2019 Mid-Year Mountainside Market UpdateColleen Loiseau, July 24, 2019 in
Mountainside at Northstar has maintained strong momentum through the first half of 2019. The steadily developing community, anchored by The Ritz Carlton Lake Tahoe, saw 6 transactions thus far in 2019 and is on par to surpass PY in regards to number of transactions. The Mountainside neighborhood recorded 7 total transactions in 2018.
The nature of transactions at Mountainside has shifted in 2019, and reflects it’s newest development, the Boulder Residences. While the number of transactions may be easily surpassed this year, sales volume may be contested as 2019 lags by almost 50%: $17,021,000 Q2 2018 compared to $8,756,00 Q2 2019. The disparity is largely due to the second largest trade in Mountainside history in 2018, the sale of 19145 Glades Place for $4,741,000. Additionally, two home-site transactions, which account for 1/3 of the activity for 2019, add to the deficit.
Three re-sales, a custom M25 home and the last remaining Stellar Residence characterized H1 statistics for 2018. In contrast Mountainside closed two brand new construction Boulder Residences, two M25 home sites, and two Trailside re-sales in the first half of 2019. The developer fronting the Mello Roos bond on full-priced offers largely influenced the aforementioned home site activity for 2019. Comparatively M25 home sites trades were stagnant in 2018. The success of the first phase of The Boulder Residences continues, and has effectively triggered the developer to begin Phase II: the addition of three, three bedroom residences, and two, 4 bedroom residences, scheduled to break ground this summer.
Varied product for consumers has allowed Mountainside at Northstar to thrive. Current listings include two re-sale Stellar Townhomes, two Ritz Carlton residences, a Trailside townhome, the last two remaining Phase I Boulder Residences, and a ski-in ski out M25 home. Pre-sale initiatives for Phase II, The Vistas, offering breathtaking mountain views are highly anticipated and expected to roll out in the next few weeks.
In summary Mountainside at Northstar has met the demand for amenitized, family- centric, new, modern construction in the Tahoe-Truckee region. The recent, historic Tahoe snowfall of 2018-2019 season remains a close memory. As the summer winds down and the 2019-2020 ski season approaches, Mountainside will hit its stride and likely out perform 2018.