With their exclusivity, robust amenities and location to all things Tahoe, Martis Camp has continued its momentum in 2018, driving the market once again as a highly sought after second home, luxury destination. The community is comprised of 671 homesites, with approximately 400 completed homes and roughly 80-100 homes in either design phase or under construction. Martis Camp is arguably the most successful gated community in the country, Martis Camp continues to defy global market trends and do much of the heavy lifting for the region’s statistics. 2018 proved to be yet another banner year since the inception of the community in 2009.
In our fast paced lives, the value of “time” is the utmost of luxury, as demand for maximizing quality time spent with family and friends proves far more valuable to today’s consumers vs. the historical prestige of owning property on Lake Tahoe.
Let’s take a look:
With the highest ever total sales volume (homesites and single family homes) of $276,926,916, up 20.3% from last year, Martis Camp accounted for 16.47% of the market share for the entire region, while only consisting of 3.68% of the regions YTD transactions.
Average sales price grew by just over 9% to PY to its highest ever for the community at $5,254,822. Average price per foot dropped a little but stayed above the $1,100/foot mark for the year. Major contributors to this spike was the shift from sales of the smaller cabin inventory to the larger estate homes, with most notably, 8 transactions cresting the $7M mark. The benchmark sale that led this charge was Tahoe Quarterly’s home of the year, 8143 Valhalla Drive, a 9,000 square foot contemporary masterpiece designed by Zak Architecture selling for a record setting $11,750,000.
Median sales price finished at $4,675,000, a whopping 17.98% jump from PY ($3,962,500) while median price per foot aligned with average at just over $1,100/foot.
Shifting to homesites, 2018 produced $29,950,250 out of 23 transactions with an average price of $1,302,184, a 36% decline in volume to PY. However, this slow down of inventory, and consistent demand from prospective buyers helped to attribute to a 9.9% spike in average price from last year.
The highest homesite transacted for $2.3M, as 29 lots are currently for sale ranging from just under the $1M mark to $3.85M. With all 671 developer homesites now in the hands of Camp homeowners, expect demand for premium land will continue to hold strong in 2019.
Martis Camp continues to shift the paradigm from the historical prestige of owning on Lake Tahoe, outperforming Lakefront activity for the second year in a row in both median sales price and transaction volume . While, 2018 was a notable year for premium Lakefront transactions, with 4 properties trading between $20 and $40M, Martis Camp embraces everything that the new generation of high net worth consumers are looking for. This being, new, contemporary architecture and highly amenitized offerings within close proximity to highway and air travel.
In our fast paced lives, the value of “time” is the utmost of luxury, as demand for maximizing quality time spent with family and friends proves far more valuable to today’s consumers vs. the historical prestige of owning property on Lake Tahoe.
Currently, Martis Camp has 5 single family homes and 3 homesite pending, including lot #172 for $3.99M, while 19 single family home listings and 29 homesite listings remain active ranging from $2.5M for a 2 bedroom guest house to $13M for a Greg Faulkner masterpiece nearing completion. After a busy holiday season, a fantastic early start to our Winter, more snow on the way, MLK and Presidents weekends upon us expect early 2019 to trend along similar velocity as recent history.
