Real Estate Blog

When is Price not Price?

Homebuyers searching in Tahoe this spring are facing the frustrating reality that price is not price.  On the contrary, the asking price of a home in today’s hot market is more like a starting point.

Once buyers get through the front door and have fallen in love with what they see, they often find themselves in competition with others who are swooning over the same property. In some cases, many others.

Tahoe Donner Real Estate

One 3-bedroom cabin in Tahoe Donner got 18 offers the first week it was on the market, and closed for cash at more than $100,000 over asking (plus a generous sum for the used furniture). It backed to open space, but it did not have a garage. And like many sales this year, it was priced more than $100,000 below where it

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Lahontan, the Granddaddy of Truckee's gated communities, has become so popular that the Club has decided to shut the door for now on new social memberships. Amid an uptick in sales and Covid capacity restrictions, Club GM Jeff Cobain said the decision to issue a moratorium on social memberships was made "in the best interest of the Club and its members." (scroll below for June 15 update)

Home sales reached an all-time high last year in Lahontan, with almost $100 million in sales and a median sales price of more than $2.8 million (a number that hasn't been seen in Lahontan since 2005, when the community was a novelty of gated living in Truckee.)  In total, 35 homes changed hands last year. And land sales soared, with 58 lots sold for a total volume

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Tahoe Donner Morning

High Demand for Tahoe Donner Homes Priced Over $1Million

Luxury home sales in Tahoe Donner tripled last year from what they had been just 15 years before.  Homes priced over $1 million -- long the minority in this community above Truckee -- sold at a faster pace in 2020, and for higher prices -- than ever before in the history of this resort destination.

More than a quarter of the homes that sold in Tahoe Donner last year closed for more than $1 million. That includes some homes, like this Pinnacle Loop chalet, that pushed into the luxury zone, despite being priced well below $1 million:

 

 

 

 

 

 

New home sales accounted for less than 10 percent of overall sales, but with just three exceptions, all sold for north of $1

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2020: A Banner Year for Tahoe Real Estate

Almost $3 billion worth of real estate changed hands in Tahoe/Truckee & Incline/Crystal Bay last year. For single-family homes, that’s a whopping 87 increase in volume over 2019 – a staggering jump that no one has seen in recent memory, and more than double the gains we saw in 2012, when bargain buying fueled a recovering market.

But there were almost no bargains to be found last year.  Homes that were priced right and showed well received multiple offers and often sold for well over asking. 

A Year for Luxury

The highest demand was for homes priced under $1 million, but luxury sales also soared in 2020. Close to half (45 percent) of the homes that sold in North Tahoe and Truckee last year closed for

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Covid Fuels Luxury Lakefront Home Sales at Tahoe

Donner Lake Home

Waterfront home sales at Lake Tahoe tripled this summer over what they had been the year before.

More than a quarter billion worth of lakefront property changed hands this summer, including some record-breaking estate sales on the turquoise waters of Lake Tahoe’s East Shore.

Fueled by a strong buyer penchant for clean air and open space, Tahoe/Truckee sales were up across the board, but the surge in lakefront sales offers a curious statement about the preferences of today’s wealthy buyers. If open space is the new luxury, then Lake Tahoe, the largest alpine lake in North America, represents the pinnacle of luxury living in a post-COVID landscape.

Donner Lake Sets New Sales Records

Big

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Buyers Flocking to Tahoe for Open Space and Clean Air

Zephyr Cove

The coronavirus pandemic has flooded the Tahoe real estate market with an unprecedented number of buyers seeking an escape from urban lifestyles that have shrunk in the wake of COVID-19.

Home sales in Tahoe/Truckee this June are almost double what they had been the year before. And some popular neighborhoods like Tahoe Donner have seen the volume of home sales more than double over last year.

With many urban professionals working successfully from home, and public spaces shuttered throughout many of California’s cities, open space has become the new luxury.

In Tahoe/Truckee we are seeing this not only in the rising number of luxury cash sales, but also in the cutthroat market for homes

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Strong Lake Tahoe Real Estate Market Favors Sellers

Overnight, it seems, Tahoe has become a seller’s market. Low inventory around the Lake, fueled by an increasing urban desire to escape from the confines of city life, has driven home prices around Lake Tahoe to a new 12-month high.

Glenbrook Home for Sale

The median sales price for a single-family home around Tahoe rose to almost $853k, more than $100k over last May, when the beaches and hotels were open and we all took dining out for granted.

 

Incline Village Home Values on the Rise 

In Incline, the median sales price rose 6.5 percent in May over this time last year.  That's almost a whopping 50 percent increase over pricing in April, when the market was still on wobbly post-Covid knees.

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Lake Tahoe's North & West Shore poised for solid April Real Estate Sales

On the California side of the Lake, the pace of sales was stronger in the 1st quarter of 2020 than it had been in 2019, and the median sales price of a single family home on the North & West Shore rose 4 percent to $670,000. 

Overall sales volume was down 25 percent over the same period in 2019. But those numbers were heavily slanted by one whopper of a sale – Mark Zuckerberg’s $37 million purchase of the Brushwood Estate (pictured below) in January of 2019, which accounted for two-thirds of last year's 1st Quarter sales volume.

By the first week of April, we had 18 homes under contract at the Lake, a few of which had accepted offers after the state shutdowns. 

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What Buyers and Sellers Need to Know about Coronavirus and the Tahoe Donner Real Estate Market

Coronavirus fears aside, the pace of real estate sales in Tahoe Donner was slightly better for the first three months of 2020 than it had been in 2019. Total Q1 sales volume rose to $33 million, with 7 more homes selling during the first quarter of this year than last. While we did see some cancellations in March due to Covid-19 concerns, six Tahoe Donner homes sold in the first week of April, including this new custom home near the Tahoe Donner Golf Course that sold on April 8 for a little over $1.4 million (within 4 percent of its original asking price):

Tahoe Donner Home Sales

  • 47 homes sold in Tahoe Donner from January to March this year (up from 40 during the same
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