Mountainside Q3 2018 Market UpdateColleen Loiseau, October 22, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
Anchored by the Ritz-Carlton Lake Tahoe, Mountainside at Northstar provides a unique, luxury experience for homeowners. Unrivaled amenities, stunning mountain views, and a laid back California lifestyle characterize the community. Year-to-date data reflects increased interest in the experience Mountainside living offers.
The thriving, mid-mountain, neighborhood has out performed PY in dollar volume by 28% and doubled the number of transactions. 8 residences have traded in 2018 compared to 4 in 2017. The increased sales velocity and tangible shift in energy comes as the Mountainside development changed hands in Q3. Re-priced inventory encouraged buyers and created a buzz about the community.
Mountainside offers a healthy variety for consumers. Prospective buyers can choose between brand new construction, Boulder’s Residences starting at $2.25M, a Stellar Townhome and Residence, Trailside townhomes, and posh Ritz Carlton residences. Architectural styles range between Modern, Contemporary and Traditional Mountain design.
Beyond finished construction options, the opportunity to build a custom or spec home in the gated M25 enclave is ripe. Active home sites are aptly priced between $355,000-$795,000. The two recent single-family homes that sold in 2017/2018 for $4.74M and a $6.35M monumental transaction in M25 have instilled confidence in land value and return on investment. Year-to-date land sales are down compared to PY, however the recent price improvement in home sites has generated a wave of interest.
Potential owners at Mountainside typically consider ski-in ski-out properties when the shift to winter becomes apparent with the first snowfall. Expect momentum to remain strong in Q4. The anticipation for an El Nino winter continues to intensify and may result in latent December deal making.
Looking ahead, Northstar California’s 20-year master plan that was approved in 2017 by the Board of Supervisors may have a direct relationship on property values for Mountainside and the resort as a whole. The plan details adding 700 skiable acres, 7 lifts and additional snowmaking capabilities. Northstar is an expanding Vail Resort, in beautiful North Lake Tahoe with promising potential for years to come.