Q3, 2016 Schaffer’s Mill Market UpdateMike Montalbano, October 19, 2016 in
This 4-season family community continues to thrive with new development. In 2016 the Schaffer’s Mill community has added an additional $30 million to aid in infrastructure, and 2017 will see similar investments with the food and beverage additions, 1867 and The Horn Bar. More than 40+ homes have been constructed and even more are nearing completion. With a laid back atmosphere, core amenity base, modest “Pay as you Play” fee structure, and world class golf course Schaffer’s Mill has created its own niche resulting in record real estate sales. The third quarter of 2016 was no exception.
In Q3, homesite sales were strong relative to total volume. Leading the way were 4 secondary market homesite sales, 2 through the onsite developer team, and prices ranging from $213K-$370K. The Alpine Valley release in 2016 quenched a huge thirst for those looking to secure land and build their Tahoe dream home. This release brought to market the perfect combination of location, size, and price. Pricing starting in the $300K-400K range made values high compared to neighboring Martis Camp & Lahontan. With a currently limited inventory those following the community will want to pay close attention to the secondary market until the subsequent developer release next year.
2016 represented an opportunity for prospective owners to have immediate access to the community via Mountain Lodge purchase. Developer Marlin Atlantis undertook the construction of 26 Mountain Lodges along the Vista Ridge. These turnkey properties were a popular choice, but prices topping out at $1.625M may have caused some stagnation. At the same time in Q3 several existing owners were ready to upgrade to their newly constructed custom homes. The result was a significant shift toward secondary market Mountain Lodges. For example, of the 6 Mountain Lodges purchased in Q3, 4 were on the secondary market. This represents nearly 2/3rds the total sales in all of 2015. With just 5 lodges currently on the market, ranging in price from $1.050M-$1.5M, those looking for a move-in ready property before the upcoming winter have a great opportunity in early Q4.
Q3 at Schaffer’s was relatively quiet for custom built cottages. The Tahoe market is traditionally prone to completed construction purchases vs mid-construction purchases. Although purchasing a cottage during the construction phase presents the opportunity for an owner to customize finishes to their liking, it can be difficult to visualize the finalized product. Builders continue to take notice of the high demand for single family homes within the community and are working to introduce new inventory. Currently 4 homes on the market – in various stages of construction – range from 2900-3700 sq ft. Pricing remains modest with a median asking price of $1.522M.
As the golf season winds down winter storm systems have begun appearing with more frequency. Snowy mountain peaks have area enthusiasts excited for the upcoming season. With few rental properties remaining the opportunity to purchase has never looked so attractive. It is apparent that the demand for Luxury Tahoe family experiences from our feeder markets like San Francisco, Silicon Valley, and Los Angles has never been stronger. Unrivaled access, innovative design, and cutting age amenities have positioned North Lake Tahoe as the premier year-round destination to create a lifetime of memories.