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.

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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.

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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

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2360 Sunnyside Lane Images

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2340 Sunnyside Lane Images

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Quick Mid-March Update

Currently the heaviest action in the Tahoe-Truckee marketplace is in the price bands between $400,000 – $700,000 (51 in escrow). This range represents 23% of total listings but it accounts for 40% of today’s escrows. The other hot price band is $1m – $1.5m where 22 homes are in escrow. 

Overall 27% of today’s entire MLS inventory is in escrow. This is a very high number and highlights the fact that we are very low in the number of homes offered for sale.

 

For more statistics please click here

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Lakefront Market Summary – End of Summer 2017

There is an almost magical interaction occurring between Tahoe recreation and the real estate market. This is a combination not to be ignored by those considering selling.

The lake rose over 5 feet this year. This changed the complexion of the shoreline everywhere. Some beaches are completely gone. Others have become extremely private because they are unreachable except by water.  The Truckee River will flow all year. Squaw had a glorious, long, historical season.

Development is back – spec homes and new developments are going in everywhere. I listed and sold out the first brand new lakefront condos in 30 years; see Tahoe Beachfront Residences. Also, a new 100-room, four-star condotel is slated for Tahoe City next year.

Chase International had another successful Lakefront Estates Tour in June. This is the largest and longest-running real estate event at Tahoe. Historically we attribute 2-3 sales per year to the Tour. 

Emerald Bay Sunrise

Lake Level: From January to May last year, the lake went up 1 foot. This year it rose almost 6′ which broke numerous records. at one point the lake level hit the maximum legal limit. You can see that it peaked in July and is now receding.

 

 

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data which created the charts

2016_Year-End STATS Lakefront_TOTALS-2