have just started building?

It's a syllogism. Yes, its' worth looking in the US for ski property, and Yes, the snow has been 'average' in the Alps. But Don't look in the US simply because it's been an average year in the Alps. Above 1500M the skiing has been fine, and we've enjoyed our trips. Last year was the best since 1978 in Switzerland and they extended the season 2 weeks. When I started skiing 15 years ago we had two absymal years out of my first four. When I last skiied in 12 metres of snow in Heavenly, I met people on the lifts who said it was OK, but they preferred the Alps.

So the answer to my mind is that the US is worth looking at for pure investment and for those who are constrained to use their own place just once in the winter and once in the summer. Downsides include transit time/complexity/cost; high cost of passes and meals etc.; often a gap between regular intermediate and off-piste adrenalin-junkie type skiing; uncertain exchange rates; and uncertain resale market (a la Florida). I also found that on our budget of £100K or so, we were at the very bottom of the price range.

But for anyone serious, it'd be worth a ski trip out to have a look. I'd recommend somewhere near Denver, rather than E.Coast or California/Nevada.