Incline Village and Crystal Bay, Lake Tahoe Luxury Market Update

August 22nd, 2017 by Tahoe Homes
Incline Village & Crystal Bay Market Report August, 2017
Summer continues to be strong for luxury home sales in Incline Village, Nevada. The luxury market over $2 Million is has made a strong comeback this year, with Buyers trending mainly towards Lakeshore area homes and select Mountainside properties. Lakefront sales jumped this year with 4 sales from $5 to $31 Million, and 3 other pending sales. Inventory in the Lakeshore area has dropped, with 11 additional homes pending sale, while well priced upper elevation homes are more readily available with commanding lake views.

Lakefront Market

Lakefront activity was very brisk this season, although inventory is extremely low. There are only two Incline Village lakefront listings including one “off-market” new construction lakefront home- contact Lexi for additional lakefront opportunitiesThere are five Crystal Bay lakefront listings including 3 homes priced from $10M to a lofty $75M for Crystal Pointe estate. There were four recent lakefront sales all represented by Sierra Sotheby’s agents on one side of each transaction, including 825 Lakeshore just sold for $5.67 Million, 1155 Lakeshore Lexi’s sale for $11.6 Million, Lake Tahoe Castle at 857 Lakeshore just sold for $17.75 Million, and the Wynn Estate at 1041 Lakeshore just sold for $31.1 Million. There are two Crystal Bay Lakefront homes pending sale currently at 526 Gonowabie priced at $7.3M and 490 Gonowabie priced at $6.5M and one lakefront condo at Crystal Bay Cove.

Lexi’s Featured Lake Tahoe Sales
1155 Lakeshore
1155 Lakeshore Boulevard
Lexi Buyer Side
121 Mayhew Circle
121 Mayhew Circle
Lexi Buyer Side
435 Fairview Boulevard
435 Fairview Boulevard
Lexi Listing Sold

Pending Sales

There are 13 sales pending sales over $2 Million currently, all but 2 of these are in the lakeside areas of Incline Village and Crystal Bay. The current market shift towards lakeside areas continues, below Tahoe Blvd. and Highway 28.

Sales to Date 2017
Sales over $2 Million have made a noticeable come back this year, with 24 properties sold to date in 2017 versus 16 properties sold for the same period in 2016. Half of the 2017 sales (12) were priced over $3 Million, whereas there were only 5 sales over $3 Million to date in 2016. The lakeside area of Incline Village is selling at the fastest pace, with over half of the sales in 2017 located by the Lake.

Active Listings

There are 18 active listings from $2 Million to $3 Million and 30 active listings over $3 Million currently.

Search all Incline Village and Lake Tahoe properties
There are many other “off-market” properties coming available. Inquire if you would like to know before they list!
Featured Lake Tahoe, Nevada Listings
550 & 560 Sierra Sunset
550 & 560 Sierra Sunset
1266 Tamarack Drive
 1266 Tamarack Drive
907 Tyner Way
569 Alden
536 Alden
 
 591 Pinto Ct.


591 Pinto Court
447 Lakeshore Boulevard
447 Lakeshore
 1003 Marlene Street

1003 Marlene Street
 
 1442 Berne Court

1442 Berne Court
 683 Tyner Way
 683 Tyner Way
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Featured Lake Tahoe, Nevada Foothills Listings
14785 Chartreuse
14785 Chartreuse Court, Reno
280 Five Creek Road
280 Five Creek Road, Gardnerville

Extraordinary Marketing

Marketing your home with SIR’s exclusive global media partnerships provides unsurpassed exposure for your listing. Lexi collaborates with top luxury agents to target buyers in the Bay Area, across the West and in top Metro markets worldwide, providing access to her Lake Tahoe listings and our extraordinary lifestyle.

March 8th, 2017 by Tahoe Homes
Incline Village Market Report February, 2017
February continued to be strong for luxury home and condo sales in Incline Village, Nevada.

15 condos are currently pending sale, ranging from $300K- $475K, with 11 condo sales in the past month from $300K- $800K. 31 condos are actively listed from $280K- $800K, and another 7 lakefront condos are active from $1.15M to $4M.

7 homes are currently pending sale from $1M- $2.5M, and another 4 homes are pending over $2.5M to $3.75M in addition to 857 Lakeshore Blvd. known as “Lake Tahoe Castle” pending at $23.9 Million. Of note, the highest priced upper elevation pending sale is $2.65M that went into escrow last fall as a lease option. The rise in pending sales is significant, considering only 3 homes sold over $2.5 Million in the first half of the year in 2016.

Lakefront buyer activity has picked up, although inventory is extremely low, with only two “off-market” new construction lakefront homes not listed on the MLS, and one listing in the $12M range for an older lakefront home on 1 acre. There will be a new listing coming onto the market at the $11 Million price point in the coming weeks.

