A few words to bring you up to speed on the recent pace of the Incline lakefront market.
951 Lakeshore just closed on 10/31 for $8.4M. This is a 0.6 acre level property with 100 feet of sandy lake frontage and a private pier with boat house. A bit of a location negative as it is contiguous to Incline/Ski Beach - so it is busy next door. The house was nothing special – a single story, 80’s era 4252 sq ft ranch style house. Started on market in June 2010 for $11.9M. Reduced down to $9.25 before going into contract.
The only other lakefront to sell in this calendar year was the property at 935 Lakeshore. It closed for $9.05M in January. 0.514 acre parcel with partially remodeled 11,551 sq ft house. Sandy beach, no pier. In comparison, there were 7 public sales on the lake in Incline and Crystal Bay in 2010.
There are no lakefronts in Incline or Crystal Bay currently in escrow. Based on weak sales to date in 2011, and a fast approaching winter, the remaining lakefront inventory will need to be significantly negotiable on the price to push a sale through.
This is a great time to make a run at a lakefront. The market and the season are strongly in the Buyer's favor. Buyers have a tremendous amount of bargaining power at this moment.