First parcels in Gray’s Crossing are hot items
If the first phase of the Gray’s Crossing subdivision is any indication, East West Partners’ investment in Truckee is paying off. Starting in July, more than 500 people plunked down $5,000 each to enter a lottery for the 101 lots in “The Bluffs,” the first part of the approximately 650 unit Gray’s Crossing golf course subdivision that will straddle state Route 89 north just off Interstate 80.The $5,000 in earnest money was refundable, said Rick McConn, East West’s project manager, and as the financial requirement to participate in the lottery grew – last Friday was the deadline for people to submit a letter of intent – the number of prospective buyers was whittled down to more than 200. The remaining buyers have drawn their lottery numbers and on Saturday will get to chose their lot.”Demand was a lot stronger than we anticipated,” McConn said.And while the company’s marketing targeted the Bay Area, he said local builders and “Truckee people” participated in the lottery.Located on the west side of state Route 89 north across from the new Alder Creek Middle School, the average size of a lot in The Bluffs is about 110 feet by 150 feet and ranges in price from $179,000 to $399,000.Truckee Mayor Josh Susman, who voted in favor of Gray’s Crossing, said he wasn’t particularly surprised by the interest in the lots. He said initial excitement was similar for the Pine Forest subdivision near The Bluffs, but sales slowed down after the first offerings.Still, he said, the price of a lot in The Bluffs reflected the climate in the Truckee area overall.”It speaks to the fact that this community can tolerate $150,000 lots,” he said. “It speaks to the climate of the community and the appreciation of real estate.”With the number of people participating in The Bluffs lottery and the strong interest in the fractional ownership of homes in Old Greenwood, East West’s recently completed golf course project on the other side of I-80, McConn said the company’s vision has attracted a lot of attention.”It’s a good indication that there is demand out there,” he said. In addition to the lots, McConn said 89 cottages will be built adjacent to The Bluffs. Of those, 59 are mandated to be affordable housing under the development agreement with the Town of Truckee. The balance will be market rate, McConn said. Construction on the cottages could begin next year, he said.