Why is Gray’s Crossing So Hot Right Now?Matty McInnis, February 15, 2017 in Gray’s Crossing, Real Estate, Resort Community
Its almost hard to concentrate hitting a golf ball with all the hammers flying around now at Gray’s Crossing. So why has it gone from a once forgotten community to now the most popular place to build a new home in town?
Well…let’s first point out a few factors that make Gray’s Crossing Successful. First, you have a beautiful golf course, with amazing views of the Carson Range, luxuriously downplayed amenities, close proximity to downtown Truckee and an overall low cost in relation to other competing golf course communities in Truckee.
Secondly, with their diverse homesite offerings, and mountain modern designs catching fire, Gray’s Crossing is able to successfully appeal to a wider demographic of consumers as the growing majority of buyers are attracted to golf course communities mainly for architectural reasons, while most prospective owners simply don’t golf. With approximately 25% full time residents, Gray’s Crossing embraces the concept of social membership better than most of our core communities with its elegant, yet downplayed amenities and open community feel.
In 2016, 33 homesites were sold with an average sales price of only $136,281. The highest priced lot sold for $253,000 in The Meadows and the cheapest for only $54,125 in The Bluffs, across the street from the golf course. price conscious consumers, debating on where to build their dream home are clearly gravitating to Gray’s Crossing, to live in more of a neighborhood as opposed to a stuffier gated community for double the cost. At Gray’s Crossing, consumers are better equipped to skirt the line between still living in a high end golf community, while still feeling like a Truckee local with its close proximity to town.
Among the most successful places within the Gray’s Crossing community to buy land, 2016 saw the highest sales activity in “The Woods,” with 14 sales in and an average price of $127,000. Reasonable pricing and good southern exposure, while still being closer to amenities than the The Bluffs for many of these homesites, with also a decreased need from consumers to live “on golf course” seems to be the driver for their decision to purchase here.
“The Meadows” came in a close second in 2016 with 7 transactions and an average sales price of $169,000 with pricing being a bit higher here as the lots have the closest proximity to amenities, great sun exposure, flat coverage areas and golf course views.
My personal favorite area to buy land is Sierra Cove as both Riley Court and Ghirard are quiet, cul-de-sac streets, with expansive views of the Carson Range and the 17 and 18th holes. Take a look at my favorite homesite in Sierra Cove.
Why Build at Gray’s Crossing?
In addition to Gray’s Crossing’s attractiveness for end users, in my opinion the most notable catalysts for local builders deciding to do speculative builds at Gray’s Crossing as to other communities are also low homesite pricing…thus lower initial investment costs and a quicker turnover rate. Some builders choose to “throw on the bags,” to keep the margins down by nearly 18% in most cases, as typical new construction is being built in the $330-$400K range and retailing in the $430/square foot range. In this case, builders are ok with taking a lower margin if it means a higher frequency of turnover and more work for their team in a community with clear momentum and stability as Gray’s Crossing exudes.
Single Family Homes Sales
What clearly sets Gray’s Crossing apart from other communities is the shear fact that only here can you purchase a brand new, mountain modern design at over 3000 square feet for less than $2M with the same quality and design standards as any home in Lahontan or Martis Camp.
Of the 21 homes sold in 2016, 11 were new and 10 were resales. New Home average sales pricing was $1.2M at $420.27/sq. foot to old homes trading hands at $1.3M and $401/square foot. Relatively close in comparison but the most notable sale in 2016 was 11920 Coburn Drive, the highest sale ever recorded at Gray’s Crossing at $1.735M, inching closer to breaking the $500/square foot mark selling at $452/foot. This sale has inevitably set a new benchmark for product coming to market this coming year as don’t be alarmed with several exciting new products coming to market and inching closer and closer to the $2M mark.
See you on the links,
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