How’s the Lakefront Market?

 

Update Late-June 2020:

 

Earlier this spring a $19.5m Sunnyside property was promoted off-market and sold almost immediately for $18m.  Sale not yet recorded in MLS.

 

A Rubicon property priced at $9m with beautiful beach and pier entered escrow in 10 days – the lakefront average is 141 days. Note one of the other 2 lakefront sales this year had just 26 days on market.

 

A sweet spot on Flick Point for $8m is in escrow – was initially offered for $11m. A Dollar Point lakefront which nearly rotted on the vine last year is now in escrow, list price $4.5m.

 

In a nutshell, last month we had a ton of buyers standing at the gates waiting to be let into the marketplace. Some crashed the gate but now with our Counties in Phase III for conoravirus, the market is very, very busy with buyer activity at all levels.

 

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

  • 7 active lakefront listings from $2.4m to $6.25m.
  • Half of these were offered last summer – ouch.
  • 7 lakefronts in escrow now, $2m – $9m, average list price $4.9m.
  • Usually 6-10 lakefronts enter escrow between Mid-May and Mid-June – this is happening now.
  • 2019 sales were down 50% from 2018. 2018 volume was nearly double 2017. See chart below.

 

All three lakefront homes which sold this year were not offered last year. This means half the current inventory is stale and has been picked over. We need more lakefronts to sell!

I send videos to buyers who can’t make it up. Here is a sample: The Lakeside Drive house for $3.5m has a great feel but no garage – casual video walk through link. It is now in escrow.

 

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

Main Website: 20CrystalDriveTahoe.com

20 Crystal Flipbook

 

24 Crystal Drive, Coming soon. Price $22,950,000

Main Website: 24CrystalDriveTahoe.com

 

2222 Silver Fox. $5,950,000

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 mid-May 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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