Q2, 2016 Northstar Market UpdateTeddy Runge, July 25, 2016 in Market Updates, New Northstar, Real Estate
The entire resort community at Northstar has been vibrant this summer with festivals, weddings, and mountainside adventures. Beautiful temperatures have allowed for ideal real estate touring conditions and sales are full steam ahead.
Just two quarters into the year — Northstar’s real estate transactions totaled over $49,000,000. And the overall average sales price per unit is around $1,141,687. In fact this years average is up a whopping 81 percent from the year before with nearly an identical number of transactions trading.
Peeling back the activity for 2016. The $1Million sector accounts for almost 37 percent of these transactions. Notable sales include a stellar residence in Mountainside at $3,500,000; a Big Springs home on Gray Wolf at $3,650,000; and a Ritz Carlton Residence at $2,600,000. Also vintage condos in Gold Bend, Ski Trails, Indian Hills, and Aspen Grove have exemplified strong sales with 34 percent of the Northstar market. I see these condos as value play opportunities in the resort for under $500,000. It provides a buyers an opportunity to get into the resort for a very reasonable amount of money and enjoy all the amenities and conveniences of the mountain.
Looking ahead the market should continue to be strong with almost $13,000,000 in pending sales. But be prepared to pay close to asking price, according to the multiple listing services the average sale-to-list-ratio for Northstar is at 97 percent.