Archives for January 2013

Lakefront REO now on MLS

January 4, 2013 • Ask a Question

The Tahoe Vista bungalow I’ve been blogging about recently hit MLS a couple minutes ago at $1.199m.

Click Here to View Listing on MLS

It’s a GMAC foreclosure. Many of us call this the “Cape Cod house” because up until recently it was gray and resembled the clapboard houses back east. Also, it’s sited right on the rocks over a great Tahoe Vista beach which is actually one of the best surf breaks in all of Tahoe. It has a gorgeous, due south panoramic view and a large deck on the lake. The house is literally built on the rocks which would never be allowed again so it’s just like those incredible oceanfront homes which sit on pilings over the water. There is a rock crib pier with boat hoist – I am working on details about the number of buoys which go with the property. If the idea of sitting on your porch with Tahoe waves sloshing about below your feet sounds good, then you might want to consider this property. It’s a screamer though, meaning it will sell very fast. It had been on the market for $1.65m as a short sale this fall and it went into escrow in a matter of hours. The new price is $500k less so interest will be high.

6400 North Lake Blvd, Tahoe Vista, CA

6400 North Lake Blvd, Tahoe Vista, CA

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Filed Under: The Buyers' Blog

Rubicon Lakefronts as an Indicator

January 3, 2013 • Ask a Question

Like any real estate locale Tahoe is full of micromarkets. Examples include view properties, certain neighborhoods or attributes (ski-in, ski-out), and of course lakefront properties. My company has represented buyers and sellers of these cherished properties for decades so I know the trends. One of the most interesting has been the Rubicon lakefront market. If you’re not familiar with Rubicon, click here. To see all Rubicon properties currently listed for sale, click here.

In general 2011 was a pretty good year for lakefront sales. Total transactions were 23 (1 off MLS, Belleview Ave) totaling $68.5m with an average sale price of $3.115m. While 2 of these properties were in nearby Meeks Bay, none were in Rubicon which was pretty shocking. Over the winter of ’11/12 the Rubicon market collectively rethought values and in the spring of 2012 there were some re-entries which hit MLS at substantially lower prices. Coupled with a changing economy the timing was perfect: buyers noticed and there have been 4 sales since June. Sales prices range from $11 million (closed yesterday) to $2.8m and there are two incredible properties listed above $17m. And so as Rubicon lakefront sales picked up so did the entire lakefront market – current sales volume for lakefront property in 2012 is over $100m and by year-end could double 2011’s total.

As a group there are 6 more lakefronts scheduled to close before 2013. While lakefront properties are subject to larger forces (aka value reductions) when they rebound it’s a quick exercise. And this comes as no surprise especially since these are the most desirable properties in one of the most desired locations in the country.

Click here to view all lakefronts currently for sale

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Filed Under: Notable Sales Blog

Kind words from a client…

January 2, 2013 • Ask a Question

Here is a recent testimonial from a client who bought a lakefront in a multiple offer scnenario:

“Alex West provided an outstanding level of service and expertise from start to finish in our recent Tahoe lakefront purchase.

In buying real estate, the well known saying is “location, location, location”. When it comes to Tahoe-area real estate particularly, an equally important rule in selecting an agent is “knowledge, knowledge, knowledge” – specifically LOCAL knowledge and how to uncover outstanding lakefront properties and buying opportunities!  That’s exactly what Alex West provided us.

Alex not only knew exactly what we were looking for but worked diligently with us and constantly kept an eye out for the perfect property at the right price.  The bottom line, timing is everything, and when an incredible opportunity presented itself Alex was right on the spot and his grasp of the local Tahoe market allowed us to be first in line! Beyond finding just the right property Alex worked diligently to make sure all bases were covered and held our hand through every step of the process — all the way through closing on our Tahoe dream house.

Thank you Alex for your diligence and professionalism.  Carol and and I will be more than happy to share our experience with anyone who wishes to call on us.”

 

–Walter and Carol B.

Filed Under: Notable Sales Blog