Currently it is below freezing in Truckee, Ca. Yesterday we had our first (sticking, not melting) significant snowfall, along with the traditional show of cars sliding everywhere…. Thanksgiving in Tahoe was full of avid skiers, and now with a fresh and measurable snowfall to cover up man-made snow, the ski season is officially underway! Northstar and Squaw are open and prepared for your arrival.
A quick snapshot of the market shows incredibly low inventory, only 479 active residential properties! In November, 89 properties closed at an average of $685,000. Currently there are 116 pending properties averaging at $895,000 which will translate into impressive December 2013 sales statistics. The spread of pending homes is concentrated into the following areas:
1 home in Martis Camp; 2 in Lahontan; 5 in Alpine Meadows; 7 in Northstar; 5 in Tahoma; 6 lakefronts; 14 on the North Shore; 19 in Tahoe Donner. A shift toward ski properties is evident, as is the continued demand for high quality homes on the North Shore of Tahoe. I represented a buyer who was involved in an Agate Bay property negotiation for $1,048,000 that had 3 offers in 3 days on it, which was somewhat of a surprise, and it went over asking.
Pricing is out for phase 2 of Home Run Townhomes on the slopes of Northstar, which are under construction. This is some of the most affordable ski-in/ski-out living anywhere. Prices range from $1.750 up to $2.350. Reach out for details.
An anticipated listing for Northstar is finally on the market for $9.3M in the coveted Martis 25 Community. This is the first home commanding this sort of price tag, and not the last. Mountainside continues to evolve into “the place to be”with immediate ski access and a Ritz Carlton. Here are some renderings of the home under construction:
Lot 5 Martis 25 Renderings
One of the noteworthy pending sales of the year is a lakefront in glamorous Rubicon Bay for $17M. Julia Morgan, renowned architect of the Hearst Castle, designed “Bow Bay” in 1939 for Else Schilling. This exceptional lakefront estate with 400′ of lake frontage, on 7.35 acres resides on the famous Gold Coast of Lake Tahoe in Rubicon Bay. The architectural style is the best of the best in Old Tahoe estate properties. This Tahoe property has a certain romantic, fairytale atmosphere, a real testament to Julia Morgan’s design. Someone is lucky to have this beautiful lakeside property.
Looking forward to seeing many of you over the holiday break in Tahoe which is always so magical.