Europe may have Zermatt and Courmayeur, but America has Squaw Valley. This ski season, the site of the 1960 Winter Olympics cuts the ribbon on a Continental-style pedestrian village—done up with cobblestoned lanes, witch-hat roofs, and plazas grand enough to hold a chorus of dirndl-clad Heidis. Along with ski-in, ski-out access to the Sierra Nevada's steep inclines, the 600 condos in "California Alpine" style come with heated slate floors, mountain-view patios, maid service, and a 24-hour concierge. Once you buy, you can enter your pad into the rental program; better yet, sign up for the Resort to Resort exchange program and swap it for an equally luxurious one at 13 other participating ski resorts (including Copper Mountain, Tremblant, and Mammoth Mountain). Just don't wait until the ice on the shores of Lake Tahoe melts to add this zip code to your portfolio: the village's first offering sold out in five hours. Properties start at $300,000; Resort to Resort membership is $697 for two years. 877/297-2140; www.thevillageatsquaw.com.
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