Incline Village $35,000,000 Tahoe Lakefront Home on the Market Today
April 18, 2017
Old Forge, an immaculate lakefront iconic estate, was listed on the market today for $35,000,000.
Old Forge, an immaculate lakefront iconic estate, was listed on the market today for $35,000,000.
In the first quarter of the year, generally speaking, we saw the median price of sold homes move upward, while sales volume declined in most segments. The drop in sales volume can be attributed to the active winter weather that descended on the Tahoe area for much of the quarter. The dramatic and sometimes paralyzing snowfall kept buyers on the slopes. Historic blizzards prevented access to homes for sale.
How will the the epic winter of 2016/17 and the promise of a full lake for summer 2017 affect the Tahoe Lakefront market? It is undeniable that there is a positive impact on buyers’ perception of lakefront properties when the lake is full, especially in areas where the lake is shallow.
The Drum Estate, with its history of prominent owners and famed guests, recently sold for $28,750,000. The 10 acre property is located on the north shore of Meeks Bay, has over 700 feet of shoreline, two piers, and a compound of structures — most impressively, a vintage main lodge dating back to the 1920s. In 1923, John Drum, the President of American Trust Co.
While it is widely known that the Lake Tahoe real estate market is slower during winter, there are several factors that create opportunities for winter buyers and sellers. If you are looking to buy or sell a home in the Tahoe area, it is prudent to consider these market factors.Advantages for Winter Buyers:
The Tahoe 2016 real estate market posted widespread gains in both units sold and median price. On the macro scale, the rise in this year’s Tahoe real estate market can be attributed to an improving nationwide market and low mortgage interest rates. Locally, prices and units sold were boosted by a strong snow season in 2016 (after four consecutive dry winters) and rising lake levels.
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On Friday, October 7, the sale of 4250 West Lake Boulevard in Tahoe Pines closed for $11,000,000. Bill Dietz represented the seller. This estate is truly remarkable with a 225 feet of shoreline, a deep water pier, buoy, tennis court, swimming pool, two hot tubs, outdoor kitchen cabana, gated entrance and a private wooded setting on Tahoe’s serene west shore. The estate also hosted portions of the filming of The Godfather II, which took place next door at Fleur du Lac. The home itself is 6 bedrooms & 5.5 baths occupying 5,893 square feet.
The Tahoe Real Estate market is still showing signs of health and recovery. Median price and sales volume both posted strong gains throughout the North Lake Tahoe area. 2015 saw a slight dip in median price, so this encouraging sales data thus far in 2016 should allay fears of a possible downward slide in the market. Martis Camp has been a standout in 2016, with 44 single family home sales posted thus far for a total dollar volume of nearly $200,000,000.
The Tahoe Truckee real estate market saw impressive gains in unit sales and median price during the first half of 2016. In the region as a whole, units sold is up 17% and the median price is up 13%.An area standout is the exclusive Martis Camp community in Truckee. Martis Camp posted 22 sales for a total volume of over $102,000,000. The median sales price in Martis Camp was $4,175,000. There are another 12 Martis Camp sales currently pending.
With 100′ of shoreline, four buoys and a pier (shared with neighbor), this stunning 6,295 square foot, 6 bedroom & 6.5 bath home offers a stretch of west shore beach for outdoor enjoyment and lakefront living. Built in 2009, exquisite detail permeates this signature OOA & Olson-built residence on Homewood’s shore. Perfectly appointed cabinetry, woodwork and precision-shaped stonework are impressive features of the timeless architecture of this old Tahoe design with modern amenities.
STRONG WINTER BENEFITS TAHOE REAL ESTATE MARKETThe 2016 Lake Tahoe real estate market starts strong as favorable winter conditions have piqued Tahoe real estate interest. In our 2016 first quarter market report, all micro-regions analyzed show a year over year increase in median price. Four of the five markets saw an increase or flat trends to number of units sold, however all markets showed sales volume within top four best years since 2006.