Archive for March, 2016

Incline Village and Crystal Bay, Nevada Luxury Market Update

Friday, March 18th, 2016

In all, the luxury market over $2 Million in Incline Village has remained steady for the past year. There have been three stand-out sales, one mountainside sale last May at $12 Million, and two lakefront sales this winter at $10.7 and $25.25 Million.  Of note, sales for the upper end of our Incline Village and Crystal Bay market occurred fairly evenly throughout this past year, with one or two sales in every month since the end of 2014. One reason for this may be new Nevada residents benefiting from tax status for purchasing around the beginning of the year. Inventory tends to rise in the spring and summer, dropping in the winter, so there are fewer homes available on the market in the winter month for buyers actively looking to purchase.

Luxury Home Sneak Preview

Incline Village Lake View Home- Sneak Preview

Mountainside Area $2 Million- $4 Million

The Mountainside Area of Incline Village includes all homes above Tahoe Blvd. in Incline Village, Nevada. Activity has been steady with 2 sales and 1 pending sale with 15 days left in the first quarter of 2016, compared to 2 total sales in the first quarter on 2016.

There have been just two sales in the Mountainside area over $2 Million year to date. 405 Tracy sold at asking price of $2,995,000 on February 12 after 7 months on the market. 733 Champagne Rd. also sold in February for $2,3000,000 with a list price of $2,395,000 after 8 months on market. There is one listing at 819 Ellen Ct. that is in escrow, list price $2,395,000. There are another 19 active listings currently on the market in this price range, and 16 homes in this price range that have sold since December 2014.

Average list price for these homes is $583 per sq. foot and sales price is $499 per sq. foot for an average 4,800 sq. foot home with 5 bedrooms, 4.5 baths and 3 car garage. The sales price per sq. foot ranges greatly from $358 per sq. foot up to $857 per sq. foot. Location, condition of the home, and lake views are important factors impacting pricing.

Custom Lakeshore Blvd. Home

606 Lakeshore Boulevard, Incline Village, NV

Lakeshore Area $2 Million- $4 Million

The Lakeside Area includes non-lakefront homes in Lakeview Subdivision, Millcreek, and Lakeshore Blvd. below Tahoe Blvd. in Incline Village. Activity has been steady with 1 sale and 1 pending sale with 15 days left in the first quarter of 2016, compared to 3 total sales in the first quarter on 2016.

There has been just one sale in the Lakeshore area over $2 Million year to date, excluding the lakefront Sierra Star estate that sold for $25.25 Million in January. 877 Ophir Peak sold for $2,250,000 in just over 7 months on the market, it was listed at $2,300,000. 1132 Lakeshore Blvd. is a new listing on Feb. 8 that is currently in escrow, list price $3,495,000.There are just 4 other active listings on the Lakeshore area market (non-lakefront), and 13 homes in this price range that have sold since December 2014.

Average list price for these homes is $726 per sq. foot and sales price is $694 per sq. foot for an average 4,333 sq. foot home with 4 bedrooms, 4.5 baths and 3 car garage. The sales price per sq. foot ranges greatly, from $477 per sq. foot up to $897 per sq. foot. Location, condition of the home, and views are important factors impacting pricing.

Incline Village Lakefront HOA home

1565 Vivian Lane, Incline Village, Nevada

Lakefront and Estate Sales over $4 Million

There have been 5 sales in Incline Village from $4 Million to $25 Million since December 2014, 2 of these were direct lakefront homes, including 73 Shoreline Circle which sold for $10.7 Million and 1131 Lakeshore “Sierra Star” estate comprised of 3 homes plus a 60 car garage with guest apartment on nearly 3 acres which sold for $25.25 Million in January. There were also 2 shared lakefront HOA properties at 1535 Debra that sold for $5 Million and 1680 Pine Cone Circle that sold for $5.79 Million. There was one, non-lakefront sale at 703 Champagne, a 16,000 sq. foot home on 5 acres that sold for $12 Million.

790 Fairview Blvd.

790 Fairview Blvd., Incline Village, Nevada

There are currently only 3 direct lakefront homes listed for sale currently in Incline Village, with pricing ranging from $10.45 Million to $23.9 Million. There is one shared lakefront HOA listing at 1580 Vivian Lane priced at $7.7 Million, and two other Mountainside homes at 790 Fairview Blvd. and 600 Tyner Way priced between $5 Million and $6 Million.

There is also one shared lakefront HOA listing at 1520 Vivian Lane for $3,645,000 currently, and there were 3 lakefront sales under $4 Million in 2015.

