Q1, 2016 Gray’s Crossing Market UpdateShane Jones, April 10, 2016 in Gray's Crossing, Market Updates, Real Estate
Gray’s Crossing continues to be very active with new construction:
– 36 homes currently under construction
– 18 homes pending construction with final approval from design review
– 3 homes in preliminary design
In Q1 there have been 4 homes and 5 homesites sold compared to the same period in 2015 where there were 0 homes and 9 homesites sold. The abundance of snow this winter has translated into more single family home tours and good “off season” activity in Gray’s Crossing for consumers to enjoy the rest of winter and be ready for the upcoming summer in their mountain home. Last winter consumers were able to walk bare land and capitalized on lot purchases to engage in the building process over winter in anticipation of breaking ground this spring.
Q1 – 2015 Gray’s Crossing Q1 – 2016
0 Total Transactions – Homes 4
9 Total Transactions – Homesites 5
0 Average Price – Homes $1,191,000
$125,000 Average Price – Homesites $91,500
Of the 4 homes sold in Q1, 2016 3 of them were on the market for an average of 340 days and were smaller homes at an average size under 3,000 sq.ft. with an average sold price of $1,191,000. The top sale was a bigger family estate located on the golf course and walking distance to the amenities at 3,750 sq.ft. with a sale price of $1,450,000.
As we cycle through the less expensive inventory I believe we will see the average sales price trending higher this summer closer to the $1.3M range as we have some bigger custom homes that will be completed and introduced to the market. A good example of this is the pending new construction on the 14th hole of the golf course with 11622 Henness Rd – a 4 bed 4 bath at 3,166 sq.ft. pending at $1,359,000. Homesites should be trending upwards as well with 7 currently pending at an average price of $162,700 with the highest being a Sierra Cove view lot at $259,900.
UPCOMING EVENTS AT GRAY’S CROSSING
The sun angle is high, the birds are chirping and we have reached Master’s week which for many golf fans symbolizes a fresh start to the year in hopes of great golf in their future. Along with Master’s week we have the anticipation of golf in Tahoe with the opening of the area courses on the horizon. The Gray’s Crossing golf course is scheduled to open on Friday, May 13th. PJ’s Bar & Grill will be opening May 6th and serving breakfast, lunch and dinner in what I believe is the best outdoor dining in Truckee. PJ’s offers something for the entire family with indoor/outdoor seating, sporting events on the multiple televisions, an event lawn for the kids to stretch their legs and a classic bar to have a pint and good conversations.
The free Gray’s Tuesday concerts on the PJ’s event lawn will be returning this summer beginning June 21st and run through September 6th. The lineup should be finalized by the end of the month and will be published here.