Old Greenwood 2016 Market UpdateAbby Hogan, January 15, 2016 in Coming to Market, Market Updates, Old Greenwood, Real Estate
Old Greenwood’s reputation as a steady and consistent performer within the Tahoe-Truckee real estate market remained intact for 2015. With limited home inventory Old Greenwood saw fewer sales than in past years, but there were significant jumps in both average and median price for homes and land. Looking ahead to 2016, five new homes are currently under construction, and a group of existing townhomes are being prepared for release in the spring.
Average price for single family homes leapt from $1,250,000 in 2014 to $1,500,000 for 2015, a strong indicator of quality and value within the community. Home sales included a brand new spec home on Caleb Drive for $1,325,000, as well as a timelessly classic custom home at the edge of the fifteenth tee box for $1,775,000. The average sold price for 2015 represents a 45% increase in value from Old Greenwood’s market low point.
Homesite sales were also strong in 2015, clearly rising in value over prior years. Land rose from an average sold price of $98,500 in 2014 to an average sold price of $160,000 in 2015. The low sold price was $115,000, higher than the low price of similar resort communities, and the high was a strong $280,000 for an interior lot with multiple fairway views. The majority of new construction (both underway and breaking ground in 2016) is being completed by end users, who are displaying a high standard for quality and greater architectural variety in new custom homes.
Old Greenwood’s family friendly amenities and small, close-knit feel are key factors in the steady performance of the real estate market. The Pavilion offers the best kids pool and water play area in Truckee, a great year-round restaurant, a full fitness center, plus a spa and tennis courts. Add to these amenities a Jack Nicklaus Signature golf course and miles of hiking and biking trails, and you get a community where people of all ages can find adventure and relaxation, and a place they want to call home.
New in 2016, Old Greenwood will be releasing the much-anticipated Legacy Collection. These seven townhomes are a mix of two and three bedroom plans, nestled behind the 10th tee box of the Jack Nicklaus Signature golf course with exceptional water and fairway views. Originally created as shared ownership properties, these homes have been re-entitled by the town to allow a whole ownership offering. In preparation for their release, they are receiving some new interior and exterior upgrades to be in turnkey condition for their new owners.
Since its’ inception in 2003, Old Greenwood has always remained a little bit of a Truckee resort secret: just a little bit outside of town, just an exit further than most visitors travel on interstate 80. But those who go the extra distance to find Old Greenwood are always glad they did.
With limited development opportunity and consistently strong demand, investors and end users alike are finding value in property at Old Greenwood.