Tahoe Luxury Property Update

It took a grand total of 17 days but the Chinquapin lakefront foreclosure / REO went into escrow today (list $1.11m). It was priced well below competitive lakefront listings in the complex. In the Tahoe Basin alone, there are 8 luxury properties in escrow. The lowest-priced one barely makes the cut on price (normally luxury pricing starts around $850k) but it’s a very nice property offered for $799,000. The highest priced contingent property is a lakefront in Tahoma which is on for $3.9m. The lakefront foreclosure in Tahoe City / Lake Forest is still in escrow although it was supposed to close over a week ago – this is the one that had multiple offers within hours of hitting the market at a paltry $1.1m. A TC lakefront short sale has been on the market for a long time but it’s still holding an escrow together; list price $2.9m.

Days on Market: Not counting the lakefront short sale, average days on market for these 8 homes is 90. This isn’t too bad considering the time of year. It means that buyer confidence is climbing. As we approach summer, the numbers of listings and active buyers will increase. It’s hard to compare contingent homes’ days on market to non-contingent homes. This is because there are 19 active Tahoe luxury properties with over a year on market. Not counting them (!), the average is 181 days.

The market in the Bay is heating up – towns like Lafayette can’t keep listings on the market for very long at all. Not as related to Tahoe, but Phoenix, AZ is very hot right now. Big signs like these bode well for our market and this summer should be a busy one. Underground Note: Keep an eye out for up to 2 very considerable lakefront listings way down the West Shore…

Click here to view all Tahoe luxury properties in escrow



Click here to view all nine 2012 Tahoe MLS sales over $799

(Note: 2 lakefronts sales not included; Ask Alex for details)

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