Q1 2018 Vintage Northstar Market UpdateChris Fajkos, April 14, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
Vintage Northstar. Northstar Community. Northstar Neighborhood. Whatever you call it, this area continues to showcase longstanding value and premium product comprised of superb craftsmanship. Vintage Northstar truly has something for every budget. Whether it’s a starter condo in Indian Hills or a luxurious mountain estate in Big Springs, Vintage Northstar provides a plethora of shapes, sizes, and price points for those looking to secure a slice of the mountain lifestyle for themselves.
Regardless of inventory, weather, changes in tax codes, and the overall economy, Vintage Northstar continues to stand the test of time in terms of value.
Q1 ended with 7 transactions from within Vintage Northstar, a 65% decrease from Q1 of last year. Possible reasons for the drop in sales include a reduction in inventory, namely condos which made up 40% of the sales in Q1 of last year. Also, a lackluster winter, in comparison to the previous one, may have left potential buyers feeling like they “missed out on the good winter”, causing a hesitation to pull the trigger on a mountain home within a ski resort community. Lastly, the recent changes to the tax code left many wondering if now is the right time to purchase a second home.
The median sold price in Vintage Northstar for a condo in Q1 was $496,250 and $935,000 for a single family home. All but one transaction went for below asking. The largest transaction was $1,535,000 for a 4 bed / 4.5 bath single family home, the lowest was a 2 bed / 2 bath condo in Indian Hills for $435,000.
Regardless of inventory, weather, changes in tax codes, and the overall economy, Vintage Northstar continues to stand the test of time in terms of value. Homes have already surpassed their pre-recession values, allowing owners to cash out the equity for renovations or upgrading to a larger home in the area. Year-round events and activities at Northstar continue to draw people in, ensuring that the community is always bustling, further driving rental revenue year round. Furthermore, last year’s approval of Northstar’s Master Plan stands as a testament to Vail’s willingness to invest in the mountain, which will undoubtedly make Northstar real estate even more desirable.