Martis Camp Market Update - 2016 Year In Review
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.
Katie Tyler
Realtor®
BRE 01442453
c 530 277 1012
