Lakefront property at Tahoe hits market for $60 million
INCLINE VILLAGE, Nev. — A home on Lake Tahoe’s North Shore has hit the market for $60 million, which would be a record price.
The lakefront property located in Incline Village features 12,679-square feet, a 5.3-acre lot, more than 300 feet of lakefront with a pier and also has a 3,800-square-foot, four bedroom guest house.
The previous record sale for Lake Tahoe was set back in 2013 when 550 Sierra Sunset in Zephyr Cove sold for $48 Million (and then sold again in 2020 for less at $38 Million), according to a Compass press release.
Although Facebook co-founder Mark Zuckerberg and Oracle co-founder Larry Ellison both own homes in Tahoe, neither paid this much for a single home. Zuckerberg paid $22 million and $37 million for two adjacent properties in 2019, and Ellison bought a collection of four homes, each in the $15 to $20 million range, which he demolished to build his new home.
The Incline Village and Crystal Bay area have the highest median home prices of anywhere in Tahoe, with prices there reaching a new record high of $2.55 million in July 2021, according to Compass’s latest market report based on sales reported to the multiple listing service. In addition, median condo prices in Incline Village and Crystal Bay also topped $1 million for the first time, reaching a record high of $1.0325 million in July 2021. That’s more than double the price of two years ago, when median condo prices were $500,000 in July 2019.
The average number of days on the market in Incline Village and Crystal Bay remains low at 54 days compared to July of 2020 when it was 185 days and June of 2019 when it was 106 days. Meanwhile, in North Lake Tahoe and Truckee, where home prices are lower, the average number of days on the market hit a new low in July 2021 of 24 days compared to 67 days in July 2020 and 46 days in July 2019.
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