No Chill in the Tahoe Luxury Market

Last night, for the first time this summer, I felt the evening chill sweep through the Sierras. Although the beautiful Tahoe days keep us absorbed with summer activities, we know the white beard of winter has quickly begun his journey back. Most Nor-Cal schools are back in session and just like the changing of the seasons, the Tahoe real estate dynamics have shifted. 9-luxury single-family homes sold last week for above $1 million, including 5 over $3 million. These numbers equate to almost 25% of last weeks sales and add energy to an already exploding segment of our market. Just outside this segment was a homesite sale of $980,000 in the ski-in/ski-out area of Summit, Northstar.

As ski-in/ski-out properties continue to attract the most attention, the chill in the air will ruffle the winter buyers. Northstar, California’s Mountainside community is offering the principal in ski-in/ski-out properties. Three new homes have broken ground in Martis 25 and we saw the first Home Run resale come onto market. 13 of Home Run’s 16 townhomes have sold including six already in 2014. 3 Home Run developer Units remain on the market. Home Runs YTD sales are as follows.

Unit           Date Sold                                 Price                             Price per sq./ft.

#15 5/19/2014 $2,435,000 $735
#13 4/18/2014 $2,205,000 $666
#12 7/23/2014 $1,804,000 $888
#14 5/2/2014 $2,420,000 $730
#11 4/11/2014 $1,800,000 $886
#7 4/14/14 $1,875,000 $972

Home Run photo HomeRun_0051-2

The next few months leading into winter Tahoe Mountain Resorts will showcase some of the best on mountain living opportunities in the country. The addition to the new Tree House amenity gives Mountainside a complete feel adding life to the community with events and gatherings.   By late December, 19040 Glades place will be the first completed home in Martis 25. This stunning 7900 sq./ft. mountain ski lodge is currently on the market for $9,300,000 and will vehicle the potential of Martis 25.

M5 Breck's M25 Tree House photo

Heightened summer showings and strong luxury sales numbers ensure that this fall will be the biggest selling season of the year. We have supply, we have demand, all we need is a little help from mother nature to blanket the sierras once more, I’m confident she will.

For more real estate and market information please don’t hesitate to reach out to me.

Jason Waters

(530) 414-1600

jwaters@tahoemountainresorts.com

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