Monday, December 27, 2010

Rentals/Condos to buy at Northstar hard to find!

I just received about the 20th call this week about where to find rentals at seems as if what we have been predicting with regards to the exclusivity and demand for Northstar properties is happening.

For about 7 years I have been talking about this "vision" for Northstar that aligns it with some more familiar Colorado destination resorts--a place where you can park your car and not leave for a week, have high end shops, restaurants and activities for everyone right outside your door. Go to the spa at the Ritz-Carlton Lake Tahoe and then gather with family around an outdoor firepit for smores and hot cocoa. No traffic, no worries about parking, ski storage or schlepping...sounds pretty nice right about now? (Let me stress....NO TRAFFIC....I heard plenty of stories over the holidays of traffic delaying people 1 hr+ from their normal travel time getting in and out of the resorts).

People didn't believe me for a long time. Well, it has happened. The "vision" is here.

All of the calls I have recieved are now understanding that Northstar has "made it"...and unfortunately they did not make their plans in time.

A lot of people don't realize that there are only 213 condos in the main Village + 34 Hyatt Residences if you want to be in the heart of the action at the base. There are a whole lot more than 250 families that want to stay up here and/or have a place that is convenient.

The rental rates for the Village and Hyatt are expensive over the holidays and prime ski weeks/weekends. A lot of people think that they can still get a good deal because "the economy is bad and people must be desperate to rent their places out..." Not the case. Last year was the second busiest season (for visitors and resort bookings) on record for N. Tahoe resorts, and I would venture to guess that this season will stack up there as well. (BTW rack rates for 2 BR at Hyatt for week between Christmas and New Years was $1832 for a 2 BR, for President's week which is sold out, the rack rates would be $2700 per night)....

Real estate prices are still great but the options are becoming limited as well. We have less inventory in the Village on the market which is causing a climate where we have ready and willing buyers but are waiting for the right product to come on the market.

You can make your own conclusions, but I am feeling confident about the Northstar market recovery and the scarcity of available properties shows that people have been buying for the right reasons...Don't miss your chance on the few condos left while the prices are still attractive!

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