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The ''New Tahoe'' Realized: Vacation Homebuyers Purchase $20 Million in Real Estate at First Offering of Chateau at Heavenly Village
SOUTH LAKE TAHOE, Calif.-(Business Wire)-March 27, 2008 - Vacation home buyers have purchased more than $20 million of luxury real estate for The Chateau at Heavenly Village, a major hotel-condominium project under construction in South Lake Tahoe, Calif.
Prices for the luxuriously furnished studio, one, two and three bedroom hotel-condominiums started at $500,000 and topped out at more than $3.4 million. This highly anticipated Lake Tahoe real estate offering broke new ground in many areas and has already exceeded the 2007 total volume of home and condo sales in all of South Lake Tahoe. Units sold in excess of $1,300 per square-foot, which established a Tahoe area benchmark and exceeds prices in most mountain resort communities. The project's popularity among second-home owners is refreshing news for the real estate industry at Lake Tahoe.
The Chateau at Heavenly Village's location: across the street from the gondola at Heavenly Mountain Resort, the casinos at Stateline, Nev., and a short walk from the beach at Lake Tahoe, incorporates the many outdoor recreational and indoor entertainment attractions that make Lake Tahoe a national and natural landmark.
"The Chateau at Heavenly Village will provide an opportunity for people who love South Lake Tahoe to make their favorite resort their home," said Kevin Lane of Lake Tahoe Development Company. "It's a whole new level of luxury and services, and our sales to date demonstrate that real estate buyers are eager to become part of the new Tahoe experience."
Construction began last summer with an anticipated completion date of fall/winter 2009. After completing the excavation and foundation phase ahead of its winter schedule in late December, The Chateau at Heavenly Village anticipates vertical construction to commence this spring. The Preview Center is open and located directly across from the Heavenly Gondola and is open daily from 9am-6pm or by appointment.
A limited number of hotel-condominiums are still available at The Chateau at Heavenly Village. Potential buyers interested in this opportunity to own an unprecedented part of South Lake Tahoe real estate can visit www.ChateauHeavenlyVillage.com or contact Jeff Cleeland, director of sales, at 866-422-0919 or jcleeland@sprealestate.com.
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