Year End, 2016 Martis Camp Market OverviewKatie Tyler, January 16, 2017 in Market Overview, Martis Camp, Resort Community, Tahoe-Truckee
Martis Camp closed out 2016 with an unbelievable year of sales accounting for around 15% of transactions in the entire region. The trend in buyers preferring new construction and a contemporary design is evident more in Martis Camp than anywhere else. A fully amenitiezed experience with ski access makes living at Martis Camp appealing and an easy choice for many buyers. The community has experienced a balanced meeting of supply and demand in 2016 with enough cabin inventory and diversity in estate home products to satisfy a wide range of tastes and consumers. Also, we saw more of the “upgrade” buyer who may have owned a cabin or guest house for the last couple of years and shifted gears to an estate home purchase.
In 2015, there were 22 home sales in Martis Camp, 6 were cabin (3250 max SF) and 16 were estate homes (~1.5 acre sites). 2015 marked the tail end of the tidal wave of spec homes hitting the market in the cabin neighborhoods leading to scarcity in that product type . The average sale price for cabins was $3,275,000 at an average of 109 days on the market prior to contract. The average price for estate homes was $5.3M and the average days on the market prior to going under contract was 290 days. The highest price for a property sold was $8.3M for an estate home, and the lowest price/square foot paid for a home was $554/SF (average just under $1100/SF).
Sales more than doubled in 2016 of single family homes with 49 transactions, 15 of which were cabin properties, 28 were estate properties (the remainder were “guest house” properties). The volume in 2016 accounts for 35% of all single family home sales in Martis Camp since its inception. Prices also increased for both cabin and estate home products in comparison to 2015. Cabins traded at an average of $3,550,000 after being on the market for 129 days. Estate homes spent much less time on the market in 2016 averaging 138 days before contract and transacted at an average of $5.65M. The highest priced sale logged was a at $8.9M, and the lowest price/square foot paid was $790/SF (average just under $1100/SF).
The lifestyle that Martis Camp has brought to the Tahoe area has flipped the dynamics of demand for high dollar properties to an organized community experience vs the prestigious lakefront address. The consumer preference for new construction with a modern flair is strong, and buyers have not been willing to settle for a “charming” lake estate, even if it is located on the shores of one of the most beautiful locations in the world. An estate property was recently listed in Martis Camp at $15,995,000 which if sold near that price point would rival some of the most coveted estates on Lake Tahoe.
There is no sign of slowing for Martis Camp, the community will continue to settle in to its identity as one of the most unique and sought after addresses in North America.