The number of non-lakefront single family homes sold in Incline Village for the first quarter of 2013 is up 40% from the year prior, with a 30% increase in average price. Number of condos sold jumped 60%, with a 6% increase in average price. Note that higher pricing tends to indicate that much of the lower priced units have sold out. Many homes priced down in the upper $300K’s to $400K’s have sold and starting price for the inventory right now is in the $500K’s.

Sierra Sotheby’s International Realty had the only lakefront home sale of the quarter. 869 Lakeshore Blvd. sold for $11,875,000, an Old World style 10,000 sq ft home on a .82 acre lot along the prime stretch of Lakeshore Blvd. Lexi Cerretti brought the Buyers and Jean Mercklebach represented the Sellers. No lakefront homes sold in the first quarter of 2012, so this sale marked the beginning of a significant start of lakeshore sales for 2013 as three others have now sold.

Tahoe’s East Shore saw number of home sales jump 45% over 1st quarter 2012, with a total of 5 lakefront sales with an average price of over $7 Million. The highest priced sale was $20.9 Million for one grand lakefront estate home.

Tahoe’s North Shore’s home sales were up 27% with an average price increase of 35%, and Truckee home sales were up 26% with an average price increase of 77%.

Topping the list, sales in southwest suburban area in Reno including Montreux, Galena, Arrowcreek and the foothills below Mount Rose jumped 106% with an average price increase of 38%. The highest price sale was $2,150,000 for a golf course home behind the gates of Montreux.

View all details for Micro Market Reports around Lake Tahoe, Truckee and Southwest Reno.

Quarter 1 2013

Just sold, full price $439,000 for this beautifully remodeled Forest Pines unit, adjacent to the pool and clubhouse, close to Lakeshore Blvd and Incline Village Beach on Tahoe’s beautiful, tax friendly North Shore.

Forest Pines #65

869 Lakeshore Boulevard recently sold for $11,850,000 with Sierra Sotheby’s International Realty Representing both Buyer and Seller.

This 10,000 sq foot Chateau style home set on .82 of an acre with 100′ of shoreline was built in 1997 by former owner of the Cal Neva Stateline Casino Chuck Bluth, it is one of Incline Village’s loveliest estates. Sold February 11, 2013. Jean Merklebach of SIR Zephyr Cove represented the Seller and Lexi Cerretti of SIR Incline Village represented the Buyer.

“I really scoured the lakefront market for my Buyers, even locating three Lakefront homes not on the market to show the buyers. This was the only home of this scale and quality available under $18 Million in Incline Village or Crystal Bay, Nevada.” explains Lexi Cerretti. “With only a limited amount of lakefront property on the Nevada side of Lake Tahoe, it is hard to find prime lots that are sandy beachfront or have deep water access with a pier.” This 10,000 sq. ft. home is on .82 of an acre, beautifully landscaped with a raised sandy beach and potential to build a shared pier with the neighbors.

This is the 4th lakefront home sale since the beginning of December in Incline Village and Crystal Bay. In comparison, there were only 5 lakefront home sales for the entire year in 2012 in this market. 4 Incline Village lakefront home sales since Dec. 1

In the past 10 years, there have been only 13 reported $10 Million+ home sales in Incline Village and Crystal Bay, NV (12 of them lakefronts). 3 of these sales have occurred in the past 2 months.

This promises to be a banner year for lakefront sales, as activity on the Nevada side of Lake Tahoe has jumped, with many California buyers seeking Nevada income and corporate tax refuge from Proposition 30 that was passed this past November. There were 5 lakefront sales in Incline Village in 2012, yet 3 of these occurred in December. In addition to the 4 lakefront sales since December, two more lakefront homes are pending in the Incline Village MLS:

Sold:
841 Lakeshore Blvd. is a 4,963 sq. foot home on a flag lot with 30′ of lakefront that sold for $3,950,000 on December 31, 2012.

1155 Vivian is a 1950′s cabin on a prime stretch of sandy beachfront with pier that sold for $10,500,000 on Dec. 28, 2012. It was not on the market, but the Buyer was a longtime lakefront property in the area who had sold to Larry Ellison in recent years and knew the area.

593 Lakeshore is an 8 acre lakefront estate with main home, guest home and conference facility, long sandy beach with 2 piers that sold for $25,500,000 on December 4, 2012 .

In Escrow:
30 Crystal Dr. is a 6,039 sq ft home on 1/2 acre with buoy and shared pier in escrow, list price $6,375,000. Went into escrow February 11.

1143 Lakeshore is a 4,177 sq ft home on .92 acres with boat buoy and 100′ sandy beachfront, list price $6,300,000. Went into escrow February 21.

See all Incline Village and Crystal Bay lakefront sales since 2010

See 21 current Lakefront listings in Incline Village and Crystal Bay

Overall, lakefront sales jumped 26% in number of units sold in 2012 around Lake Tahoe, and home sales in Incline Village were up 57%. Inventory is beginning to drop, and this year will mark a turnaround in the Tahoe real estate market.

Lexi’s featured lakefront listings:

32 Crystal Drive- 7,621 sq ft home on 1.12 acres of pristine Crystal Bay shoreline with shared pier, 2 boat lifts, boat buoy and sandy swim cove

447 Lakeshore Blvd- Incline Village/Crystal Bay lakefront lot with dramatic shoreline, deepwater access and 321′ lake frontage. 11,637 TRPA coverage on 1.19 acre lot

For in depth information on current Lakefront listings, and off-market lakefront properties for sale, contact Lexi Cerretti of Sierra Sotheby’s International Realty at (775) 833-1646 or email lexi@buytahoehomes.com.

2012 Lake Tahoe Market Reports

869 Lakeshore Boulevard, Incline Village, Nevada
This exquisite Lake Tahoe estate listed for $15.5 Million sold February 11 by Sierra Sotheby’s agents Lexi Cerretti of Incline Village and Jean Merkelbach of Zephyr Cove, representing the buyer and seller, respectively. This 10,000 square foot Chateau boasts .82 acres of landscaped grounds with a pond and 100′ of lakefront. Elegant details underscore this this classical home built in 1997, featuring marble and onyx baths and entry flooring, a double curved staircase in the foyer, and unique dome ceilings with gold leaf and up lighting. This landmark home on Lakeshore Boulevard marks the first lakefront home sale of 2013. With 3 of the 5 Incline lakefront sales of 2012 closing in December and another $6.3 Million Crystal Bay property in escrow, 2013 is gearing up to be a banner year for lakefront homes sale around Tahoe.