Selling Martis Valley
Out-of-area residents are buying up pieces of the Martis Valley, as luxury home plans that were once mired in a development controversy now go up piece by piece.
Timilick Tahoe, a golf course and subdivision along the valley’s northern edge, is reporting brisk sales for the first offerings of 45 homesites and 40 townhomes, despite a flattening in the real estate market statewide.
“The folks that have the disposable income to have second homes … that demand is still there,” said Mark Richardson, president of Martis Valley Associates, the company that is building Timilick.
Timilick is relying on its setting, golf course and recreation amenities to attract home buyers to land that will be in short supply in the future, said Richardson.
“The Martis Valley, I don’t think will have a lot more development than is approved, so I think that is part of the demand,” he said.
Along with Timilick, nearby Martis Camp is also building luxury homesites and exclusive golf courses on the northern edge of the valley, even as conservationists attempt to buy up the remaining, developable land in the valley using funding contributed in part by the two developments.
Martis Camp’s development plans were scaled down to settle a lawsuit filed by conservationists, but the development still will add 653 new homes to the valley.
Home buyers gobbled up more than 100 homesites during the new development’s grand opening in late August, a total of over $72 million in sales, while being serenaded by Grammy-winning musician Randy Newman, the development’s Web site said.
Timilick will not only be selling homes, the development is also offering memberships to the Johnny Miller- and John Harbottle-designed golf at $60,000 a pop. Nearby courses at Lahontan and Martis Camp require real estate ownership to apply for a golf membership.
When completed, Timilick Tahoe’s real estate opportunities will include 218 single-family sites for custom- or pre-designed homes and 188 luxurious three- and four-bedroom, two-story townhomes ranging from 2,000 to 2,650 square feet. For its first phase of real estate sales, Timilick released 45 homesites and 40 townhomes, with prices beginning at $270,000 and $895,000, respectively.
A workforce housing development will also be built alongside Timilick. The 56 units may be either rentals or ownership dwellings, a determination that will be made sooner to the time they go to construction. The units are planned to be timed to be built when the golf course, lodge and other amenities that require employees begin to open, said Richardson.
“The plan is to provide workforce units at the time when we have a workforce,” said Richardson.
The development has been selling properties from its downtown Truckee sales office at a good pace, said Richardson. They plan to keep that office open for an additional two years.
The Martis Valley home sales are fueled by second home buyers primarily from the Bay Area.
Truckee has seen the fourth highest buying pressure from Bay Area second home buyers over the last three years, trailing only Las Vegas, Sacramento and Phoenix, according to a report by Data Quick Information Systems.
Bay Area residents bought 244 Truckee homes last year according to the report.
Mark Richardson, president of Martis Valley Associates, the company building the Timilick development, said that while most of Timilick’s new residents will be from the Bay Area, some Southern California residents have also bought into the development.