December 2018 Tahoe-Truckee Market Update

For the first time in recent memory, seasonal conditions are aligning with the real estate market to create a Goldilocks beginning to the winter season. After nearly a decade of winter starting too late or coming in too heavily, a series of storms from Thanksgiving into early December have created mid-winter conditions to start the season. Combined with continued strong real estate conditions, a perfect storm for mountain property is in the making.

Despite the traditional 4^th quarter taper for real estate activity, there remains considerable deal flow in the market. November experienced 137 residential transactions at an average price of $911,537. These figures dramatically outperform historical averages, falling short only in comparison to the record activity during this period in 2017. Consistent with much of this year, November fell short of last year’s volume by 15% while surging on average price by 13%.

Premium sales continue to drive pricing upward buoyed in November by yet another 4 Martis Camp homes ranging from $3,075,000 - $7,000,000.  Within Northstar, a Ritz Carlton Penthouse Residence traded for $4,400,000, while Lahontan and a rare Sugar Bowl home sale each saw trades near $3 million.

While word of real estate slowdowns abound in outlying regions, the Tahoe-Truckee market continues to thrive. Available supply remains titled in the favor of sellers at just over 4 months’ inventory. Demand coming from Northern California communities has intensified as a greater number of high-wealth families find retreat in the mountains, whether as primary owners seeking a lifestyle enhancement or the traditional second homeowner. During the tragic Camp Fire in November, countless Bay Area families decamped for clean mountain air as schools were cancelled. The commentary from a remarkable number of those impacted was contemplation of a lifestyle change to the mountains where traffic is minimal and the pace less hectic. Local infrastructure has kept pace with the needs of these consumers creating the necessary components to complete such a move including high-achieving schools, high capacity internet service and expanded airport capacity. Trails, ski slopes, blue skies and clean air are fixed commodities.

With a Goldilocks season upon us, the focus on the market is likely to shift to Mountain properties. As the saying goes, it is easier to drive to golf / trails in the summer than to skiing in the winter. When conditions permit, the value of mountain resort living becomes obvious turning the spotlight on new offerings. Mountainside at Northstar will be launching its newest project; Boulders in December after recently selling out its Stellar Collection. Similarly, look for interest in the Village at Northstar and other premiere mountain offerings to gain meaningful attention in the coming months.  

I hope that you’ll be able to experience this remarkable start to winter in the coming weeks. In the meantime, best wishes for a happy and healthy holiday season.

Photo courtesy of Tahoe Mountain Lodging 

Katie Tyler

BRE 01442453

c 530 277 1012 

November 2018 Tahoe-Truckee Market Update

According to the rhythm of Tahoe-Truckee real estate, October is typically the zenith for closed transactions in any given year.

2018 appears to have peaked out early with a massive month of August while otherwise following a generally traditional pattern. As has been the case for most of 2018, the number of transactions will lag the prior year slightly however average price is markedly higher driven by a huge volume of premium sales.

An average sale price of $1,050,213 for October reflects an increase of 26% over the same period in 2017. Median price was also up an impressive 14% year over year.

Unlike recent months where singular mega-sales have driven average price upward, October saw a steady flow of high-end sales including 4 residential transactions in Martis Camp from $3.6m to $7.3m, another 4 in Lahontan from $2.2m - $3.5m, and 9 transactions in Northstar as focus begins to shift toward winter mountain property.

At Northstar, the Mountainside community experienced the sellout of its Stellar Collection with the final on-mountain residence in two distinct enclaves sold out. This sets it up nicely for the release of Boulders, an ideally balanced project of elegant mountain homes starting at $2.2m.

With the end of summer came the final sales within the Legacy Collection at Old Greenwood. Within this community, the introduction of diverse product has proved stimulating with a record quantity of custom and multi-family homes trading at values not seen since before the recession.

Consistent with the figures present above, inventory remains slightly tilted in the seller’s favor at just under 5 months’ supply. This number is slightly elevated from the same period last year largely inflated by overly ambitious, and largely unmotivated, sellers.

