2017 Q3 Old Greenwood Market UpdateJason Waters, October 10, 2017 in Market Update, Real Estate, TMR, Tahoe/Truckee
Through three quarters of 2017, 12 residential properties have exchanged hands within Old Greenwood. 2017 will record the highest number of sales in the community’s history.
The immersion and sell out of the Legacy Collection residences created opportunities never before available for full ownership at Old Greenwood. Custom home resales continue to thrive; emphasized by these sales is the demand for standing inventory. Interest is driven by the idea of building a custom home, but the sales of existing inventory and speculative builds heavily outweigh the sales of vacant homesites. Much of the demand for finished construction stems from the increasing cost for building in the area. I believe this is a market trend that will continue throughout the 2018 building season, pushing more and more buyers towards completed inventory.
Surpassing the 2017 unit sales numbers of both Schaffer’s Mill and Lahonatan, Old Greenwood was the prize community of 2017; and one of few resort communities in the area to surpass 2016 numbers. The dynamic sales within the community have demonstrated all types of demand for Old Greenwood ownership.
With current active inventory showing an elevated price per square foot, Old Greenwood is on pace to crack the $2,000,000 price bracket in late 2018. Two home sales crested the $1.9m price over the summer of 2017.
The potential for new developer construction is on the horizon for Old Greenwood in 2018. This will add an important dynamic the community and should take the community to new heights for volume and interest. The market is strong for Resort communities and we should see these trends continue into the upcoming Winter. Pent up demand for skiing has already begun and is visible is the resort markets as the season changes.
Visit our Q3 2017 landing page for market updates on all of our core communities.