Archives for July 2020

Everything is selling and there is an extreme low number of lakefront homes for sale.

My listing at 20 Crystal Drive, $24,850,000 is in escrow.

I valued a lakefront a few years ago for $4.5m and it just sold in hours for $6.5m.

This is a market like none we’ve ever seen before.

In a nutshell, we’ve had a ton of buyers standing at the gates waiting to be let into the marketplace. Some crashed the gate as soon as our Counties entered Phase III for conoravirus, the market got very, very busy with buyer activity at all levels. Tahoe-Truckee is absolutely flooded with visitors and buyers.

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

• 5 active lakefront listings from $3.9m to $32m.
• Half of recent offereings were offered last summer – ouch.
• 3 lakefronts in escrow now, $3.2m – $6.5m, average list price $4.4m.
• 2019 sales were down 50% from 2018. 2018 volume was nearly double 2017. See chart below.

At one point half the 2020 active lakefront inventory had been offered in 2019 – it was stale and had been picked over. But then all of these sold since buyers had no other options. Inventory ahs not built back up yet. We need more lakefronts to sell!

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 – in escrow!

Main Website: 20CrystalDriveTahoe.com

20 Crystal Flipbook

24 Crystal Drive, $22,950,000

Main Website: 24CrystalDriveTahoe.com

2222 Silver Fox. $5,400,000

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.

Kingswood is starting to feel the hot spotlight of this crazy market. A home on Whitehall just received 5+ offers in a few hours on market and is in escrow for almost 10% over asking price of $899,000.

There are only 2 listings in all of Kingswood and Kingswood West. That is crazy low. There are currently 4 escrows. Even with the big break in the spring with no sales, we are at the same level as last year of sales. Any new listings will get gobbled up quickly since we have almost nothing to sell these anxious buyers.

See my May 2020 Kingswood Update here

Dollar Point is absolutely hot with almost nothing for sale. A typical mid-summer listing count would see 15-24 DP properties for sale. Currently there are just 5 active listings and 12 are in escrow.

A couple current escrows perfectly illustrate how nuts the DP market is – reach out to Alex for particulars.

I was able to help a seller achieve a record setting sale on Edgecliff Way this year for $4.375m.

We are seeing multiple offers on most properties and even at the highest levels. We are seeing non-contingent offers and competitive bidding on homes that are handled properly.

What does this mean?

It’s easy to get a high valuation of your property. But handling the process is where there are vast differences in real estate agents. The listing process needs to be done carefully, strategically, and experience matters. If you do it right, you will get non-contingent, high price, quick close offers. If you need more time in your Tahoe-Truckee home, we can work that, as well. Call me to discuss how I help buyers and sellers navigate the wild ride that is Tahoe-Truckee real estate in Summer 2020!

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.