There is a larger inventory of lakefront homes for sale in Crystal Bay, Nevada, with pricing between $6 Million and $40 Million. Average pricing varies greatly, with the highest sales price at $2,000 per sq. ft. for a 5,300 sq. foot lakefront home built in 1994 with log detail and a pier. The two off-lake, HOA shared lakefront sales were in the $1,200 per sq. foot range for between 4,000- 4,800 sq. feet of living space.

Sierra Sotheby’s Hosts Squaw Valley Networking Event

Tuesday, March 1st, 2016

Squaw

 

Squaw Valley USA

Sierra Sotheby’s International Realty recently hosted the first annual Lake Tahoe Winter Social and Celebrity ProAm ski race at Squaw Valley California. The event brought together Sotheby’s International Realty agents from across the West Coast for networking, panel discussions and fun in the sun with Olympic legends Billy Kidd and Tamara McKinney, speed skier Jeff Hamilton and former US Ski teamer, April Mancuso Reynolds.Agents gathered for a sold-out conference at PlumpJack Squaw Valley where Sotheby’s International Realty’s Chief Marketing Officer, Wendy Purvey unveiled some of the brand’s exclusive 2016 marketing partnerships with media giants including New York TimesWall Street JournalDwellRobb ReportMansion GlobalApple News and new this year, Apple TV. “These relationships are unique to Sotheby’s International Realty and we’re proud that we can share measurable results from this high traffic exposure directly with our sellers,” says Sierra Sotheby’s International Realty’s President, Peter Strand.

Highlights of the day included panel discussions with some of the top producing realtors in the West including Lexi Cerretti of Sierra Sotheby’s International RealtyShane Herbert (number one in the state of Utah) from Summit Sotheby’s International Realty in Park City, Herman Chan from Bay Sotheby’s International RealtyMatt Blake from LIV Sotheby’s International Realty in Vail, CO, Cheryl Foote from Steamboat Sotheby’s International RealtyEric Iantorno from Pacific Sotheby’s International Realty in Del Mar, CA and Michael Dreyfus, broker/owner of Silicon Valley’s Dreyfus Sotheby’s International Realty.

On day two, the group hit the slopes of Squaw Valley California for the first annual Sierra Sotheby’s Celebrity ProAm ski race. Amateur skiers and snowboarders were treated to a light-hearted day on the hill where Olympic legend Billy Kidd offered tips and advice to first-time racers. “You are all going to be ready for the next Olympics when we’re done today,” jested Kidd. At the 1964 Winter Olympics at Innsbruck, Kidd and teammate Jimmie Heuga became the first American men to win Olympic medals in alpine skiing, winning silver and bronze in the slalom. Among numerous other titles, Kidd also brought home a World Cup victory at Squaw Valley in 1970; the last time a World Cup was hosted on that mountain.  Sierra Sotheby’s agent Tamara McKinney and Broker Jeff Hamilton, were among the cast of pros. After making the US Ski Team at age of 14, McKinney is recognized for winning four World Cup season titles, most notably the 1983 overall. She was the only American woman to hold that title until Lindsey Vonn captured it in 2008.  Olympic bronze medalist, Jeff Hamilton is recognized as the first person to ski 150 miles per hour and holds multiple world titles.

Awards were held at an exclusive ski-in/ ski-out residence located directly on the slopes of Squaw Valley with lunch catered by acclaimed chef Billy McCullough former chef and owner of Truckee’s Dragonfly restaurant.

Fastest time of the day went to former US Ski Team member, All American and Squaw Valley native April Mancuso Reynolds. Still a regular on the slopes of Squaw Valley, Reynolds now practices orthopedic medicine in Santa Clara, CA.

Shakespeare-Ranch-winter

Shakespeare Ranch

Throughout the three-day event, Sierra Sotheby’s International Realty hosted private tours of the some the area’s most exclusive lakefront and slopeside real estate offerings including historic Shakespeare Ranch in Glenbrook, NV and the 29-acre Poulsen Ranch in Squaw Valley. “Sotheby’s International Realty’s worldwide network and strong connection to Bay Area feeder markets is what truly sets us apart in the Lake Tahoe luxury real estate market,” said Peter Strand. “This event is an example of our proactive approach to connecting dedicated agents and their qualified buyers with our sophisticated sellers. Our clients both expect and deserve this level of commitment.”Sotheby’s International Realty affiliates came from as far as New Jersey, Sun ValleyBig Sky, and Seattle to explore Lake Tahoe’s luxury real estate market and experience the region’s world-renowned skiing, outdoor recreation and natural splendor.   “Plans are already in motion for next year’s Ski Social,” promises Strand.

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