Projects at opposite corners of Valley, price undergo transitions

Changes this summer affected housing projects on the lower and higher end of the price spectrum at opposite ends of Carson Valley.

On July 12, Michigan company Sun Stone Ridge Villas purchased the 158-unit Stoneridge Villas, located south of the Gardnerville Walmart.

First proposed in 2019 as an affordable alternative to more traditional homes, the manufactured homes would be purchased by owners and subject to a 99-year lease.

Between 2019 and 2021, when Muller Lane was required to be expanded to four lanes and the project was required to annex to the town of Gardnerville, the price point went from $250,000 to $400,000. No work has been done on the site.

The community was pitched as being for residents 55 or older.

In the northwestern corner of Carson Valley, what may be the last approved development on Harvey Gross’ former ranch was rebranded last week from Terrazza to the Preserve at Genoa Ranch.

The 28.43-acre project is zoned half-acre near the Genoa Lakes Ranch Course.

It was part of the original 1997 approval of the 312-lot project, which included the first instance where a developer transferred development rights from a non-contiguous property.

The original plan was to shift rights from the 900-acre Long Field south of Muller Lane, which is currently on the market.

Genoa Ridge Investors have owned the site since they purchased it for $1.9 million in 2016.

According to information online from Terrazza, lots were going for $295,000 and $310,000 in 2019. At least one website REwow.com, listed homes around $900,000.

Home prices in Carson Valley came down a bit from the record average sales price of $756,948 set in the first quarter of 2022.

In the second quarter, the average sales price was $691,999 and median prices of $615,000.

According to the Douglas County Assessor’s Office, 364 homes sold in the first six months of 2022, down from 473 in the first six months of 2021.

Around 210 single family home building permits have been approved since Jan. 1, 2022.