Location, Location, Location: Lake Tahoe
11/01/2004
Keeping up with the Joneses works fine in the suburbs, but in the world of high-end ski resort development, the Vails and Aspens set the pace. Until recently, Lake Tahoe, home to the highest concentration of ski resorts in North America, has been mired in the shadow of Colorado’s big guns. It boasted stellar snowfall, some of the most challenging runs in the world and scenic views of North America’s largest alpine lake–a cobalt blue gem with 71 miles of shoreline ringed by the Sierra Nevada mountains. What it lacked was the panache of a destination resort.During the 1950s, Lake Tahoe was the place to be and be seen when its new casinos attracted the likes of Frank Sinatra and his Rat Pack. Unfortunately, the glitz and glamour fizzled when Las Vegas arrived on the casino scene. Tahoe continued to attract wealthy vacationers and second home buyers from the San Francisco Bay area, just a one-and-a-half-hour flight away, but traveling by air was difficult for the rest of the country due to a lack of flights from key hubs. While time-warped Tahoe struggled to attract new visitors, other resort towns were luring guests with new luxury accommodations, spas and high-speed lifts.
Now it is Tahoe’s turn. The natural beauty is getting a much-needed makeover,
and when the dust settles the town will see more than $1 billion in resort
investments. And the fervor surrounding the architectural renaissance has
propelled a surge in the real estate market. Although the majority of buyers
still hail from northern California, the recent announcement by Continental,
Northwest and Delta airlines to add nonstop flights from Newark, Detroit and
Atlanta, respectively, has piqued the interest of East Coast and Midwestern
buyers. Sales volume of single-family homes during 2004’s first quarter jumped
by 59 percent compared to 2003, according to a study by real estate
company
Chase International. A recent CNNMoney.com report revealed that Tahoe had the
fourth-largest gain in real estate appreciation among counties with a high
proportion of vacation homes.
In south Tahoe, the downtown area is ready to welcome the new village at Heavenly Mountain Resort. The Northstar at Tahoe resort is going a step further by building an entire community.
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A rendering of Ironhorse at Northstar. (Click image to
enlarge)“The new development has created demand for both new and old products,” says Jeff Brown, a real estate agent and lifelong Tahoe resident. “Buyers are specifically requesting Northstar because it is convenient and for the prospect of what’s to come.”
The parent company of the Northstar at Tahoe ski resort, Booth Creek Ski Holdings, has spent more than $15 million on improvements, but that is only the beginning. Booth Creek is collaborating with East West Partners, the developers of the base mountain village in Colorado’s Beaver Creek, among others, to create a new ski-in/ski-out village with 200 luxury condos, an ice rink, upscale retail and restaurants. From the start, sales for the Northstar properties have been brisk (86 of the first 100 condominiums at the Village at Northstar being purchased immediately after going on the market last spring).
Additionally, three other developments are in the works: a slopeside enclave above the village and two golf course communities near the historic town of Truckee, Calif., which is a 15-minute drive from Northstar at Tahoe. These two communities have also enjoyed strong sales with 89 of the 99 homesites in Old Greenwood selling within two hours of hitting the market in summer 2003. Most recently, the developers have accepted more than 500 reservations for the 101 single-family home sites at Gray’s Crossing (buyers will be determined by lottery).
Tying the communities together is Tahoe Mountain Club, a membership amenities club that affords homeowners access to private restaurants, clubhouses and activities throughout the area. Having a self-contained destination resort complete with shuttle service and cultural events is a welcome change, Brown says. “We have always known there was a master plan. To see it fulfilled is gratifying because it will create what we have been waiting for–a four-season destination resort.”