//Tahoe Truckee Market Update, Gray’s Crossing 2017

Tahoe Truckee Market Update, Gray’s Crossing 2017

Greetings –

I have had the pleasure of spending a majority of the last 11 years working in the Gray’s Crossing community helping open the facilities as the golf professional and selling real estate to buyers who seek the mountain lifestyle. I thought it would be fun to look back and see how far this community has come since Jeff Brown, General Manager of Tahoe Mountain Realty spoke of a “new day” for Gray’s Crossing.

If you are not familiar with Gray’s, it is located on the North end of the Martis Valley and offers peaceful seclusion from crowds and traffic, without the feeling of isolation. Gray’s is a short 1.5 miles from Downtown Truckee with its vibrant shops and restaurants, appealing to primary residents as well as second vacation home owners alike. Home owners at Gray’s feel like they belong to a community that is woven into the fabric of Truckee with a nearby middle school, as well as a brand new recreation facility and world class aquatics center managed by Truckee-Donner Recreation & Park District right next door. With the affordable amenities, close proximity to downtown Truckee, numerous ski areas and some of the best lake recreation you will find anywhere, it is no wonder that this community is thriving with a mixed population of primary residents and 2nd home vacation residents who love the small town charm of Truckee and close knit community feel of Gray’s Crossing.

Following one of the biggest winters I can recall, Gray’s Crossing started the year strong with 13 homes selling in the first half of the year while the entire town was busy digging out from all the snowfall. The second half of the year saw 15 homes sold for a total of 28 sales with an average sales price of $1,318,000 or $434 a foot. This average sales price for Gray’s is very strong considering that 12 of these homes and townhomes were under 3,000 sq. ft. The median sales price was $1,364,000 or $438 a foot and 10 of these homes sold were above $1.5M with 4 over $1.6M and the high mark at $1,699,000.

I found it interesting to look back just a few years for comparison to chart the steady growth. In 2016, Gray’s Crossing nearly tripled the number of homes sold with 18 closed at an average price of $1,319,000 at a total sales volume of $23,748,000. This was an increase of 264% in sales volume when compared to 2015 which saw 7 sales at an average price of $1,285,000 for a total volume of $8,995,000. It is interesting to note that 7 of the sales in 2016 were over the price of $1.4M when compared to only one sale in 2015 above $1.4M. Of the 18 sold, the high sales price was $1,735,000, which is nearly $300K or 17% higher than the high mark of $1,445,000 in 2015. From 2016 to 2017 there was an increase of 155% in total sales volume ending the year at $36,930,031 and a 35% increase with the 28 sales.

It will be exciting to see what 2018 brings to Gray’s as currently we only have 4 homes and 3 townhomes active on the market. The design review committee currently has 79 projects on the books with 45 of these under construction. At this time last year there was 51 homes under construction with 89 projects on the books, so there is still good activity and growth even with rising construction costs. Gray’s Crossing is made up of 5 communities totaling 377 homesites set on 750 acres with over 700 acres of open space and trail network and there are currently 108 homes completed.

Fairway Townhomes at Gray’s Crossing:
The Fairway Townhomes have had a very successful summer as well with 3 sales and 5 long term leases out of the 12 townhome development. Two of the smaller middle units have sold for $675K and $729K with a bigger end unit recently selling for $899K. The vision for The Fairway Townhomes is to create a Village type community with high end amenities and ease of ownership utilizing a mix of materials inside and out to offer a perfect blend of modern finishes along with warm mountain accents. With all landscaping and exterior maintenance included in the the HOA fees, the ease of ownership will allow the owner to enjoy all that Truckee/Tahoe has to offer. Look out for our daily Olympic viewing party in the furnished model at 10229 Annies Loop starting February 8th – 25th from 12–5pm with snacks and libations.

I look forward to seeing you at the Fairway Townhomes for the Olympic viewing party and am hopeful for some good powder skiing this weekend!

Happy turns,
Shane

TAHOE MOUNTAIN REALTY

SHANE JONES
BRE 01890422
M. 530.448.5141
www.tahoemountainrealty.com

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About the Author:

Jasmine has more than eight years of experience in the luxury resort and private club industry. Spending the last few years in Sonoma County, CA not only gave her the opportunity to work with numerous companies including, Mayacama Golf & Residence Club, The B-hive, and Timbers Resorts, but it also sparked a great love for food and wine. As a Truckee native she has strong community ties and was thrilled at the chance to move back to the Mountains in 2013. She found her home at Tahoe Mountain Realty as the Marketing Manager, and utilizes her diverse skill set to provide high-level support to the entire Brokerage. Connect with her directly by phone, email or through LinkedIn. Learn More About Jasmine