Posted by Tim Lampe, written by Steve Kegal, my Northstar expert Realtor.

Summer season is in full effect with hiking, biking, golf and water sports happening in all directions.  While temperatures have remained a bit below the normal level of “perfect” so common to summer in Lake Tahoe, it has not kept the masses from enjoying all that the region has to offer.

Gray’s Crossing hosted the 3rd Annual Gene Upshaw Memorial Golf Tournament last week benefitting the Tahoe Forest Cancer Research Center. As was the case with the first two events, this event was executed at an extraordinary level befitting of the worthy cause. With a new Cancer Treatment and Research facility under construction at the Tahoe Forest Hospital, this curriculum is exactly the type of thing that raises the profile and sophistication of small mountain towns like Truckee.

Other high-profile events continue to keep the region front of mind for visitors including the American Century Golf Classic featuring Michael Jordan, Charles Barkley and others, Lake Tahoe Shakespeare Festival, Summer Music Series (featuring Blues Traveler in the Northstar Village this week), Donner Lake Triathlon and a 100 mile mountain bike race that serves as a qualifier for the Leadville 100.

On the real estate front, the story remains much the same as it has for 2011; moderate supply and absorption mixing in some high profile sales at the upper-end and a general cleanout of distressed inventory at the entry level. The story at the pinnacle of the market continues to be Martis Camp who have now sold 28 properties in the past 60 days capitalizing on strong momentum from the opening of their Clubhouse.  This past week, the home on Lot #55 closed escrow for $5,975,000 a new high and, at $1106 / sq. foot, a great benchmark for home values on estate homesites.

Strong momentum can be seen in other market segments where inventory remains tight. Case in point, the Village at Gray’s Crossing has now sold two (of four available) townhomes in the past two weeks.  While these residences have been available for some time, the sell through of distressed homes in this community has quickly created a lack of supply in the > $1,000,000 category. With some tremendous site enhancements and revitalized marketing, this product has found a strong niche.

The commencement of construction and tangible progress being made on the Home Run Townhomes has garnered significant attention, both for the unique setting of the project on Northstar Mountain, as well as for the sign of optimism represented in launching construction. Showings continue to be strong throughout other resort segments including Hyatt Northstar Lodge and Village properties at Northstar as well as single family homes within the community.