Early July 2018 Lakefront Market Recap

Early Summer 2018 Tahoe Lakefront Market Recap

We have seen historic sales at the uber high end. In the last 30 days estates at $40,000,000 and $24,000,000 sold before getting a chance to hit the open market. The larger sale saw a 7 day escrow – amazing. There were multiple offers on a $37,000,000 property in Incline Village. There are other high-end listings which will trade this year. Currently, the highest price is Chase International’s listing for which I am a Listing Ambassador: Crystal Pointe, $75,000,000. The highest-price ever for a split lakefront is on the market now – $6.2m.

 

How about 4.5 (!) quick case studies to show you the strength of the North + West Shore lakefront marketplace?

  1. 1590 N Lake Blvd: Bought in 2009 for $2.5m. Attempted to sell for years since but never higher than $2.75m. It had cute furnishings and decor, my colleagues and I even had a team building exercise and cleaned up the “lawn” one spring. The property was dialed. But alas it never sold. Fast forward to 5/13/18: the property receives multiple offers in days and is now happily in escrow. This is a Chase International listing.
  2. 4886 North Lake Blvd: Fairly recently-built North Shore home – very large but no pier – attempted to sell for years but no reward. Fast forward to May 2018 and a buyer approached and it just closed for $3.725m.
  3. 3740 North Lake Blvd: Purchased for $5.2m in 2015 then placed back on market. Property marketed all of 2017 with no luck. Fast forward to May 2018, a local buyer’s agent approached the listing agent and now the property is in escrow. Chase International listing.
  4. 3840 North Lake Blvd: Was on MLS for 854 days. Just as the bank was about to step in and start taking the property back a buyer came in to scoop it up. Just closed for $3.42m. Last MLS list price $3.85m. Chase International listing.

Case Study 4.5 – No address nor price included to respect the privacy of the parties involved: I haven’t yet confirmed this (hence the 1/2 ranking on my Case Study numbering!) but I noticed a change of ownership on  a property which I had been watching. This one had also been listed for an extended time. It was under construction and it never really got momentum in the market. 

Another property at $11,000,000 entered escrow after just a few weeks on market but alas the deal fell apart – reach out if you’d like more info. That property sold 3 years ago for $7.75m and no real improvements were made. It has one of the most impressive boathouses in the entire Basin – it’s basically a barn large enough for two very large boats plus there is an indoor entertaining area.

Quick Stats:

  • 14 active lakefront listings from $1.1m to $40,000,000
  • 6 lakefronts in escrow: 3 on MLS, 3 off MLS
  • Sold Volume up 28%
Yet in the midst of this there are 2 lakefronts under $2m. As mentioned, a West Shore lakefront for $11m just fell out of escrow. So it’s still the kind of market where anything can happen which makes it exciting!
 
The Tahoe Regional Planning Agency finally revealed the draft of its new Shoreline Plan. See more below.
 
This is a great year for the Tahoe lakefront market. Sales are on par with the level of the lake itself – Tahoe is .2 inches from the legal maximum.
 

Kingswood Early Summer Update

Kingswood and Kingswood West had almost nothing for sale earlier this year but that is starting to change. There is roughly one home for sale for every one hundred homes in the neighborhood! 6 have already sold this year. I know of a Kingswood West home which received 5 offers in 5 days.
 
I have an upcoming listing on Oxford Court for $425,000. One of my colleagues has one coming up on Kingswood Drive and there is another on Forest Glen.
 

Dollar Point Early Summer Update

Dollar Point has become majorly attractive for buyers. Days on market is 1/3 of that for the surrounding area. “Nothing is for sale and everything is selling” – my phrase for Tahoe thus far in 2018 applies especially well for DP.

Things are good for Dollar Point sellers – the neighborhood has a median price double the market average and it takes 30% less time to sell a home in Dollar Point. In fact of the 25 sales since 1/1/2107, three had ZERO days on market and 15 sold in less than 15 days – wow.
 
Sales volume is up 400% from the same time last year. Inventory is starting to build but there is still very little for sale. Among the upcoming listings which I know of is 50 Edgecliff Court.
 
This is an incredibly highly-desired neighborhood. You and I both know why. I’ve lived in Dollar Point and absolutely love it. So do today’s buyers…
 

See all Dollar Point listings here

 

A fun note: Lake Tahoe is .2 inches from it’s legal limit!

Early Summer Market Recap

We are seeing historically low inventory. Some neighborhoods have just one or two homes being offered for sale. Currently 28% of our inventory is in escrow – this is very high for our area. Homes under $500k are down to an average of 44 days on market – this is 20% lower than last year. Homes between $700 – $1m average 127 days on market.

We have seen historic sales at the uber high end. Estates at $40,000,000 and $25,000,000 sold before getting a chance to hit the open market. The larger sale saw a 4 day escrow – amazing. There were multiple offers on a $37,000,000 property in Incline Village. There are other high-end listings which will trade this year. Currently, the highest price is Chase International’s listing for which I am a Listing Ambassador: Crystal Pointe, $75,000,000.

Interest Rates: The Fed’s quantitative easing program from 2008 is beginning a scheduled slow down. This makes interest rates increase. Two other factors could contribute to increased rates in the near future: Inflation is looming and future Federal Reserve Bank meetings – some economists are predicting 4 mortgage interest rate hikes in 2017. This will make it more expensive for many buyers to purchase homes as time goes on.

