Old Greenwood Q3 2018 Market UpdateJason Waters, October 26, 2018 in Market Update, Real Estate, TMR
Quarter 3 residential sales represent the book ends of the diverse property inventory at Old Greenwood. Three home sales averaging over $2.1m demonstrates the continued demand for custom homes, now totaling 4 sale above $2M thus far in 2018. A 2-bedroom townhome sale at $560,000 exhibits the diverse buyer pool attracted to Old Greenwood. When including the fractional residences, Old Greenwood offers an array of ownership opportunities unmatched in the area. Many 2018 Old Greenwood sales were inspired by current owners looking to change ownership within the community. As family dynamics change, Old Greenwood possess the portfolio of ownership to accommodate a residence change while keeping the familiar setting and membership structure.
Ownership change within Old Greenwood has also played out well for the sales of the new construction residences on Sutter’s Trail. The developer is currently in the first phase of building 16 new residences with an upgraded version of the shared ownership cabins. Shared Owners have accounted for a majority of the sales on Sutter’s Trail. The community and Tahoe Mountain Club are looking to secure more time and flexibility for the family.
Quarter 3 and 4 have historically proven to be the strongest quarters for sales within Old Greenwood and the region. With three townhomes pending sale, Old Greenwood inventory will be soft for the remainder of Q4 into 2019. The Q4 sellout of the Legacy Collection Townhomes will increase the entry price for the community to over $1.4M.