Kingswood 2017 Recap

2017 Recap:

 

Kingswood and Kingswood West have had two fantastic years in a row. 2016 was a record breaker when the neighborhoods collectively closed over $20m in property sales. 2017 followed suit with almost the exact same amount.

While these sales numbers are great, in total Kingswood and Kingswood West have over 700 homes. This means that relatively few sell each year. This is a great opportunity for those considering selling. To give you an example, at one point in 2017 there were just 4 on the market and the same amount were in escrow. See all active listings in Kingswood here.

See my Kingswood mid-year update and 2016 sales info at this link.

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Dollar Point 2017 Recap

2017 Recap:

Dollar Point had an interesting year in 2017. Volume was down substantially. But the sales happened incredibly fast. Time on market was 2x faster than the rest of Tahoe Basin. Dollar Point homes averaged 35 days on market; the Basin was at 78.

However, there was typically very little offered for sale so options were not wide. There were stretches of time where there were only a dozen homes on the market. That number is usually between 15-20.  See all current listings here.

Higher-end Dollar Point buyers were very selective. Due to low inventory there were 5 homes between $1.5m – $4.3m which were rejected by the market. This was not the case the year before. 2016 saw multiple sales over $1.5m including $2.4m and $3.6m. In contrast, the highest sale in 2017 was $1.7m.

See my 2016 early summer analysis and comparison to 2015 at this link.

2017 Lakefront Market Recap

2017 Recap: The lakefront market had a solid year in 2017. There were 27 sales which accounted for $135m in volume. The lowest sale of the year was $1.54m (off-market) and the high was $29m – see Drum Estate link. Interestingly there were no sales between $7.2m and the Drum sale. As a comparison, in 2016 there were deals at $8m, $11m, $15.8m and $17.5m. 

When comparing overall market performance to 2016 it is critical to include the $22m in sales that occurred off-MLS in 2016. In 2017 there were 2 off-MLS sales including one very notable North Shore property which closed for $7.2m – reach out to me for details.

As you’ll see on the chart below, the number of 2017 sales was well ahead of 2016 (27 vs. 21) and the volume was up about 8%. The incredibly high lake level made lakefront showings especially enticing and there were a good number of buyers who had been waiting a few years before pulling the trigger in 2017. This far in 2018 there has been one sale for $7.5m – it was a listing which had been getting long in the tooth and price was reduced multiple times to eventually realize a sale.

Activity at the highest-end is typically an indicator of good things for the entire lakefront market. The 2017 Drum Estate was the highest sale in our MLS’s records at the time. It was $10m+ more than the highest sale of 2016. It also nudged out a 2015 Chase international sale in Historic Old Brockway for $28.5m. In our MLS there are three listings above $20m currently, the highest of which is a legacy estate with acreage on Sunnyside Lane for $39.5m which had been available as a pocket listing for almost a year.

At the end of summer I wrote about the connection between Tahoe’s lake level and the strong market that existed concurrently. Read that post here.

 

Tahoe is barely below the maximum legal limit. See the USGS lake level chart here: link

5240 West Lake Blvd. 50% share listed and sold by Alex.

A quick recap of 2016: There were 5 fewer sales and 16% less volume than 2015 (please note that I take into account sales which are not reported in MLS – there were 3 in 2015). Half of the sales in 2016 were at homes which had piers. 2016 saw 3 sales over $10m. In 2015 there was only one – the Chase International sale for $28.5m. On the opposite end of the spectrum, 2016 had 2 sales under $2m; 2015 had none. I sold a 50% shared interest in a 7th-generation family cabin in Homewood. There was one bankruptcy sale in each of the last two years. In addition, there were some very interesting transactional incidents that occurred in 2016. I had direct contact with a number of them – feel free to reach out for more information.

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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