2021 was a record-shattering year for real estate at Tamarack Resort. With our incredibly extensive prospect database, targeted media marketing plan, curated buyer waitlists, pervasive resort marketing presence, and onsite sales office with its high volume of walk-in traffic, we have been able to set new price points, reduce days on market, and even sell a handful of homes right from our database within minutes of going on the market. Vacant home sites accounted for the greatest number of sale transactions in 2021, with estate homes and 2BR townhomes a distant second in sales volume.
While the limited available inventory for move-in ready homes kept the number of sales transactions lower than in previous years, it did contribute to the upward trajectory of prices across all inventory types. The average sale price for each product type achieved a new record high this year, and homes in each product type at Tamarack Resort have seen tremendous growth over the last few years. As an example, the average estate home price has jumped over 200% in just three years.
(Tamarack Realty has four additional estate homes under contract with 1Q 2022 closings. These four estate homes have an average sale price of just over $3.2M)
While there have been limited resales in The Lodge at Osprey Meadows over the last few years, recent sales have set new milestones. A studio at The Lodge sold in 2021 for $978 per square foot and a recent 3BR sale achieved a sale price of $1,200,000 with a price per square foot sale of over $700 psf.
Likewise, there have been limited resales of Village Plaza condos; however, demand for move-in ready condos has increased the average sale price for Village Plaza condo resales above $900 per square foot this year.
Across the resort, the average price per square foot for real estate has seen tremendous growth over the last few years, as well.
New Construction Market Update
Phase 2 of The Village Plaza condominiums is already over 70% sold with completion expected at the beginning of 2022. Pre-construction sales have achieved new sales milestones. Several condos in Megeve are already under contract for over $1000 per square foot, with price increases expected to occur in the next few weeks as Megeve nears completion.
There are only five homesites remaining for sale at the newly released Aspen Glade neighborhood along the golf course, and info on the spec homes at Aspen Glade will be released this Spring.
We have several new homeownership opportunities coming in 2022 ranging from new condos in The Village and developer-built chalets to new homesites including golf-course lots.