Schaffer’s Mill Q3 2018 Market UpdateTeddy Runge, October 24, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
Since conception, real estate sales at Schaffer’s Mill has proven to be successful. The community sold 169 of the 187 homesites released. Furthermore, the developers built and sold 68 mountain lodges (Schaffer’s Mill’s product of townhomes). Additionally there are 12 mountain lodges under construction, with infrastructure underway for future phases.
Thus far in 2018 there has been 11 sales, which matches the number of resale units sold in 2017 through the same time period. However, the average sales price increased 12 percent over last year.
The mountain lodges are the predominant transaction leader in 2018 with six closing at an average sales price around $1,290,000 ($511 price per square foot).
The single-family home market in Schaffer’s Mill is something of a fixed commodity when it comes to supply. Not surprising, demand is on the rise. Over the past year, sales of more expensive homes $2 million or more have become “active” and that activity seems to be increasing in terms of new builds and listing prices.
One such single family resale was HGTV’s 2014 Dream Home, which sold July 2018 for $2,300,000. This sale is a good indicator for growing demand of quality product with a view. This sale boosted the average sales price for single family homes to $2,275,000 or $705 price per square foot.
Year to date, sales of $2 million or more represented 18 percent of all transactions in Schaffer’s Mill, and accounted for 32 percent of the year’s dollar volume within the community. Furthermore, rising demand for legacy properties brought a new record of $850 price per/square foot. I’m not sure Schaffer’s Mill can be categorized as an $800 plus price per foot community at the present time. But Schaffer’s Mill has room to solidify that notation with some attractive homes and homesites leading the push.