In The Night Before Christmas, Santa is described as "a right jolly old elf." Good-natured cheer is a key part of the Santa brand. Yes, he may be run ragged by mid-December, but he never lets the stress show. Not only does that confidence inspire trust from the public, his can-do spirit motivates his team to slog through the final rush of toymaking. Ever heard of the elves going on strike? Santa must be doing something right to keep them working productively in the run-up to Christmas. He doesn't overpay for real estate.
Santa must have cash-flow problems -- giving away all those toys for free isn't really a sustainable business model. But he knows how to cut costs where it counts. Real estate is a bargain in the weather-challenged North Pole, and that's just the way Santa likes it.
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