Posts Tagged ‘Tahoe luxury homes’

Incline Village Market Report, January, 2017

Tuesday, February 7th, 2017
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!

Sales and Pending Sales for January

Homes over $1 Million
10 pending sales between $1M and $4M range, including 3 homes pending over $2.5M
3 sales in the low $1 Millions

Homes under $1 Million
7 pending sales and 8 sold

Condos under $1 Million
18 pending sales and 19 sold

Incline Village Best Buys

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!

 591 Pinto Ct.

591 Pinto Court
 
 1442 Berne Court

1442 Berne Court
 
 645 Woodridge Cir

Extraordinary Marketing

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.
Recent Testimonials
“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.”

Wine Cellars in Luxury Homes

Monday, December 29th, 2014

 

591 Pinto Court Wine Cellar

591 Pinto Court Wine Cellar

As toasts are made to ring in the New Year, celebrate a special occasion or just at a quiet intimate gathering, many will make that toast with a glass of bubbly or a fine vintage selected from their personal wine collections. Many affluent homeowners are also oenophiles, and there has been a growing trend for luxury homes to be equipped with “Wine Cellars”. In a private residence, a wine cellar may consist of something as simple as a wine cooling unit installed in a kitchen, to a designated underground storage space to elaborately designed wine rooms equipped with furnishings to accommodate wine tastings and diner parties.

The history of wine storage can be traced back thousands of years, to ancient civilizations in the middle-east and Europe. Archeological evidence suggests that people have been storing wine underground for over 8,000 years.  Evidence of old pottery jars buried beneath dirt floors have been unearthed in Iran, the ancient Romans stored their wines in catacombs beneath their cities and the French dug caves specifically to store their precious vino. These early methods for storing wine made use of conditions that were consistently cool, damp, dark and still. These were spaces that were purely functional.

For modern day collectors and connoisseur, whether their collecting for investment or hobby, wine storage has become a marriage of science, art and design. The wine cellar has been taken to new levels, and has emerged from subterranean spaces to become a showpiece incorporated into the active living and entertaining area of the home. Many new homes are being built with a “Wine Cellar or Wine Room” as a component of the overall design plan. These spaces are still sometimes placed in a subterranean area where they can utilize a passive mode of climate control, but more often, they are designed to be a showpiece and are strategically placed in visible and easily accessable areas of the home. These rooms are equipped with highly sophisticated climate and humidity control equipment.

Depending on the location within the home, the size of the bottle collection, cubic footage and the materials used, these contemporary wine rooms can cost as little as $10,000 to upwards of $200,000. The variation in cost can be reflected in many of the technical and aesthetic options incorporated into the design of the space. On the technical side, there are three major types of wine cellar cooling systems. These systems are designed to maintain the space at a constant temperature of approximately 55 degrees Fahrenheit with a humidity level of 80 to 100%. Storing wine property, whether in a small cabinet, closet or custom built wine cellar, proper climate control is essential for storing and ageing of fine wine. The first type, “through the wall” systems are an inexpensive and reliable option, operating much like the old room air conditioner units, and require sufficient ventilation space to another adjacent room or space. The second type, “split system” offer more flexibility in placement and reduced impact of heat, noise and ventilation requirements. The third type, the “self-contained system”, is a ducted system, which allows for having the mechanical unit placed away from the area thereby reducing the impact of noise and heat of the unit. The ducted type system is ideal for controlling conditions in larger cellars and rooms.

In today’s luxury home these custom spaces may vary from sleek and simple rooms with neatly placed racks to showcases rooms outfitted with stone and rare wood elements, art work, lighting and designer furnishings. But no matter how simple or sophisticated, they add value to the home, and have become a staple in the luxury home market. Our Best Wishes to all for Health and Happiness in 2015…Cheers!

Sierra Sotheby’s International Realty has offices in South Lake Tahoe, Zephyr Cove, Incline Village, Squaw Valley, Truckee, Tahoe Donner and Tahoe City. The firm is part of Majestic Realty, serving Denver, Boulder, Breckenridge and Vail Valley, Colorado, and Park City, Deer Valley, and Salt Lake City, Utah. The combined firm has 400 broker & support staff associates, and in 2013 closed over 4,000 transactions valued at nearly $3 Billion. Lexi Cerretti  and Claudia Thompson specialize in luxury real estate sales. For more information on properties on the Nevada side of Lake Tahoe, contact Lexi Cerretti or visit Buytahoehomes.com.

Incline Village Luxury Home Sales

Tuesday, April 8th, 2014

 

590 Pinto Court, Incline Village, Nevada

The upward trend in luxury real estate market sales has continued into the first quarter of 2014 for the Incline Village and Crystal Bay market. There were fewer sales this quarter of 2014 with 68 total homes, PUD’s and condos sold compared to 90 for the first quarter of 2013. However, the total sales over $1 million jumped 24%, as a total of 26 of the 68 units sold were priced over $1 million in 2014.

