This was a week of dichotomy for the Tahoe region. It is not uncommon to have epic periods in which you are able to ski powder and play golf in the same week.  What is less common is when that event occurs in late-May and the accumulation of powder is over 3 feet at the peaks as was the case this week.  Despite the winter-like ski conditions, Old Greenwood was only delayed in opening by one day, launching the golf season on Thursday to great reviews – no small feat given the abundant snow covering the course until recent weeks.  Gray’s Crossing is slated to open this week (with no snow in the forecast happily).  Martis Camp-Tom Fazio the pinnacle of them all, opened as scheduled on Friday, and there is palpable excitement in the air with the Camp Lodge Grand opening July 1st, just weeks away!!

The real estate market continues to predictably accumulate inventory with 91 new listings throughout the region introduced this week. With but 26 closings and 15 newly contingent deals, the absorption ratios are a bit out of whack, as is typical for this time of year. With Memorial Day approaching, I expect an even greater deluge for new listings in anticipation of the first summer holiday weekend. Having said that, I do not expect overwhelming crowds for the coming weekend as Memorial Day is not typically robust – simply too early in our season to be effective for marketing property.

It is interesting that the 15 new deals created this week were dramatically skewed to the bottom end of the market with highest listing price being $319,000. This is, of course, good and necessary absorption of the impacted segment of the market and typically representative of full-time owners; the only people in town right now.

Conversely, we expect to have two closing in the Northstar Lodge Hyatt building this week continuing the strong run of that project in comparison to nearly all others in the region. The combination of very-high quality residences, top-notch amenities, Hyatt branding and an aggressive sales program designed specifically to overcome the most obvious objections have created a very marketable program. With six sales in 60 days and eight total for 2011, whole-ownership inventory in this project is becoming scarce.

Finally, of monumental significance, East West Partners begins site work for the Home Run Townhomes this week.  The implication of this project beginning is a confidence in the market, particularly for a product of very high-quality in a super unique setting on the mountain at Northstar. This is further bolstered by the capital investment being made by resort owner Vail Resorts, in constructing a new lift, on-mountain restaurant and several upgrades to the Northstar Village. All of these events are tremendously optimistic indicators for the market and promise to make for a fascinating year to come.

Best wishes for an enjoyable Memorial Day Weekend.