As predicted, the Lake Tahoe lakefront market continues on the path of positive gains. In March alone, four California lakefront properties (on Tahoe’s North and West shores) have gone into escrow, highlighting the strong demand that we expect to continue throughout the year.
In 2013, there was a total of 22 California lakefronts sold (with a median sale price of $3.525 million), so current pacing would indicate strong growth in 2014. A Tahoe City lakefront listed at $5 million went into escrow after being on the market only 11 days. A second Tahoe City lakefront listed for $1.9 million went into escrow after being on the market only nine days. For comparison, in 2013, Lake Tahoe lakefronts in California spent an average of 203 days on the market. This vast reduction represents ready buyers and significant demand.
A Rubicon Bay property on Four Ring Road, listed for $7.9 million is currently in escrow after being on the market less than three months. This property sits on 1.7 acres and includes a private pier on the “Gold Coast” of Lake Tahoe, famed for its white sands. Listed for $6.9 million, an extensive remodeled, seven-bedroom Meeks Bay estate with a private deep-water pier, boat house and buoys currently sits in escrow with a closing date of April 25. Median listing price of these four properties alone is $5.95 million, well over last year’s media listing price of $3.75 million for California lakefronts on Lake Tahoe.
Expect a high-performing year in the Tahoe real estate market. If you are interested to buy or sell a Lake Tahoe property, please contact us at 530.584.3444.