Written By Assosiate Broker Steve Kegal, posted by Tim Lampe

The seeds of recovery for the premium-grade segment of the market can be seen in the deal activity from this past week. Several properties with extended days on market saw deals come together; hopefully a very positive beacon for the season to come.

Most significantly, at Martis Camp, the home on Lot #55, listed for $5,975,000 is now pending sale. With 713 days on market, these sellers waited patiently for a market for built product to mature at Martis Camp. As lot sales have continued with great gusto, it was only a matter of time before consumers without a willingness to endure the construction process would emerge for the very few spec homes available in that community. At $1106 / square foot (asking), this sale will set the bar for very strong, retail-level pricing for homes in Martis Camp. Similarly, as that developer nears 30 lot sales for 2011, some re-sale inventory is also being absorbed. Lot #89 is now pending sale at $695,000 (asking price) after nearly a year on the market. While the selling price is not disclosed on public records, it appears this is about a break-even from a 2007 purchase.

Northstar Lodge Hyatt has been the hottest selling condominium project with a third deal for the month of April closed this week. Unit #202, 3-bedroom residence with long valley views and easy proximity to the many amenities of that building, sold for $1,020,000. Yet another sale is now pending in that building for #210 as inventory is rapidly evaporating.

Elsewhere in Northstar, a few mid-level, non-distressed properties closed escrow at pricing well above the perceived market floor. 1032 Martis Landing, a very nice home on an otherwise ordinary lot, closed escrow for $1,117,975. Liquidity for this property over the past few years would have been below $1,000,000. Similarly, 6057 Bear Trap, a 3-bedroom condo within the Indian Hills complex, sold for $515,000.  In March of 2010, an almost identical unit sold for $495,000 indicating a 4% increase in value over the past year.

At Lahontan, 609 EJ Brickell is now pending sale for $1,195,000.  A great value within the luxury segment.

While inventory is likely to increase in the coming weeks as ski season (finally) expires, all signs are pointing towards a strong season to come for high-end real estate both in the Martis Camp, Northstar and Incline Village Markets