November, 2015 Tahoe Truckee Market Update

November, 2015 Tahoe Truckee Market Update

As the first snow of the season falls, the Tahoe Truckee community is abuzz with anticipation of the winter to come. In many ways, this early November accumulation already exceeds that of last winter and has buoyed spirits at a critical moment heading into winter. The Tahoe real estate market seems equally primed with exciting resort properties coming online to meet this renewed demand. Recent sales activity has been steady, if unspectacular, as if waiting for this snowfall to make a dramatic surge forward. 

Year over year, October was fundamentally even with 2014 in the number of transactions as well as average price. At 146 total residential sales, both years represent strong performances against historical trends. The chart below demonstrates that over a the past decade, October is typically the annual peak for the number of sales in a given year. While October 2015 trended slightly below a very robust September, it is well above the historical average of 134. 

The local market showcased an interesting phenomenon this past month. While sales units were generally consistent with the previous year, average price was down 4% from $769,000 to $738,000; reflective of the segment of luxury buyers missing from the market in the first half of 2015. Conversely, median price rose year over year from $511,000 in 2014 to $551,000; an 8% increase. 

Delving into these figures a bit more deeply, the range between $600,000 - $900,000 leapt by nearly double to 32 transactions in October. This would seem to indicate a new trend emerging in the local market. While many of these transaction represent our typical second homeowner purchasing in anticipation of the winter season to come, a new group of young families looking to move equity from their homes in higher-density, urban markets to a mountain community that promotes a  healthier standard of living. 

The $600,000 - $900,000 price range offers a level of comfort in the space between entry-level and luxury that is appealing to these professionals who identify as high-earners but are not yet wealthy (HENRYs = High Earners, Not Rich Yet). This emerging demographic is bringing professional-class jobs to the region transcending the typical mountain economy based entirely around service and trades. With significant spending power, this group is driving cultural innovations throughout the region including diverse education options, new and exciting dining choices and greater recreation selections that will help smooth out the seasonality of the local economy. 
Further, with seemingly limitless earning potential, this group is likely to find upward mobility in the coming years providing a continuous cycle of demand for property throughout the region. 

As we are now within weeks of opening the most anticipated ski season, perhaps ever, there is much to be excited about. I look forward to keeping you informed as the Tahoe Truckee region realizes its full potential. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe Truckee Market Update - May, 2015

Tahoe Truckee Market Update - May, 2015

At Tahoe Mountain Realty, we have long had a saying that market conditions override the season. Never has that been put to the test more than the first third of 2015. It is fascinating to observe the fight between economic conditions and seasonal considerations as the dominant driver of the Lake Tahoe real estate market.  There is a retail component to Tahoe real estate that requires consumers to make buying decisions while in the region. In the winter months, this is generally driven by spontaneous ski trips wrapped around holiday visits, however recent winter conditions have left us with less visitation over the past few winters, taking some number of would-be consumers out of the market. However,  with surging home prices in the San Francisco Bay Area and a percolating job market fueled by young families anxious for the health and well-being of time in the mountains, expressions of interest in resort real estate are robust. 

The net result has been a steady number of real estate purchases when compared to the same period a year ago. Year-to-date, 351 homes have sold compared to 347 in the same period in 2014 and median price has dropped a bit from $537,000 to $515,600; both easily understood by the conditions detailed above. 

The 1% increase in total sales can be found entirely within the sub-$1 million band where nearly 11% more homes have traded than a year ago. More specifically, sales between $400,000 and $600,000 are up over 55%. 

2014 ytd		2015 ytd
117	< $400,000	105
80	$400,000 - $600,000	124
48	$600,000 - $800,000	45
29	$800,000 - $1,000,000	30
274		304

This can be attributed to a return to something near peak-value for most homes in the region after several years of solid appreciation. A return of equity has allowed many consumers, particularly those in primary home neighborhoods (generally > $1,000,000) to have some mobility after years of languishing in the downturn. 

Correspondingly, the number of sales within ski communities tells the rest of the story. Northstar and Squaw Valley have combined for 30 sales year-to-date versus 61 at the same time a year ago; a logical result of fewer consumers coming to ski in a disappointing winter. 

36	Northstar	21
17	> $1 million	4
25	Squaw Valley	9
6	> $1 million	0

However, these resort communities appear to be the anomaly within the market as other luxury classes have shown continued acceleration through the winter. Martis Camp has held steady with 8 total homes sales however the average price has jumped for $3,298,000 to $4,700,000 with focus shifting from the cabin product to premium estate homes. Similarly, lakefront homes, typically a summer-dominated product, have seen 11 sales compared to 8 a year ago at a steady median price of $4,200,000. 

In recent years as economic conditions have improved in inverse proportion to snowfall, sales volume typical of winter has not been eliminated; rather deferred until later in the year when visitation return. 

Summer in Lake Tahoe is predictably spectacular offering far fewer variables for consumers. Conversations with local property management firms as well as the Ritz-Carlton; Lake Tahoe forecast record crowds enjoying the region and predicting another busy second-half for real estate sales. 

