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Homes like this one in Alpine Meadows might see their property values increase as a result of the Squaw-Alpine merger. Photo by Jason Mack/Moonshine Ink |
CommentsThe Future of Squaw and Alpine Home Values Post-Merger
By Maura MackPublished: November 11, 2011
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In September, Squaw Valley announced its merger with Alpine Meadows. Immediate reactions were mixed. Some Squaw locals worried if their resort could handle an influx of Alpine Meadows riders on already crowded storm days, while some Alpine locals feared the loss of their comparatively more laid-back mountain.
One question posed to me since the start of the rumors has been, “How will this affect home prices?” I have a few homes for sale in Alpine Meadows, as well as a few buyers at the time of this merger. My sellers’ first reaction was, “I should take the house off the market since Squaw bought Alpine.” Similarly, my buyers had a new sense of interest in Alpine Meadows properties since the merger was announced. Buyers and sellers both felt a perceived gain in value with this merger.
I asked Glen Poulsen, associate co-owner of Squaw Valley Realty and a member of the founding family of Squaw Valley, what he thought of the merger from a real estate standpoint:
“There is certainly the perception that it will [have an effect on home values] and that KSL has fairly deep pockets. There are a lot of changes in the hopper right now. With all of the improvements that KSL has on their planning horizon, there is definitely going to be an impact. I don’t necessarily see prices going up, but I see prices staying close to their asking price, and prices may start to firm and increase once the current inventory starts to clear. Most of the Bay Area people who are our primary buyers know what is going on. When you have this kind of significant investment going on, it’s going to have an effect.”
For an Alpine Meadows perspective, I asked Geoff Feige, owner/broker of Tahoe Riverfront Realty, a longtime Alpine Meadows real estate brokerage, his thoughts on the merger:
“The merger definitely increases the national skier audience for North Tahoe ski areas. I believe the PR groups stated that this merger creates the largest ski area in the U.S., and second in North America behind Whistler Blackcomb. In general, any increased interest and awareness of our area is beneficial to the local real estate market. My take is that Alpine Meadows real estate will benefit slightly more than Squaw Valley real estate, since Alpine Meadows is that quintessential quiet mountain subdivision, which now will have some of the panache of Squaw Valley, home to the 1960 Winter Olympics, via the [new] courtesy bus and one-ticket-skis-all format. Where it goes, we won’t know for two or three years.
The merger will really be complete if and when they can physically connect the two ski areas via lift transport through Troy Caldwell’s property. Keeping your skis on and skiing the terrain of both mountains would be fantastic. This would create the opportunity for a second and equally powerful PR event, which will further support and propel real estate investment in Alpine Meadows and Squaw Valley.”
Personally, I think this is a big change for Alpine Meadows. The resort is being catapulted from a mellow, local-style mountain to a combined mega mountain, the likes of Whistler Blackcomb. I feel this will change our demographic from mostly Bay Area clientele to a more national and perhaps even international clientele. This can only help home values, but how long it will take is yet to be determined. We are still in a tough real estate market in a strained economy. For now, Squaw and Alpine are two separate mountains owned by the same company. Feige’s point about Troy Caldwell’s role in this is key — when the two mountains are connected, then the enormity of this merger, and the real change, will be complete. That is when we will see values affected positively.
~ Maura Mack is a realtor with Coldwell Banker. She can be reached at maura@mauramack.com or (530) 582-9775. Comment on this column below.
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