16 Northstar homes sold in 2015. 43 Northstar homes sold in 2016. The home sales almost tripled. What happened? 2015 was definitely influenced by a few weak winters in a row, but still. 2016 was definitely influenced by a 2016 being a better winter, but still. The economy was definitely more comfortable in most pockets, but still. 2016 was a phenomenal rebound in home sales but 2017 might challenge the productivity. For the first quarter of 2017 Northstar has seen 12 home sales. There are currently 4 in escrow. Considering the first quarter was possibly the strongest three months in snow accumulation in Tahoe history this is really strong sales activity. So what is happening?
Even with an increase in the average sales price it can be argued Northstar is still undervalued and the market seems to agree with the 12 first quarter sales as proof. Most likely the market realized Northstar was undervalued. The average price point increased by 24% from 2015 to 2016 but was still a very digestible for a ski home at a world class resort, $1,353,000 average price. Vail Resorts has done a fantastic job with pushing their year round development and improvement plan, the Winter and Summer Mountain Master Plans. The on mountain amenities are unparalleled in Tahoe. Northstar is fantastic summer and winter, offers one of the strongest rental opportunities in the market and has great access to the shores of Lake Tahoe and Truckee. The Village at Northstar is a great family draw offering activity and attractions for all to do year round. The development of on mountain ski-in/ski-out living at Mountainside and the success of the Ritz Carlton offer even more options.
Then there is more to add value. Newly released for public consumption are the plans for the Stages at Northstar by Tahoe’s Regional Arts Theatres. A 3,500 seat amphitheatre, 350 seat stage area and 150 seat black box will be a treat for all of Tahoe. Stop by our Tahoe Mountain Realty sales office at Northstar to see the model. All of these point contribute to the attraction and value.
Homes in Northstar are a very strong option for families looking for a combination of value, skiing, summer activities, outdoor activities, luxury amenities without having to pay monthly dues for and access to all that is Tahoe.
Leave a Reply