The music carries rather loudly all the way to the ridge near Mancuso's and to Andy's old abode off Vernon St. Permits should limit the noise to prevent a repeat of the problem at Nstar ....and if the permit is issued by IOV it will be enforced. The residents can complain via the Nextdoorneighbor forum messaging system too which'll mean enforcement enforcement enforcement.
Property values somehow aren't affected. One condo overlooks Reddog and the ad estolled the views. it sold recently to someone who hopes Squswkids remains (and it will be a medical center) as is and who'll look into the back of the Wet Amenity. ???? Would you buy in at Squaw? Would you risk pass prices returning to $2000. Would you waste your day in lift lines on w/ends? It's a great place with vibrant fun loving people but will that selling point vanish? I'd also be concerned with all the flood of current and proposed permits causing a ghost town or a failed development that might take the lift company with it. (The investors in CalPERS must be nervous too).
Writes one realtor:
Sales activity at the Village at Squaw Valley in the 1st quarter of 2014 appears to be a continuation of the good year we had in 2013. At the end of the quarter, four condominiums had closed escrow and there were four in escrow. Assuming these pending sales close escrow, the total dollar volume will be approx. 60% of the total dollar volume for all of 2013 which was a good year for Village sales. For 2013, the total dollar volume ($8,662,500) was an increase of 23% over 2012, while the total number of units sold (14) dropped by 23%. With an average of only 28 units listed at any one time, none of which were Distressed Property Listings, having 14 sales over the entire year is a strong number. Here are some other interesting facts; Average Price $618,750 (58% increase), Median Price $498,750 (50% increase). What is also interesting is that only 3 of the 14 units sold were conventional financing and the remainder were cash sales.
What is driving these increases? In my opinion it is a combination of the following factors;
- Demand for Squaw Valley is high
- Inventory levels are low
- Distressed Property Listings have virtually disappeared
- The California economy has improved
If you look at my 2013 vs. 2012 Market Report for Squaw Valley you will see that we have seen the same trend in other condominium sales and in single family home sales throughout the valley. You will also see that the prices of condominiums and single family homes overall are lower than before the economic downturn yet the dollar volume and number of units sold is higher.
It is a good time for sellers in The Village. In my late summer 2013 Village at Squaw Valley Market Report (http://bit.ly/1elGpoq), I discussed the effect of the Distressed Property Listings on the overall values at the Village. Now that those listings have been absorbed, sellers no longer need to compete with low prices so listing prices are rising.
It is also a good time for buyers in The Village. With Condo Hotel Financing available at competitive rates, prices are still below the peak levels we saw in 2006-07 with 23 current Active Listings at this time.
Sale prices on closed escrows are rising at the Resort at Squaw Creek. The number of condominiums sold in 2013 was just two more than in 2012 but the total dollar volume of sales was 61% higher than the previous year.
Why this tremendous increase? I think it is due to a significant reduction in Distressed Property Listings (Short Sales and Bank Owned). Sellers now have less concern with having to compete with the low prices of Distressed Listings since these have dropped from 31% in 2013 to 0 (zero) thus far in the first quarter of 2014. Of the 19 current active listings, none are Distressed listings!
Last year we saw buyers moving toward larger condominiums and ones with a valley view, which equated to higher overall sales prices and resulted in a 31% increase in the average sales price of condominiums sold in 2012. As of the end of the first quarter of 2014, four condominiums have closed escrow and there is one condominium currently in escrow.
We are now seeing listing prices increase. 12 of the active listings are two bedroom condominiums. The average listing price of active listings is 39% above the average sales price for condominiums sold in 2013. Additionally, Condo Hotel Financing became available in 2013 for purchases at the Resort at Squaw Creek. Financing immediately went away with the beginning of the economic downturn in late 2007 resulting in all purchases having to be all cash. As it becomes more widely known that financing is now available, this could contribute to an increase in sales activity at the Resort in 2014.
It will be interesting to see how buyers react to an increase in listing prices. For six years they have seen prices decline 50%-55% from the Developer Sales in 2005 and 2006. Prices are still well below that level and in 2013 it seemed that the buyers were no longer “bottom feeders” but people who saw the value of this unique resort and were willing to pay for what they wanted.
As you know, the Resort at Squaw Creek is the only ski in-ski out luxury hotel with a championship golf course in the entire Lake Tahoe area. It offers owners and guests a multi season vacation experience with wonderful amenities, hotel services and fantastic views that cannot be matched by any other resort hotel in our area. It may not suit everybody, but for those who want a luxury vacation property, it is worth it.
Sounds like the SOV Story (or is it SOB story) about tot and taxes is questionable.