The Lake Tahoe luxury real estate market is heating up. There have been two Tahoe lakefront home sales over $10 million in the past five days, a historical Rubicon Bay property and a mountain contemporary North Shore estate, both in cash transactions.
The Bow Bay property in Rubicon Bay was designed by Julia Morgan (renowned architect of the Hearst Castle) in 1939 for Else Schilling. The property sits on over seven acres and has 400 ft of lake frontage. The home is classically Old Tahoe style with a fairytale atmosphere and uniquely Julia Morgan’s design. The original price for the home was $20M. It sold for $14M on March 10, 2014, after being on the market 632 days.
A Carnelian Bay 7,150 square foot home sold for $10,550,000 on March 7, 2014, after being on the market on 254 days. The 6 bedroom & 5.5 bathroom estate was originally priced at $11 million. It has 106 feet of lake frontage along with a private pier and boat lift.
Adding to the recent California-side sales, Incline Village on the Nevada side of Lake Tahoe has seen two closings above $10 million so far in 2014. On January 3rd,a 4 bedroom & 4 bathroom lakefront sold for $13 million after only 26 days on the market, only $650,000 below asking price. On January 29th, another 4 bedroom & 4 bathroom lakefront on the same Lakeshore Boulevard, originally listed for $14,250,000, sold for $10,999,999, after 270 days on the market.
Consistent with predictions of the California luxury real estate market, Lake Tahoe is experiencing a sales boom in high-value real estate, particularly along the shores of the Lake.