The typical buying cycles for Tahoe real estate are unique to say the least. For example, we meet families during the warm summer vacation months, introduce them to the various communities which compliment their lifestyles, thus resulting in a flurry of purchase activity late in the fall months. A similar cycle takes place during the ski season. We meet families during the holidays and during ski vacations all winter long and investigate real estate opportunities throughout Truckee-Tahoe communities. Once again, a typical flurry of sales activity occurs later toward the end of ski season and into early spring.
Over the past few days, we have seen this cycle repeat itself once again. Two of the remaining Home Run Townhomes have just gone into contract. These families have been looking at various communities this winter and made their purchase decision. Residences #8 and #9 are now off the market leaving one four-bedroom and two three-bedroom properties available. The sales, once made public, will be between $1.7M-$1.85M. There are a number of families circling the Mountainside on Northstar community which will soon say “SOLD OUT”. The next addition to Mountainside will be Tree House featuring a swim, fitness and community center to compliment the mountain lifestyle.
To compliment the buying cycle, the Ritz Residences have seen 5 of the 23 properties go into contract. The first residence just closed at $997 per square foot with the other four due to close by the end of March. Interior designer Jay Jeffers has put together two model residences for show purposes and is currently in the process of furnishing the four-bedroom Penthouse to be unveiled on March 30th.
We have articulated during the past several months that Tahoe is finally seeing a shift in the market with families deciding it is OK to buy real estate once again. Developers and property owners are also seeing this as a motivating factor to raise prices. Last week the owners at Once Village Place raised prices on two of their remaining residences. The increases took place on a 3 BR/3.5 BA from $1,204,500 to $1,250,000 and the last available 2 BR/2.5 BA from $972,400 to $1,025,000. They clearly see the number of high-end properties selling in the region and felt their residences were underpriced. A similar example has taken place at a residential community in Truckee called Winter Creek. The developer there just increased prices on a 3-bedroom, new construction property from $515,000 to $545,000.
As we see spring beginning to come around full circle, we also will see an increase in sales activity. In an effort to increase our exposure to the market and provide you with reliable, up-to-date market information, Tahoe Mountain Resorts Real Estate has just launched a new website. This website will provide you, the consumer, with real-time property searches, featured listings, bi-annual Tahoe Mountain Reports to analyze market trends and updates with weekly blogs by our team. You can find this site at www.TMRrealestate.com
Ski season is not over yet….see you on the slopes!