We hope these patterns apply and that the beautiful season allows you to visit and enjoy the many wonders of the Tahoe-Truckee region. We will continue to keep you up-to-date of conditions as relate to our region and our relentless pursuit of its enjoyment. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Luxury Home Preview Tour

This weekend is your chance to tour the finest homes on the market located in five exclusive resort communities.

Tahoe Mountain Realty presents:

 The First Annual Luxury Home Preview Tour

Saturday, April 4

12pm – 5pm 

Clients, visitors, friends, family and locals are invited to join in on this self-guided tour of 11 real estate listings priced over 1 million dollars.  The tour will take you through Gray’s Crossing, Martis Camp, Lahontan, Northstasr and Mountainside Northstar.  Take this opportunity to start your real estate search, explore the outstanding architecture and find your next dream home.  Each stop along the way, you will be treated with tasteful snacks and refreshing beverages.  To make this Saturday afternoon tour even better you will be entered to win a date night for two at The Ritz-Carlton, Lake Tahoe including dinner and spa treatment.  The more houses visited, the better your chances of winning! 

See you on Saturday! 

Click here for more details

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Burton Mountain Festival

Burton Mountain Festival

January 23, 2015 – January 25, 2015

Snowboarding, snowboarding and more snowboarding!!  If you have been looking for a reason to try your luck at snowboarding, this weekend at Northstar is the perfect time and place!  

Burton Mountain Festival is part of an eight resort tour.  Northstar is the 4th stop for this extensive, interactive snowboard demo experience in North America and features something for all ages and a chance to meet some of the best riders in the business.  

Friday through Saturday Burton will be offering free demo gear at the top of the Big Springs Gondola.  For the little ones in the family, the Burton team will also be offering free snowboard instruction in Riglet Park. For the women in the family, look for the girls-only, luxury on-now Burton Girls tent on Saturday and meet up for breakfast and the group riding. 

The veteran snowboarders (or anyone who wants to showcase their moves) will make sure to make it to the 2015 Party in Your Park contest.  This is a course set up by the resort and will feature urban to organic terrain.  There is no registration fee and snowboarders can simply show up and drop in.  Come early and bring your ‘A’ game because the prizes will be worth it, along with a chance to compete in the West Coast and East Coast finals.

Celebrate a good day of riding at the après parties.  Party with the girls from 3-5 at the Burton Girls tent or at TC’s Pub all night long!

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe-Truckee Market Summary - 2014

2014 Tahoe-Truckee Market Summary

The adage “quality over quantity” best sums-up the Tahoe-Truckee real estate market for 2014. With soaring economic conditions in the San Francisco Bay Area, more and more families made their way to Lake Tahoe to spend quality time together. This demand for home ownership led to a second straight year of over $1 billion in sales -- the first time since 2004-2005.

Following an exceptionally robust 2013, quality inventory was at a premium heading into 2014.  Despite fewer overall sales, the region’s dollar volume grew by over $100 million, indicative of a higher number of transactions for the market’s top tier properties. Average price grew by 18% in 2014 buoyed by 249 transactions at prices greater than $1 million. 

Three communities in particular set the tone for the surging luxury market in 2014.

Tahoe Lakefronts, the gold standard for Tahoe real estate, outperformed all other classes over the past year with $130 million traded over 34 properties – the highest level in nearly a decade.

Martis Camp, elevating Tahoe resort property for nearly a decade now, has only 80 homesites left so the focus shifted to the sale of custom homes. 2014 saw 36 residences sold in this community at an average price of $3,700,000 -- a figure nearly identical to lakefront sales.

Finally, as Vail Resorts continues to distinguish itself as the world’s elite resort operator, the prestige of Northstar has risen to new levels. Accordingly, the opportunity to live on the Mountain has become its own calling card.  Mountainside Northstar, the community anchored by The Ritz-Carlton; Lake Tahoe, has established an identity as the premiere on-mountain living experience on the West Coast. In 2014, Mountainside experienced over $40,000,000 in transactions ranging from estate land to premiere ski-in / ski-out residences.

Looking ahead to 2015, all indications are that this robust market will continue. With inventory remaining at a balanced 6-month supply and stable economic conditions Tahoe appears poised for another year of growth.  As Martis Camp and The Ritz-Carlton Residences near sellout, Mountainside Northstar, Lahontan, Gray’s Crossing and Old Greenwood stand to benefit as the recipients of attention from well-qualified consumers.

At Tahoe Mountain Realty, we look forward to helping you making your Tahoe dream a reality in 2015.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe Truckee Market Update - November, 2014

Tahoe Truckee Market Update

November, 2014

The Truckee Tahoe Real Estate Market performed right in line with expectations for the month of October. Historically, October is zenith of real estate transactions in any given year as summer shoppers complete purchases after a season of looking and winter buyers establish plans for the coming holiday and ski season. This year, October fell just a few sales shy of August and September but delivered a number almost identical to the decade-long average.  Historically, as the volume of sales peak, the average price drops a bit with a significant number of transactions inevitably occurring in sub-premium markets. This past month bucked that trend with a strong $777,461 average sale price; a robust 29% above the same month a year ago. Median price rose 6% over the same period; a figure more indicative of overall market performance. 

