As we head into 2014, we celebrate over $1 Billion in real estate sales for 2013! Even though we are off to a dry start, don’t worry, there is still plenty to do in Tahoe even with a sub-par snowpack. Despite the lack of natural snow, Northstar still has great skiing coverage, thanks to the sophisticated snow-making technologies that Vail Resorts invested in a few years back. As such, skiers staying in the Tahoe area over the Christmas break came to Northstar, which reported record ticket sales days during this period. We have never seen so many families enjoying the ice rink and fire pits in The Village as we did on New Year’s Day. No snow, no problem. We did not hear anyone complain about the conditions at all! Families skied for a few hours, followed by hiking and mountain biking on some of the area’s dry trails at lower elevations. The Ritz Carlton Spa and pool was also very busy pampering guests making time for this sort of leisure that they otherwise won’t at home. Lastly, we can say that some of the darkest “goggle tans” that we have ever seen in a January are out there!
Low inventory continues to be the theme of our market, with only 583 active residential listings at the moment. We have seen 44 new residential listings since January 1, at an average of $1,053,000, and a median of $547,000. There were 52 price reductions and 101 expired listings, typical for this time of year in Tahoe. The market seems to be overwhelmingly busy in the luxury market and land sales more than anything, as confidence continues in Tahoe real estate.
There were 45 closed sales in the first 2 weeks of the year averaging $825,000. Sales in Martis Camp, Ritz Residences, and Squaw Valley were stand outs. Highlights include 9493 Clermont Court in Martis Camp, which sold for $6.2M, asking $7.5. This Clare Walton modern design offered a private cul-de-sac location, yet is just steps away from Martis Camp’s private Lookout Lodge. Two additional sales closed at the Ritz Carlton Residences in Mountainside, bringing continued confidence in this community located mid-mountain at Northstar. The Penthouse Residences at the Ritz are now over halfway sold through, while only a few choice residences remain. Squaw Valley had some strong sales, but 1821 Apache was only on the market for 4 days before selling at $1.725. Offering south facing views of KT-22, this 4 bedroom home had been totally remodeled into a one-of-a-kind Squaw Valley home.
There are some exciting new listings on the market, including a lakefront estate on Rubicon Bay for $7.9M. 234 Four Ring Road is situated on 1.7 acres, with 100 feet of white, sandy beach plus a pier and boat house. There are guest quarters in the boat house, for a total of 7 bedrooms and 6 baths. This is a unique opportunity to own on Lake Tahoe, and believe it or not, it is a bank sale. Martis Camp has a new listing at 8640 Huntington Court for $2.995M. Currently this home is under construction, and when complete it will feature modern elements in both indoor and outdoor living spaces. Additionally, a great homesite was just listed in Big Springs. 2308 Overlook Place is on the market for only $439,000 and is just steps away from the Timberline chair lift, offering ski access! With high-end homes surrounding, this is a great value. Click here to view these listings.
One Village Place has a top floor, 3 bedroom residence on the market for $1.395 which is an excellent value for this caliber of property, services, and immediate ski access! Click here to view this listing.
Schaffers Mill continues to gain momentum in the Tahoe market, as the developer continues to build out a master plan vision of amenities. Both homesites and townhomes sales are strong. This gated community has all essentials of Tahoe recreation covered. Click here to view this listing.
We hope to see many of you over the 3 day weekend coming up. Now is a great time for scouting and purchasing your second home in Tahoe before the prices climb above 2013’s gain of 15%.