North Lake Market Update, Memorial Day EditionMike Montalbano, May 28, 2017 in Big Springs, Market Update, Mountainside, North Lake Tahoe, Northstar, Truckee
The Mountainside community is a ski in ski out development located mid mountain in Northstar just below the Ritz Carlton. 2016 marked the launch of the Stellar Collection, consisting of 6 single family Residences and 11 Townhomes. After year 1 three of the residences traded, in the $3.1-3.5M range, but only one townhome traded for $1.8M.
By historical standards the first year, 2016, was a decent winter. In comparison, 2017 was an exceptional one! There is no question mother nature had an impact on drawing visitors to the North Lake area. Record snowfall highlighted the ski resort properties of Northstar, including the ski slope adjacent Stellar Collection. While other property owners in North Lake Tahoe had to fight the morning/afternoon traffic, challenging road conditions, and long transit times Stellar Owners’ commute consisted of clicking into and out of their skis. Located directly on the Home Run ski trail, the uniqueness of the ski access was fully realized.
Looking back at the season, in Q1 & Q2, 2017 another Stellar Residence went into contract and all 10 remaining Stellar Townhomes were purchased. Northstar as a whole including Mountainside, Big Springs, The Village, and Vintage Nortstar witnessed 51 condominiums and townhomes trading (including developer properties) so far this year. Currently another 3 homes and 5 condos are in escrow in Northstar.
It is normal for the spring to experience increased buying activity. After this magnificent winter this will especially hold true. Anticipated projections predictr 2017 total home sales to eclipse a very strong 2016. To date Q1 and the start of Q2 have far outpaced the same period in 2016. In general, buyer’s are very active throughout the greater Truckee Tahoe market right now.
TMR remains the leading boutique brokerage in the Tahoe luxury market. Tahoe Mountain Realty led all brokerage representing buyers in 40% of the Stellar Townhome sales. Mountainside still has inventory available and the TMR Luxury Preview Tour this Memorial Day weekend is a great way to see what is available.