By: Yahoo Finance
(19-05-2002)

Demand for Vacation Homes Continues To Strengthen, Prices On The Increase
OLYMPIC VALLEY, Calif.--(BUSINESS WIRE)--May 16, 2002--As Northern California's residential real estate market continues to heat up, demand for resort real estate is keeping pace. Lake Tahoe, which draws as much as 70% of its visitors from the Bay Area, has seen a particularly strong increase in sales to date, and increasing list prices on vacation properties.

"During the first quarter of this year, the real estate market was unusually strong," said Matt Hanson, realtor for Tahoe City, CA-based Lake Tahoe Real Estate. "The demand depleted our current inventory, and now we're seeing prices climb. In fact, prices are close to the same level as when the market peaked in late 2000 / early 2001."

With prices already near all-time highs, summer -- the peak selling season -- is still a few weeks away.

"Summer is typically when Lake Tahoe real estate moves the fastest, but we've already seen considerably more purchases in the area this year over last," said Corinne Huntress, Director of Sales & Marketing for Intrawest's Village at Squaw Valley. "Contributing to the increase in sales are lower mortgage rates, limited inventory, and even a comfort and convenience level having a great vacation place just a few hours from home."

Intrawest, the parent company of The Village at Squaw Valley USA, is currently selling the remaining inventory of 22 Station, Phase II of its new resort real estate offering at the base of Squaw Valley USA. Approximately 35 one and two-bedroom, fully furnished turnkey condominiums remain. Prices range from the mid-$300,000's to mid $700,000's.

"April is typically one of the slowest months of the year for sales in Lake Tahoe, but we still sold six condominiums during the last two weeks of the month," continued Huntress. "It's indicative of pent up demand, and we're confident our remaining homes will sell quickly this summer."

The Village is a new entry to Lake Tahoe real estate, and a significant departure from the "cabin in the woods" of years past. The development combines a top collection of amenities -- services, activities, entertainment, fine shops, and restaurants -- with luxury accommodations, something not typically found in a vacation home.

The hassle-free benefits of The Village have also been an attractive selling feature for second homeowners, with Intrawest handling all maintenance, upkeep and repair of each property. "We've been up here nearly every weekend since we closed," said new owners Scott and Lynn Lucas. "Our place is comfortable and convenient -- we basically show up and enjoy it, and Intrawest does the rest."

Architectural models of The Village at Squaw Valley USA's 22 Station are on display at the Intrawest Discovery Center in Olympic Valley. For sales information or to schedule a Discovery Center appointment, visit www.thevillageatsquaw.com or call 877/377-3888.



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