TAHOE CITY, Calif. (Wednesday, Feb. 6, 2013) –
Wovoka | Sold 2.6.13 for $20.9 M
Tahoe Luxury Properties announced the February 6 sale of Wovoka, a lakefront estate located in Zephyr Cove, Nevada - which marks the Lake Tahoe region’s highest-dollar real estate transaction for a single-family home thus far in 2013, with a closing price of $20.9 million. Activity seen in January, 2013 bolsters predictions that the prior year’s upward trends are expected to continue - affecting Tahoe’s luxury/lakefront segment as well as several regions surrounding the lake. California’s town of Truckee, which is home to a vast majority of full-time residents, has seen a year-over year median growth of 18 percent; while the overall northern portion of the Tahoe Basin has seen a year-over-year median growth of 26 percent. Other areas surrounding Lake Tahoe are following a similar pattern. “Buyers across all markets are recognizing the opportunity,” said Bill Dietz, Tahoe Luxury Properties-Sales President. “Median home price, as well as sales volume, indicates that Tahoe’s overall market found the bottom in late 2011 into early 2012; and is actively rebounding,” he said.
Lakefront Listing | Chrystal Bay, NV
Known for its opulent lakefront estates, Tahoe’s luxury market remains strong. “With 38 public lakefront transactions on the north and west shores of California and Nevada during 2012, we saw enormous activity within this niche segment, and it appears activity will carry forward this year as well,” Dietz said. “Lakefront buyers are taking advantage of lower prices relative to five years ago; and due to the finite inventory among lakefronts, prospective buyers are aggressively pursuing available homes,” he explained. “Another heavily-weighted factor within the luxury market is that high-wage earning Californians are purchasing in Nevada to escape California’s recent tax increases.” Home sellers in the Lake Tahoe area are viewing current activity trends as an opportunity as well. Dietz’s most recent listing, which was announced in January, is located one mile from Tahoe’s shore in Carnelian Bay. “The lake region’s inventory was almost entirely consumed in 2012,” Dietz said, “and with
New Listing | Carnelian Bay, CA
equally-strong demand moving into 2013, the seller of our newest listing views the timing as a chance to be one among a short list of available homes early in the year.” Beyond Tahoe’s luxury/lakefront market, primary and secondary home buyers within the lake’s surrounding regions are also benefiting. Lower prices and historically low interest rates have created an active market within North Lake Tahoe’s ski resort communities, as well as Truckee, CA and surrounding area. For example, the median sales price within Northstar, CA is at a five-year low of $600 thousand; which drove a volume increase of 66 percent between 2008 and 2012. “Home sales on both the California and Nevada sides of Lake Tahoe and surrounding areas typically take their cue from activity in the San Francisco Bay Area, usually following suit within six to eight months,” Dietz said. “Many buyers with secured primary Bay Area homes start to look for a secondary Tahoe residence. With record sales volume and median price growth during 2012 in and around San Francisco, we’re now seeing that model prove its accuracy at the lake.” Read more of Bill Dietz's comments about the sale as well as the overall market growth within Lake Tahoe's real estate market:
Feb. 7 Wall Street Journal
Feb. 6 Sacramento Business Journal
For additional reports on median sales price and volume trends spanning the past five years within North Lake Tahoe, CA and NV, Squaw Valley and Alpine Meadows, Northstar and Truckee, CA as well as Incline Village and Chrystal Bay, NV, visit TLuxP.com.
About Tahoe Luxury Properties®: Tahoe Luxury Properties® is a full-service real estate agency specializing in 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 Tahoe’s north and west shores. For additional information, visit TLUXP.com or call 800.581.8828.