The median sales price for condos was up 15% from $338,000 to $389,000 for the first quarter of 2014. The number of condo sales dropped 27% this quarter to 27, but sales over $1 million jumped 200% to 6 and lakefront condo sales were up 50%. The highest priced condo sold for 2014 was a 6,400 sq ft freestanding Stillwater Cove lakefront unit with a sales price of $6,725,000. The highest priced condo sold for the first quarter of 2013 was a 2,710 sq ft Crystal Shores Tower lakefront unit that sold for $2,175,000.

PUD’s, or freestanding townhomes, were the only property type that saw a decline in median price from $795,755 to $612,500, yet the numbers reflect such a small data set, only 6 PUD’s sold in the first quarter of 2013 and only 8 sold in the same period for 2014.  The highest priced PUD sale for 2014 was a 4,414 sq ft unit at The Glen that sold for $2,025,000, and highest priced sale for the first quarter of 2013 was a 4,456 sq ft unit at The Glen with a sales price of $1,770,000. There are no lakefront PUD’s in Incline Village or Crystal Bay, Nevada.

The median sales price for single family homes was up 16% from $990,000 to $1,145,000 for the first quarter of 2014. The number of home sales dropped 30% this quarter to 33 and sales over $1 million also decreased 17%. Lakefront homes sales, however,  were up 200% (from 1 last year to 3 so far this year). The highest priced sale so far in 2014 was for a 6,203 sq ft lakefront home at 881 Lakeshore that sold for $13 million, only on the market for 26 days. It has a steel pier and covered boat lift in a desirable location. The highest priced sale for 2013 for the same period was 869 Lakeshore Boulevard, a 10,000 sq ft home that sold for $11,875,000, a formal, European architectural style home.

The proportion of units sold over $1 million is telling in the trend for luxury sales, as 58% (19 of 33) homes sold this quarter were over $1 million. Five of these were over $2 million, and 2 of these sales were over $10 million. As financial markets have steadily improved, and neighboring tech industries in California flourish, buyers are transferring wealth into real estate and second home sales and some are transitioning to primary residence in Nevada for tax purposes.

Sierra Sotheby’s International Realty has offices in South Lake Tahoe, Zephyr Cove, Incline Village and Squaw Valley. The firm is part of Majestic Realty, serving Denver, Boulder, Breckenridge and Vail Valley, Colorado, and Park City, Deer Valley, and Salt Lake City, Utah. The combined firm has 400 broker & support staff associates, and in 2013 closed over 4,000 transactions valued at nearly $3 Billion. Lexi Cerretti specializes in luxury real estate sales. For more information on properties on the Nevada side of Lake Tahoe, contact Lexi Cerretti or visit Buytahoehomes.com.

Lifestyle Features that Sell Tahoe Homes

Wednesday, February 12th, 2014

The Lake Tahoe real estate market is most often described as a vacation home or resort market. Just a few hour’s drive from the San Francisco Bay Area and direct flight from most Western states, it is easy for buyers to look to Lake Tahoe for a weekend home and a place to vacation. Recently, more buyers are transitioning to Lake Tahoe region as permanent residents. Many buyers are looking to the Nevada side of Lake Tahoe for favorable taxes, but the draw is further reaching than that. One of the most common reasons buyers state for moving to Lake Tahoe is the lifestyle afforded here.

Many buyers grew up vacationing in Tahoe and move here with their families to share those experiences with their children. Many empty nesters and retirees look to Lake Tahoe once their ties to work and school disappear, and their families come visit for Holidays and vacations. Other professionals who travel extensively choose Tahoe as their home base, many to take advantage of the tax environment and easy access to airports. What all of these different buyers share in common is their love for Tahoe, the culture and the recreational opportunities.

Sotheby’s International Realty has developed lifestyle searches which have proven to be very popular, as properties are categorized by waterfront, ski, golf, farm & ranch, historic, vineyard, metropolitan and eco-friendly features. The Lake Tahoe region is extraordinary in that its communities boast three of these top lifestyle features . In an effort to understand what buyers are looking for in Incline Village and Crystal Bay, listings and sales data was reviewed by category type.

In reviewing Incline Village and Crystal Bay single family homes actively listed and sales in the past 6 months (since the beginning of August 2013), 206 properties were evaluated. These were grouped into lakefront homes, lake view homes (high and low elevation), lakeside homes (from Tahoe Boulevard to the beaches), golf course homes and mountain or wooded view homes. There were only a few homes listed as ski view, as most of the properties by Diamond Peak Ski Area are condos and PUD’s and don’t compare relatively to data for homes. Ski homes in Incline Village and Crystal Bay are a relative term, as residents might ski at any number of mountains around the Lake.

The difference in pricing is well defined. As you would expect, lakefront homes garnered the highest average sales price at $10,135,714 at $2,536 per square foot and over 1 acre lot size. Lake view homes, both high and low elevation, were the second highest priced category, with an average sales price of $1,505,055 or $511 per square foot on 3/4 acre lots. Next, lakeside homes between Tahoe Boulevard and the beaches averaged $1,211,500 or $487 per square foot on 1/2 acre lots. Golf course homes, either fronting the course or with golf views, averaged $968,125 or $462 per square foot on 1/2 acre lots. Homes with only wooded or some mountain views averaged $779,129 or $355 per square foot on .38 acre lots.

