Sale prices on closed escrows are rising at the Resort at Squaw Creek in Squaw Valley. 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 change? I think it is due to a significant reduction in Distressed Property Listings (Short Sales and Bank Owned).
In 2013 Distressed Listings were 31% of the sold condominiums. Since the start of the economic downturn in late 2007 
Distressed Listings accounted for 57% of all Resort at Squaw Creek sales. They have now almost completely disappeared. So far this year, 2014, there has been one closed escrow and there are three condominiums currently in escrow. Of those, two are Distressed Listings and of the 20 current active listings none are Distressed Listings.
Detailed Sales History of the Resort since the downturn,
Sellers can now be less concerned with having to compete with the low prices of Distressed Listings. Since 2011 the number of these has been declining and in 2013 we have seen listing prices increase. We have also seen buyers moving toward larger condominiums and the ones with a valley view, which equates to higher sales prices. In 2013 the average sales price of the condominiums sold was 31% higher than in 2012.
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 know that financing is now available I think it will contribute to an increase in sales activity at the Resort in 2014.
It will be interesting to see how buyers react to increasing listing prices. For six years they have seen prices 50%-55% below what they were in 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.
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 is not for everybody, but for those who can afford it and are willing to pay the price, it is worth it.
Here are some well priced listings:
- MLS #20140038: 5th Floor Valley View Studio, $275,000
- MLS #20120361: 2nd Floor Valley View One Bedroom, $395,000
- MLS #20132130: 9th Floor Valley View One Bedroom Penthouse, $450,000
- MLS #20132821: 5th Floor Valley View Two Bedroom, $625,000
Click here to view All Current Active Listings
Resort Realty Services, Inc. does not guarantee the accuracy of this information. This data was obtained from the Tahoe Sierra Board of Realtors MLS. Not all real estate transactions in our area go through our MLS, therefore, this information may not be completely accurate. CalBRE License #01204227
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