Gray’s Crossing Q1, 2017 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. The one difference from last year is the fact that the ski areas are still loaded with snow and we have a big storm coming our way this weekend for a nice re-fresh. I of course am very excited about this as there is never too much snow for me and I look forward to some fun spring powder.

Along with Master’s week we have the anticipation of golf in Tahoe with the opening of the area courses on the horizon. The good news is the golf course superintendents are one step ahead of the game and have used snowblowers to clear all of the greens in preparation of opening in May. The golf course at Old Greenwood is scheduled to open May 19th and Gray’s Crossing the following Friday on May 26th. PJ’s Bar & Grill will also be opening May 26th 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 bartenders.

The free Gray’s Tuesday concerts on the PJ’s event lawn will be returning this summer from 5:30 – 7:30 pm. The lineup should be finalized soon and will be published on the event tab at www.grayscrossing.com

pjs

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

– 85 homes completed
– 52 homes under construction
– 7 in preliminary design

In Q1 there have been 6 homes sold within 2% of list price at an average price per foot of $421. The high mark of these sales is $1,699,000 for a golf course home located on the 7th fairway hole. This shows the demand for quality inventory and I believe we will be seeing more quality inventory as summer approaches. 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.

Q1 – 2016        Gray’s Crossing             Q1 – 2017
4                      Total Transactions Homes           6
$1,191,500      Average Price Homes Sold         $1,374,333
$379                Average Price Per Sq. Ft Sold    $421

PICK OF THE WEEK
10251 Annie’s Loop is one of the best buys in all of Truckee in my opinion. As you sit in the great room you are treated to unobstructed views of nature and golf course, just a short walk from the amenity core. Gallagher Construction is a local developer that is completing the vision for The Fairway Townhomes with 12 new residences to flank the five existing townhomes that have sat alone for nearly a decade. Gallagher Construction has been a staple in high end custom home building throughout the Tahoe-Truckee area and is very excited to deliver the opportunity for home ownership under the $1M mark in a highly desirable resort community. The first three townhomes are priced at $795K, $675K and $875K for 3 en-suite bedrooms and powder bath ranging from 1,942 sq. ft. up to 2,227 sq. ft. The mix of materials inside and out offer a perfect blend of modern finishes along with warm mountain accents. The middle townhome just went pending this morning at $675K and should kick off a flurry of activity for the remaining townhomes as we approach those long and beautiful Tahoe summer days:Click Here to View Listings

TAHOE MOUNTAIN REALTY

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

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