Schaffer’s Mill 2018 Year End Market UpdateColleen Loiseau, January 17, 2019 in Market Update, Real Estate, Schaffer's Mill, TMR, Tahoe/Truckee
Schaffer’s Mill (SM) is the youngest private, gated, resort community in the Martis Valley. Its neighbors, are the prestigious Martis Camp, and steadfast, Lahontan. The two renowned resort communities have played a role in the preservation and enhancement of property values at Schaffer’s.
SM continued to fill a niche market in 2018; land values far outperformed Lahontan, but remained significantly less expensive than entry-level home sites at Martis Camp. In price per square foot metrics, Schaffer’s offers a more affordable option than its two closest competitors.
The future of the community looks bright for 2019. Potential Buyers have diverse options with the roll out of the updated Mountain Lodges
In 2018, Schaffer’s recorded 3 home sales over $2M, a record for the development since its inception. The trades effectively boosted average price per square foot from $486/SF to $531/SF. Home sites also traded above PY trends, 2018 recorded a 42% increase in the average. This dramatic shift is a result of the release of the last remaining, premium Mountain View sites.
The future of the community looks bright for 2019. Potential Buyers have diverse options with the roll out of the updated Mountain Lodges; six of which are slated to be move-in ready by summer 2019. The diverse floor plans and price points range from 3 bedroom footprints starting at $1.17M to four bedroom, 3,146 SF residences offered at $1.59M. In addition there are eight single-family homes on the market for consumers to choose from. While Schaffer’s saw a decrease in the number of transactions in 2018, values remained high. Constrained single-family inventory, which mirrored the greater north Lake Tahoe area, coupled with unreported developer sales to the MLS skewed the data.
Several factors lend to the prediction of a stellar year ahead for the Schaffer’s Mill real estate market. Current and future owners at Schaffer’s Mill can anticipate additional amenities at The South Village in 2019. The project, which includes The Horn Bar and 1867 Restaurant are planned to open by Memorial Day. The combination of diverse low maintenance townhome and single-family inventory, expanded dining options and the steady popularity of the exclusive Martis Valley neighborhoods create an optimistic vision for the burgeoning community.