Luxury Mountain Apartments: Snapper Deer Cottage Living

Check out the list of recent transfers below!

Perched 1,000 meters above sea level, the striking buildings of Skigaarden in Hemsedal boast apartments that can often surpass the price of a villa on Snarøya. Featuring an expansive wine cellar—one of the largest in Norway—this luxurious development has garnered significant attention, especially after selling parts of its cellar to bolster the developer’s finances.

As reported by Budstikka, the luxury project has seen around 150 apartments sold so far, with 40 to 45 additional units still available, according to broker Gjermund Svendsen-Rosendal.

“The majority of buyers in Hemsedal are from Asker and Bærum,” confirms Svendsen-Rosendal, adding that Asker, Bærum, and Oslo West represent the primary markets for the Skigaarden apartments.

Moreover, a closer examination of the apartments transferred under the Skigaarden address reveals a significant trend: around one in three buyers this year hails from Bærum.

High Incomes

November saw the highest sale in the area this year, with a property transferred for a staggering NOK 23 million. The property records indicate that the buyers, Lars Christian and Karina Fredenlund from Hosle, acquired a 153-square-meter apartment on the fourth floor. Budstikka has yet to receive details on why they’ve chosen Skigaarden.

Just three months prior, Lars Christian Fredenlund, along with two co-owners, sold their company Cobuilder for an impressive NOK 1 billion.

In addition, this summer, the Fredenlund couple acquired a beach property in Kragerø for approximately NOK 14 million.

But it’s not just Fredenlund who boasts substantial incomes; Budstikka examined the tax records of this year’s buyers:

• Average income: NOK 12 million
• Median income: NOK 3.8 million

At the same time, average wealth stands at NOK 113.1 million, with a median wealth of NOK 8.6 million.

Among the affluent buyers is Kim Wahl, a Bærum native who purchased a 181-square-meter apartment this year for about NOK 23 million. According to Kapital magazine, his family business, Strømstangen, boasts a net worth of NOK 2.1 billion.

Interestingly, Wahl also has a taste for simplicity, as he maintains what dn.no describes as “a cabin without electricity and water” in Brunkollen, Bærum.

Despite reaching out, Budstikka has yet to hear back from Wahl regarding his recent choice of Skigaarden as a getaway.

Billion-Dollar Sales

Earlier this year, Blue AS, a Snarøya-based company, purchased a 181-square-meter apartment for NOK 20 million. The company is owned by Jan Høgetveit, a 57-year-old entrepreneur known as a co-founder of the accounting technology firm Semine.

Semine developed an AI platform for automating invoice processing and was recently sold to the Belgian firm Rydoo for nearly NOK 1 billion, as reported by Finansavisen.

On Snarøya, Høgetveit resides in a villa he purchased for NOK 10.9 million in 2014—less than half of what his company paid for the Hemsedal apartment.

Additionally, two more apartments were acquired for NOK 10 million and another for NOK 8.8 million, purchased by a lawyer and a CEO from Bærum. Notably, the seller had bought one of these apartments just last May for NOK 8 million and sold it for over NOK 2 million more this year.

Still an Attractive Market

This year, Oslo billionaire Riulf Rustad made headlines by spending NOK 37 million on a penthouse, which spans approximately 350 square meters.

“Skigaarden is increasingly attracting international buyers. While the prices may seem steep, they remain competitive on an international scale. You couldn’t expect to find anything significant at that price in the Alps,” Rustad stated in an interview with dn.no.

“We have several apartments ready for takeover, so I anticipate a flurry of activity come December,” Svendsen-Rosendal told Budstikka.

“Will there be viewings in the near future?”

“Absolutely, I plan to be here throughout Christmas and New Year’s weekend,” he replied.

A Challenging Journey

According to an interview with developer Erik Teigen published in Finansavisen in November, he disclosed that the tax authorities are closely monitoring him, sitting on unsold apartments worth NOK 100 million. To address mounting bank debts, he has even sold parts of his prized wine collection and other assets for over NOK 100 million.

“I can finally breathe a bit easier now,” a hopeful Teigen stated.

He reflected on the philosophical aspect of mountain travel, saying, “Visiting here is about more than just profit. People often drive here willingly, many weekends, to engage in activities they find enjoyable.”

The area’s regulations commenced in 2008, with the first construction phase kicking off in 2012. To date, sales have approached NOK 1.5 billion.

“Once we finalize the last two construction phases, an additional NOK 1 billion will be added to that total,” Teigen told Finansavisen.