Archive for October, 2015

Lake Tahoe Third Quarter 2015 Market Report

Tuesday, October 13th, 2015
Glenbrook, Nevada luxury condo

Glenbrook, NV Luxury Condo Sale

Lake Tahoe, Calif./Nevada, (Oct 12, 2015) – The Lake Tahoe, Truckee and surrounding area real estate market experienced the traditional third quarter uptick in sales volume in 2015, however, stats reveal a drop in overall home sales as compared to 2014. According to area real estate experts, this downturn translates to great opportunities for buyers in the higher end, luxury market.

Truckee-based agent Breck Overall, says the common obstacles for the Tahoe real estate market in 2015 have been limited inventory, challenged snowfall and recent stock market uncertainty. “The buyers haven’t gone away,” he says, “but many are sitting on the fence waiting for the ‘perfect’ opportunity, while others have their eye on El Niño or the NASDAQ.” In general, says Overall “The market feels quite emotional right now and we’re feeling the affects of these buyer uncertainties.” Conversely, he adds, “This lack of urgency has sellers feeling nervous and more motivated to negotiate with buyers.”

Ski resort communities like Squaw Valley and Northstar have been the hardest hit by this buyer uncertainty. According to Sierra Sotheby’s Broker Jeff Hamilton, “Higher end, newer homes never fully recovered from the 2007 crash and many of these homes are still undervalued.” This he says, points to some great opportunities for buyers in this market. “Traditionally, sellers are more motivated towards the end of summer which naturally works well for the winter buyer,” he adds.

Despite this dip in total market sales, we saw some third quarter bright spots. Sierra Sotheby’s International Realty reported their biggest quarter ever. “We anticipated a strong third quarter,” says Sierra Sotheby’s International Realty President Peter Strand, “but with concerns about weather and other external challenges our market has faced this year, the positive numbers exceeded our expectations.”

Other third quarter highlights include Truckee where Tahoe Donner single-family home sales showed an 11% gain with home prices inching up slightly. The data showed Truckee buyers also taking advantage of well priced homes in the luxury community of Lahontan which is up by 44%, whereas the total number of home sales in the neighboring community of Martis Camp were down 30% from this time last year (23 homes sold by end of third quarter 2014 vs. 16 in 2015).

On the Nevada side of Lake Tahoe, luxury lakefront home sales in Incline Village and Crystal Bay were off by 50% as compared to 2014. It’s worth noting however, that this market picked up significant steam in the last few weeks with Sierra Sotheby’s reporting four pending lakefront sales valued up to $12.5 Million. “Buyers and sellers tend to make decisions motivated by year-end financial planning,” says Incline Village-based agent Lexi Cerretti. “Many sellers are motivated to move before the onset of winter, and this can translate to great value for the savvy buyer.”

Nearby Southwest Reno communities showed a strong summer of vibrant activity with median price, average price and properties sold all showing positive growth. Average days on market reflect a higher tally than last year, which could be indicative of a slower moving fourth quarter.

“Country/acreage properties in the Old Southwest Suburban area of Reno that are priced well are selling within a matter of weeks, sometimes days,” says Reno-based agent Phil Reed. “The thirst for land and space in the South end of town is nearly insatiable. We’re expecting this trend to continue as people look ahead to the ‘Tesla effect’”.

The South Lake Tahoe non-lakefront, single-family home sales improved by 12% which translates to 499 homes sold so far in 2015 vs. 447 by this time last year. South Lake Tahoe lakefronts dipped from 8 sales in 2014 to 2 sales this year.

Tahoe’s Westshore lakefront home sales held steady with 8 reported lakefront closings in both 2014 and 2015.

With forecasters predicting an El Niño winter, serious buyers are expected to take advantage of undervalued properties and seller motivation before ski season kicks off and before interest rates climb. Factor in robust early fourth quarter pending sales and we’re looking ahead to a strong year-end finish for the Lake Tahoe, Truckee and surrounding area real estate market.

Sierra Sotheby’s International Realty compiles quarterly and year-end reports of micro-market statistics broken down by neighborhood to help buyers and sellers navigate all of the region’s distinctly different micro market trends.

View Lake Tahoe Third Quarter Market Reports for 2015

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

Glenbrook, Nevada Market Report

Tuesday, October 13th, 2015

 

Zephyr Cove, Nevada

Zephyr Cove, Nevada

Glenbrook pricing is up, but sales are down again, with only 7 properties sold through the third quarter of 2015 versus 11 sales through the third quarter of 2014 . The median sales price was up 44%, the average price was up 18% and the average days on market was down slightly over last year’s numbers. There are 2 pending sales including a town home on Short Road priced at $1,049,000 and a custom home on Glenbrook Road listed for $2,650,000. There haven’t been any lakefront sales within Glenbrook so far this year.

 

There are currently 16 properties on the Glenbrook market ranging in price from $1,100,000 to $11,950,000. The inventory includes 3 town homes priced between $1.1M and $1.995M, 1 remodeled cottage listed at 3.395M, 9 custom homes ranging in price from $1.775M to $11.9M, and 3 lakefront estates listed at $6.75M, $9.7M and $11.9M.  September has seen a increase  in showing activity and during the fall months we often see buyers who have been watching the market through the spring and summer decide to make offers.

View all Third Quarter Lake Tahoe Sales Reports online.

Incline Village Lakefront Update- Third Quarter 2015

Friday, October 9th, 2015

20120620-062035.jpgIncline Village Lakefront Report
click the link above to view the lakefront report

The Incline Village lakefront market has picked up steam in the past several weeks. With only 2 Lakefront homes sold in the first half of the year at prices below $3 Million, the recent string of 4 pending lakefront sales in September through October 8th, up to $12.5 Million, is newsworthy. 

