Real Estate in Truckee Today – Sierra Sun Article Bonnie Jessee, Realtor 530 412 3984

Emma Garrard/Sierra Sun
Small contractors and big developers alike are trimming down as the real estate market continues to slump.

While the resort-oriented, second home-driven market has been somewhat insulated from the greater national economic woes, some of the rippling effects have made their way into the Tahoe-Truckee region.

East West Partners, the largest developer in the area, recently laid-off three members of their marketing department, and three or four construction management positions, said Blake Riva, a managing partner with the company.

“We’ve made some adjustments in light of the overall slowdown in the market,” Riva said. “With Old Greenwood and Gray’s Crossing near completion and the Village at Northstar now complete, there is a smaller workload as well.”

But East West Partners has seen less of a slowdown in the Tahoe-Truckee area compared to other properties they have in Colorado, he said.

“Industry-wide we’ve seen a slowdown, but comparing Tahoe to Park City or Vail, we’ve seen less pronounced effects in Tahoe,” Riva said.

The Winter Creek development in Truckee has slowed some along with the rest of the market, said Tom Grossman with GLA Morris Construction, but overall is still doing well.

“We’ve sold 53 out of 60 built,” Grossman said. “Now when I sell one I build one.”
Grossman said he’s had to reduce his construction crew from 60 to 40.

Likewise, Sue Ruane, executive vice president at the Tahoe Sierra Board of Realtors, said real estate agents have been relatively insulated from the declining housing market.

“We usually have a membership of about 1,000 — always right in that range — and right now we’re at 950, so the effects haven’t been as big as you’d think,” Ruane said.

“People thought we were at the bottom a month ago, but now some people don’t think we’re there yet,” Tanner said.

Grossman said all this means it’s a good time to buy locally.

“I think the entire Truckee-Tahoe market is very under-valued right now, and is a great investment,” Grossman said. Give me a call today! Bonnie Jessee 530 412 398