Gray’s Crossing Q1, 2016 Market Update

Greetings –

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 golf course at Old Greenwood is scheduled to open May 6th and Gray’s Crossing the following Friday on 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. You can enjoy a beverage around the fire pit and event lawn while taking in the alpenglow and breathtaking views of Mt. Rose and the Carson Range that are still covered in snow. 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 top to have a pint and good conversation with friendly Bartender’s.

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 on the event tab at www.grayscrossing.com

PJ's Nightime

MARKET UPDATE
As for the real estate market, Gray’s Crossing continues to be very active with new construction:

– 36 homes under construction
– 18 with final approval from design review
– 3 in preliminary design

In Q1 there has 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 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, 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 sales 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 up as well with 7 currently pending at an average price of $162,700 with the high being a Sierra Cove view lot at $259,900.

PICK OF THE WEEK
Enjoy the plentiful sunshine with this Gray’s Crossing golf home located on the 7th tee box of the Peter Jacobsen/Jim Hardy championship course. With two main level master suites, a fun bunk room for the kids and an upstairs loft, this home is perfect for family gatherings and entertaining. The sellers have done a great job of mixing mountain and modern with the contemporary finishes and wood accent wall in the great room to create and achieve the warm clean feel most consumers are looking for. Here is a link to the listing for more detail:Click Here to View Listings

TSIERRA20160562

Best,
Shane

TAHOE MOUNTAIN REALTY

SHANE JONES
BRE 01890422
M. 530.448.5141| O. 530.550.2021
www.tahoemountainrealty.com

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