Another Tahoe lakefront just went into escrow – a $5.9m multiple-family-member-owned Tahoe City property with a pier and boat lift on 1.8 acres. Now there are 4 lakefronts in escrow and only 17 more being offered for sale; there have been 2 closed sales thus far in 2013. The other properties in escrow range in list price from $3.65m – $7.9m with an average of $5.5m.
Archives for March 2013
Tahoe Lakefront Market is Surging
March 10, 2013 • Ask a Question
2012 was a banner year for Tahoe lakefront property sales: volume doubled to $173 million, 37 properties traded, 5 sales were over $10m. There are currently 3 lakefront homes and 4 high-end condominiums in escrow with list prices ranging from $1.59m to $7.9m (Click Here to View Listings). 2013 has seen sales of 2 lakefront homes (incl. one foreclosure) and 2 condos with prices from $1.52m – $3.67m (Click Here to View Listings).
This data includes Alex’s knowledge of sales done off of the MLS:
| Year | Total Sales | Sales on MLS | Total Volume | MLS Volume | Avg. Sales Price | Off-MLS Sales | Off-MLS Sales Volume (approx.) |
| 2012 | 37 | 34 | $173.65m | $156.65m | $4.6m | 3 | $17m |
| 2011 | 23 | 22 | $72.5m | $68.5m | $3.1m | 1 | $4m |
2012 sales of Tahoe lakefront properties handily surpassed the totals of each of the last seven years with over $173,000,000 in closed volume over 37 transactions. The number of sales represents a 50% increase over 2011; three of these were done off of MLS. Tahoe Real Estate Group handled one off-MLS sale for $10.5m and we handled other MLS-reported lakefront sales ranging from $11m – $2.9m.
During the last few years there has been a high point where 8-9 lakefronts are in escrow simultaneously during July/August. What’s so significant about 2012 is that this happened not only in midsummer but December 2012 had 8 sales totaling $52 million. What is also so important are the sales over $10m. From 2007-2011 there were 5 transactions over this benchmark – in 2012 alone there were 5. There’s also activity well above this. Click here to see Alex quoted in an article on the sale of an Incline Village property for $25.5m. A property in Glenbrook sold in February 2013 for $20m. Although it was at a lower level ($5m-$10m) the last time the lakefront marketplace acted thus was during the 90’s Gold Rush and Tahoe lakefronts all ratcheted up immediately afterward. We believe the same thing is happening now.
Lakefront Sales with Multiple Offers
March 4, 2013 • Ask a Question
37 lakefronts traded hands last year and some of these saw competitive bidding from multiple buyers. Occasionally it was coincidental but more often than not it was due to a price reduction. I estimated values on all of these and the list prices were usually dropped exactly to or just below what I perceived as market value. In each of these cases the properties went into escrow in a matter of days. There were only two cases where I believe the buyers overpaid for the properties. I am watching at least one (very nice) lakefront which is poised to be the next one to drop price significantly and attract a lot of attention – feel free to get in touch to discuss these or anything else about the market.
Click Here to View Multiple Offer Lakefront Sales
Lakefront Sales over $10m
March 3, 2013 • Ask a Question
2012 was a banner year for Tahoe lakefronts and the highest-end properties broke through with as many sales as in the five previous years combined. In the Tahoe Sierra MLS (Rubicon to King’s Beach) there were 5 sales over this benchmark number. Four were done publicly on MLS (my company brought in one of these buyers) and one was done off MLS (again, my co. brought buyer). In Incline Village, NV on Tahoe’s northeast corner, there were high sales of $10m and $25.5m in 2012. Currently there is a property in escrow on Tahoe’s East Shore which is listed at $29m.
The last time there was a breakthrough like this was during the 90’s Gold Rush and immediately afterward the lakefront market as a whole ratcheted up. We believe the same thing is happening now.
Click Here to See the CA-side MLS sales over $10m
Click here to see the Incline Village Sales
Tahoe Lakefront Sales Volume Doubles
March 2, 2013 • Ask a Question
2012 was a banner year for Tahoe lakefront property sales: $173 million in volume; 36 sold properties; 5 sales over $10m.
In this data I include knowledge of sales done off of MLS which comprised about $17m last year.
Total sales volume doubled coming at roughly $173.65m; the 2012 total was $72.5m. Average sales prices were pulled from $3.1m to $4.6m and were helped by five sales over $10 million (my company represented a buyer on a sale over $10m which was handled off the MLS). While 2011 had 23 lakefront transactions 2012 saw 36 which represents a 50% increase. Interestingly, the percentage of asking price paid was down a bit in 2012 dropping from 92% to 86%.
The lowest price paid was $900k for a foreclosure/REO in Kings Beach while the top price was $17.25m for the Pennington Estate in Hurricane Bay. There were 8 sales in the $2m range, 13 sales in the $3m’s, and 5 sales over $10m. In the previous 5 years combined there were 5 sales over $10m. See the newspaper article quoting my stats here.
I have assembled some interesting charts from MLS data below:
