Action in Tahoe’s lakefront marketplace is heating up. “As the lakewater temperature increases so does the pace of sales at our highest levels,” says Alex West, luxury realtor with Tahoe Real Estate Group. Four lakefront properties went into escrow in the last 3 weeks. There are currently 5 lakefront properties in escrow with list prices ranging from $897k for a “split-lakefront” fixer to $9.45m for a 2.3-acre Meeks Bay estate (click here to view listings in escrow). The Meeks Bay estate had only been on MLS for 5 days before going into contract.
In the Tahoe Sierra MLS region (West and North Shores of Tahoe, not including Incline Village) thus far in 2013 there have been 9 sales consummated (click here to view Sold Properties) with the lowest price a foreclosure in Tahoe Vista which received more than 7 offers and closed at $1.52m or 22% over its list price. The highest price paid in the Tahoe Sierra MLS in 2013 is $4.9m for a large two-parcel fixer located just outside Tahoe City.
Alex represented a buyer of one of these lakefront properties in May. “I’m always working along the lakeshore and it’s nice to see my clients’ boats on their moorings and cars in the driveways. With all the heat this summer my buyers have decided to come up more than ever. Tahoe feels especially vibrant and healthy sales surely contribute to my perception,” says West.
Tahoe is poised for even more high-end sales as the tech boom in Northern California continues and the economy of Northern California improves. A healthy pace was set in 2012 with record breaking year-end numbers and incredible sales volume in December as wealthy families executed estate planning maneuvers before then-unknown tax changes loomed. Although most high-end buyers can afford to purchase with cash some are opting for extremely attractive loans usually for about half the purchase price.
For more information on Tahoe lakefront and luxury real estate, contact Alex West directly at 530.214.6100.
Click here to view Alex’s custom Lakefront Sales Map