73 Shoreline Circle went into contract September 25th after being on the market about 20 months. The home is relatively recent construction built in 2006 with just over 5,300 sq ft living space, log detail and grand living spaces, a pier and buoy with 100′ right on the Lake.  

Sierra Sotheby’s listing at 1680 Pine Cone Circle went under contract September 28th, listed at $5.895M. This home is relatively new, built in 2006 with 4,800 sq ft living space, very high end detail, filtered lake views, one home back from the Lake with HOA sandy beach, buoy, shared pier. The other Lakefront HOA home at 1535 Debra Lane that went into contract on September 2nd is several homes back from the Lake but access to the beach HOA is under contract listed at $4.95M. It is just over 4,000 sq ft built in 2001 with mountain details and a bright, Scandinavian influenced kitchen. The listing at 1709 Lakeshore just went into contract October 8th, priced at $3.298M just under 3,000 sq ft living space with direct lakefront access and boat buoy, right on Highway 28 heading from Lakeshore Blvd. towards the East Shore.  

There are 6 active listings priced $8M and under that are indirect lakefront with HOA beach, or flag lakefront lots with less than 30′ of lake frontage. Sierra Sotheby’s lakefront listing at 1605 Pine Cone Circle at $6.295M is a standout, just one home back from the Lake with filtered lake views, newer construction built in 2006 with over 4,800 sq ft living area, 5 guest suites, movie theater, game room and great room with indoor/outdoor entertaining space leading to the beautifully landscape yard. Our listing at 1580 Vivian Lane is a one-of-a-kind European Villa set two properties back from the Lake with filtered views, 6 bedroom and bathroom suites with an apartment, decorated with limestone and venetian plaster, 8 balconies and hydronic heat throughout. 

There are now only 2 direct lakefront homes on the market with more than 30′ of waterfront priced under $20M. 1169 Lakeshore priced at $11.9M Rodman built home with sandy beach and boulder cove and 1635 Pine Cone Circle priced at $10.45M with a shared pier and sandy HOA beach, pier and buoy.  

There are 2 lakefront estates for sale, “Lakeshore Castle” is medieval 1+acre estate priced at $26M. “Sierra Star” has great development potential, and the price was reduced to $22.9M. It’s on nearly 3 acres with sandy beach, full steel pier with 2 boat lifts- can be made to 3 lifts, buoys, 2 homes and a guest apartment over the 60 car garage and could be a community boat and car storage with gym, meeting facility. This would be a great opportunity to redevelop at close to the $20 asking price.

With only 9 active lakefront homes listed in Incline Village on the MLS, buyers should note that quality construction and lakefront location and amenities are sought after commodities in our tax-friendly Incline Village, Nevada market. As we move into the fall season, buyers and sellers tend to make decisions motivated by year-end financial planning. Many sellers are motivated to move ahead of winter, and this can translate to great value for the savvy buyer.

Incline Village Luxury Market Update

Friday, October 9th, 2015

536 Fairview OfficeListings and Sales over $2.5 Million through Third Quarter 2015- Non-lakefront

Incline Village Luxury Market Report
click link to view listings and sales report

 

The Incline Village luxury market over $2.5 Million has held steady this year, with an average of 5 sales per quarter in 2015. The majority of sales occurred in September, with 4 sales closing escrow in the month, and another 2 sales slated to close in October. Fall is typically the strongest season for closings, and this year may prove to follow suit, with quality construction and lake views being at the top of the list.

 

 

Incline Village Luxury Market Report

Year to Date Summary:

15 total sales

2 pending sales

23 active listings

There were 10 sales in the first half of this year, and another 5 sales in the 3rd quarter of 2015. Five of these sales were priced over $3 Million, with one additional sale at $12 Million for a 5 acre estate at 703 Champagne on the Eastern Slope. There are 2 sales pending currently in the $3M to $4M range.

Of the 23 active listings, nearly half of these are priced over $3 Million, where as only one third of the sales this year are priced in this range. The highest priced active listing in this category, non-lakefront, is $5.9 Million. This larger inventory in the above $3 Million market gives buyers an opportunity to select from a wide range of homes and locations. Nine of these listings are located down in lakeside neighborhoods, 14 of them are higher elevation homes.

The average listing price for this range is $698 per sq ft, and sales price for the 15 homes closed is $660 per sq ft. The average size of listings and sales in this range is 5,238 sq. ft. with 5 bedrooms, 5.5 baths and 3 car garage on .63 acres. All but 12 of the 38 listings and sales have lake views, and average age of the homes is 22 years mainly remodeled or newer construction.

Sotheby’s boasts 30% of all listings and sales at this price point, with an internationally renowned marketing program and global media partners. The average time on market for listings and sales at this price point is 328 days, so it is common for homes to be active for close to a year before they sell.

In summary, buyers in this $2.5 Million and above price range will find larger, remodeled or new construction homes over 5,000 sq ft with an average of 5 bedrooms and baths, 3 car garages larger lots over 1.2 acre, mainly lake views with some limited to mountains and trees, and a few with golf course views. 80% of these homes have either been remodeled or are less than 15 years old, and the homes in older condition are almost all priced below $3 Million.

At the current pace of sales with 5 per quarter, we project 20 sales of the current 38 listings, just over half of the inventory, will sell this year. Buyers should note that quality construction and lake views are sought after commodities in our tax-friendly Incline Village, Nevada market. As we move into the fall season, buyers and sellers tend to make decisions motivated by year-end financial planning. Many sellers are motivated to move ahead of winter, and this can translate to great value for the savvy buyer.

 

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