The second home market has experienced little impact from the negative housing and credit news, particularly in Lake Tahoe where a limited supply and constrained development create a pent-up demand among buyers.

Protect your capital, invest in luxury
The difference now is that buyers are more cautious, looking for real estate that limits their capital exposure while addressing their desire for upscale accommodations at top destinations. For example, buyers purchased $4.5 million in real estate during the initial offering of the Northstar Lodge ~ Hyatt Residence Club’s condos at Lake Tahoe. The average cost per unit in this Private Residence Club (PRC) was $160,000.

The Northstar Lodge represents a unique opportunity to acquire a deeded interest in a luxurious mountain hideaway at a fraction of the cost of purchasing and maintaining a second residence. It’s an ownership structure designed around owners’ needs, allowing them to match their financial commitment to their actual usage.

“Northstar Lodge sales remain steady for two reasons. First, Lake Tahoe is always going to appeal to summer and winter vacationers. And secondly, PRCs are a flexible way to own real estate in the area,” said Greg Traxler, vice president sales and marketing, Tahoe Mountain Resorts.

Consider the amenities
These ski-in/ski-out upscale condominiums range from 1,250 to 1,800 square feet, and will feature native materials on the exteriors and luxurious appointments within such as hardwood floors, marble and granite countertops, designer Viking appliances, the latest in home electronics, large decks with outdoor fireplaces and a window walls framing stunning mountain vistas. The condos range from $90,000-$240,000.

Distinctive amenities will include a:
• 2,500-square-foot fitness center with a saline children’s pool, picnic gazebo, and yoga lawn
• Private owners’ lounge featuring continental breakfast, fire places, TVs and wireless internet
• Private owners’ plaza with hot tubs and outdoor fire pits
• Media theater with a 120-inch screen, state-of-the-art projection and sound as well as luxurious theater-style seating for 18
• Housekeeping
• Concierge for outdoor recreation activities, pre-arrival grocery services, childcare programs, as well as reservations for dining, spa services, golf and tennis
• Ski/boot valet in the winter, bike valley in the summer.

Location, location, location
Northstar Lodge is located in the Village at Northstar, which features 100,000 square feet of specialty retailers and restaurants, including cafes and art galleries all circling a 9,000 square foot ice skating rink. In addition, the lodge is located 20 minutes from North Lake Tahoe; less than four hours from San Francisco; one and one-half hours from Sacramento and 45 minutes from Reno.

A bright future
Nationally, second homes sales have remained relatively unchanged. According to the National Association of REALTORS, the combined total of vacation- and investment-home sales accounted for 33 percent of all existing- and new-home sales in 2007, which is close to historic norms.

And the private residence club market is continuing to grow. The March issue of “Developments” reported that the number of projects in active sales doubled from 2006 to 2007.

Construction on the Northstar Lodge is underway and first occupancy is set for December 2008. The Northstar Lodge ~ Hyatt Residence Club is being constructed to earn the Leadership in Energy and Environmental Design (LEED) rating, the nationally accepted benchmark for the design, construction, and operation of high performance green buildings from the U.S. Green Building Council.

Learn more
Northstar Lodge is the latest property in East West Partners’ impressive Tahoe Mountain Resort brand, which includes The Village at Northstar, Old Greenwood, Gray’s Crossing, and Northstar Highlands. All four year-round resort communities are located in the North Lake Tahoe, Calif. area.

Ownership in the Northstar Lodge ~ Hyatt Residence Club enables membership in Tahoe Mountain Club while in residence. Amenities include three championship golf courses; two restaurants, Wild Goose located on the shores of Lake Tahoe and Schaffer’s Camp located atop Northstar Mountain; a ski valet and lodge, Alpine Club located in the Village at Northstar and the Pavilion, a swim, tennis, fitness and spa facility at Old Greenwood.

Northstar Lodge ~ Hyatt Residence Club owners will also have access to 14 renowned Hyatt Residence and Vacation Clubs such as Carmel, Aspen, Beaver Creek, Sedona and coming soon, New York City.

For more information visit www.HyattNorthstar.com or call 888-NL-Hyatt (888-654-9288). For virtual tour visit www.hyattnorthstar.com/lookinside/.