2018 Resort Market ReportJason Waters, December 16, 2018 in Gray’s Crossing, Lahonton, Market Report, Market Update, Martis Camp, Northstar, Old Greenwood, Real Estate, Resort Community, Resort Market, TMR, Truckee, Year End
Construction is booming and attraction to the private club with private access to golf and skiing is strong. 4 homes sold in the last 30 days since Northstar opened for skiing. Homesite sales dropped by 30% in 2018, but price increased by 10%. Bare land has become scarcer and construction has not slowed. As a comparison, in 2017 there were a total of 42 custom homes and 36 homesites sold representing over $230,000,000 in volume.
49 Custom Homes Sold at Martis Camp
Total Sales Volume for 2018 – $293,000,000
Lahontan is clear cut value for many including speculative builders. 5 brand new homes sold in 2018 at an average price of $2.6m. Homesite inventory and building prices have keep the land prices down. Access to a quiet private golf club with quality construction carves Lahonatan in a nice niche and adds a premium on most resort communities. Not needing to own land, a golf membership can be purchased at market rate, currently, $54,000.
26 Custom Homes Sold at Lahontan
Total Sales Volume for 2018 – $68,366,100
With full coverage on the mountain and good early snow, the ski season is underway. 9 residences are currently pending sale from studio condos in the Village, to new ski in/out townhomes at Mountainside. The Village has lower inventory than the norm, and new construction at “The Boulders” slopeside have been attractive. Ski families are securing property now for the winter.
Total Sales Volume for 2018 – $98,148,000
Home sales slowed in 2018 as speculative builders and home owners have pushed prices faster than the market with high end product. 25 home sales last year with an average sales price of $1,385,000 demonstrate a 2018 lull in the Gray’s Crossing market. The pricing has plateaued but listing prices have increased almost 20% over average sales prices. Half the current listings, if sold, would post as the highest Gray’s crossing sale. $1.8m+ appears to be a demographic Gray’s Crossing has not yet attracted.
Total Sales Volume for 2018 – $28,146,625
Old Greenwood performed remarkably well in 2018. New modern developer construction is filing an essential void in the market. The sellout of the Legacy Collection has new townhome owners enjoying life at Old Greenwood. While there is current uncertainty regarding the Tahoe Mountain Club, I am confident things will be resolved relatively swiftly. Please call me for direct details on the state of the Tahoe Mountain Club.
5 Custom Homes Sold at Old Greenwood
Total Sales Volume for 2018 – $15,414,500
|Thank you for your time today, I hope this infoamtion was intriguing. Please do not hesitate to reach out if you would like additional information on any of the local communities or properties; I look forward to hearing from you. As always, please feel free to pass this update along to friends and family as I greatly appreciate your referrals.
TAHOE MOUNTAIN REALTY
PO Box 3757, Truckee, CA 96160