This 18-unit Private Residence Club has been sold out for six years. Located steps from the Northstar gondola, it is at the center of the Northstar resort complex.
“Changing the tire on a car while going 60 mph.”
Star purchased the property in the 1990s, very early in the private residence club world. We designed the product, but halfway through construction we determined that the quality of the product being built was less than the reservation holders expected as presales were made. In those days, there were only the Deer Valley Club and Franz Klammer Lodge to follow, and both those were destination resort areas.
Lake Tahoe, conversely, is a regional resort with many destination attributes. However, like all ski resort areas it’s the winter that sets the pricing and use patterns. That’s where “destination attributes” came into play, as buyers, while coming from the San Francisco Bay Area, also skied at the Aspens, Vails, Park Cities, etc. So, as they purchased they wanted more luxurious units.
Star stopped construction, held the reservation holders under contract, re-designed the project, restarted construction, and sold out while making a profit.
This process demonstrated that Star could remain flexible, read the market, and has the smarts to make mid-stream changes, all the while maintaining marketing and sales discipline.