112 Shoshone, an expansive 8,369 square feet, with a stunning floor plan that includes 5 bedrooms, 6.5 baths, and a 2-car garage, was just sold off-market, for an impressive $4,250,000.
This sale marks a big milestone for Squaw Valley luxury sales, the highest reported in the MLS in over four years.
Prior high end sales include two in 2016, 110 Creekview Court, trading for $3,890,000 in March of 2016, and 1615 Squaw Summit Road, which sold for $3,333,000, November, 2016.
The last 12 months (12/10/16-12/10/17) has seen an average year for sales in Squaw Valley, with a median sold home price of $1,235,000 with a total sales volume of $33,642,200. 2016 saw a median sold home price of $1,290,000 and 2015 at $1,075,000.
There are currently 20 single family homes on the market in Squaw Valley, ranging in list price from $699,000 to $4,500,000. Average days on market are 364 days, median at 224. Pricing, and low Seller motivation/needs, being the determinant factor for these long days on market. Sellers are generally willing and able to try and coup as high of a sold price as possible in the Valley, depending often, on their own purchase price, especially those that purchased in the high’s of 2007-2008, where median home price jumped to $2,297,000.
With increased clarity as to what KSL and Squaw Valley Ski Holdings will be doing in the valley comes confidence in Buyers and decisions for Sellers, as to the value and state of the Valley. Squaw Valley Tomorrow is Squaw’s official website for the development. Added quality of infrastructure, and much-needed upgrades will make Squaw Valley a more desirable place for the new generation of skiers coming to visit Lake Tahoe. Squaw Valley competes against Vail and Aspen, and currently fails by all standards to draw the affluent from across the country, and globally, to come visit our area. An increased visitor pool means an increased buyer-pool, and thus an increase in desirability in our real estate inventory.
One of my recent sales, 1390 Lanny Lane, closing at $2,050,000 was on the market for 355 days before selling, with an initial list price of $2,600,000. I represented the Buyers. Conversely, I represented the Buyer on another listing, 1510 Squaw Valley Road, which closed at $1,525,000 on the market for only 9 days, with multiple offers. The quality of home, and quality of Buyer, one that expects a level of quality in their skiing experience, is the Buyer of today, into tomorrow.
Squaw Valley real estate should continue to increase in value and experience, as the entities developing the valley continue to add and expand the experience.
The Palisades at Squaw Valley, a new development going into the beginning of the Valley, represents a new breed of homes and Buyers coming into the Valley. Along with the Olympic Estates development, with a handful of stunning new modern homes
recently built, and a few lots still available to purchase, these new neighborhoods in Squaw Valley offer a new and different lifestyle in Squaw Valley. They appear to be marketing to a younger Buyer, one that might be more attracted to the modern buildsin Martis Camp, but want to be there in Squaw Valley. With this recent sale, marking highest single family re-sale in the valley, and these new developments going in, we’re seeing a period of new life and change in Squaw Valley these days, with considerable cash flow entering the valley.
The Plumpjack Group recently started its massive development, now approved and slated to break ground this spring, 2018, to be completed Winter, 2019. PlumpJack Squaw Valley Inn & Residences will combine the ultimate slope-side destination with a highly limited offering. Only 34 residences will be made available to a select few. Their vision is to create one of Tahoe’s most exciting all-season destination resorts and residences at the base of the historic Squaw Valley Mountain. Unit offerings will include 3 two-bedroom, 4 two-bedroom plus den, 8 three-bedroom, 14 three-bedroom plus den and 3 four bedroom condominiums and 2 four-bedroom plus den penthouses, ranging in square footage from 1,750-4,500 square feet. Price points will start at $2,300,000 and move up to $7,000,000 for the penthouse suites. They are currently accepting pre-sale reservations, and sales are open to the pubic in January.
With a record year last winter on all accounts, ticket sales, restaurant sales, lodging, and real estate, the Squaw Valley market is poised to explode, if the new developments are successful. Based on all indications from new development real estate in the Truckee market, this should indeed be true here as well. Martis Camp and the new construction exploding in Truckee has considerably overwhelmed the previously dominant Lake-market, and there is a clear Buyer interest in new and elegant construction. The market no longer desires a quaint “Tahoe cabin” from 1970. It wants a sexy new look, and Squaw Valley is about to deliver.