Some very interesting Grey's Crossing activity.  Great way to gain Tahoe Mountain Club membership!!!  Read on. Tim Lampe.

The well known attributes that give Northstar a competitive advantage within the Northstar market are generally well known to be superior resort services, vast accommodations for family, and generally calm weather in comparison to other ski areas in the North Lake Tahoe area. Given the absence of early season snow, particularly in comparison to last year, the vast superiority of Northstar’s snowmaking capabilities, along with the festive happenings throughout the Village, have made it easily the best and most complete ski experience currently available in the region.

 Real estate traffic was nonetheless relatively strong over the Thanksgiving holiday with a strong number of qualified inquiries occurring both in person and via remote correspondence. These inquiries generally take time to manifest into transactions however they do provide a barometer for interest in the market. To assign generalities, these consumers appear to fit our buyer profile quite well in that they are after immediate usage rather than investment income or appreciation and seem to have a fundamental understanding of the correction that has occurred with regard to pricing in our market.

 A few quick deals have transpired on the more remarkably valued properties in the area including:

 

  • Gray’s Crossing has seen a handful of sales, a few of offering a nice off-season spark for the golf course communities.
    •  The home on Lot #23 at Sierra Cove is pending sale at an asking price of $1,350,000.  This will represent the highest value achieved at Gray’s Crossing in 2011 and undoubted provide some momentum heading into 2012.  
    • Lot W-19  closed escrow for $88,000.  While obviously a steep discount from original pricing, this is one of several recent transactions at Gray’s Crossing where superior quality homesites are fetching some premium.  The other being M-56, just the second homesite to come available in The Meadows since the 2006 launch, pending for $87,000.
    • In contrast,B-58 newly pending sale for $22,900 and B-89 closed escrow for $27,000.   
    • Like Gray’s Crossing, Lahontan has seen quite a bit of homesite activity with four closings in the past week. While all in the low $100,000’s, this is not bargain basement pricing given the presence of a handful below six figures including #469 newly pending at $58,000.
      • #405      $145,000
      • #410      $125,000
      • #147      $105,000
      • #447      $115,000
      • At Northstar, the sale of 4504 in Great Bear Lodge also sheds a positive light on the Village at $1,462,000 or $660 / sq. foot.

 

Weather notwithstanding, if typical trends hold true we will see a few slow weeks in anticipation of the holiday then be fast and furious from Christmas Week straight through the heart of ski season. The market will no doubt teach us quite a bit in this time to come. 

 My Best and Happy Holidays to All!  Tim Lampe and Steve Kegal