The breakdown shows that lakefront homes command over four times as much as lake view homes do, on a price per square foot basis. Lake view homes sold for about $55 per square foot more than lakeside neighborhood homes on larger lots, followed by golf course homes and then homes with wooded or mountain views. There is a good supply of lake view homes available with 26 on the market priced between $600,000 and $6.5 million, and another 9 on the golf courses priced between $730,000 and $2.75 million.

One notable change is the drop in supply for lakeside homes, with only 6 left within walking distance to the beaches priced between $650,000 and $4 million, with another 6 under contract. The lakefront supply has dropped, but there are still a wide range of choices and pricing between $3.75 million and $39.75 million with 14 homes on the market.

As inventory begins to climb again this spring, buyers will have more selection. However, the trend for declining inventory year over year means there will likely be more competition between buyers, and well priced homes with desirable amenities will continue to sell and a quicker pace.

Data from Incline Village MLS, deemed reliable but not guaranteed.

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Incline Village and Crystal Bay 2013 Lakefront Sales Report, Lake Tahoe

Sunday, January 19th, 2014

Ellison Incline Village EstateLakefront properties in Incline Village and Crystal Bay sold at a fast pace, with 14 lakefront homes and 14 lakefront condos sold in 2013. In addition, 1 lakefront lot with pier also sold in October. In comparison, there were only 5 lakefront homes and 5 condo sales for the entire year in 2012, and three of those closed in December marking the beginning of this recent buying spree. Lakefront home and condo sales are up 180% from 2013. 

There are 21 total active lakefront listings, including 14 homes and 7 condos. The lakefront condos are priced between $622,000 for a one bedroom at Crystal Shore Towers, and $1,450,000 for a 3 bedroom at Stillwater Cove. Lowest price for a true lakefront is $4 Million for a 5 bedroom Crystal Bay Lakefront home on Gonowabie. The highest priced lakefront home is also on Gonowabie, a steel and glass home priced at $39.75 Million. The MLS includes off lake properties with lakefront HOA amenities, and one cabin on Pine Cone Circle is available for $2.795 Million with HOA beach and pier access. 

There are 2 pending lakefront sales, including 565 Lakeshore Boulevard , an 8,900 sq ft home on 3.55 acres with 2 lots and potential for 4 structures listed at $14,250,000 and a Stillwater Cove freestanding condo, developed from 2 combined units with 4 bedrooms on three levels and access to tennis, gym and the lakefront marina, beach, pool and restaurant priced at $7,500,000. 

The 14 lakefront homes sold in 2013 include two off-lake properties with access to private lakefront HOA’s- a new home at 1570 Vivian that sold for $4,350,000 in June and 99 Shoreline Circle, an older raised-ranch style home with lake views over Burnt Cedar Beach that sold for $1.7 Million in May. Twelve direct lakefront homes have sold, including 458 Gonowabie sold for $3.8 Million in August, 843 Lakeshore sold to my buyer in July for $5.325 Million, 30 Crystal Drive sold for $5.5 Million in May, 1143 Lakeshore sold for $5.95 Million in April, my listing at 28 Crystal Drive sold for $6,250,000 in July, 1665 Pine Cone Circle sold for $7.4 Million in October, my listing at 32 Crystal Drive with 7,000+/- sq. ft. home, pier and 185′ lake frontage on Crystal Bay sold for $7,750,000 in October, 1655 Pine Cone Circle sold for $8,500,000 in August, 587 Lakeshore at $9,250,000 sold in only 26 days in April, 869 Lakeshore sold to my buyer for $11.875 Million in February, 857 Lakeshore Blvd. known as “Incline Castle” sold for $15.5 Million in June, and 915 Lakeshore, a 9,000+ sq. ft. new construction home with pier closed in September for $19,975,000. A 3/4 acre lakefront lot with pier at 1675 Pine Cone Circle also sold for $8.5 Million in October, part of the former Sierra Star Estate. 

The 14 lakefront condos sold include Stillwater Cove #28 for $880,000, Crystal Shores Towers #1B for $940K, Stillwater Cove #12 for $950K, 999 Lakeshore #49 for $1.1M, Stillwater Cove #1 for $1.2M, Crystal Shores East #9 for $1.219M, Lakeshore Terrace #6 for $1.299M, Crystal Bay Cove #2 for $1.3M, Stillwater Cove #11 for $1.675M, Crystal Shores East #18 for $1.95M and Crystal Shore Towers #5 for $2.495M. 

Overall for Incline Village and Crystal Bay non-lakefront properties, home prices increased by 18% with units sold up 31% in 2013. Condo prices averaged 26% higher with units sold up 18%. Activity has increased around the Lake, and Nevada sales are being spurred by California buyers seeking Nevada income and corporate tax benefits. Sales data through the third quarter of 2013 shows over half of all buyers in the $2 Million and up luxury market were home buyers from California. Inventory has decreased, but there is still a healthy supply of properties for sale in all price ranges.

For more information on Lakefront properties on the Nevada side of Lake Tahoe, including many off-market lakefront homes not listed but that are available, contact Lexi and Claudia.

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