Sierra Sotheby’s sets record sale for Lake Tahoe
May 30, 2014
Glenbrook, Nevada (May 28, 2014) – Claudia Thompson and Lexi Cerretti of Sierra Sotheby's International Realty set a record high sale for an off-lake condo on Lake Tahoe's Nevada side.
The townhome at 1967 Pray Meadow in Glenbrook was listed this spring at $2,595,000 and sold for $2,465,000 on May 16. The unit per square foot price was $870. The previous high sale price for an off-lake townhome was set in July of 2005 for a 1,900 square foot Glenbrook townhome that sold for $2.1 million. This sale represents the first off-lake condo sold on the Nevada side of Lake Tahoe for over $2.4 million.
There have been 10 lakefront condo sales on the East Shore and 31 Incline Village and Crystal Bay lakefront condos sales over $2 million to date, but no off-lake condos have sold over $2.1 million, according to Incline Village MLS and NNRMLS.
"Buyers are looking for turn-key luxury," Cerretti said. "Many professionals looking to Lake Tahoe as a vacation or part-time residence do not have the time or expertise to undertake a large home remodel or reconstruction. This home was redone with impeccable detail, and the buyer appreciated the quality of work that went into it."
The 2,835 square foot townhome was completely remodeled, finished in 2014. The elegant four bedroom, three and a half bath cottage style townhome is located in the historic gated community of Glenbrook Nevada, on Tahoe's East Shore. The home sits on a large open meadow with sweeping views of pasture, mountains, and Lake Tahoe with southern exposure. The many custom features of the home included hardwoods, stone work, ceramic and glass tile, Berber carpeting, stainless appliances, smooth plaster walls, and two fireplaces. Home decor included designer furnishings, custom artwork, and luxury accessories.
Glenbrook lakefront condo prices have ranged from $2,050,000 to $3,950,000 for the 10 units sold to date, or $869 to $1,370 per square foot. Four of the sales took place since the Lake Tahoe market began to turn around in 2012, and the remainder took place between 2002 and 2006, prior to the market downturn. Incline Village and Crystal Bay have more lakefront condo complexes, and the 24 units sold to date in the MLS range in price from $2 million to $6.7 million.
"As the market continues to recover, and we have more affluent buyers looking to invest in Lake Tahoe and Glenbrook, Nevada has a growing appeal," Thompson said. "With long, beautiful sandy beaches, large expanses of open space, a private golf and country club for residents, and a community pier and buoy access, this historic community is drawing more attention from buyers looking for amenities."