A flurry of activity at the lakefront level is 8 – 10 properties in escrow and it usually happens in July or August during good-to-great years. Summers 2010 and 2011 saw this height of action once but 2012 has seen it twice. The first time was mid-summer but then it happened again this fall. There has been a steady flow of about 8 lakefront properties in escrow since October. What’s so interesting is that this year there were so many approachable lakefront prices – 9 sold in the $2m’s and 8 in the $3m’s (one fantastic Tahoe City lakefront with shared pier closed as a short sale for $2m). Within short price ranges, these are high unit numbers especially considering that the year before saw 7 and 4 respectively. The other interesting thing about 2012 has been activity at the highest levels. 2011 had top sale prices in the $6m’s (note: one of those properties was a new build at 8800 square-feet and an original list price of $12m). This year there have been sales of $8.5m, $10.5m (my company represented buyer; sale was off MLS), and $11m (again, my company had the buyer). Homes currently in escrow range from $3.4m to $20m and include one at $12m and another at $8m. In Incline Village, NV there is a lakefront property in escrow with a list price of $30m.
Sales volume in 2011 totaled $68m. 2012 has topped $100m and there is $49m currently in escrow. Year-to-date sales units are 29 this year vs. 19 last year. Average sale prices are $3.9m in 2012 and $3.4 in 2011. This year there has been one lakefront short sale and one foreclosure (one sale was verrry close to short sale but got bailed out in the 11th hour); last year there was just one short sale. Note that some of these sales were off MLS and were either done by my company or we know about them because of our deep network. I am happy to share information about the market with my clients so if you’re interested please get in touch.
View all current lakefront listings here
PS – the lakefront pictured below the property request form will likely be coming to market as a foreclosure under $1.5m with a rock crib (though shallow) pier. Call Alex for more info.
Potential Tahoe Vista Lakefront REO