Showings in February were hampered by all of the snow, despite more buyer inquiries and interest. With sunshine forecasted through the next two weeks, it will allow upper elevation homes to thaw out, and beautiful blue skies to enjoy skiing and outdoor activities!

See also 2016 Lake Tahoe Year End Reports

Sales and Pending Sales for February

Homes over $1 Million
11 pending sales from $1M and $4M
1 lakefront pending at $23.9M
1 home sale at $1.85 M
82 active listings

Homes under $1 Million
8 pending sales from $450K- $998K
4 home sales from $365K- $770K
23 active listings

Condos under $1 Million
15 pending sales from $299K- $918K
11 condo sales from $298- $758
31 active listings

7 lakefront condos over $1M

Incline Village Best Buys

Spring is a great time to buy property in Incline Village and we are having a strong 1st quarter for sales. With more buyers entering the market as we head towards summer, competition for homes is increasing so don’t wait!

Homes under $500,000
2 Total Listings

Homes $500,000- $1 Million
10 Total, 2 New Listings!

Homes $1 Million- $1.5 Million
16 Total, 4 New Listings!

Homes $1.5 Million- $2 Million
13 Total, 6 New Listings!

Homes $2 Million- $3 Million
17 Total Listings

Homes $3 Million- $4 Million
10 Total, 2 New Listing!

Homes $4 Million and up
10 Total, 2 New Listings!

Lakefront Homes
8 Total Listings

Condos under $500,000
11 Total, 5 New Listings!

Condos over $500,000
18 Total, 2 New Listings!

Lakefront Condos
5 Total, 1 New Listing!

Incline Village Market Report, January, 2017

February 7th, 2017 by Tahoe Homes
January is starting out strong for luxury home and condo sales in Incline Village. Only 3 homes sold over $2.5 Million in the first half of 2016, yet there are already 3 homes over $2.5 Million pending sale this first month of 2017, the highest priced at $3.745 Million. Showings have picked up in the first week of February with a brief break in the snowy weather, and we are seeing some early season buyer interest. Sierra Sotheby’s closed two sales over $5 Million in the last two months of 2016, including Lexi’s listing at 790 Fairview for $5.6 Million and a Lakefront listing at $9.5 Million. Look for continued interest in the luxury market into the new year!

Sales and Pending Sales for January

Homes over $1 Million
10 pending sales between $1M and $4M range, including 3 homes pending over $2.5M
3 sales in the low $1 Millions

Homes under $1 Million
7 pending sales and 8 sold

Condos under $1 Million
18 pending sales and 19 sold

Incline Village Best Buys

Winter is a great time to buy property in Incline Village and we are already seeing renewed interest in the market after the quiet Holiday period. The busiest months for sales are later summer into early fall, and many Sellers are motivated in pricing through the winter months. Serious buyers have negotiating power, and can look forward to settling in to a new home in time for spring skiing!

 591 Pinto Ct.

591 Pinto Court
 
 1442 Berne Court

1442 Berne Court
 
 645 Woodridge Cir

Extraordinary Marketing

Marketing your home with SIR’s exclusive global media partnerships provides unsurpassed exposure for your listing. Lexi collaborates with top luxury agents to target buyers in the Bay Area, across the West and in top Metro markets worldwide, providing access to her Lake Tahoe listings and our extraordinary lifestyle. Upcoming events include the SkiNE with over 200 luxury agents hosted by Sierra Sotheby’s International Realty at the Ritz Carlton, Northstar. Lexi is hosting a private networking event in conjunction with the SkiNE to showcase her listings with top Sotheby’s agents from the Western region.
Recent Testimonials
“She knows her stuff yet she is very easy to work with and very calm in her delivery which is important in negotiations. She handled a complex transaction for us and was instrumental in closing the deal.”
“We thought she took a balanced approach to the negotiation process. She does not rush you to make decisions and is empathetic, thoughtful and creative.”

Incline Village 2016 Real Estate Market Report

January 5th, 2017 by Tahoe Homes

Incline Village 2016 Home Sales- under $2 Million

The average price for homes under $1 Million jumped 10% in 2016, with a 13% increase in the number of sales. Most notable is the increase in the number of sales between $1 Million and $2 Million jumping nearly 31% in 2016.

188 Sales

Incline Village 2016 Home Sales- over $2 Million

Home sales $3 Million and above were nearly absent in our market until mid August, however, 11 sales in the past 4 months have brought us back nearly on par with 2015 with little change in median price. Lakefront home sales continue to be hampered by low inventory, with just two direct lakefront sales both in 2015 and in 2016.

