Q1 2018 Mountainside Market AnalysisMike Montalbano, April 13, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
Historically the first three months of the year are a period of familiarization and recreation. Traditionally consumers visit the area for recreational enjoyment and defer acquisitions to the latter half of the year. Until March the 2018 skiing was lack luster and uninspiring. Alternative activities including looking at real estate increased.
“Q1 experienced the second largest trade in Mountainside history, with 19145 Glades Place trading at $4,741,000.”
In Q1 2018 4 properties transacted within Northstar’s Mountainside community including 2 single family homes, 1 Trailside townhome, and a Constellation residence. 75% of the activity was on the secondary market, whereas all Q1 2017 activity were developer offerings.
The trend of limited inventory and increasing pricing within Mountainside is mirroring that of the greater Tahoe market. Tahoe is coming off one of the largest winter’s in history and despite the sluggish start to the ski season Q1 was quite active. The Average Price of properties trading crested $3M for the first time in the community’s young existence. Consumers are opting more larger, more premium homes.
Q1 experienced the second largest trade in Mountainside history, with 19145 Glades Place trading at $4,741,000. The only larger transaction occurred in Q4 2017 just days before the New Year at $6,350,000.
Surprisingly the lack of early season snowfall did little to hamper activity within Mountainside. Currently only 6 non-hotel properties are available for purchase. The options are; however, noteworthy: 2 Trailside Townhomes, 1 Home Run Townhome, 2 Stellar Townhomes, & 1 Stellar Residence. This diversity in design aesthetic, architectural style, and age provides a healthy array of options for every preference.
Mountainside Partners is in the home stretch of completing its newest offering: The Boulders. The initial phase of properties will be complete in the upcoming weeks. (x3) 3-bedroom Chutes & (x2) 4-bedroom Skiways properties make up the initial launch. The addition of these 5 townhomes will nearly double the existing inventory. Pricing starting at $2.5M is inline with mid-mountain trends.
As ski season winds down and the snow starts to melt anticipate an aggressive marketing campaign from the developer. Only half the original M-25 homesites remain and the opportunity to build a custom home is diminishing. 4 home designs are pending review and anticipated for spring/summer construction. Premium homesite values remain high, especially in relation to private resort communities with prices starting at $375K.
Q1 – 2017 Q1 – 2018
Total Transactions 6 4
Average Price Homes Sold $1,750,00 $3,041,500
Average Price Per Sq. Ft Sold $795 $859