Dollar Point February 2020 Update

Dollar Point has just 7 listings on the market currently – 6 are publicly known; 1 is my off-market lakeview listing which is currently in escrow over $4,000,000. This is one of the nicest homes in the entire subdivision. See all Dollar Point listings here.

 

Dollar Point had a huge year in 2018 – sales volume was 2.5 times greater than 2017. 2019 was a disappointment with lowest volume seen in years. Days on market in the neighborhood is typically 1/3 of that for the surrounding area.

 

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…
 

Quick Stats:

  • 6 active MLS listings from $749k – 4.75$m
  • 1 closing in 2020: off-market listing on Roundridge for $879,000
  • 2 active escrows: my off-market lakeview listing + a home right next to the pool
  • 2019 Sold Volume was 1/3 that of 2018

Get in Touch with Alex

January 2020 Market Update

Quick 2019 Recap: Due to another large winter and cold/stormy spring, the first half of 2019 was slower than usual but a steady summer and very strong Q4 made up a lot of lost ground. Overall the entire region was almost identical in units sold but down 11% in sales volume year over year. Median prices hit historical highs in almost all micro-markets within our service area except Tahoe City.

 

2019 started with inventory shortages and sellers who planned for the same gains as seen in the hot 2018 market; this resulted in many overpriced properties. So those buyers who were able to make the trek between storms were greeted with a lack of offerings and overly-optimistic seller prices. When combined with geopolitical concerns and constant talk of a “looming recession” many buyers became hesitant to pull the trigger. As you can imagine this took the shimmer off of the vacation-home buying process. However, at the end of the day it came down to sustained, incredible wealth in our primary feeder markets combined with ‘the right timing’ for families who want the Tahoe lifestyle incorporated into their overall well-being.

 

Properties priced in line with the market were in better negotiating positions and they sold well – average sold-to-list price was 96% and marketing times were short for these properties. A useful estimate: we saw multiple offers on roughly 10% of all transactions, mostly in the lower price bands but they did occur over $1,000,000, as well.

 

2019 had been predicted as a leveling-off year for real estate and 2020 is seeing similar forecasts. High employment and job growth combined with low rates will do battle with increasing home prices. Keep in mind, stock market analysts were saying similar things this time last year and the S&P closed 30% higher. There is little evidence showing potential for a major price correction or fundamental weakness in the 2020 real estate market but, of course, time will tell.

 

Spring has become the time of highest market appreciation and so with the experience of 2019 behind us and an election ahead, it will be interesting to see how inventory and pricing interact in this first quarter of 2020.

Get in Touch with Alex

Dollar Point Spring 2019 Update

2018 Dollar Point sales volume was 2.5 times greater than it was in 2017. There were  62% more homes sold. 6 homes sold with ZERO days on market and these were not low end homes. Of these 6, the high was $5m and the average was $2.5m. Days on market in the neighborhood is 1/3 of that for the surrounding area.

 

I sold a home at 151 Roundridge in 3 days. Click here to see the marketing which enhanced the sales process, includes aerial drone video and interior video.

I know of  a complete rebuild potentially coming to market for ~$4m. There could be yet another high-end lakeview home becoming quietly available as well.

“Nothing is for sale and everything is selling” – my phrase for Tahoe in 2018 applies especially well for DP and still works as we charge through 2019.

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…
 

Quick Stats:

  • 4 active Dollar Point listings from $999k – $1.4m
  • 1 recent closing: my listing at 151 Roundridge which the sellers and I had in contract in just 3 days
  • 2 active escrows 
  • 2018 Sold Volume was 2.5 times greater than 2017
  • Number of homes sold was up 62% in 2018
  • Connect with Alex West

Kingswood Update January 2020

Kingswood and Kingswood West had a fantastic year in 2019. Sales volume was almost as high as ’16 and ’17 which had the highest sales in the last 15 years including the peak of ’06. 
 
It wasn’t high end sales which drove the Kingswood market – there was only one sale over $1m. There was one sale under $500k. There were 5 sales in the $500k’s; 8 sales in the $600k’s; 10 sales in the $700k’s; and 2 sales in the $900k’s.
 
The Tahoe area from Rubicon to Kings Beach averaged $1.19m sales price. Kingswood averaged $727k last year. The neighborhood is considered to be an upgrade from the Kings Beach grid and a value given nice lot sizes and central location to year-round activities, Tahoe, Northstar, etc.
 
 

Quick Stats and Comparisons:

  • 3 active Kingswood + Kingswood West listings from $650k to $1.27m
  • 2 homes in escrow listed at $563,000 and $639,000
  • 1 sale thus far in 2020 for $800k.
  • Number of sales was very high in 2019: 27 vs 19 sales in 2018.
  • Time on market was also up in 2019: 72 days vs 42 in 2018.
 
My family and I live on Kingswood Drive – I enjoy working in the neighborhood and we love raising our kids here!
 
 

See Kingswood Spring 2019 Update here

Get in Touch with Alex

Kingswood Spring 2019 Update

Kingswood and Kingswood West have had an interesting few market years. 2016 and 2017 saw big volume with $20m each. 2018 had less volume, $15m, but the sales occurred very quickly. More recently, there have been 2 midwinter sales. And right now, there is almost nothing being offered for sale: 2 active listings.
 
A near-record in the neighborhood of $1.825m just sold. This home was previously purchased in 2016 for $1.675m.
 

Quick Stats and Comparisons:

  • 2 active Kingswood + Kingswood West listings from $769k to $1.15m
  • 3 homes in escrow up to $735k.
  • 6 sales already this year including one quite high-end (see next line)
  • Including 2 midwinter sales at $650k $690k. 1 early spring sale at $1.825m.
  • 42 days on market in 2018 vs 94 in 2017.
 
A quick phrase for the Tahoe market: “There’s nothing for sale yet everything is selling!” Inventory is at historic lows. Yet in classic Tahoe fashion, overpriced or less desirable properties are rotting on the vine.
 
See my 2017 Kingswood Recap, click here
 

Get in Touch with Alex

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.

Get in Touch with Alex

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.
 

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!