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!
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!
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!
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!
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.
“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.”
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.
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.
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.
Activity continues to increase over $2.5 Million, with 5 new pending sales including two new contracts- a lakefront home priced at $9.9 Million and an estate property priced over $5 Million. We are seeing a strong start to the fall selling season for the luxury market this year. There have been 7 non-lakefront residential sales over $2.5 Million to date in 2016, none over $3.95 Million yet but the lakefront home and estate home in escrow will be in the $5 Million and $9 Million range. There were 20 residential sales over $2.5 Million for all of 2015, in comparison.
The lakefront listing at 1635 Pine Cone Circle $9.99 Million and Estate at 828 Tyner Way $5.65 Million both went into escrow this past weekend, continuing our recent run of luxury property sales. 150 Pine Cone $3.45 Million (sold last fall $3.05 Million), 1106 Tiller $3.745 Million and 928 Lakeshore $3.495 Million (on the market only a few days) are the 3 additional pending sales in Incline Village over $2.5 Million. This has accompanied an increase in showing activity in the upper end of our market in the past several weeks. 5 Pending Sales over $2.5 Million
There have been 7 sales year to date over $2.5 Million off the Lake. 600 Tyner Way just sold for $3.95 Million, newer construction upper elevation home built in 2009 with lake views over 6,000 SF. 545 Ponderosa was listed for less than a week before going into contract and selling at $3.95 Million, Ira Rodman construction with lake views, lower elevation. 996 Wedge Ct. also just sold for $2.6 Million off the Championship Golf Course. 948 Lakeshore View Ct. recently sold for $3.5 Million, well below list price of $4.2 Million- see the virtual tour. Both 62 Shoreline Circle $3.2 Million and 1132 Lakeshore $3.35 Million sold this spring in the Lakeshore area. The only other upper elevation sale so far this year was 405 Tracy Ct that sold for $2.995 Million. 7 Sales over $2.5 Million
A total of 5 new listings have come onto the market on Lakeshore Boulevard in the past two weeks, offering great opportunities in our prime selling season. 916 Lakeshore just came onto the market this past weekend priced at $4.25M and 1100 Lakeshore was just listed priced at $4.25M, 932 Lakeshore Blvd was listed at $3.795 Million, and 928 Lakeshore Blvd at $3.495 Million (now under contract), all remodeled and in prime locations in proximity to the beach, Hyatt pier, restaurants and shopping. 830 Lakeshore Blvd. was also listed at $2.65 Million, a smaller home at just 3,088 sq ft. and 606 Lakeshore Blvd has been on the market for a year now at $3.098 Million for this 3,930 sq ft. home.
There are 19 active listings in the Lakeshore, Lakeview Subdivision and Millcreek areas, adjacent to the Lake priced over $2.5 Million, including 3 lakefront properties all priced over $10 Million.
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated. Sierra Sotheby's International Realty is a licensed brokerage in the Lake Tahoe region both in California and Nevada.