Q3, 2016 Old Greenwood Market UpdateAbby Hogan, October 20, 2016 in Old Greenwood, Q3
Q3 2016 will be noteworthy in the life cycle of Old Greenwood as the time of the first new developer-offered properties in the community in ten years. Since the summertime release of these seven townhomes, known as the Legacy Collection, there has been remarkable interest, with six of the seven townhomes pending sale, and the seventh currently in negotiations. All will close in Q4 2016. Offering a combination of fantastic location, efficient size, and accessible pricing, these properties filled a unique niche unavailable in other Tahoe resort communities.
The two single family home sales of the year at Old Greenwood occurred in the third quarter, typically the busiest quarter of the year for real estate sales in Tahoe. One, a custom-built family home, sold in just days, and the other, a custom spec home, sold on the same day after being available for sale since spring. Both were four bedroom homes, one sold for $1,400,000, and the other just slightly over that number. One of the homes also sold with the lot next door, Old Greenwood’s only lot sale in Q3. This is a 50% increase in home sales over the same period last year, and a 100% increase in lot sales over the same period last year.
Old Greenwood may not show up on the reports of major area sales and record-breaking quarters, but it is constant hub of real estate sales and activity, driven by what some might consider small, unremarkable, fractional sales. While not significant in dollar volume, the unit volume of fractional sales every year is impressive. In the third quarter of 2016, there were 15 new fractional properties listed and 11 closed sales. That brings the annual total of fractional sales in 2016 to 32, and is equal to the number of fractional sales in the same period last year.
The total dollar volume of fractional sales in 2016 is just over $5,000,000, which is representative of one or two homes sales in some other communities, but at Old Greenwood that number signifies over 50 new families joining the Tahoe community, becoming part of the Tahoe Mountain Club, and in many cases laying the groundwork for more significant purchases down the road. It doesn’t grab the real estate headlines, but the fractional market is an always busy and very important component of the Old Greenwood community.
Contact your real estate agent to learn more about current and upcoming offerings at Old Greenwood.