Thus, we conclude the peak selling season for 2018 in fine fashion. While the market will remain throughout the entire year, there will be a taper through year end and into early January before winter closings pick back up. The economic landscape may look different 90 days from now however the fundamental elements that make Lake Tahoe homeownership rewarding will remain constant.

Katie Tyler

BRE 01442453

c 530 277 1012
ktlaketahoe.com

Stellar Collection: Northstar Mountainside's Newest Addition

Northstar Mountainside’s Newest Addition

www.northstarmountainside.com

Mountainside Northstar is an exceptional example of the changing face of Northstar Resort and is rapidly becoming a premier destination for families seeking effortless access to the mountain and freedom to pursue unscripted and independent adventures – all in luxurious, private setting.

ELEVATED LOCATION: Mountainside’s elevated setting sets it apart from other Tahoe communities.  With spectacular views of the Sierra Nevada Mountains, homes and homesites offer rare, direct access to the ski slopes, miles of hiking and biking trails and the serene beauty of the mountains.

A MOUNTAIN AT YOUR BACK DOOR: Every mountain activity is effortlessly accessible from your back door, with immediate trails that can take you directly from your home to The Ritz-Carlton or The Village at Northstar.  Activities are endless and include hiking, biking, skiing, cross country skiing, snow shoeing, tubing, shopping, dining, skating and more! From Mountainside, peak experiences are closer.

TOGETHER AT TREE HOUSE:  Mountainside’s new Clubhouse is the perfect family and community gathering spot offering a game room, a great room, swimming pool, outdoor sports court, fitness area, men and women’s locker rooms, and more.

MOUNTAINSIDE’S 5-STAR NEIGHBOR: Having The Ritz-Carlton, Lake Tahoe at Mountainside’s doorstep gives owners access to signature service, luxury and amenities no other Tahoe community can offer.

EFFORTLESS OWNERSHIP: Well-managed Homeowners’ Associations are designed to ease homeowner maintenance concerns and are structured for long-term financial stability.

MOUNTAINSIDE SHUTTLE:  Exclusively for Mountainside owners and guests, a complimentary Dial-A-Ride shuttle service provides transportation throughout Northstar Resort, making getting to The Ritz-Carlton and The Village at Northstar a breeze.

Now it’s time to see Stellar Collection.  This is Northstar Mountainside’s newest addition and you do not want to miss out. 

    Stellar Residences – 6 Single-Family Residences

    Stellar Townhomes – 10 Townhomes and 1 Single-Family Residence

The new Stellar homes of Mountainside are slope side retreats for the Northstar of the 21^st Century. Designed by Bohlin Cywinski Jackson to be as cozily luxurious as they are thoughtfully progressive, Stellar Collection has floor-to-ceiling window walls that bring the outdoors in, blending home with nature. Built to achieve LEED-certification and smartly efficient, Stellar homes are a stroll from The Ritz-Carlton, Lake Tahoe and a quick gondola ride from the lively Village at Northstar.

 STELLAR RESIDENCES  - Now taking reservations

·       6 Single-family residences

·       4 bedrooms, 3.5 baths plus media and ski room

·       3,450 Sq. Ft.

·       Outdoor living space includes deck and patio with hot tub and fire pit

·       Large window walls with panoramic views of the Carson Range

·       Located directly on Home Run ski trail, adjacent to Tree House, and close to The Ritz-Carlton Hotel

·       Includes 2-year family membership to The Ritz-Carlton Spa and membership to Tahoe Mountain Club

STELLAR TOWNHOMES – Now taking reservations

·       10 Townhome residences; 1 single family residence

·       3 Bedrooms, 2.5 baths plus loft and ski room

·       2,136 for Duplex Residences; 2,226 for Single Family

·       Large window walls with slope side and mountain views

·       Outdoor deck located on the ski way

·       Located directly on Home Run Ski Way, across from Tree House and close to The  Ritz-Carlton Hotel

·       Includes 2-year family membership to The Ritz-Carlton Spa and membership to Tahoe Mountain Club

www.mountainsidenorthstar.com

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012