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February, 2014 Market Update

It is amazing what just little bit of snow can do for a renewed sense of optimism in a resort town. The snow that we have received since the beginning of February, after a record breaking dry spell, has freshened up our ski slopes at higher elevations, and opened up new terrain.  The sun is shining, and the usual crowds are here enjoying themselves, proving that even in a drought year you can’t stop the fun in Tahoe!

The real estate market follows along with this theme in the form of a continued scarcity of properties available. The weather has not stopped anyone from buying, in fact, it’s been quite the opposite.  There are currently only 605 listings throughout the area.  Since February 1st, we have seen 120 new listings, 68 closed properties, and there are 167 pending. Noteably,  take a look at what is under contract.

With limited inventory, I thought it would be best to take a quick peek at what is available:

  • Northstar- 63 homes include Home Run, Martis 25, Ritz Residences, and Constellation at median price of $1,049,000
  • Squaw Valley- 88 homes at median of $685,000
  • Martis Valley- 29 homes include Martis Camp and Schaffers Mill at median of $3.250M
  • Lahontan-  8 homes at median of $2.3M
  • North Lake Tahoe- 67 homes at median of $699,000
  • Westshore Lake Tahoe- 70 homes also at $699,000 median
  • Tahoe Donner- 46 homes at $624,000 median
  • Truckee- 42 homes include Old Greenwood and Grays Crossing at $594,000 median

My most recent listing pick is a property that just listed in Mountainside, a stone’s throw to the Ritz-Carlton.  At just $2,095,000 with 4 bedrooms and fully furnished, this is the best value in all of Northstar’s mid-mountain community.  Read more on my blog.

My favorite listing on the West Shore of the Lake is a high quality new construction with an awesome lakeview in Rubicon Bay.  Not often does new construction with a lakeview come up under $2,000,000 at the lake, and this home at 9072 Manzanita is priced right at $1,535,000.

Another inside scoop in real estate involves Squaw Valley’s redevelopment.  In 2011, KSL, the owners of Squaw Valley, submitted their proposal for an enormous 101.5 acre, 1,000 residence, 132,000-square-foot aquatic center flaunting village.  After hundreds of community meetings, KSL understood that locals do not want a village of these proportions in their valley, so it is exciting to see that it is now scaled down and will be an exciting enhancement to Squaw Valley.  Read about the key differences here.

I’ll leave you with details to my favorite event of the winter every year.  Snowfest is a North Lake Tahoe tradition every March.  Anchored by events such as The Great Ski Race and The Polar Bear Swim, this week long celebration caters to the whole family and is so much fun! Want to see if you have what it takes to be a “Tahoe Mountain Man?”  Put yourself to the test in an obstacle course that includes scaring away a bear, putting chains on, shoveling, and climbing a giant berm in ski boots! Plan a ski weekend around your favorite events, every resort is participating!