Tahoe Real Estate Posts Strong Gains in 2013
The real estate recover has proven to be in full swing in the North Lake Tahoe area, as the median price for a single family home rose nearly 20% in 2013. "This was by far the strongest year in price gains since the bubble burst starting back in 2006," said Bill Dietz, President of Tahoe Luxury Properties - Sales.Tahoe City, CA (January 21, 2014) - The real estate recover has proven to be in full swing in the North Lake Tahoe area, as the median price for a single family home rose nearly 20% in 2013. The top end of the market was a big part of the story. On the Nevada side of North Lake Tahoe in 2013, there were 11 sales to record above $5 million, compared with just four sales greater than $5 million in 2012.
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The Wovoka Estate in Zephyr Cove sold for $20.9 million in 2013. Bill Dietz represented the seller. |
In the prestigious lakefront segment, the 2013 median price of a lakefront home sale was $4.7 million on the north and west shores (in both California & Nevada), up 20.6% from the previous year.
Cash is king on the lake, with 24 of the 36 lakefront transactions in 2013 purchased in all cash. The lakefront market is off to a strong start in 2014, with the January 3rd closing of a $13 million Lakeshore Drive estate in Incline Village. Bill Dietz of Tahoe Luxury Properties represented the buyer. Looking into 2014, Dietz says "Expect prices to continue on their upward trend. Strong pent-up demand, limited supply, low interest rates, and considerable cash reserves in buyers' accounts should put 2014 in the books as another high-performing year for real estate in Lake Tahoe."
For additional information or to view current listings, visit TLUXP.com.
Detailed Year End Market Report is available for download.
Source: Tahoe Sierra MLS and Incline Village MLS
About Tahoe Luxury Properties®: Tahoe Luxury Properties® is a full-service real estate agency specializing in luxury real estate sales and premier vacation rentals at Lake Tahoe’s North Shore, Truckee and Northstar, CA and Incline Village, NV – and includes the most extensive selection of lakefront vacation properties at Lake Tahoe. For additional information, visit TLUXP.com or call 800.581.8828.