Real Estate Opportunities are Boundless at Northstar

Boundless Opportunities at Northstar—by Don Carr

Here it is, mid April, and Northstar is officially reporting over 599 inches of total snowfall on the season. The magical winter scenery that enveloped us this year certainly inspires optimism as we move further into 2019, where new leadership of some entities in Northstar combined with a very effective real estate design makeover makes me sense boundless opportunities.

For starters, NPOA has a new General Manager in Tim Fulton! Tim comes to NPOA from all the way across the street, where he served as HOA Manager for all of Tahoe Mountain Lodging’s many associations in the Village and Mountainside. What a great depth of experience and collaborative spirit he brings. I have had the privilege to work with Tim since he arrived in the Village over 10 years ago. 

Northstar Mountainside welcomes its new owner, Clifton Taylor. Taylor’s company, Mountainside Builders has purchased Mountainside’s undeveloped land and unsold developer inventory of the Boulders Townhomes. We anticipate that Mr. Taylor will breathe new energy into this amazing ski-in/ski-out real estate with such enormous potential. 

The Ritz-Carlton, Lake Tahoe has a new owner in Braemar Hotels and Resorts as of January 17th.  This Texas based REIT invests primarily in full-service luxury hotels and resorts.They purchased the hotel and development rights for $120 Million from Kennedy Wilson of Beverly Hills, who hired my firm to sell the Ritz-Carlton Residences.

The Tahoe Mountain Club has a new owner as of January 11th!  The Tahoe Mountain Club owns and operates a host of popular local amenities such as the golf courses, tennis courts, clubhouses, swimming pools and restaurants at Old Greenwood and Gray’s Crossing, as well as the Alpine Club and Schaffer’s Camp here at Northstar. The new owner, Paradigm8, is a Tahoe real estate developer, whose principals were instrumental in the development of the The Ritz-Carlton, Lake Tahoe, the Village at Northstar, Home Run Townhomes, Stellar Residences and Townhomes, and is currently developing the Signature Home Collection at Old Greenwood. Having Paradigm8 as the new owner of the Tahoe Mountain Club is the best possible outcome, bringing long-term sustainability to the Club and its unparalleled amenities. 

Back on the real estate front, we are all aware of the growing popularity of the Mountain Modern aesthetic, which is cropping up in the new communities of North Lake Tahoe. Northstar has seen less of this because so few homesites remain undeveloped here.

Nevertheless, I believe there is an undercurrent of pent up demand for this aesthetic in our resort. One of our savvy clients tapped into this demand by undertaking a renovation of a family home which was built in 1980. My firm was brought in before the transformation began to consult on the primary objectives of the renovation.

The home was originally conceived as a cozy family cabin with an abundance of warm wood and filled with traditional furnishings and family heirlooms.

The project sought the delicate balance of a full remodel of certain areas with simple freshening touches in other areas. The chosen high-impact zones where first impressions are made were the entry, the kitchen, the great room and the powder room. These areas were completely transformed. Other areas that were considered lower-impact zones, like bedrooms, bathrooms and hallways, got cosmetic changes of fresh paint and carpet.

My firm furnished and staged the home in a style consistent with its new finishes. The end result was a complete transformation from a cozy classic ski lodge to a full-on “mountain modern” aerie. 

How, you might ask, did the market respond to this new listing?  We brought it to market just before the holiday season. Neighbors were curious and first-time visitors were impressed. Then, on the very first day of the new year 2019, we received 3 offers. 

We knew going into this listing that it could be a bellwether for Northstar. The Mountain Modern aesthetic is not for everyone. Many families dream of owning a cozy classic ski lodge. Yet, clearly there is demand for homes that feel new and reflect current design trends. When it’s not practical to build a new home, we discovered that a measured renovation with a carefully prepared presentation that speaks to current design trends can outperform the market in both price and speed of sale. I think this reveals an opportunity to get excited about in 2019. 

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