2019 Mid-Year Lahontan Market UpdateJulie Butler, July 29, 2019 in Lahontan, Market Update, Real Estate, TMR, Tahoe-Truckee
The trailblazing resort community of Lahontan is arguably the most sophisticated of the three private, amenitized niche markets in the spectacular Martis Valley. The overall feel is one that is active yet relaxed and luxurious without being pretentious. What was once primarily a golf club has expanded to offer something for all generations. It’s no wonder that Lahontanhas performed remarkably well in the fist half of 2019 with no signs of cooling.
In 2018 the median price was $2,267,500 and leapt to $2,810,000 in 2019. The average price per square foot increased from $600 to $684 and the percent of asking price statistic remained solid, continuing to stay in the 90th percentile, as it has for years. The most interesting and relevant story to be told is that the newer construction is getting swooped up at record speed as the older homes remain on the market without much activity. 8 of the 10 sales thus far in 2019 were newer homes.
The reason we are seeing this trend of new construction flying off the shelves while quality older homes stagnate on the market may have something to do with consumers looking for a Martis Camp level product without the hefty price tag. Lahontan land value is a bargain when compared with Martis Camp and many consumers are recognizing that they would prefer to own a larger home on a superior lot than buy into the cabin product in the neighboring community.
The lowest sale of 2019 was a heavily dilapidated home on Jake Teeter that sold for $1,600,000 after 119 days on market. All of the other sales were north of $2m and the four brand-new homes that have sold this year were purchased very quickly. 2 of them sold in less than a single day, the third took 59 days, and the fourth sold it’s 9th day on the market. The highest price sale was a large home on Lodgetrail Drive that traded at $4,750,000, which is the highest sale in Lahontan history.
Currently there are 16 homes on the market. Of these 16 homes, the 5 least expensive options have been on the market for at least 65 days with one of them lingering for over a year. The mid range of homes are those priced between $2,295,000 and $2,933,000 where there is a mix of quality older homes as well as new builds. The remaining 6 homes that are north of $3m are either new or architectural masterpieces.
The golf course recently re-opened with newly surfaced greens, members are enjoying evening strolls to the clubhouse for a delightful dining experience, epic rallies are being had on the gorgeous clay courts as well as the new pickle ball courts and Bradley Cooper was recently spotted stepping into Camp Lahontan. While it’s neighbor in Martis Camp offers many uber-luxe options, some feel that the glitz and the glam is overestimated. Lahontan remains the understated, elegant option for those seeking a peaceful retreat in the mountains.