Lakefront Foreclosure Sells for $500k over asking

The Tahoe City lakefront foreclosure which went on the market in March finally closed escrow today. See all lakefront sales on my custom lakefront sales maps. The selling price was $1.601m and the list price was $1.1m. From what I gathered at the time, there were about 11 offers submitted within the bank deadline of about 5 days after hitting the market. Interestingly the winning bid wasn’t cash. This probably explains the lag in closing escrow. Most of us expected it to close sometime around the estimated closing date of 3/30 but obviously things dragged on a bit. At this price it’s still a good deal. The setting was great – sited high on a bluff with additional views to the east and Dollar Point this was a nice piece of property.

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