The first two quarters of the Tahoe Truckee Real Estate market are slightly down with sales volume by 6%, but that is to be expected after such an overwhelming winter. Travel was treacherous and if people were able to make it up the mountain they were enjoying the incredible ski conditions. I finally put my ski season to bed this past Monday with a quick trip up to Mt. Shasta which is the latest I have ever skied the mountain. It is incredible how much snow is still up there and it was a great way to spend a beautiful July day.
Market Update: Gray’s Crossing
It is interesting to look at the first half of the year in Gray’s Crossing where sales are at 150% compared to the first half of 2016. There has been a total of 12 sales in the first half of the year compared to 8 in 2016. These 12 sales have closed within 2% of list price compared to 5% in the first half of last year. With 18 total sales last year, Gray’s Crossing is well on its way to eclipse that mark as we historically see 57% of our annual sales in the second half of the year. There are currently 3 homes pending in Gray’s and the activity is ramping up. The 12 sales this first half were at an average sales price of $1,374,833 which is a 13% increase from the first half in 2016. Price per sq. ft. is also up 11% at $437.
The high mark of these sales in the first half is $1,699,000 for a 4 bed 3.5 bath 3,844 sq. ft. golf course home located on the 7th fairway. We have also seen the price per sq. ft. mark exceed the $500/ft number with two homes that sold for $500 and $511 a foot located close to the amenities in the Meadows and the Ridge. Both homes were around 3,000 sq. ft.
Gray’s Crossing also continues to be very active with new construction:
377 total homesites
95 homes completed
20 homes under construction
First Half 2016 Gray’s Crossing First Half 2017
8 Total Transactions Homes 12
$1,216,265 Average Price Homes Sold $1,374,833
$391 Average Price Per Sq. Ft Sold $437
Listing of the Week: 11042 Henness Road
Located just steps from the amenities in Gray’s Crossing, you will enjoy custom architecture with no expense spared on 8th hole of the championship golf course. With 4BR, 3.5BA, an oversized gourmet kitchen, pantry and dining area, this home absorbs families of all sizes with plenty of room for everyone. Featuring hand scraped maple wood floors, 100 year old Amish hand hewn beams, beamed vaulted ceilings, wine room, master fireplace, multiple walk-in closets, huge 3 car garage & built-in storage throughout. My favorite highlight is the 4 custom built-in bunks shared with a media room that sleeps 10 plus. You will enjoy entertaining on the newly built paver patio while taking in the evening alpenglow of Verdi peak and the Carson Range. This home was just recently reduced today by $24K down to $1,575,000