How’s the Lakefront Market?

 

Everything is selling and there is an extreme low number of lakefront homes for sale.

 

My listing at 20 Crystal Drive, $24,850,000 is in escrow.

I valued a lakefront a few years ago for $4.5m and it just sold in hours for $6.5m.

This is a market like none we’ve ever seen before.

 

In a nutshell, we’ve had a ton of buyers standing at the gates waiting to be let into the marketplace. Some crashed the gate as soon as our Counties entered Phase III for conoravirus, the market got very, very busy with buyer activity at all levels. Tahoe-Truckee is absolutely flooded with visitors and buyers.

 

The problem right now is a dearth of lakefront properties available for sale. So these buyers who understand that it’s easier to buy than rent are speeding up the timeline they may have previously set for a potential Tahoe purchase. Time is extremely valuable to these people and so they are buying Tahoe lakefronts now. I see this strong demand continuing for months.

 

Quick Stats

  • 5 active lakefront listings from $3.9m to $32m.
  • Half of recent offereings were offered last summer – ouch.
  • 3 lakefronts in escrow now, $3.2m – $6.5m, average list price $4.4m.
  • 2019 sales were down 50% from 2018. 2018 volume was nearly double 2017. See chart below.

 

At one point half the 2020 active lakefront inventory had been offered in 2019 – it was stale and had been picked over. But then all of these sold since buyers had no other options. Inventory ahs not built back up yet. We need more lakefronts to sell!

 

Here are the properties I have listed and am marketing right now. You’ll see that I use high-end video and imagery for each. It all starts with the presentation.

 

20 Crystal Drive, $24,850,000 – in escrow!

Main Website: 20CrystalDriveTahoe.com

20 Crystal Flipbook

 

24 Crystal Drive, $22,950,000

Main Website: 24CrystalDriveTahoe.com

 

2222 Silver Fox. $5,400,000

Main Website: NorthstarCastle.com

Largest home to ever be sold at Northstar.

 

580 Granlibakken Road. $2,950,000

Main Website: Click here

5451′ Ahwahnee-esque log lodge on 3 acres right near downtown Tahoe City.

Get in Touch with Alex

 

For my late-July Update, click here

 

 

For my very detailed late-April update including a look at wealthy buyers’ investment profiles, click here

 

Year Over Year Stats

Year Total Volume # Homes Sold Days on Market Ave Price Median Price
2019 $106m 14 149 $8.2m $4.6m
2018 $218m 28 155 $7.8m $4.4m
2017* $124m 27 145 $4.9m $3.8m
2016* $121m 21 182 $5.9m $4.8m
2015* $145m 26 170 $5.6m $4.2m
2014 $121m 30 163 $4m $3.1m
2013* $96m 23 203 $4m $3.5m
2012 $150m 32 338 $4.6m $3.2m

2017: 2*Off-MLS sales:

2016: 3

2015 and 2013: 1

Lake Level

I love keeping an eye on the Lake level. Our seasonal real estate sales activity typically mirrors that of the lake level and it’s holding true now – sales are up.

The way to read this chart is to add the ‘gage height’ to elevation 6220′. The legal limit for Tahoe is 6229′. 

See all lakefronts for sale here

See Current TRPA Shoreline Plan Draft here

PDF to TRPA Shoreline Plan Executive Summary May 2018

See TRPA Shoreline Map here: This shows all Lakefront parcels and piers around the entire Lake

See Current Lake Tahoe Planning Benchmarks here

Click here for last Spring’s Lakefront Market Update

 

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“We are very happy with the deal, Alex. You made it happen and you are a hero.”

– Neil and Karen B. Sellers of 3266 Edgewater. Closed price $8,199,000.

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Tahoe Lakefronts are a market unto themselves. Selling them has traditionally been done in an old school way – take some nice photos, put them on MLS and tell buyers the same story over and over.

I have a different approach.

Selling Tahoe lakefronts well requires expertise, knowledge, attention and high-level marketing. I meet with top lakefront planners to know the maximum potential of every individual property. I target the most likely buyer pools and effectively reaches them with creative, quality marketing. I know off-market sales and tracks buyer activity across the board. I measure water depths at piers and buoys. During showings I don’t pitch buyers but rather make them feel comfortable. I learn what they are looking for and perform every showing differently.

The results speak for themselves. My sale of a Dollar Point home for $8.199m represents the highest dollar amount ever for a North Shore property under 5000′. My clients got 25% more than the lakefront MLS average price per square foot. See the website I created which was critical to this success: DollarPointLakefront.com.

I was also able to sell a 50% share of a 100 year-old cabin (represented buyer and seller). I also sold the former Le Petit Pier building which had been sitting idle and another broker unsuccessfully marketed it for over a year. I represented buyer and seller. In addition I entirely sold out a brand lakefront condo complex – the first in 40 years!

There are a multitude of things I do differently. I work with Chase International because of its track record, reputation and its incredibly powerful network. We annually sell over $1 Billion in real estate. Click here to see how Tahoe brokerages rank in the luxury marketplace.

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I send out a monthly update about the lakefront market - off-market activity, multiple offers, miraculous deals and also escrows on life support. I have info on buyer origins and locations, the lake level and more. Sign up to stay informed.


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