How’s the Dollar Point Market?

 

Dollar Point is seeing the effects of coronavirus – in two opposite ways.

 

An escrow on Mammoth with a list price $935,000 fell apart due to coronavirus fear.

 

An off-market, record-setting price per foot sale successfully closed for $4,375,000 due to coronavirus fear. How is this possible?

 

My clients at 324 Edgecliff and I were fortunate to sell their incredible lakeview home for $4,375,000 on 3/24/20. Our escrow started in early January then continued through the outbreak of the coronavirus. The buyers, their agent, the sellers and I worked together (with some understandable hiccups along the way) to see this through to a successful close of escrow. This was the most challenging transaction I’ve ever been a part of and the difficulty wasn’t entirely due to the coronavirus and subsequent worst week on Wall Street in 90 years. Let’s just say that cool heads prevailed and now we have a very happy buyer-family, very happy sellers, and two happy agents. Good stuff.

 

So how did it sell amidst all that’s happening in the world and SF?

 

Tahoe is a getaway. It is a respite from busy life in more urban areas. When CA has natural disasters we see an overall drop in interest but a spike in the seriousness of already-attentive buyers. With the way coronavirus is playing out, I see this happening again and especially among the top 5% of our feeder markets. We can already see this from the seller side via my analysis of how sellers are reacting after their escrows fall apart due to coronavirus fears – the wealthier have more confidence in the market. See more detail on this page which I researched and wrote specifically to educate our buyers and sellers on what is happening in Tahoe-Truckee real estate since the statewide school closures on 3/13 and Governor Newsom’s Shelter in Place order on 3/19.

 

While showings are somewhat challenging, real estate has been ruled an essential service so showings are permitted – we just need to be smart in how we handle them. Again, please see this page for LOTS more info on the market since 3/13.

 

Important Notes on the Edgecliff Sale: I was able to sell this home off-market per sellers’ request. This was handled in an efficient manner with no interruption of their rental nor personal schedules. The selling price is $1072/foot which the highest price per foot ever recorded for a Dollar Point non-lakefront home. Note: I helped a different client achieve the record for highest Dollar Point MLS sale: $8,199,000 in 2015.

 

Dollar Point has just 5 active listings on the market currently. Before the statewide school closures on 3/13 there were 8:

 

1 closed (324 Edgecliff, sold off-market).

 

1 fell apart (162 Mammoth, listed at $935k) then exited the market.

 

1 exited the market (185 Observation; note this is a realtors’ home and they removed it from the market). 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 the 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:

  • 5 active MLS listings from $1.05m – 4.75$m, average $2.3m.
  • 2 sales this year vs. 0 to this point last year. 
  • 0 active escrows
  • 2019 Sold Volume was 1/3 that of 2018

 

For my Feb ’20 pre-coronavirus update on Dollar Point click here


Dollar Point Sales Data

 

Year Total Volume # Homes Sold Days on Market Ave Price Median Price
2019 $15.7m 14 54 $1.125m $1.05m
2018 $47m 29 40 $1.6m $1.4m
2017 $19m 18 35 $1.05m $937k
2016 $28m 23 110 $1.21m $1.02m
2015 $29.4m 20 98 $1.47m $913k
2014 $26.6m 15 76 $1.77m $1.2m
2013 $22.7m 15 65 $924k $785k

Total Dollar Point sales volume over the last 8 years has ranged from $8.3m in the low anomaly year of 2011 to a record breaking $47m in 2018.

 

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 Selling in Dollar Point

Dollar Point is amazing: as far as real estate sales and rentals, it has become one of the hottest neighborhoods in North Tahoe. It is a primary area of focus for my business. It’s one of the greatest neighborhoods around the entire Lake. There are big views, nice southern exposures, quality amenities, and fantastic proximity to Tahoe’s best activities year-round. I look at it as a micro-market since it has enough sales volume and a captive audience of enthusiasts. Therefore, it also enjoys an attentive buyer target group. Do keep in mind, however, that the Recreation Association is making changes to the rules regarding renters and their access to amenities.

I have lived in Dollar Point. I talk to Dollar Point owners and sellers often and thoroughly enjoy discussing the neighborhood. I have clients and friends throughout the neighborhood. When selling in Dollar Point, I combine my neighborhood knowledge with 16 years in the business and 25 in Tahoe. I am known for high-quality, creative marketing. See more about my approach here.

I hold the MLS record for the highest sale in the neighborhood at $8.199m. I represented the sellers of the fantastic Alpenhaus (see DollarPointLakefront.com). Before that I sold an impressive lakeview home on Edgecliff twice – once for $4,000,000 then in March 2020 for $4,375,000.

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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. Record breaking lakefront sale in Dollar Point.

Get in Touch with Alex

3266 Edgewater Drive. Sold by Alex for $8.199m, July 2015.

3266 Edgewater Drive. Sold by Alex for $8.199m.