2019 Mid-Year Old Greenwood Market UpdateJason Waters, July 24, 2019 in
Sales at Old Greenwood over the first half of 2019 tell a story that can be exhibited throughout much of the North Lake Tahoe/Truckee Market; low inventory, abundance of snowfall, and attraction to brand-new product. Consumers allure towards fresh construction and up-to-date finishes supports the robust speculative building market. The abundance of snow allowed the region to shine but introduced new homeowner challenges while amplifying traditional ones, even in the low elevation sunbelt of Old Greenwood.
In the first half on 2019, 9 of 10 brand-new cabins on Sutter’s Trail transacted between $1.5m – $1.7m depending on the homesite location. Developer incentives like Tahoe Mountain Club initiation + one-year of HOA dues paid magnifies the value in the developer offerings. The Modern finishes proved attractive to consumers and the premium golf course lots went first. Each owner elected to make interior upgrades to the finishes prior to completion of construction. Several of the residence on Sutter’s Trail are now completed and occupied. Phase 1 residence #12 is just now completing construction and remains as the last residence available for sale in Phase 1.
New Phase 2 developer pricing is now available with a scheduled competition of Spring 2020. This will complete the Sutter’s Trail development.
It was May before we saw a resale property transact at Old Greenwood in 2019. Resales of a 2-bed townhome at $655K and a 7+ bedroom custom home at $2.15m round out the activity thus far 2019. These sales once again illustrating the dynamic product available at Old Greenwood. Some accountability for the lack of Winter sales must be attributed to the mid-winter sale of the Tahoe Mountain Club, and some uncertainly that accompanied the transaction. New management has since calmed the waters and a vibrant summer is underway for Old Greenwood and the Tahoe Mountain Club.
With a strong economy, pre-sales of developer inventory, and a new club operator, I believe Old Greenwood is currently in its best market position since it’s 2004 inception.