2017 Q3 Mountainside Market UpdateMatty McInnis, October 10, 2017 in Construction, Market Update, Real Estate, TMR, Tahoe/Truckee
The 2017 winter was one for the books for Mountainside Partners for several reasons: between the record breaking 730 inches of snow that fell on Tahoe’s only true ski-in/ski-out community, and the overwhelming activity on the very popular Stellar Townhomes in January – it’s safe to say that Mountainside experienced its busiest year-to-date since the first shovel hit the ground in 2006.
Coming from a background in boardsports, I like to parallel pricing to the logistics of surfing. In the water – much like choosing where to list a property, you pick where to sit based on highest probability of activity. You may catch a wave here and there, but sometimes you find yourself sitting too far “outside of the lineup.” And as the market mimics the ebb and flow of the ocean, as well as constantly changing buyer behavior; the savviest sellers will “catch the most waves” and convert prospective buyers to homowners.
The Mountainside team displayed this ability to go with the flow of the market beautifully in 2017 with 15 transactions, best exemplified by the sale of its 10 remaining Stellar Townhomes in the months of January and February alone. Six of these townhomes went into contract within a two-week period, at an average price of $1.7M and once the momentum started, it didn’t stop until inventory was sold out. Riding on the coat tails of that success was Stellar Residence #5 selling for $3.4M.
Mountainside proceeded to shift its focus to M25, a gated enclave comprised of 25 beautiful residential lots this spring/summer, with another significant price improvement, yielding 3 more homesite sales at $475K, $550K and $675K.
Growing anticipation for the launch of their latest development, The Boulders, the opportunity to grab some great remaining inventory was apparent as quarter 3 resulted in two significant resales.
Trailside Townhome #4 sold for $2,050,000 and the first Stellar Residence resale, Residence #3 sold at $3,360,000. These two sales managed to trump the 6 2016 transactions as 2017 median pricing climbed to $2.6M to 2016’s $2.3M, a 13% increase.
With Mountainside’s amenities continuing to evolve, great active listings, and hammers still flying at the Boulders, I expect quarter 4 and early 2018 continuing strong momentum for buyers seeking luxury, on mountain living at its finest.
Visit our Q3 2017 landing page for market updates on all of our core communities.