Luxury development in North Lake Tahoe promises big changes and big opportunities
There’s no denying it. Winter is here. If you’re already thinking about that first trip to the slopes, you might want to head to the Sierras and Tahoe. Once you’ve had your fill of carving down the mountain, you can turn your head to the business of real estate. It just so happens that Tahoe is fast becoming one of the hottest resort destinations in the world, spurred on by billions of dollars in development that’s taking place around the “jewel of the Sierras.” If you’ve got clients who are looking for a second home, Tahoe offers dozens of options.
In the next two months, we’ll be looking at several of the high-end developments that are popping up in North and South Lake Tahoe. We’ll start with one of the biggest, a luxury community at the base of Northstar called Tahoe Mountain Resorts (TMR).
TAHOE MOUNTAIN RESORTS TRANSFORMS NORTHSTAR
“We’re building California’s answer to Aspen,” says TMR sales associate Patrick Hourigan. And when you see the scope and size of this place, it’s hard not to agree.
Tahoe Mountain Resorts is an approximately $4 billion project that’s being developed at the base of the Northstar ski resort, just 6 miles from Lake Tahoe and adjacent to historic Truckee. The project is made up of four distinctive communities:
THE VILLAGE AT NORTHSTAR
At the base of Northstar’s slopes, The Village is Tahoe’s premier ski community. It includes an outdoor ice–skating, fire pits, stylish shops and fine dining paired with luxury residences that serve as the heart and soul of the resort. CLICK HERE FOR WEB SITE.
A true ski–in/ski–out community situated mid–mountain at Northstar–at–Tahoe and home to the Ritz-Carlton resort and ski-in/ski-out residences (completed in 2009). CLICK HERE FOR WEB SITE.
A premier four-season community with home sites, custom homes, villas and luxury fractional homes all surrounding a Jack Nicklaus-designed golf course. CLICK HERE FOR WEB SITE.
On a private Peter Jacobsen–Jim Hardy golf course, Gray’s Crossing offers a variety of home sites and a neighborhood village. CLICK HERE FOR WEB SITE.
There hasn’t been as much press on this luxury development as it we think it deserves. Perhaps, because the developer (East West Partners) has had so much interest from investment buyers in the last four years, the properties have just about sold themselves.
Since 2003, TMR has sold more than $5 billion in real estate. They have pretty much completed three of the four communities: The Village at Northstar, Gray’s Crossing and Old Greenwood. The Highlands, the fourth and largest—and the community that will host The Ritz—is currently in development with pre–sales for the Ritz being offered in Q2 of 2008. It’s scheduled to be completed in 2009.
The desire for the properties in Tahoe Mountain Resorts is high. In fact, seven of the world’s leading residence and resort clubs are offering fractional ownership and resort club properties. This brings down the price of ownership for one of the luxury residences to something that is affordable for more than just the super–wealthy.
Take, for example, the residences at the Ritz. These two, three and four–bedroom condos at whole ownership range from $2.75 million to $7.8 million. At fractional ownership, they go for $275,000 to $3.45 million. Buyers also get the benefits of one of the world’s most luxurious hotels.
Here’s a list of the companies that are currently offering fractional and resort club properties:
- The Ritz Carlton Club
- The Hyatt Residence Club
- Exclusive Resorts
- Resort Equities
- Quintess Leading Residences of the World
- Paradigm Resorts Collection
- 80|50 Northstar Private Residence Club
Whether you’re buying fractional or whole ownership properties, East West Partners, the parent company to Tahoe Mountain Resorts, has a history of hitting it out of the park when it comes to residential development that gives buyers a high return on their investment. They’re the company responsible for developing Vail Valley Colorado. Take a look at the average appreciation of the listings some of their other projects over the last 20 years.
We’re only scratching the surface here with Tahoe Mountain Resorts. In the coming months, we’ll talk more about the four luxury communities, the exclusive amenities offered by home–owners through Tahoe Mountain Resorts and the incredible opportunities for those interested in buying or investing there. We’re not exaggerating when we say that this development will change the face of North Lake Tahoe.
In the meantime, if you want to learn more about Tahoe Mountain Resorts or if you have clients you think might be interested in property, either at fractional or whole ownership, the person to talk to is Patrick Hourigan.