With all the recent postings concerning square foot costs for area condominiums I thought it would be fun to compute the square foot prices for a condo project I viewed this past weekend. This particular project takes high-end luxury to the extreme…and is a perfect example of why we use medians on this blog rather than averages. I am referring to the 80|50 Private Residence Club at Northstar™ Lake Tahoe.
Last weekend I was invited to attend the red ribbon cutting for the opening of the owners’ lounge and spa facility of the new 80|50 Northstar™ project located at the base of Northstar ski resort. The event, held in the new private bar and lounge, included a red carpet, velvet ropes, fine food and wine, and live jazz music. (Note: I am not an owner of one of these residences; I guess being a real estate agent sometimes has its perks.) The event was very well done. A friend of mine and I had snowboarded all day so the après ski refreshments were particularly well received by us.
But as swanky as the lounge and event was, I hadn’t seen anything yet. When I was led on a tour of the building and told of the accompanying amenities, I realized just what luxury is. How does your own private entrance to the gondola sound? No waiting. Simply take an elevator from outside your residence, down to the ground level and step through a door to the gondola boarding area…at the front of the line, while never setting foot outside, and having your ski equipment (freshly tuned and waxed, I might add) handed to you as you board the gondola. Or how does having exclusive access to the 80|50 Northstar™ collection of water ski boats on Lake Tahoe sound? Or access to one of the Hummers? Or, if you prefer, private car service? Or membership to the Tahoe Mountain Club? Or access to Schaffer’s Camp – ski-in/ski-out restaurant on the mountain? The list goes on and on.
What about the units (or Villas, as the sales representatives refer to them)? Well, you really must see them to appreciate them. In the words of Ferris Bueller, “If you have the means, I highly recommend picking one up.” These spacious one, two and three bedroom villas employ a contemporary design utilizing both modern and rustic elements; including glass, copper, hardwoods, fieldstone, leather, slate, and metal. Private terraces, breathtaking views, high altitude plasma TVs, surround sound system, slate fireplaces, walnut plank floors, Tibetan area rugs, leather chairs and sofas, granite slab counter tops, Sub Zero appliances, custom chandeliers, fully wired office with high speed internet, and custom designed lighting are just some of the features of the villas. But it doesn’t end there. How does having your residence fully stocked with your favorite food and drink items sound? But wait, there’s more! How would you like a personal chef to come to your villa to prepare your meals to order?
And to relax after your professionally prepared meal, head to the luxurious spa. Again, without leaving the building. The Spa facility located on the second floor features an amazing open-air hot tub overlooking the incoming gondola cars, a state-of-the-art fitness facility and dry sauna.
So what does all of this cost? First, allow me to explain the ownership structure. Each unit has twelve owners. Unlike timeshares, 80|50 ownership is an actual deeded interest in real estate. Each 1/12 share gets you four 1-week periods per year consisting of 14 winter days and 14 summer days. Owners may purchase more than one share.
The price list I’m referencing (dated 10/01/2006) states the following prices for 1/12 Shares:
1 Bedroom / 2 Bath 1,200 sq ft $285,000 [$2,850 / sq ft]
2 Bedroom / 2.5 Bath 1,550 sq ft $375,000 [$2,903 / sq ft]
3 Bedroom / 3.5 Bath 1,900 sq ft $435,000 [$2,747 / sq ft]
I calculated the square foot costs based on the purchase of all twelve shares. Note: the price list indicated up to a 12% discount for the purchase of multiple shares. That would reduce the square foot prices for these units to the $2,417 – $2,555 range.
Sort of makes downtown Reno condos look cheap.
With today’s storm bringing some much-needed snow to the Tahoe resorts, many of you may be heading to the mountains to do some skiing this weekend. If you find yourself at Northstar be sure to stop by the 80|50 Sales Center in the Village and take the tour. The villas are “so choice”.
