Northstar

is a year round destination resort located between Truckee and Lake Tahoe off Highway 267.  It is located in Placer County.  Amenities include Alpine and Nordic skiing, golfing, horseback riding (stables), mountain bike partk, adventure challenge ropes course, rock wall climbing, orienteering and guided nature hikes open to the public.  The 1296 privately owned properties at Northstar include homes, condominiums and lots.  The residents are primarily second homeowners.  Recently the community of Northstar has been included in the Resort Community of the Tahoe Mountain Resorts, an all inclusive Resort community developed by East West Partners.  The sister communities are located in the Town of Truckee.  They are Old Greenwood and Gray’s Crossing.

Tahoe Mountain Resorts Update

At our sales meeting yesterday, Jeff Brown, the only remaining salesperson at Tahoe Mountain Resorts, gave us an update on the properties that he represents.  You’ll recall that these properties include Old Greenwood, Gray’s Crossing, The Ritz Carlton and some properties in Northstar at Tahoe.  These properties were owned by East West Partners who had filed chapter 11 bankruptcy and emerged from that process on July 1.  According to Jeff, the bankruptcy had more to do with Wall Street than it had to do with the Truckee Real Estate Market.  In any event the result was a series of short sales including the Sunset Idea House and the entry cabins at Old Greenwood.  Apparently there will be one more liquidation at Hyatt Northstar Lodge.  This property is composed of luxury whole ownership units, supposedly the best ever built by East West Partners.  Currently they are for sale at well below construction costs.

Also, the Ritz Carlton is being marketed for sale.  The property will continue to be operated by Ritz Carlton or to a Ritz Carlton standard.  Being sought is an investor who will pick it up for a fraction of its original price, and we have been told that there are plenty of prospects.

The Tahoe Mountain Club remains fully operational.  Amenities are, according to Jeff, even better than ever.

The Ritz Carlton at Northstar At Tahoe

Today’s weekly Realtor tour included a visit to the Ritz Carlton Hotel in Martis Valley which will be opening this December 9, 2009.  Real Estate Professionals were pretty funny looking donning their construction helmets and baggy pants.  A lot of us were totally unprepared and because of strict OSHA rules, we had to have adequate coverage on our legs and feet (some of us unwittingly wore skirts and sandals).   So we had to rely on our host Don Carr who took exceptional care of us — making sure that we were all able to tour the facility.  Such a patient man, he is . . .

The hotel and residences have been in construction for about 2 years and the whole thing is finally coming together.  We looked at some of the residences that will be priced at $2,500,000 – $3,500,000 depending on size and location.   The property which is being promoted by East West Partners, includes 170 guest rooms, 23 private Ritz-Carlton Residences and 25 Ritz-Carlton Destination Club fractional ownership residences.  Offered amenities are ski-in, ski-out with Northstar at Tahoe, a 17,000 square foot spa, concierge service, outdoor swimming pool (also available for winter swimming) and their signature restaurant “Manzanita” which is created by renowned San Francisco Chef Traci Des Jardins.

The building is nearing completion, we were allowed into the facility but had to dress in scrubs and cloth booties so that we would avoid scratching any surfaces or ruining any finish work.  There were workers polishing imperfections out of some of the woodworking (probably places where moving equipment and furniture had bumped up against), touching up handrails, hooking up appliances, light fixtures and planting landscaping.

Again, aren’t we lucky we sell Real Estate in the High Sierras?