Q1, 2016 Schaffer’s Mill Market UpdateJason Waters, April 16, 2016 in Market Updates, Real Estate, Schaffer's Mill
15 buyers closed escrow within the Schaffer’s Mill community during the 1st quarter of 2016. The dynamic collection of developer offerings with a strengthened amenity core has kept pace with the surge in market activity across Truckee’s luxury resort communities. The developer is responding to demand and moving forward on luxury amenity upgrades while releasing new inventory. It should be a scorching summer of real estate activity within Schaffer’s Mill.
The breakdown of the 15 sales is as follows: 2 single family homes, 5 custom homesites, and 8 Mountain Lodge Townhomes. As neighboring community Martis Camp has less than 10 developer homesites left for purchase, this creates a scarcity for land and developer offerings. The current market has leaned heavily towards new construction and these developer offerings. With the majority of buyers in Schaffer’s Mill as end users, I expect pricing to increase with each new phase. In addition, the upgrade and new construction of amenities will contribute to this price increase.
- Spa on the Rocks
- 3 Jacuzzis nestled in the granite boulders with fit pits and extra seating
- South Village
- New casual dining and sports lounge establishment with outdoor seating gazing at Northstar’s Lookout Mountain.
A big release coming to market is the 14-site section of the Alpine Valley. There are currently 7 pending reservations for these Alpine Valley homesites. The developer plans to release these homesites around Memorial Day weekend. With pre reservations available, the developer expects to have close to 30 reservations at the release date.
In addition to the developer inventory, the Schaffer’s Mill resale market was also active in the 1st quarter. There are currently 6 active resale homes ranging in price from $1,399,000 – $2,325,000. Since the start of the year there has been 1 custom home resale and 2 more are currently pending. The Schaffer’s Mill resale market is alive and seems to be priced just right for those looking to be part of a private community. The $580 price per sq.ft. is right in line with their closest competitor, Lahontan.
Schaffer’s Mill is currently proving it is one of the best new communities for private resort club living. With new amenities scheduled and a truly wonderful golf course, Schaffer’s Mill is a Tahoe gem worth considering.