The last time I blogged on this site I had very high hopes of an epic winter and plentiful powder turns. It seems as if Mother Nature had other plans as evidenced by the lack of snowfall. I have made the best of the winter in search of snow and good turns, but my mind is beginning to shift with the hint of spring on the horizon as well as that little golf tournament called The Masters. I think it is time to get the clubs out of the basement and put some air in the bike tires in preparation for the one thing we can count on this summer – sunshine and plenty of it!
The sun has continued to shine bright on Gray’s Crossing. So far we have sold 63 of the 81 homesites in the LDK portfolio since releasing these last year. Since January 1st. 2013, there have been over 100 homesites sold in Gray’s Crossing. And we will see many of those sites under construction as we head into the spring and summer. A few days ago on February 27th, the Design Review Committee met and here is a brief glimpse of what was on their agenda:
- 12 homes under construction
- 4 homes submitted for final review
- 5 homes submitted for preliminary review
- 5 homes submitted for conceptual review
This adds up to a whole lot of activity at Gray’s Crossing this spring and summer. With the mild winter, many builders broke ground and worked through the winter season.
Looking back to the last six months there have been a total of four homes sold in Gray’s Crossing with an average price of $1,156,000, which hits a sweet spot for the consumers in our market. There is a major lack of inventory around this price point and if there is anything on the market it tends to be a little dated. With only one home currently listed in the entire community, I look forward to seeing some of these beautiful mountain homes hit the market and I expect them to receive a lot of attention as we come into our summer selling season.
As the market continues to climb back towards the height of 2006, the main concern for consumers is going to be a lack of inventory. It is a little challenging right now to find properties in the $1M range that suit most people’s taste as well as their needs relative to utility and function of the home. Although many of these builds (roughly half) will be for end users, we will also see a number of custom homes for sale that should be well received in our market place. Looking back to 2006, the Tahoe market had an average sales price of $840,352. I think it is interesting to note that the average sales price for this February was $736,387. We are certainly trending in the right direction with what appears to be healthy growth in the last 8 years.
Gray’s Crossing offers a fresh community that is centrally located to downtown Truckee in close proximity to high alpine lakes, numerous ski areas and an abundance of activities for the outdoor enthusiast. The 18-hole Championship golf course will open in mid May and PJ’s Bar & Grill will be in full swing with the best outdoor dining in Truckee and incredible views of the Carson Range. Keep an eye out for the upcoming summer concert series that is free of charge for all to enjoy.
I will keep you posted with opening dates of the golf course and PJ’s Bar & Grill as we draw closer to spring.