AS HOME SALES IN THE TAHOE REGION SOAR, ONLY FOUR NEW PROPERTIES REMAIN AVAILABLE ON THE MOUNTAIN AT NORTHSTAR
Custom estate homesites at Mountainside’s M25 sold out; Only four Boulders Residences remain
As the managing brokerage for all sales and marketing for Mountainside, the developers of residential properties at Northstar California, we are pleased to share that all of the custom estate homesites in the Mountainside M25 community have SOLD, and only four Boulders Residences remain.
M25 comprises a gated neighborhood of 25 ski-in/ski-out estate-sized homesites ranging from .5 to 1.5 acres. Each homesite offers a different, stunning view of the Martis Valley, Carson Range and Castle Peak, and the ability for owners to create their mountain estate legacy. Homesites started from under $400,000.
“As more and more consumers take residence in Tahoe, supply has become a precious commodity driving developers to accelerate delivery of new residences throughout Mountainside,” said Jeff Brown, owner and general manager of Tahoe Mountain Realty. “The completion of sales in M25 represents the culmination of sensational creative collaboration over many years. Ferocious demand fueled by a massive migration of consumers seeking refuge in higher ground drove a final wave of sales in recent weeks.”
Located in the ski-in/ski-out Mountainside at Northstar community, the Boulders Residences were built among trails, trees and ski runs, and brought together by places that offer opportunities to connect with nature, family and friends. The three 3-bedroom residences start at 2,871 square feet, with up to 1,600 square feet of outdoor living space. All floor plans offer stunning views of the Martis Valley, and outdoor recreation just steps from the door, including 40-miles of hiking and biking trails. Upon reservation of one of the available residences, owners can use the community’s exclusive amenities including Tree House, Yoga Studio, Play Acre and community shuttle.
The multitude of buyers outnumbering sellers is predictably driving prices upward at an astronomical rate. In July, the average residential sale price was $1,170,000; 43% higher than the same metric in 2019. Accordingly, median price rose to $765,000; a 22% increase from the prior year’s figure.
“The remote nature of second home real estate typically creates a rhythm to sales that is slightly less frantic than in primary home markets. The urgency of this moment has created a new normal wherein properties are often selling above asking price within days of coming to market. Prices are now within 1% of asking on average, and as much as 25% above in certain cases,” continued Brown.
Remarkably, August appears poised to shatter these briefly held benchmarks with even higher transactions counts and sales volume. A marketable 385 properties are currently pending sale with close dates targeted for August. This includes many of the most marquee offerings throughout the region including select Tahoe lakefront properties, Martis Camp estate homes and the delivery of premium new product throughout Northstar, Old Greenwood, Gray’s Crossing, Schaffer’s Mill and Lahontan.
Numerous development projects are exhausting available inventory, closing out existing phases and accelerating the release of new product. Given the paucity of general supply, new inventory will be a precious commodity as an increasing number of consumers seek Tahoe amidst new opportunities for remote work.