There's no doubt that snow quality is better, runs are longer, and resort infrastructure is better up in Hokkaido. But I actually saw higher % of Westerners at NASPA (Yuzawa) than Kiroro, although Kiroro had more Asian visitors. It seemed a good half of the skiiers at NASPA were foreigners, and everything is written in Japanese and English and they offer English lessons.
If I had to choose between buying a condo in Hokkaido vs Yuzawa for the same price, of course I'd choose Hokkaido. But I'm totally priced out in Hokkaido. Even if I could afford it, it seems like a high-risk/low-reward situation. Meanwhile, I think Honshu resorts may have the potential to become year-round destinations with high-speed quads replacing slow lifts and ski-in/out Sheratons being built. And condos in Yuzawa are extremely affordable and difficult to imagine going much lower. Some 2LDK's are going for <500,000yen (all these places were built ~1990, which would not be a problem in US but I concede is problematic in Jpn). There are articles talking about condo owners in Yuzawa actually paying money to get these properties off their hand since they can't find takers and the HOA fees are expensive. But I guess I don't understand the math and/or Jpanese real estate, because I'm seeing HOA fees of 30,000-40,000yen at these places which I consider to be reasonable. That's nothing compared to US where, in pricier markets, you might see HOA fees of $600-800/month. At 500,000yen, it seems like there's not much to lose. Or is there?