Gray’s Crossing Market Update 2018Shane Jones, April 13, 2018 in Market Update, Real Estate, TMR
Following Master’s week we have the anticipation of golf in Tahoe with the opening of the area courses on the horizon. With skiing on my mind all winter long I don’t even think about playing golf, but once I watch the back nine at Augusta for Masters Sunday I want to dust of the clubs and go tee it up. The golf course superintendents in the mountains are always one step ahead of the game and use snowblowers to clear all of the greens in preparation of opening in May.
They use permeable clothes on the greens to bring the soil temperatures up and wake the grass from the winter slumber. The golf course at Old Greenwood is scheduled to open May 11th and Gray’s Crossing the following Friday on May 18th. PJ’s Bar & Grill will also be opening for Mother’s Day and serving breakfast, lunch and dinner in what I believe is the best outdoor dining in Truckee. You can enjoy a beverage around the fire pit and event lawn while taking in the alpenglow and breathtaking views of Mt. Rose and the Carson Range that are still covered in snow. PJ’s offers something for the entire family with indoor/outdoor seating, sporting events on the multiple televisions, an event lawn for the kids to stretch their legs and a classic bar top to have a pint and good conversation with friendly bartenders.
The free Gray’s Tuesday concerts on the PJ’s event lawn will be returning this summer from 5:30 – 7:30 pm. The lineup should be finalized soon and will be published on the event tab at www.grayscrossing.com. If you are looking to purchase your 2018 season golf pass for Old Greenwood and Gray’s Crossing you can click this link for more information: Season Passes
As for the real estate market, Gray’s Crossing continues to be very active with new construction:
– 115 homes completed
– 15 homes under construction
– 7 in preliminary design
In Q1 there have been 4 homes sold at 99% of list price and an average price per foot of $465. The high mark of these sales is $1,730,000 for a 3,000 sq. ft. golf course home located on the 1st fairway. This is a steady 2% increase from a home that sold on the 7th fairway last year in Q1. The one difference that is interesting to note is the home this year sold at $576 per sq. ft. where the home last year was 844 sq. ft. bigger and sold for $441 a foot. I believe this is also a product of supply and demand with our historically low inventory right now. With only 5 current homes actively listed on the MLS in Gray’s, and two of these are lots with plans starting construction this spring, I believe we will see prices hold steady and sellers will try to make deals around 98% of list price, which is exactly where the 25 homes sold last year.
Q1 – 2017 Q1 – 2018
Total Transactions Homes 6 4
Average Price Homes Sold $1,374,333 $1,387,500
Average Price Per Sq. Ft Sold $421 $465