Real Estate: Ski In, Buy In

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Ski In, Buy In

By Michael Penwarden
Photos by Justin Bailie

Over the past several years, ski resort owners, realizing there’s more money in real estate than in lift tickets, have scrambled to evolve the sport into a full-blown “mountain experience” where on-slope action is but one component of a multifaceted winter vacation.
    The result of this evolution has been the construction of villages full not only of shops and restaurants but of upscale condos conveniently located at the base areas of most of Tahoe’s major resorts. These condos typically go for about $950 a square foot and up. But why should you spend that kind of jack, when the going rate for a custom-built home in nearby neighborhoods is closer to $450 a square foot?
    The answer is: location, location, location. These condo developments cater to the common baby-boomers’ dream of owning a slice of ski vacation heaven. Their goal: once they arrive, forget the cars and enjoy easy pedestrian access to slopes and shops.
    “In addition, these properties include a lot of hotel-type services you wouldn’t have in a cabin,” says Beth Ridenour, communications director for Marriott’s Residential Properties. “You get things like property care and maintenance, maid and ski valet services that come with staying in a nice hotel, and you avoid a lot of the hassles of dealing with a second home when you’re not there. Since they’re run like hotels, it’s easy to rent out your condo when you can’t use it.”
    Adds Julie Maurer, vice president of sales and marketing for Northstar-at-Tahoe, “We’re going after people who are looking for the experience of going skiing. These are people who are looking for camaraderie, for opportunities to get together to do things as a group.”
    Here’s a rundown of the latest slopeside condominium offerings around Tahoe:

Heavenly Valley, USA: Views and Nightlife

The Mountain:
Emerging dramatically from directly beyond South Lake Tahoe’s shores, Heavenly’s extensive, varied terrain sports the best on-slope views of the Lake, hands down. Recent improvements have upgraded the mountain’s lodges to improve the visitor experience.

The Village:
South Shore has always been as much about nightlife as it has been about skiing: Casinos and shows are a big part of the attraction. The new Village is two blocks west of the Nevada state line, making it a short walk to get to the casinos. The Heavenly Valley gondola drops straight into the middle of things, so while you can’t literally ski in and out of your condo, you can walk out of your building and be on the slopes in no time.

The Condos:
Designed and run by the Marriott Corp., the Heavenly Village features two different fractional ownership options: On one side of the gondola building, the Marriott Grand Residence Club offers owners three-, five- and 13-week deeded interests in studios as well as one- and two-bedroom condos priced from the low $100,000s to mid $600,000s. Across the way, the Marriott Timber Lodge sells its studio-to-three-bedroom offerings in one-week increments for prices ranging from $14,650 to $80,000 per deeded week in winter.
    While both of these options reduce the opportunities to know your neighbors here, they do make ski condos far more accessible than the full-ownership options offered elsewhere.

Northstar: Something for Everyone

The Mountain:
Sometimes berated as “Flatstar” by locals, Northstar’s specialty is intermediate, cruiser terrain. The recent years’ additions of Lookout Mountain and improved access to the Backside have added more challenging runs.

The Village:
Phase one opened for business this season, with a free ice rink, fire pits and cabana bars. Shops were carefully selected to encourage social interaction. This is a big development that’ll get even bigger: A Ritz-Carlton, the first five-star resort in Tahoe, is slated for 2009, and more condos and shops will open this summer.

The Condos:
Village condos ranging from one to three bedrooms are still available in the five-floor buildings nestled at the base of the resort. Expect to pay around $1.1 million for a 1,205 square-foot two-bedroom, two-bath property.

Squaw Valley USA: Go Big or Go Home

The Mountain:
Since its maverick founder Alex Cushing — who died last fall — boldly convinced the Olympic Committee to select Squaw Valley for the 1960 Winter Games when the resort was little more than a twinkle in his eye, this place has always been larger than life. And some say it has an attitude to match. On powder days, the mountain swarms with some of the world’s top skiers, all elbowing at each other to get first tracks on the mountain’s vast, epic terrain. If you can keep up, this is the place.

The Village:
Built by Intrawest Corp., which created similar spots at resorts including Mammoth Mountain and Whistler/Blackcomb in British Columbia, the Village at Squaw Valley emerges from the resort’s parking lot and, frankly, feels a little tacked on. That said, in recent years it’s become a hub of activity, with hotspots such as the Auld Dubliner, Fireside Pizza Company and Mamasake Sushi jumping all winter long.

The Condos:
The original offerings all went quickly during the height of the real estate boom, so getting into condos (from studios to three bedrooms) is a secondary market affair. Another option: The Resort at Squaw Creek, nestled at the opposite side of the valley, recently converted from a hotel into a private-ownership condo complex. These properties have a more “hotel-y” feel, but the resort does feature a respected golf course, cross-country skiing and a lift that drops down to its back door. Two bedroom, two-bath, 1,000-square-foot spots in either the village or the resort start around $800,000 and can go north of $1.4 million.

Sugar Bowl: Small Is Beautiful

The Mountain:
One of the West’s oldest ski resorts is easily accessible off Highway 80. Walt Disney and Errol Flynn used to ski its storied slopes, which in recent years have added high-speed lifts, the car-accessible Judah Day Lodge and more intermediate terrain.

The Village:
The Sugar Bowl Village is completely snowbound. Accessible primarily via the Magic Carpet gondola, there are no roads here, and no cars. Once the day-skiing crowd goes, the place transforms into a private enclave.

The Condos:
Sugar Bowl’s recent offering of 36 new homesites and 24 four bedroom, three-and-a-half bath duplexes are sold out. The resort is building phase one of a planned three-phase condo complex this fall with 23 units, many of which are still for sale. Because of the intimate nature of the place, these condos, similar to homesites – will tend to be purchased as legacy homes, rather than investment.  

Read the rest of Prosper's special real estate package, including:

After the Boom, The Green Gap, Roseville Renewables and Northstar Rising

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