A steady mix of lakeside and luxury resort properties represented the 30 sales topping $1,000,000. Among them:

• 12 lakeside properties including true lakefronts of $3,000,000 and $4,000,000. 
• 5 custom homes in Martis Camp ranging from $2,750,000 - $4,050,000. Interesting to note that 4 of these 5 homes crested $1,000 per square foot including a high of $1,101 for a beautifully situated "cabin" along the putting course. 
• Right next door, Lahontan saw 3 sales From $1,450,000 - $2,155,000. 
• In the same neighborhood, Schaffer's Mill sold a custom home for $1,800,000 and a Mountain Lodge for $1,185,000. 
• Gray's Crossing and Old Greenwood each welcomed new owners for $1,435,000 and $1,377,500. 
• Northstar Mountainside saw yet another Ritz Carlton Residence sell for $1,437,500. With only 4 residences remaining, the countdown to sellout is underway. 

With opening day at Northstar just three weeks away and snow beginning to stick on the peaks after a series of small but steady storms, interest has clearly turned toward resort properties. With a limited amount of time remaining to complete a purchase in time for the holidays, we have begun to families seeking quick and efficient solutions for their mountain home. 217 homes are currently pending sale across the region including 6 at Northstar; 3 of which are found at Mountainside featuring an direct ski-in / ski-out access. 

Look for 2014 to close with strong momentum as numerous brand new luxury homes at Martis Camp, Gray's Crossing and Schaffer's Mill close escrow upon completion along with secondary sales at Old Greenwood and lakeside. 

The next market update will come within the ski season. The recent spurt of winter weather has clearly rekindled anticipation of skiing after an eternal off-season. With "normal" snow conditions should come a deluge of activity throughout the region ranging from skier days to real estate transactions. Tahoe Mountain Resorts Real Estate looks forward to keeping you updated every step of the way. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Do You Know Northstar Quiz: Answers

Do you know Northstar?

Did you test your Northstar knowledge? If you want to go back to test your Northstar knowledge, click here.  If you’re ready to find out how you did, keep reading! 

1) How many lifts are at Northstar?

20

There are 20 total lifts at Northstar.  My favorite is Martis Camp Express because you can always find good snow back on Lookout Mountain on a powder day. 

2) How much skiable terrain is there at Northstar?

3170 acres = 138,085,200 Square Feet = 5 Square Miles

This all equals lot of fun waiting for snow and calling your name to come and ski this year at Northstar Mountain. 600+ acres is epic tree skiing, 347 acres is gated access to advanced terrain and 60% of the mountain is intermediate terrain.

3) What Is Northstar’s slogan?

The way it should be is Northstar California’s slogan.

Those who come to Northstar know what they're looking for. Sometimes it's adventure, sometimes it's to learn, sometimes it's to relax in a welcoming place with family and friends. No matter what that experience is, they'll find it to be exactly the way it should be.

4) What does the image of Northstar’s logo come from?

Saw blade

In 1949 Northstar was a tree farm until 1972 when the Fibreboard Corporation started Northstar-at-Tahoe mountain resort. Representing the history, the spiral shape that we now know as Northstar’s stamp, is a saw blade. 

5) What was Northstar’s original name?

Timber Farm

Northstar was originally named 'Timber Farm' but was changed to Northstar-at-Tahoe when the mountain opened in December of 1972.  We now know our favorite resort as, Northstar California. 

6) What is Northstar’s longest run?

Loggers Loop

On Mt. Pluto, starting at the top of Vista Express, Logger’s Loop skirts the ski area boundary line and ends back at the bottom of Vista Express.  This 1.4 mile trail is Northstar’s longest run.

7) How many Burton Snowboard Academy’s are there in the world?

1 

The Burton Snowboard Academy is the ONLY one of it’s kind in the world. The program is designed to welcome new riders to the sport, encourage the progression of those already in the sport, and provide a customized experience built around an entirely new terrain-based teaching methodology. 

8) What is new that will happen every day at 2pm on Northstar mountain this Winter?

Bubbles on the Slopes

New for winter 2014-2015, Northstar will host tōst, the celebratory culinary tradition that redefines the art of the daily toast.  Celebrating the mountains, Lake Tahoe and the tradition of toasting to friends and family, Northstar invites guests to raise their flutes and sip bubbles each day on the mountain at 2 p.m.  Luxurious, whimsical and an ode to fun in the mountains, tōst invites guests to enjoy the authentic atmosphere of “California laid-back luxury” found only at Northstar.  

9) How many resorts can you ski with the Epic Pass?

13

With the Epic Pass, you get unlimited access to 13 ski resorts!  With 13 different pass options, one can customize the Epic Pass to fit just about anyone!

Vail/Beaver Creek/Breckenridge/Keystone/Park City/Canyons/Heavenly/Northstar/Kirkwood/Afton Alps/Mt. Brighton/Arapahoe Basin

10) What’s Northstar’s ski mascot? 

Dog

The Northstar Ski& Ride school mascot is Ripperoo the dog!  Look for him out and about this season. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012