Still, says Cook, Mission Ridge has potential. There are fivemillion people within 170 miles of the resort and 2,100 motel roomswithin 25 miles of the resort. Additionally, its 4,500-ft baseelevation and 2,200-ft vertical rise give Mission Ridge's 900skiable acres a drier, more appealing quality than other WesternWashington resorts. "If a new owner made the improvements, MissionRidge should be able to increase skier visits by 50% to 75%," saysCook.

Given the needed improvements, real estate srouces say theresort could sell for between $2 million and $4 million. Itsrelatively remote location also appears to have been factored in.Crystal Mountain ski resort, 80 miles southeast of Seattle, sold afew years back for a reported $15 million. Stevens Pass, anotherWestern Washington ski property owned by Harbor Resorts, is valuedat $35 million.

Meanwhile, says Cook, the ski industry is trying to make senseout of a 20-year trend that shows annual skier visits to US resortshave remained stable at 50 million to 52 million. During that sameperiod, the number of ski areas has dropped from 1,100 to 600, mostdramatically over the last 10 to 12 years. "Relying on shrinkingcompetition (to increase skier visits) leaves owners with a falsesense of security," says Cook. "What the industry needs is a modelfor growth."