Northstar Resort remains one of the most enticing family resorts in Lake Tahoe. Year after year, the mountain calls to them, inviting families up to play on the slopes. Mountainside – at mid-mountain – offers a few families an opportunity to call the mountain theirs to live with and live on. The idea was to create a fundamentally different community providing commanding views and unrivaled year-round access to 3,000 acres of skiable, hikable, and bikeable terrain. By all metrics 2017 was an incredibly active year within Northstar’s Mountainside community.
2017 experienced 19 total transactions spanning 3 asset types: condo/townhomes, single family homes, and homesites. All Mountainside Partners newly introduced inventory transacted. Included were the Stellar Townhomes, selling out with all 10 properties trading.
On a price per square foot basis the Stellar Townhomes were the highest priced non-lakefront condo/townhome trading in North Lake Tahoe, at just under $800/sq ft. 433 region wide condo/townhome transacted in 2017 while only 9 properties, or 2%, exceeded a higher PPSF threshold. Similarly, of these 433 transactions, only 5 exceeded the Stellar Townhome Median Price of $1.75M.
With interest in non-lakefront luxury properties surpassing those on the lake for the 5th consecutive year winter focused resort community properties were a beneficiary. Mid-mountain single family homes traded at historic rates with 60% of all available inventory purchased. Homes trading had an impressive $4.37M average price. Relative to the region, only the elite lakefront and Martis Camp estates crested the $4M+ threshold.
Leading the way at Mountainside was the acquisition of M-5, or 19040 Glades Place. The agreed sales price of $6.35M is the largest in cumulative Northstar history. Only 10 other transactions Tahoe wide surpassed this stratospheric figure.
Homesites, the third property type transacting, were more popular than years prior. 5 trades took place with Median Price of $537,500. Mountainside Partners perceived diminished value in land – a result of rising construction costs and reduced margins – led to a mid-year price recalibration. Considering the Mountainside homesite activity accounted for 26% of total community productivity, the premium end of the market has proven insulated and less risky. Interesting to note, each of the 5 homesite trades were end users with intentions of custom home construction vs speculative building projects – a very healthy indicator.
Mountainside is at an interesting period in its life cycle. For the first time inventory spans a broad spectrum appealing to all design aesthetic preferences. Traditional Tahoe options exist within the Trailside Loop, while a more Mountain Modern option can be found at Home Run. With a more Mountain Contemporary preference in mind the Stellar Collection and M-25 homes. A variety of ownership types including condo/townhome, single family, and homesite/custom build appeal to families looking for their first Tahoe retreat or those building a chalet for future generations.
Mountainside homeownership access to the neighboring Ritz-Carlton and Northstar Village via Highlands Gondola has allowed for a unique serenity without any feeling of solitude. Throughout the year newly introduced amenity additions including the Play Acre’s smart collection of structures designed with kids in mind to learn and play in nature & Treehouse Backyard with bocce courts, wood fired pizza oven, and outdoor barbeque and kitchen and positively altered the mid-mountain landscape.
With future additions slated and the Spring 2018 release of The Boulders* all signs point to continued momentum for this burgeoning community.
*A subsequent market update will profile in more detail the much anticipated Boulders release.