As we continue to hear stories of the market heating up in the Bay Area and Tahoe markets, it is clearly becoming a favorable market for sellers. The last 5 transactions I have been involved in have been multiple-offer situations, one was for a property that had not even been listed yet and the price was bid up over $300K above asking. Quality inventory remains low in many sub-markets, and when it does come on the market it is swept up immediately. I have heard about sellers holding their listings off the market because they are so confident that they can get higher prices for them in the next 6 months. And while the sellers wait, the buying pool, demand, and prices increase.
With winter approaching, buyers’ focus will undoubtedly turn to the Northstar market in preparation for ski season. Inventory is very limited, especially in the 4 bedroom category, there are some compelling options to buy. But, don’t expect these sellers to be groveling for any offer that comes in. They know that product is scarce (especially ski in/ski out) and that all signs point to a market that is quickly shifting in their favor. In fact, some sellers are increasing their prices based on the confidence they have in the recent comps at Northstar and the direction the resort is heading in the future. And, it isn’t just individual sellers who are looking at price increases. The Mountainside area of Northstar as a whole has enjoyed tremendous sales success, and I would expect that to be reflected in future developer phase pricing as well.
This rare ski in/ski out Mountainside 4-BR luxury residence adjacent to the Ritz-Carlton is an example of a limited and compelling opportunity that is priced competitively (about 20% lower than the recent Mountainside sales comps) and is a turn-key opportunity. Don’t let it pass you by!