Kennedy Wilson Announces The Ritz-Carlton Residences, Lake Tahoe are 30 Percent Sold After Four Months on Market
Kennedy Wilson and its partners today announced that The Ritz-Carlton
Residences, Lake Tahoe are 30 percent sold, four months following their
release to the market. Perched mid-mountain at Northstar California, The
Residences are comprised of 23 luxury penthouses, which were unveiled to
the public and became available for purchase in mid-February 2013.
The Ritz-Carlton Residences, Lake Tahoe (Photo: Business Wire)
“We are pleased to see how quickly buyers embraced The Residences and
acted on the opportunity to be a part of what we are confident will be a
favorite gathering place for family and friends for years to come,” says
Stuart Cramer, president of KW Residential Investment Group. “The
Residences surpassed initial sales goals. With 16 luxury penthouses
remaining, only a privileged group of owners stand to acquire the
exclusive, luxury living experience and iconic service afforded by The
Ritz-Carlton and this world-class destination.”
Kennedy Wilson and its partners acquired the hotel and residences in
December 2012. Homes sales in the local Lake Tahoe real estate market
increased 34 percent in 2012 (source: Chase International), making now
an optimal time to buy.
“We expect continued momentum as the summer season kicks off and we
begin to welcome owners into their homes, creating an added vibrancy
within this intimate and exclusive neighborhood,” said Cramer. “Sales at
The Residences have benefitted from the booming Bay Area economy. The
first home market has come back strong and the second home market is now
strengthening as well.”
Encompassing the entire top floor and a private wing of the third floor
of The Ritz-Carlton, Lake Tahoe, the area’s first AAA Five Diamond and
Forbes Four Star resort and the first Ritz-Carlton resort to receive
LEED Certification from the U.S. Green Building Council, The Residences
combine the charm, excitement and possibilities of Tahoe with the
warmth, style and legacy of the legendary brand.
The Residences exclusively afford owners and their families the best of
both worlds: the excitement that comes with an all-season pass to Lake
Tahoe, and the comforts and luxuries of the hotel. Offering elevated
mountain living, The Residences are whole ownership homes consisting of
two-, three-, and four-bedroom penthouses ranging from 1,554 to 3,407
square feet. The ski-in/ski-out residences, located at an elevation of
7,000 feet, offer unmatched views of Northstar, Martis Valley and Mt.
Rose, with each penthouse featuring a unique floor plan that is
distinctive, luxurious and livable. The Residences are selling from
$1.25 million to $5 million.
The Residences were built within a natural wonderland, enhanced by
unprecedented ownership privileges. Owners of the penthouses will enjoy
pre-arrival concierge service, valet parking, a Residence Concierge, Ski
Valet services, a private entry corridor and an elevator that delivers
owners to their penthouses. Owners will also benefit from priority
access to the exclusive facilities, services and amenities of the hotel,
including its 17,000-square-foot Ritz-Carlton Spa, Lake Tahoe, fine
dining in the resort’s signature lounges and Manzanita restaurant,
in-residence dining, Executive Business Service Center and the vibrant
RitzKids program.
During the summer months, Northstar California becomes a family-friendly
playground for owners of The Residences offering a seemingly unlimited
supply of new adventures. Owners can enjoy miles of trails, daily guided
hikes, mountain biking, fly fishing on Sawmill Lake, cooking classes and
wine tasting events. With Lake Tahoe only 15 minutes away, penthouse
residents can also partake in a wide variety of watersports arranged by
the Residence Concierge. Penthouse owners will also be granted
membership at the Tahoe Mountain Club, offering two championship golf
courses, as well as The Pavilion at Old Greenwood’s swim and tennis
facilities.
The Residences are available for immediate occupancy. The sales launch
came less than two months after Kennedy Wilson and its partners acquired
the hotel and residences from the property’s lenders. In conjunction
with the grand opening of The Residences, Kennedy Wilson commissioned
Jay Jeffers, named one of the country’s top designers by ELLE Décor
Magazine, to design three custom show homes, including a $5 million
four-bedroom split-level penthouse. As The Residences kick-off their
inaugural summer, Kennedy Wilson has invested in new pool cabanas, patio
furniture, a bocce ball court, and a variety of other lawn games. These
new amenities will be joined by additional property improvements this
fall.
Potential buyers who wish to schedule an appointment can visit the sales
office on the entry level of The Ritz-Carlton, Lake Tahoe or call
530-562-3114. To learn more about The Residences, please visit www.rcr-laketahoe.com.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130709005490/en/
Copyright Business Wire 2013