In the post-bonus era, one of the first things to go is the chalet. Ski-homeowners who bought when the going was good but now want to offload their Alpine second homes have already begun to enlist the help of agents, according to ski property experts.

Turmoil in the banking sector has left some resorts looking more wilderness than wonderland as European banks have backed out of lending agreements on developments, leaving owners short of finance and new homes half-finished. However, the good news for buyers is that sellers in some resorts will now accept much lower offers. In fact, sterling's decline is said to be encouraging some owners to make even larger reductions. Such is the supply of good-value property that one ski-home specialist, Erna Low, has even opened a new office in Arc 1950, a resort in the French Alps that specialises in resale properties.

“There have been some interesting changes as the previously overheated market has corrected itself,” says Bertie Sanderson, the director of Erna Low Property. “Vendors have corrected their prices and there are some super bargains to be had.”

This week the Alpine ski resorts opened to fantastic snowfall. And, despite the economic gloom, skiiers are still flocking to the Alps:

Val-d'Isère, Chamonix-Mont-Blanc, Courchevel, Verbier and St Moritz are all so oversubscribed that there are always holidaymakers to fill apartments and chalets that may not be taken up by regular guests this year. Locations specialising in ski holidays that involve a spree at Cartier en route to the cable car will barely notice the crunch. Canada, where the banks are still lending and the season is longer (from November to June in the Big White, British Columbia, and Vancouver) is another one to watch for investment potential, according to Kate Stinchcombe, of holidaylettings.co.uk.

Sanderson, at Erna Low, believes that resorts that seem to be completely recession-proof, such as Courchevel, will remain hotspots. Gstaad, in Switzerland, is one such place where the jet set will soon be queueing up for a hot chocolate. A centrally located 2,800sqft three-bedroom flat there is currently for sale but, as with most Gstaad properties, the asking price is closely guarded. It has rustic pine-clad ceilings and simple stone fireplaces but is chock-a-block with artworks, has private lift access, a mirror-lined gym and 950 sq ft of balcony space. It will doubtlessly go for millions. Elizabeth Taylor, Roman Polanski and Valentino have homes in Gstaad, as does Julie Andrews, who once paid for the town to be decorated with fairy lights at Christmas. The largest chalets line the hillside by the Palace Hotel and go for between SwFr15 million (about £8.5 million) and SwFr25million, equivalent to about £2,000 a sq ft.

Nine miles northwest of Gstaad, in the resort of Château-d'Oex, there will soon be 23 apartments available with pre-arranged ownership permits. The flats, called Le Beau Séjour after the hotel that previously occupied the site, will be swish but cosy, with balconies, ski storage, wine cellars, humidors, library and porter. Best of all they will have a spa with a pool and a restaurant headed by a top chef. With prices starting at SwFr975,000 (£549,000) for 775 sq ft - for either a one-bed or two-bed flat - it's not cheap but it is reasonable given the location and luxury. Although small, Château-d'Oex is the capital of the French-speaking canton of Vaud and has a certain offbeat appeal; one magical event is the hot-air balloon week in January, which stars more than 100 balloons.

Home-ownership permits in Switzerland are regulated by the individual cantons, or counties, and Gstaad, which falls under the Germanspeaking Berner Oberland region of the Bern canton, has a long waiting list. Many of those on the list have at least a SwFr30 million budget for a chalet. Château-d'Oex, in neighbouring Vaud, does not have a waiting list for permits and for those buying at LeBeau Séjour the administrative legwork has been done to secure a permit for each property.

Château-d'Oex will never compete with Gstaad but it offers something different. Discreet and unpretentious, it is perfect for families who want to relax and ski with the occasional trip along the valley to watch the parade of fur coats in Gstaad, have a hot chocolate at Charlie's Bar overlooking the ice rink and perhaps dine at Hush, a restaurant owned by Roger Moore's son, Geoffrey, for a break from fondue. As yet there are no fancy restaurants in Château-d'Oex. The brasserie at Le Beau Séjour hopes to fill that gap and attract visitors from the surrounding resorts with good food served in a laid-back atmosphere. The head chef has yet to be appointed but the developer of Le Beau Séjour, Anthony Stevens, hints that it will be a London-based restaurateur.

To reach the pistes from Château- d'Oex you take the cable car to La Braye ski station from the centre of town, which is immediately outside the front entrance to Le Beau Séjour. There are no proper ski-in-ski-out chalets, either in Château-d'Oex or Gstaad, because the resorts are only 1,050m high, so you have to drive or take a cable car to the best slopes.

At La Braye seven lifts provide access to 40km of pistes. Those wanting more variety can make the 20-minute drive to Gstaad to reach the 69 lifts of the surrounding valleys that lead to 250km of pistes and Glacier 3000, so-called for its height above sea level. Keen skiers coming to stay for an extended period may also want to drive for 40 minutes to Schönried, Saanenmöser or the high plateau at Les Mosses.

Stevens is aiming at buyers who may occasionally wish to let but will primarily use their property for their own winter and summer holidays. “Here it is a no-brainer to get a 50 per cent mortgage and you can get more, depending on your situation,” he adds. Le Beau Séjour aims to be ready by Christmas 2010. Just picture yourself in two years' time, vin chaud in hand...

Details for Le Beau Séjour: Aylesford International, 020-7349 5100, aylesford.com . Also Beauchamp Estates: 020-7499 7722, beauchamp.co.uk

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