Gray’s Crossing 2016 Market UpdateShane Jones, January 12, 2016 in Gray's Crossing, Market Updates, Real Estate
In 2007 Gray’s Crossing was at an all time high, the average price for sold single family homes was at $1,735,000, and homesites at $369,000. By 2011 the average sales price of a home dropped by 57% to $734,000 and homesites dropped 90% from $369,000 in 2007 to $35,5000 in 2012 with the market correction. Since 2012, the tide has been steadily rising at Gray’s Crossing with some of the best values around for land, single family homes, and the upcoming Fairway Townhomes. The Bay Area feeder market continues to thrive economically and those consumers are naturally drawn to our region for quality family time, health and well-being.
In 2013 after much consult with Tahoe Mountain Realty, LDK Capital, LLC, a Sacramento-based real property and investment development company acquired 81 completed homesites in Gray’s Crossing. At the time it seemed like a compelling investment to help revitalize a master planned community that was simply the product of bad timing. With the expertise of Tahoe Mountain Realty, LDK planned to re-launch this community and restore it to the vision set forth by the original developer.
Jeff Brown, General Manager of Tahoe Mountain Realty, spoke of a “new day” for Gray’s Crossing with LDK’s experience and energy coupled with Tahoe Mountain Realty’s new marketing campaign and full service brokerage. A new day it was as we brought 81 lots to market in the spring of 2013 with hopes of breathing life into one of the most desirable areas in Truckee.
I was fortunate enough to be hired on as the exclusive listing agent of the 81 homesites. With the incredible support of the marketing team at Tahoe Mountain Realty, coupled with our knowledgeable and dedicated sales team, we proceeded to sell through the entire portfolio of 81 homesites in two years.
I believe this success story at Gray’s Crossing shows the diligence and dedication of Tahoe Mountain Realty lead by our General Manager Jeff Brown. It also shows some great market conditions we are seeing in the Truckee/Tahoe area with the following positive indicators in Gray’s Crossing:
- 72 completed homes out of 377 total homesites (17 new homes completed this year)
- 38 homes under construction
- 26 homes currently in design review
- 7 homes sold in 2015 at an average price of $1,285,000 – 75% increase in the last 4 years
- 22 homesites sold in 2015 at an average price of $122,238 – 153% increase in the last 5 years
- Construction commencing on a 12 townhome project in the Village at Gray’s Crossing partnered with Tahoe Mountain Realty
- Gray’s Crossing officially sold out in 2015. Tahoe Mountain Realty represented each of the 377 homesite sales
With the current thriving market conditions at Gray’s Crossing, it is fun to see new projects come online such as the 12 Fairway Townhomes currently under construction and scheduled to be completed this spring into summer. With the lack of inventory around the $1M price point, these properties will be packed with amenities and should be received very well. Located within walking distance of the Gray’s Crossing fitness center and PJ’s Restaurant, these townhomes have one of the best locations with close proximity to bike trails, downtown Truckee, and a short drive to lake recreation and numerous ski resorts. These properties will offer difficult-to-find, unobstructed views of nature and the Peter Jacobsen/Jim Hardy designed golf course, without looking into other townhomes or developments. With great east to southern exposure, the golf course location is hard to beat. In the winter the golf course feels like a wide open expanse backing to snow covered forest land.
I believe Gray’s Crossing is one of the best communities in Tahoe to buy real estate based on current market conditions and value for the quality of home available including an amenity package and lifestyle. While activity and pricing has been restored in this community, it is has currently struck a balance that makes sense with consumers. Over the last 4 years the average sales price has increased by roughly 14% a year which has been steady growth, but is well below the $2M ceiling that is easily approachable for brand new homes in resort communities.
To learn more about the community you may follow along with the Gray’s Crossing blog page to keep you up to date on all the activity and events at Gray’s Crossing. My personal favorite is the Gray’s Tuesday Concerts that are free to attend on the event lawn at PJ’s restaurant that run during the summer and fall seasons.