Somewhat predictably, while Tahoe is in the heart of shoulder season, the real estate market has slowed down as compared to last month, a busy Q1. We are still seeing a lot of deal making occur in anticipation of the summer season. While far from the days of multiple bids at above asking prices, April, 2016 still shows 119 sales, 90 new escrows opened and 298 new listings – a good start to the summer season.
As expected we are seeing a significant uptick of interest in golf course product ranging from Gray’s Crossing to Martis Camp with several deals coming together in the past week. What is somewhat surprising is the amount of late season activity within Northstar. The timing of this run is likely based around the end of the winter cycle where seasonal vacation renters are seeking a more permanent option to enjoy future summer and winter seasons in Tahoe.
An interesting pricing exercise is underway at Gray’s Crossing as 11920 Coburn Drive is listed for $1,799,000. This is a premium homesite, and extremely custom design, hilltop location, with amazing views and acres of privacy out back. It is the coolest home on the market in Gray’s Crossing. But we haven’t seen a sale hit $1.8M since 2013. While $1,799,000 is indeed testing the market in this community, the available inventory is so minimal that a price vacuum may exist and I think this home is a tremendous value for those seeking a premium location and style of home.
At Old Greenwood, new inventory is about to hit market. Never before on the market; The Legacy Collection at Old Greenwood is a small enclave of seven whole ownership townhomes within the Old Greenwood community. Views overlooking large mature pine trees, the 10th fairway and tee box, as well as Jack’s Pond and Caleb Creek. Price will be starting in the low $500,000’s.
Both two bedroom and three bedroom residences will be available, with initiation fee to Tahoe Mountain Club covered by those who wish to join. Two bedrooms have an open living/kitchen/dining room area downstairs. Three bedrooms have a similar open living area downstairs, as well as the master suite. We anticipate a lot of interest and look forward to your questions.