Lakefront Update Midsummer 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.