22 Sales

Incline Village Sales over 2 Million (non-lakefront)
Jan thru Dec 2015 2016 % Change
Median Price $2,800,000 $2,797,500

-0.1%

Average Price $3,230,761 $3,060,750

-5.6%

Days on Mkt 153 264

42.0%

Average Sold $SF $660 $604

-9.3%

Properties Sold 23 20

-15.0%

Lakefront 2015 2016 % Change
Direct Lakefront 2 2

0.0%

HOA Lakefront 2 0  
       
Incline Village Sales under $2 Million  
Jan thru Dec 2015 2016 % Change
Median Price $802,500 $950,000

15.5%

Average Price $890,518 $991,302

10.2%

Days on Mkt 191 180

-6.1%

Average Sold $SF $354 $393

9.9%

Properties Sold 163 188

13.3%

       
- Up to August 2016, only 2 homes had sold over $3M
- After August, 9 homes sold over $3M, on par with the 12 sales over $3M in 2015
- Days on market for homes over $2M increased by 42% in 2016, over 100 days more
- 2 direct Lakefront sales in both 2015 and 2016, with 2 lakefront HOA’s sold in 2015
- 79 sales $1-$2M in 2016, compared to 54 sales from $1-$2M in 2015, a 31% increase

Third Quarter 2016 Lake Tahoe Sales

October 19th, 2016 by Tahoe Homes

Lake Tahoe Real Estate Market Report- Third Quarter 2016

North & West Shore
East Shore
Incline Village
Reno
Truckee
South Lake

 

The Lake Tahoe, Truckee and surrounding area real estate market closed out its third quarter on a high note despite the National Association of Realtors reported dip in the luxury real estate market.

The downturn has been most noticeable across the ultra high-end sector in certain markets such as New York, Miami, San Francisco and Aspen.

While high-end luxury homes prices are losing altitude around the country, Lake Tahoe and Truckee home prices have held steady and volume is up across most neighborhoods.

“Some markets are seeing a slowdown in the high end but some aren’t,” says Philip White, President and CEO of Sotheby’s International Realty, whose company cranked out $80 billion in U.S. sales volume in 2015. “It is sort of a mixed bag and obviously there is some slowing,” he said, cautioning that ultra-high end sales were a much smaller slice of overall real estate turnover in the U.S.

Eagle’s Nest on Lake Tahoe’s West Shore was sold privately off-market for nearly $16 million by Sierra Sotheby’s International Realty’s Craig Miller.

Tahoe’s lakefront market witnessed that “mixed bag” first hand. Incline Village, Lake Tahoe’s East Shore and South Lake Tahoe all saw third quarter gains in lakefront sales. While the North & West Shore lakefront market dipped by 78% with 2 recorded lakefronts sold on that end of the Lake as compared to 9 in 2015.

In Truckee, Martis Camp continues to defy gravity in the luxury market with 44 homes sold in third quarter as compared to 16 this time last year; a 175% increase in properties sold with a total dollar volume of $186,725,250. The highest recorded sale was $8,900,000 while the low end registered in at $1,795,000. Average days on market for Martis Camp was down from 255 to165.

As winter approaches, the slopeside markets saw the best third quarter pickup in years with a 143% jump in sales volume for single family homes at Squaw Valley, 142% increase at Northstar and a 33% jump on Donner Summit/ Sugar Bowl. With new homes under construction and significant proposed development, these will continue to be hot spots to watch in the coming year.

2515 North Summit located in Northstar’s Big Springs neighborhood, $3,750,000.

“The Tahoe Real Estate market performs quite differently than the national average and market trends can vary dramatically from neighborhood to neighborhood,” says Brit Crezee, Marketing Director at Sierra Sotheby’s International Realty. “We drill down the data in quarterly reports to help buyers and sellers understand what’s happening in each distinct community.”

“Generally speaking, we’re seeing very robust activity in mid to entry priced properties across of all the markets we serve. And while there has been an increase in transactions, price increases are moderate and less than expected,” says Peter Strand, President of Sierra Sotheby’s International Realty. “Traditionally, third quarter is very strong for Lake Tahoe home sales, and this August proved to be our best month on record for our brokerage.”

Citing new data from realtor.com, experts are predicting a stronger than average fourth quarter with claims that the market could bring the hottest fall in a decade.

Well priced homes with in move-in-ready condition are moving fast.

“Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low,” says realtor.com Chief Economist Jonathan Smoke.

“Lake Tahoe Realtors are reporting pent up buyer demand due to a scarcity of desirable homes for sale in the mid to lower end market space,” says Strand. “The lack of supply is curbing the efforts of many prospective buyers.”

For sellers who are on the fence, now may be a great time to list. “The properties that are moving continue to be in the best locations with the best updates and finishes. If sellers aren’t willing to commit to realistic pricing and reasonable staging/updating then we’re seeing more and more agents walk away from the listings,” says Andrew Greenwell, Broker of Venture Sotheby’s International Realty and star of Million Dollar Listing.

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