Is Mountain Real Estate Alive Again? Northstar Residences Take Off
Could there be light at the end of the long tunnel in luxury ski resort real estate? Well, if this winter’s experience at Northstar in Truckee, Calif. is an indication, the answer is “yes.”
Northstar Mountain Residences, developed by East West Partners of Avon, Colo., has hit a milestone $16 million in sales and reservations already this winter, according to Jim Telling, an East West partner.
“Northstar Mountainside Residences is the only community in Tahoe where buyers can experience true, ski-in/ski-out luxury living,” Telling said. “Our buyers are united by the desire to live on the mountain in a way that is available in few other places in the world.”
The sales uptick occurred at Mountainside’s two neighborhoods: Home Run, 16 move-in ready residences and Martis 25, an enclave of 25 custom homesites. The range of buyers have come from Northern California, the San Francisco Bay Area, Texas, and as far away as Florida.
The apparent rebound in the luxury real estate market in the second half of 2012 and continuing into 2013 meant a 28 percent increase in sales over 2011, including the largest transaction since 2007.
Sales of 54 properties since last July came at an average tab of $821,000, with 15 sales over one million dollars.
Both Martis and Home Run connect to the Village of Northstar shops, restaurants, ice rink, entertainment, ski lifts and the Ritz-Carlton Hotel by a series of roads, walking trails, and ski runs.
Homeowners also have access to private dining at Schaffer’s Camp, Apres Ski Beach at the Ritz-Carlton and, coming soon, the Tree House, a community center with a pool, fitness center, and kids game rooms.
East West Partners is a group of related, but independent, companies building, selling, managing, and supporting high quality real estate in the Lake Tahoe area; Vail Valley, Summit County, and Downtown Denver, Colo.; Deer Valley, Utah; and Charleston, S.C.
Top Photo: Home Run at Northstar; Bottom Photo: Martis 25 at Northstar (East West Partners)