Tahoe Lakefront Report - November/December 2022

PRESENTED BY TRINKIE WATSON

Chase’n Around Lake Tahoe

Dear Tahoe Lakefront Owner,

Greetings in the New Year! This issue of the Tahoe LAKEFRONT Report will capture activity in the last two months as well as a year-to-year comparison for lakefront properties around Tahoe.

For a general overview of the market, dollar volume for single family homes in the Lake Tahoe Basin was 38% lower in 2022 vs. 2021, with 30% fewer units sold. Condominium sales were down 26% and units down 31%. As we all know, real estate markets across the globe are settling into a more normal pace. The good news is that median prices continue to be a lot higher than in 2019. Even with sale prices dropping from the high, unless an owner wants to sell what they bought in the last 2 years, equity should be pretty substantial for most.

For upper-end history of Tahoe lakefronts, the $50M sale of Thunderbird Lodge that Chase International had in 1998 still holds the record. It was the highest sale in the country for 8 years. Now we’re starting to get close, with the highest sale since then a Chase sale in Incline Village in 2021 for $47.5M, and another in the $40M range on the West Shore at $41,259,400. The $30.M - $40M range has had 4 in the last 2 years – 1 each on the East Shore and Incline Village, and 2 on the West Shore, one of which was mine at $33M. Sales in the $20M range have popped up over recent years, and there were 5 in the last two years. With more inventory expected to come on in the next few months, I think we’ll see an increase in lakefront offerings across the board.

Enjoy this report, and please call if you have any questions.

Best regards,

TRINKIE WATSON REGIONAL LAKE TAHOE BROKER©

NOVEMBER - DECEMBER ACTIVITY

Single Family Homes

LAKEFRONTS FOR SALE

West Shore – 1

North Shore – 1

Incline Village/Crystal Bay – 3

East Shore – 6

South Lake Tahoe – 0

LAKEFRONTS IN ESCROW LAKEFRONTS SOLD

West Shore – 2

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 1

South Lake Tahoe – 0

West Shore – 1

North Shore – 0

Incline Village/Crystal Bay – 0

East Shore – 0

South Lake Tahoe – 0

As of December 31, there were 11 single family lakefront homes on the market on the entire lake. Several that were listed recently are o the market at this time. Only 3 in escrow now – 2 on the West Shore listed at $3.25M and $7.95M, and 1 one on the East Shore at $12.9M. The West Shore sale, listed at $17.9M, closed at $15M.

Single Family Homes Year-to-Year Comparison

SOLD – 1/1/22 – 12/31/22

West Shore – 5

North Shore – 6

Incline Village/Crystal Bay – 1

East Shore – 4

South Lake Tahoe – 3

SOLD – 1/1/21 – 12/31/21

West Shore – 15

North Shore – 9

Incline Village/Crystal Bay – 4

East Shore – 15

South Lake Tahoe – 5

Two sales hit the $40M mark, with a West Shore property selling in 2022 at $41,259,400 and an Incline Village property selling in 2021 for $47.5M. In 2021, a West Shore property sold for $33M, and a Crystal Bay home, listed since 2015 at $39.75M finally sold at $31.5M. In 2022, the East Shore had a $32M sale, and the North Shore had one at $23.65M. Other than one North Shore sale this year, the rest are from MLS reporting. The o -market property is now being o ered by Pacaso in 1/8th shares. So, if my figures are correct, there have been 19 single family lakefront sales in the Basin so far this year, with 48 for the same period last year.

Condominium / Townhouse Year-to-Year Comparison

SOLD – 1/1/22 – 10/31/22

West Shore – 1

North Shore – 2

Incline Village/Crystal Bay – 4

East Shore – 2

South Lake Tahoe – 0

SOLD – 1/1/21 – 12/31/21

West Shore – 3

North Shore – 1

Incline Village/Crystal Bay – 4

East Shore – 1

South Lake Tahoe – 2

Our definition of a Lakefront Condo is one that sits right up by the water, with nothing in front of it. It gets a little dicey as there are units that sit a ways back from the water, so we try to include only those that are really close and face the lake. My report last month included condos in Lakefront complexes; this one is more specific to ‘front row seats’.

The two highest sales were in 2021 - a $7.1 unit at Stillwater Cove in Crystal Bay and a $6M Beach Club unit at Stateline; however this unit is not right on the water so it is not counted above. For 2022, $3.69M in Incline was the highest condo sale. So, for totals, my figures show 9 sales this year vs. 11 in 2021 – much closer ratio than single family homes and a reflection of much lower price points.