Dollar Point is seeing the effects of coronavirus – in two opposite ways.
An escrow on Mammoth with a list price $935,000 fell apart due to coronavirus fear.
An off-market, record-setting price per foot sale successfully closed for $4,375,000 due to coronavirus fear. How is this possible?
My clients at 324 Edgecliff and I were fortunate to sell their incredible lakeview home for $4,375,000 on 3/24/20. Our escrow started in early January then continued through the outbreak of the coronavirus. The buyers, their agent, the sellers and I worked together (with some understandable hiccups along the way) to see this through to a successful close of escrow. This was the most challenging transaction I’ve ever been a part of and the difficulty wasn’t entirely due to the coronavirus and subsequent worst week on Wall Street in 90 years. Let’s just say that cool heads prevailed and now we have a very happy buyer-family, very happy sellers, and two happy agents. Good stuff.
So how did it sell amidst all that’s happening in the world and SF?
Tahoe is a getaway. It is a respite from busy life in more urban areas. When CA has natural disasters we see an overall drop in interest but a spike in the seriousness of already-attentive buyers. With the way coronavirus is playing out, I see this happening again and especially among the top 5% of our feeder markets. We can already see this from the seller side via my analysis of how sellers are reacting after their escrows fall apart due to coronavirus fears – the wealthier have more confidence in the market. See more detail on this page which I researched and wrote specifically to educate our buyers and sellers on what is happening in Tahoe-Truckee real estate since the statewide school closures on 3/13 and Governor Newsom’s Shelter in Place order on 3/19.
While showings are somewhat challenging, real estate has been ruled an essential service so showings are permitted – we just need to be smart in how we handle them. Again, please see this page for LOTS more info on the market since 3/13.
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.
Dollar Point has just 5 active listings on the market currently. Before the statewide school closures on 3/13 there were 8:
1 closed (324 Edgecliff, sold off-market).
1 fell apart (162 Mammoth, listed at $935k) then exited the market.
1 exited the market (185 Observation; note this is a realtors’ home and they removed it from the market). See all Dollar Point listings here.
Dollar Point had a huge year in 2018 – sales volume was 2.5 times greater than 2017.
2019 was a disappointment with the lowest volume seen in years. Days on market in the neighborhood is typically 1/3 of that for the surrounding area.
Quick Stats:
- 5 active MLS listings from $1.05m – 4.75$m, average $2.3m.
- 2 sales this year vs. 0 to this point last year.
- 0 active escrows
- 2019 Sold Volume was 1/3 that of 2018
For my Feb ’20 pre-coronavirus update on Dollar Point click here