Vintage NorthstarChris Fajkos, July 14, 2017 in Northstar, Real Estate, TMR, Tahoe-Truckee
Vintage Northstar. The old guard and a testimony to Northstar’s history, progression, and its ultimate rise to becoming the premier ski resort community on the West Coast. It is constant and familiar. Whether you’ve owned in this prestigious area for years and are contemplating selling, or a buyer thinking about finally purchasing a place to call your own, it’s apparent that the innate desirableness and value of Vintage Northstar requires one to pay close attention to market forecasts and fluctuations in regional inventory in order to take timely advantage of opportunities in the market.
These past 6 months saw a total of 33 transactions, ranging from $220K all the way up to $2.3 mil. Of the 33 transactions, 15 were Condos/Townhomes suggesting that there is a healthy balance of condo to single-family homes being consumed. Luxury properties ($1 mil +) comprised 10 of those total transactions, signaling that this area still maintains a substantial number of premier properties for those looking for something different than what the surrounding upscale communities are offering.
This time last year there were 31 transactions, ranging from $200K up to $3.6 mil, and the year before that there was 27 transactions. This trend will most likely slowly grow or at the very least plateau, as a steady rate of turnover coupled with minimal new development creates a steady stream of inventory. Vintage Northstar continues to attract buyers of all shapes and sizes by the range of pricing in the community, as well as the relatively low carrying costs, proximity to the mountain, extensive hiking trails, and preeminent amenities like the Northstar Property Owners Association’s (NPOA) Recreational Center and private shuttle service from your residence to The Village roundabout. Further value is placed on these properties, as they have a track record of impressive gross rental revenue.
It’s important to note that age is an important factor in this community, as the age range on properties starts around 44 years old (the mountain opened in 1972 with residential development occurring around the same time) and ends with properties currently under construction. These vast swings in property ages, along with shifts in the regional market, create a large range of home prices. This in turn offers a multitude of opportunities, whether you’re someone looking for that entry level condo that gets you close to the mountain, or someone looking for a custom, luxury estate with views of Martis Valley below.
One thing is for certain, the old guard that is Vintage Northstar will continue to be a highly desirable area for those looking for a piece of the mountain lifestyle. This community gets you close enough to the party without you having to feel caught up in the commotion of it all, allowing for a comfortable balance of ski resort excitement and quite mountain solitude.