Old Greenwood lots sell like hotcakes
Sales for home sites at the Old Greenwood development became available Aug. 9. After only two hours, only 13 out of the 99 lots remained.
Priced between $285,000 and $745,000, consumers gobbled up the land, which lies on 600 acres off Interstate 80, just east of Historic Downtown. The total amount received for the sale of 86 lots, according to IMI Resort Holding, was approximately $27 million.
“You never really know how [the lots] are going to sell,” said Blake Riva, a partner at East West Partners. “The sales definitely exceeded our expectations.”
The lots, according to Riva are selling at an average price of $350,000, and he speculated the buyers picked them up so quickly because of what the development has to offer.
One of the biggest attractions to the area is the Jack Nicklaus Signature golf course, which will be managed by Old Greenwood developer East West Partners. The other main attraction – according to East West Partners Partner Blake Riva – is there will only be 99 home sites ever available on the land.
Also, Riva said, “We will have a world-class, swim-tennis-fitness center within the community that will be family oriented.” He said the area will be a place for people to enjoy the “Tahoe lifestyle” and the year-round activities, which are all in close proximity to the exclusive community.
Of the buyers, the largest percentage came from Truckee – IMI reported Truckee residents grabbed 32 percent of the lots. People from the Bay Area nabbed 29 percent of the lots, and Reno, San Jose and Sacramento residents bought the remaining 25 percent.
The new owners will either build the houses, or select their own builder. Riva said East West will mostly stay out of building the individual homes, but it will build the “fractional units” – cabins and town homes. Construction should begin on the cabins and town homes at the end of this summer, Riva said.
After the big sales day, Riva said the sales team took a couple days off, but will be re-focusing on selling the 13 remaining lots.
For more information or to buy an Old Greenwood property, visit http://www.oldgreenwood.com or call (800) 754-3070
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