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Is There a KSL 'Buzz' in the RE Market?
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Monday,
April 4, 2011
Call it the “KSL buzz.”
When the Colorado firm KSL Capital Partners purchased Squaw Valley back in November it infused new energy and resources into the resort as part of its plan to enhance SVUSA’s stature as one of North America’s premier year-round destinations.
Those efforts just might be having a positive effect on the Squaw Valley real estate market.
“KSL has definitely helped the market,” says Kristina Bergstrand, owner of Village Real Estate. “They have created a buzz. People are excited about what’s happening here.”
Bergstrand recently closed the sale of one of the two-story penthouses in the Village. The 3,000-square-foot, four-bedroom, four-and-a-half bath luxury property sold for $3.8 million, the biggest sale in the Village’s 11-year sales history. The unit was on the market for only 28 days, had multiple offers and was an all-cash deal.
“I think this shows that the right property at the right price will have buyers,” she says.
Even before KSL came into the picture, the Squaw Valley real estate market seemed to be holding its own in an overall downturn market—particularly in condominium sales.
In 2010, 57 condos were sold in the Alpine/Squaw Valley area according to the Tahoe-Sierra Board of Realtors Association website. Almost half were in the $300,000-499,000 range and most, says Bergstrand, were all cash deals.
“We’re optimistic,” she says. “We are feeling a swing upward. Squaw Valley is such a special place, there will always be a demand.”
Bergstrand, who originally worked for Intrawest in Squaw Valley before starting Village Real Estate in 2005, says that there has been a definite change in the buyer’s market.
“There’s been a dynamic change from 10 years ago,”she says. “ It’s not investors or speculators anymore.The buyers now are families, people who love Squaw Valley and want to share it with their children. People who have kids in Mighty Mites and have a vested interest in Squaw and all that happens here. They want to eventually hand their property down to their children.
I personally like it and feel that’s how it should be.”
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