Old Greenwood 2018 Year End Market UpdateJason Waters, January 17, 2019 in Market Update, Old Greenwood, Real Estate, TMR, Tahoe/Truckee
Residential sales at Old Greenwood performed remarkably well in 2018. Spread across the board are sales of all different sizes and price points. Most of the North Tahoe region experienced less units sold compared to 2017 with an increase in sales price. Old Greenwood was on the stronger end of this regional trend posting four custom home sales topping $2M. These sales represent new price heights for the community.
The perpetual lack of inventory within Old Greenwood allows prices to increase; the current resale market consists of only one custom home, one cabin, and one Villa. This lack of inventory creates leverage for the sellers and keeps buyers from delaying too long. New developer construction on Sutter’s Trail has filled a void in the Old Greenwood market with new modern designs. Three new owners are positioned for move in this spring, while five residences under construction are still available.
The Legacy Collection Townhomes sold out in 2018, sub $1M pricing opened the whole ownership door for many looking to increase time in Tahoe for their family. Twelve new townhome owners are now enjoying life at Old Greenwood. With a new operator acquiring the Tahoe Mountain Club, 2019 should prove to be productive year for Old Greenwood. I expect to see a spike in sales come this spring as the golf courses open and summer approaches. Building costs will once again increase as new construction in Reno and Martis Camp continues to boom. Scarce labor mixed with material cost increases continue propel this building price increase which will also keep homesites from increasing in price. In conclusion, this trend is pulling buyers away from building and increasing attraction to developer built product like The Signature Collection on Sutter’s Trail and speculative homes at Gray’s Crossing.
Here are the 2018 sales figures:
5 Custom Homes Sold at Old Greenwood
Average Sales Price = $2,169,000
Average Price per sq. ft. = $484
Average sq. ft. = 4704
5 Townhome Sales
Average Price: $843,000
2 Homesites Sold
Average Sales Price = $198,250
Total Sales Volume for 2018 – $15,414,500