Vintage Northstar Q3 Market UpdateJulie Butler, November 14, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
Q3 ended strong with 24 transactions totaling over $18m from “Vintage Northstar”, which encompasses the original buildings in and around the Village, the beloved Ski Trails development, and single family homes in the Big Springs neighborhood. Although there were close to the same number of transactions from Q3 of last year (24 compared to 20 in 2017) the total sold amount increased to $18,502,700 from $10,808,500.
The average sold price in Q3 for Vintage Northstar was $770,945 compared to $540,425 for this same period in 2017. This increase is mainly attributed to the 7 single family homes in the Big Springs neighborhood which traded for over $1m. The year prior, only three Q3 sales were homes over $1m. The largest transaction in Q3 of 2018 was $1,650,000 for a 3,324 sq ft home on Martis Landing. The largest transaction for the same period the year prior was $1,225,000 for a home on Basque Drive.
Northstar real estate has appreciated along with the rest of our Tahoe Truckee market. Owners have been able to upgrade into larger homes or pull equity from their properties to reinvest. Northstar’s luxurious four seasons mountain resort has become an even more popular destination for weddings, corporate retreat experiences, as well as music and athletic events; further driving rental revenue which encourages consumers when searching for an investment property. Furthermore, the Vail Resorts commitment and dedication to Northstar’s Master Plan has made Northstar real estate even more desirable.
When time in the mountains is limited, proximity and ease of getting to the slopes is a top priority.