A surge of new construction throughout the region indicates a desire for modern detail most evident in a dramatic swing toward contemporary architecture. As well, time spent maintaining older homes or those in outlying areas is seen as dilutive to the pursuit of activities for which the home was purchased. As such, property within well organized, resort communities with functional, if not lavish, common amenities are performing well.
More progressive communities have sought to augment the offerings for owners by adding additional facilities including beachfront facilities on Lake Tahoe, enhanced fitness and dining options on-site, or cross-community offerings as with Tahoe Mountain Club.
At the opposite end of the spectrum, homes requiring modernizing or behind in deferred maintenance projects have had a more difficult time finding buyers.
Case in point to these shifting values is the juxtaposition of Martis Camp, a new, brilliantly conceived community home to a remarkable package of facilities plus direct access to Northstar, in comparison to Tahoe lakefronts; the historical standard bearer of luxury throughout the region. While lakefronts will always offer the most direct reflection of the region’s crown jewel amenity, the homes in limited supply have aged and many have found the process of redeveloping to be too arduous or cost prohibitive to modernize. As such, Martis Camp homes have outperformed lakefront properties this year in total sales (22 vs. 8) and average price ($4,673,000 to $3,831,000).
So far, the momentum remains strong and prices are staying high. Land sales since the beginning of the year in 2016 and 2015 to date are tracking exactly the same with 17 homesites sold or pending . The average discount that buyers are realizing off the list price on homesites is about 6%. Values in 2016 are almost identical with 2015 where land properties are averaging about an $1,085,000 sales price.
Single family home sales in Martis Camp are cranking along this year, particularly in the last couple of months. There are currently 31 homes sold/pending sale YTD so far in comparison with 18 sold/pending this time in 2015. The average home sale price between 2015 and 2016 is almost identical at about $4.7M or $1050/sf. Buyers so far in 2016 have averaged about a 5% discount off of list price.
With the year only half over and the region entering into its busy season, Martis Camp is on track for another impressive year showing no signs of slowing. Click here to see available listings at Martis Camp.