Despite news of inflation and a stock market that's been pummeled by the Fed's unrelenting attack on interest rates, homes in gated golf course communities around Lake Tahoe continue to show strong sales. As of this writing (Sept 23), 79 homes have sold this year in gated communities from Truckee (home to the Martis Valley trio of Lahontan, Martis Camp & Schaffer's Mill) to the East Shore of the Nevada side of the Lake, where money is consistently flowing into Clear Creek, a gated golf course community off Highway 50 with its own lakefront clubhouse at Tahoe.
Many of these sales are cash, which suggests that luxury real estate continues to be a good investment when the stock market is on wobbly knees.
Here's the quick wrap:
- 5 sales (3 of them Brand New)
- Median Sales Price: $4.25 million
- Average price/SF $1,443
- Median Days on Market 397 (skewed by new construction awaiting completion)
- 3 for sale (from $6 – 10 million)
Glenbrook/Uppaway Estates, East Shore of Lake Tahoe
- 3 sales (on average 5% under asking)
- Median Sales Price: $3.25 million
- Average price/SF $1,106
- Median Days on Market 92
- 2 for sale from $4.2 – 7.5 million
Grays Crossing, near downtown Truckee
- 15 sales (more than half of them over the asking price)
- Median Sales Price: $2.7 million
- Average price/SF $815
- Median Days on Market 12
- 7 for sale (6 of them Brand new, some of which are not completed yet)
Lahontan, Truckee's original gated community
- 19 sales (more than half under asking; 3% under ask on average)
- Median Sales Price: $3.275 million
- Average price/SF $942
- Median Days on Market: 43
- 11 for sale (3 of them Brand New)
Martis Camp, at the base of Northstar's Lookout Mountain
- 26 sales
- Median Sales Price: almost $8.3 million
- Average price/SF $1,921
- Median Days on Market 14
- 10 for sale (from $6.8 - $22 million for a 7-bedroom on the golf course)
Old Greenwood, off I-80 at Truckee's east side (*Single Family)
- 3 sales (only 1 under ask)
- Median Sales Price: $3 million
- Average price/SF $895
- Median Days on Market: 1
- 2 for sale (both over $3 million)
Schaffer’s Mill, in Truckee's Martis Valley
- 8 sales (only 3 of them under asking)
- Median Sales Price: $3.422 million
- Average price/SF $993
- Median Days on Market: 27
- Only 1 for sale: New construction at a little over $4 million
Call me at 775-391-9443 or email Jackie@TahoeisHome.com for info on any of these communities
Posted by Jackie Ginley on
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