Posts Tagged ‘incline village’
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.
Single Family Homes
Higher-end sales continue to fall, $500,000 and under price range stabilizing. Median home price stable at $306 per sq. ft.
The number of single family home sales in Incline Village took a tumble in 2011, down 17% from 2010. The hardest hit sector was the $1M to $2M price range, units sold was off 32% from 2010. The low end of the market fared much better, with homes sold between $250,000 and $500,000 nearly on par with 2010.
The median sales price of single family homes dropped 8% to $771,500 while the average sales price dropped significantly, off 14% to $1,238,514, reflecting the lack of high-end sales. There were only 3 lakefront sales in Incline Village and Crystal Bay in 2011, compared to 7 in 2010. However home sales with panoramic lake views jumped 75%, showing a preference among buyers for this feature, above all others.
Perhaps a better metric to look at is the median price per square foot, as the type and size of homes sold can sharply impact the sales prices. The median single family home price per square foot was only off 2% to $306 in 2011. This shows with the exception of the high end of the market, the mid-range is selling nearly on par in sq. ft. pricing as 2010. This is indicative of a flat market, where the high end has come down significantly in pricing, but pricing has stabilized in the low end of the market.
On a positive note, the number of short sales dropped 11% in 2011, and cumulative days on market (factoring homes that were relisted) dropped 40% to 233 days, although this listing period is still quite high compared to other regions.
The most popular neighborhoods for home sales in 2011 were Lake View Subdivision within walking distance of Lakeshore Blvd. and Burnt Cedar Beach, followed by Upper Tyner and Ponderosa with several lake view homes. This was a reversal from 2010, where the most homes were sold in Jennifer, the Championship Golf Course area, and Lower Tyner. Fifteen homes sold over $2M in 2011, the highest sales price was $9,050,000 for 935 Lakeshore Blvd., a prime beachfront estate with 11,551 sq. ft. living area.
PUDs (freestanding townhomes)
Under $1M sales dominated in 2011 fetching a lower sales prices, number of units sold stable while median price per square foot drops to $259.
The number of PUDs sold is on par with 2010, dropping only 3% (only 1 less unit sold). 2011 sales numbers were actually up in the under $1M range, but higher end sales over $1M far fewer than 2010. Relative to the drop in high end sales, median sales price dropped 42% in 2011, but median price per square foot was only off by 14% to $259. There were several in “The Glen” in 2010 in the $1- $2M price range that elevated sales #’s for 2010. Cumulative days on market dropped 10% to 328 in 2011 (still high), and shorts sales were up- 1 additional unit in 2011.
The most popular complexes in 2011 were Tyrolian Village/Tyrolia, followed by Incline Creek Estates and Country Club Villas. Only one sale closed for over $1 Million in 2011, a newer construction, four bedroom Incline Creek Estates unit by the creek sold for $1,121,001 in June.
$500,000- $1M condo sales jump with pricing up slightly, median price per square foot at $238.
The number of condos sold in 2011 in the $500,000 to $1M price range jumped 73% in 2011, where the number of sales both above and below this price range dropped. Average price was actually up 2% in 2011 with average price per square foot stabile at $272. There were 10 lakefront condo sales in 2011, up from 6 in 2010. The number of short sales dropped in half in 2011, and cumulative days on market was up 13% to 318 days.
The most popular complexes in 2011 were McCloud, followed by Bitterbrush, Third Creek and Forest Pines. Only four condos sold over $1M in 2011, the highest priced sale was $2,250,000 for a beautiful, three-story Crystal Bay Cove unit on the Lake that I represented the Seller for last January.
January, 2012 Market Update
305 active listings- 152 homes, 40 PUDs, 113 condos. 57 priced over $2 Million, 66 priced $1- $2 Million, and 182 priced under $1 Million.
39 listings in escrow currently- 21 homes, 4 PUDs, 14 condos. This includes 6 properties over $1M, one of which is a lakefront in Crystal Bay priced at $3.5M (nearly half of its original list price in 2007 of $6.25M)
19 sales for January, 2012- 9 homes, 2 PUDs, 8 condos. 3 priced over $1 Million, 9 priced $500K – $1 Million, 7 priced < $500,000.
Data from Incline Village, NV MLS, deemed reliable but not guaranteed.
IPO’s LinkedIn and Pandora “lockup” period is set to expire in the next two months, and we will likely see a resurgence of wealth in Silicon Valley, especially in the real estate market. Employees that owned shares prior to the companies going public are subject to a 180 day lockup period from the date of the IPO, prohibiting them from selling shared until the period expires.
LinkedIn’s market cap. is currently at $9 Billion and the current stock price is over $90 a share, double the $45 initial offering price. They employ over 1,500, and the expiry will free up approximately 50 million shares with another 44 million shares in the future. Pandora’s market cap. is over $2.4 Billion.
With social gaming leader Zynga and social giant Facebook likely to go public in 2012, we will see a new breed of millionaires emerging in the Bay Area home buying market. There are 215 companies waiting to go public- the longest list since 2001. Although the recent drop in the stock market and worries in Europe have delayed many IPO’s, the backlog will come to the table as market turbulence settles. Facebook will be the biggest IPO since Google went public in 2004, driving real estate sales in the South Bay and spilling over into desirable second home markets, like Lake Tahoe. 2006 marked the peak for home prices in Tahoe, and with prices off approximately 30% from their highs, luxury properties are relative “bargains” to buyers looking to own a piece of this pristine lakefront and skiing mecca.
This should come as welcome news to Tahoe sellers who saw a decrease of 4% in number of sales through the 3rd quarter of 2011, versus the same period in 2010. With some sellers pulling homes off the market in the winter, there will likely be a smaller inventory for buyers to choose from. This combined with an influx of cash into the hands of new buyers could give sellers the opportunity they’ve been waiting for this winter into 2012.
Larry Ellison’s real estate empire- he’s back on the hunt…
WSJ Oct. 21 The Nation’s Most Avid Trophy Home Buyer
Incline Village Ellison Estate Video
Ellison’s latest Lake Tahoe compound is well under construction in Incline Village, Nevada. Records show Mr. Ellison has spent $102 million in the last several years buying property, both on and off the market, to assemble three different parcels fronting the 191-square-mile lake. On his 7.6 acre assembled parcels in Incline Village, purchased over three years for a total of $58 million, Mr. Ellison is constructing a compound with more than 18,000 square feet of living space as well as a pond with an island, waterfalls and a tennis court with a pavilion, with 420′ lakefront, two piers and a private beach, according to plans submitted to Washoe County, Nev.
Bruce Olsen is the builder for the Incline Village project. The eight structures are architecturally pleasing and in keeping with mountain lodge style homes that are being built around the Lake.
According to the plans, the main house, three-bedroom beach house and “West House” are located on the side of the property closest to Lake Tahoe. The writer’s cottage and a clay tennis court and tennis pavilion—with a lounge, fireplace, fold-down bed and powder room—occupy the middle of the property. Closer to the street are another cottage and a caretaker’s cottage. A guard house is at the entrance.