The adage “quality over quantity” best sums-up
the Tahoe-Truckee real estate market for 2014. With soaring economic conditions
in the San Francisco Bay Area, more and more families made their way to Lake
Tahoe to spend quality time together. This demand for home ownership led to a
second straight year of over $1 billion in sales -- the first time since
2004-2005.
Following an exceptionally robust 2013, quality inventory was at a
premium heading into 2014. Despite fewer overall sales, the region’s
dollar volume grew by over $100 million, indicative of a higher number of
transactions for the market’s top tier properties. Average price grew by 18% in
2014 buoyed by 249 transactions at prices greater than $1 million.
Three communities in particular set the tone for the surging
luxury market in 2014.
- Tahoe Lakefronts, the gold standard for Tahoe real estate,
outperformed all other classes over the past year with $130 million traded
over 34 properties – the highest level in nearly a decade.
- Martis Camp, elevating Tahoe resort property for nearly a
decade now, has only 80 homesites left so the focus shifted to the sale of
custom homes. 2014 saw 36 residences sold in this community at an average
price of $3,700,000 -- a figure nearly identical to lakefront sales.
- Finally, as Vail Resorts continues to distinguish itself as
the world’s elite resort operator, the prestige of Northstar has risen to
new levels. Accordingly, the opportunity to live on the Mountain has
become its own calling card. Mountainside Northstar, the community
anchored by The Ritz-Carlton; Lake Tahoe, has established an identity as
the premiere on-mountain living experience on the West Coast. In 2014,
Mountainside experienced over $40,000,000 in transactions ranging from
estate land to premiere ski-in / ski-out residences.
Looking ahead to 2015, all indications are that
this robust market will continue. With inventory remaining at a balanced
6-month supply and stable economic conditions Tahoe appears poised for another
year of growth. As Martis Camp and The Ritz-Carlton Residences near
sellout, Mountainside Northstar, Lahontan, Gray’s Crossing and Old Greenwood
stand to benefit as the recipients of attention from well-qualified consumers.
I look forward to a great 2015 and helping you and your friends
find your dream property in the Truckee/Tahoe area.
John/Ali
calnevteam@gmail.com
10044 Donner Pass Rd
Truckee, California
(415) 516-1022
