2017 Year End Martis Camp Market AnalysisMatty McInnis, January 20, 2018 in Real Estate, TMR. Market Update, Tahoe Favorites, Tahoe/Truckee
Martis Camp’s amazing success over the last decade has shifted the paradigm from previously conceived notions of lakefront property ownership being the quintessential Tahoe property. The phenomenon that is “Martis Camp,” is and was a perfect storm of timing, coupled with shifting consumer demands, almost single handedly putting Truckee and Northstar on the global map.
Martis Camp recognized that buyers were willing to pay a premium to have new, contemporary construction in an easily accessible destination. While being situated close to Downtown and the Truckee Airport, owners can fly in, enjoy their time and fly home at the drop of a hat without ever having to leave the property. This highly amenitized, exclusive, yet downplayed community has quickly become the new bellwether for the region, edging out Tahoe Lakefront properties again on a price/square foot basis and sales volume for the second consecutive year in 2017.
This extraordinary momentum, starting over a decade ago, continued this year after a bit of a sluggish start in Q1, ultimately due to the record breaking amount of snow to the region in early spring… MC closed out 2017 nipping at the heels of 2016, selling 42 homes and 36 homesites at a combined total of $222,428,449 and including the sale of their final 671st developer homesite.
Average sales pricing was $4,466,071 for homes, with a healthy blend of “Cabin” and “Estate” sales, up 3.23% from PY. Homesite inventory dipped a bit by 2.84% with an average price of $1,183,985 but expect dirt values to maintain and/or increase in demand now that MC enters 2018 as a true resale market.
While closing out just below 2016’s record breaking 49 home sales, price per square foot crept up this year to their highest ever recorded number of $1,179.79 from $1,144.67 and 3.07% with 13 homes cresting $5M. Of those, 5 homes traded above the $7M mark, averaging $1,250/ foot.
Expect to also see a healthy number of resales in 2018 as current owners are now looking to either upsize, downsize or relocate with strong market conditions also enticing them to sell at a nice profit margin.
Current Homesite owners also recognizing pent up demand for good, private land, will continue to either hold onto their property, with the intention of a future build or sale, or entertain premium offers now to eager buyers looking to join the experience of life at The Camp.