 

Spring 2018 vs. Spring 2017

2018: 93 Single Family Just Listed, Median List Price: $715,000

2017: 126 Single Family Just Listed, Median List Price: $759,000

2018: 52 Single Family Sold, Median Price $945,000

2017: 61 Single Family Sold, Median Price $690,000

37% Increase in Median Sold Price

 

The lake is .2 inches from the legal limit – man, what isn’t flowing around this area now?! We are firing on all cylinders…

 

Quick Dollar Point Update Memorial Day Weekend 2018

Dollar Point has become majorly attractive for buyers. Days on market is 1/3 of that for the surrounding area. “Nothing is for sale and everything is selling” – my phrase for Tahoe thus far in 2018 applies especially well for DP.

Things are good for Dollar Point sellers – the neighborhood has a median price double the market average and it takes 30% less time to sell a home in Dollar Point. In fact of the 25 sales since 1/1/2107, three had ZERO days on market and 15 sold in less than 15 days – wow.
 
Sales volume is up 400% from the same time last year. Inventory is starting to build but there is still very little for sale. Among the upcoming listings which I know of is 50 Edgecliff Court. This pano lakeview home will enter the market at ~$5,000,000 which is almost a record high for Dollar Point non-lakefront.
 
This is an incredibly highly-desired neighborhood. You and I both know why. I’ve lived in Dollar Point and absolutely love it. So do today’s buyers…

Lakefront Market Update, late May 2018

HOW’S THE LAKEFRONT MARKET?
 
This is a great year for the Tahoe lakefront market. Sales are on par with the level of the lake itself – Tahoe is .2 inches from the legal maximum.
 
We are seeing lakefront homes sell which had tried previously but were unsuccessful. I know of 4 now in escrow like this – 3 never hit the open market / MLS.
 
Did you hear about Tahoe’s ultra high end sales? $40,000,000 estate closes in a 7 day deal. $24,000,000 Tahoe City lakefront sells before hitting the market. $37,000,000 Incline Village estate gets multiple offers. The highest price in our entire market is the Chase International listing for $75,000,000, Crystal Pointe – I am a listing ambassador for this property. Highest-price ever for a split lakefront is on the market now – $6.2m.
 
Yet in the midst of this there are 2 lakefronts under $2m. A West Shore lakefront for $11m just fell out of escrow. So it’s still the kind of market where anything can happen which makes it exciting!
 
 
The Tahoe Regional Planning Agency finally revealed the draft of its new Shoreline Plan. Go to this page for more.

Get in Touch with Alex

Quick Kingswood Update

How’s the Kingswood Market?

Kingswood and Kingswood West combine for over 700 homes and there is only one active listing in the neighborhood currently. I have an additional property listed for $425,000 but it won’t hit the market until June. A colleague has another property in escrow which never saw the open market.

This signifies incredibly low inventory. If you are considering a sale in Kingswood, reach out. This is historically low and creates an amazing opportunity for sellers.

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Quick Dollar Point Update

How’s the Dollar Point Market?

There are over 500 homes in the subdivision and guess how many are for sale? Exactly 1. It’s pretty incredible. There are 2 in escrow at $1.1m and $1.9m. Among the upcoming listings which I know of is 50 Edgecliff Court. This pano lakeview home will enter the market at $5m which is almost a record high for Dollar Point non-lakefront.

Dollar Point has become majorly attractive for buyers. Days on market is 1/3 of that for the surrounding area. “Nothing is for sale and everything is selling” – my phrase for Tahoe thus far in 2018 applies especially well for DP.

Connect with Alex West

  • Please include your information or that of your connection with whom you'd like Alex to get in touch.

Quick Lakefront Update

How’s the Lakefront Market?

 

Can you say wow?! 

 

We have seen historic sales at the uber high end. In the last 30 days estates at $40,000,000 and $25,000,000 sold before getting a chance to hit the open market. The larger sale saw a 4 day escrow – amazing. There were multiple offers on a $37,000,000 property in Incline Village. There are other high-end listings which will trade this year. Currently, the highest price is Chase International’s listing for which I am a Listing Ambassador: Crystal Pointe, $75,000,000.

Another property at $11,000,000 just entered escrow after just a few weeks on market. This property sold 3 years ago for $7.75m and no real improvements were made. It has one of the most impressive boathouses in the entire Basin – it’s basically a barn large enough for two very large boats plus there is an indoor entertaining area.

Quick Tahoe Market Summary

“There’s nothing for sale and everything is selling.”

 

We are seeing historically low inventory. Some neighborhoods have just one or two homes being offered for sale. Currently 28% of our inventory is in escrow – this is very high for our area. Homes under $500k are down to an average of 44 days on market – this is 20% lower than last year. Homes between $700 – $1m average 127 days on market.

We have seen historic sales at the uber high end. Estates at $40,000,000 and $25,000,000 sold before getting a chance to hit the open market. The larger sale saw a 4 day escrow – amazing. There were multiple offers on a $37,000,000 property in Incline Village. There are other high-end listings which will trade this year. Currently, the highest price is Chase International’s listing for which I am a Listing Ambassador: Crystal Pointe, $75,000,000.

Interest Rates: The Fed’s quantitative easing program from 2008 is beginning a scheduled slow down. This makes interest rates increase. Two other factors could contribute to increased rates in the near future: Inflation is looming and future Federal Reserve Bank meetings – some economists are predicting 4 mortgage interest rate hikes in 2017. This will make it more expensive for many buyers to purchase homes as time goes on.

 

April 2018 vs. April 2017

2018: 93 Single Family Just Listed, Median List Price: $715,000

2017: 126 Single Family Just Listed, Median List Price: $759,000

2018: 52 Single Family Sold, Median Price $945,000

2017: 61 Single Family Sold, Median Price $690,000

37% Increase in Median Sold Price

Connect with Alex West

  • Please include your information or that of your connection with whom you'd like Alex to get in touch.