Resort Properties vs. Lakeside
It is obvious to note that Truckee simply has more inventory thus its numbers will be general higher. What stands out is the narrowing of that margin during our most challenging years and the rapid widening of that margin in recovery.
Since 2011, we’ve seen a massive surge of construction in newer, highly amenitized communities led by Martis Camp and including Northstar, Lahontan, Schaffer’s Mill, Old Greenwood and Gray’s Crossing. Newer, more modern homes are proving to be more appealing to our consumers both for design tastes and the lack of maintenance enabling more time spent in pursuit of recreation and enjoyment.
Within the Tahoe basin, lakefront property will always be in scarce supply. However, the general build out of the basin and aging inventory combined with challenging regulatory environment making redevelopment economically infeasible in many cases has created this market phenomenon.
Assuming stable economic conditions, supply will likely continue to grow on the Truckee side until our core communities are more nearly built out. This will likely continue the spread detailed above. However, over a longer period of time, as Truckee similarly ages and economic cycles come and go, I suspect this data will stabilize.