Wednesday, April 1, 2009

Half-Priced Real Estate...It is here!!

This past week I have seen some amazing "lows" with regards to real estate in this area:

Example 1-

Village at Northstar condo. Brand new, 3 BR/3 BA, views of the ski slopes and gondola. List price last winter was $1.8M. List price this winter ~$1.4M. Sold price last week- $900,000.00 including furniture ($546/foot). In 2006 the condo 2 floors up-same floorplan-sold for +$1200/foot.

Example 2-

The Village Walk Townhomes. Two townhomes sold this past week at $1.5M each. The one next door to these sold for almost $3M last year. Gorgeous 4 BR/4.5 homes in a gated community adjacent to Northstar mountain.

Check out the 8 remaining homes

What do these recent comps have in common??

  • All of these examples are new construction, high-end, furnished residences with premier locations and extensive amenity packages.

  • All of these closings were 7-10 day cash transactions
  • All of these new owners bought these properties to use with their families now instead of "waiting" to see if the market will drop further. (50% off isn't bad...)

  • These new owners watched other areas in N. Lake Tahoe and did their research for quite some time before buying.

  • These new owners are very real estate savvy and are entrenched professionally in the SF Bay area and global markets.

There are phenomenal real estate opportunities all over the N. Lake Tahoe market NOW and there are people taking advantage of these deals NOW. The prices are right and the sellers have to negotiate. Beautiful new construction homes are selling for way below replacement cost. These types of comps are becoming "normal" every week up here.

Ski Resort Info...

For those of you coming up to Tahoe the next few weeks...Northstar is scheduled to close on April 19th. The ice skating rink is set to turn into roller skating this Friday, April 3rd. Alpine Meadows is scheduled to close on April 19th as well. Squaw says they are closing May 15th.

Golf info...

Martis Camp will be opening their golf course on May 22nd. There are some amazing incentives over there now on new lot sales...ask me for more details.

Lahontan golf course will open on May 8th.

Weather info...

Weather vane Brad's forecast for the next few days...

High pressure ridge that has been sending storms just North of us for the past week will begin to move and break down Thursday night. High winds on Thursday and Friday and a chance for some light snow Friday morning. Sun will return for the weekend with Sunday being the warmest day. The system that brings us snow on Fri. morning opens the storm gate. Chances for snow on Monday then another chance towards the end of that week and another potential cold storm middle of the week of April 13th.

Brad is not giving up on more powder days this year, don't you give up either!!

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