South Lake Tahoe, Zephyr Cove buck real estate trend with increases in luxury home sales
While the California and Nevada home sale markets continue to see declines, the South Shore of Lake Tahoe region actually saw its numbers rebound, according to a report released today by Dickson Realty.
Dickson Realty released its inaugural Luxury Trends Report which examines the market of upscale homes in Incline Village, South Lake Tahoe and the Reno, Sparks and Truckee areas.
“As the luxury market leader, we are excited to be able provide this unique report that concentrates on the area’s luxury market,” said Nancy Fennell, president of Dickson Realty, Inc. “With all of the advantages and quality of life that greater Reno-Tahoe offers, the area’s luxury market continues to be strong, especially relative to other luxury markets across the nation. Our report confirms this.”
In the report’s 2007 annual assessment of luxury sales, information is included from Zephyr Cove, South Lake Tahoe, Truckee, Reno/Sparks and Incline Village on the number of active luxury listings, number of luxury homes sold in 2006 and 2007, median sales price of luxury homes in 2006 and 2007 and average days on the market from 2006 and 2007.
The report found that the luxury market did not see as large of a drop in sales as the other residential markets in 2007. In fact, luxury sales increased in Zephyr Cove,
South Lake Tahoe and Incline Village while Truckee experienced an 18 percent
decrease and Reno/Sparks had a 15 percent decrease in the number of luxury
sales from 2006 to 2007.
The luxury market also did not encounter a large drop in median price in 2007 as Zephyr Cove, South Lake Tahoe and Reno/Sparks even saw increases in median price.
Truckee and Incline Village only posted one percent decreases in median prices of its luxury homes from 2006 to 2007.
“To be successful in each of these markets, it requires an expert in that market to know and understand what is actually happening in luxury real estate for that region since each is unique,” said Fennel.
The Luxury Trend report’s 2008 Luxury Forecast details reasons why Dickson Realty feels that the luxury market will outperform other market segments.
“Buyers in the luxury market are less affected by interest rates and market conditions as long as they remain in a liquid cash position,” said Fennell.
Since 1973, Dickson Realty has led the market in luxury home sales and in 1987 became the 12th company nationally to become a member of Christie’s Great Estates, an international renowned network of real estate brokers dedicated to luxury real estate.
To formalize its market leader approach to luxury real estate, The Luxury Collection by Dickson Realty was created in 2006.By national definition, a luxury home in the real estate industry is a home priced at $1 million or more, although for some of the markets in the Report, this definition varies. In the Luxury Collection by Dickson Realty,
a luxury home is also defined as having distinctive features that command “luxury market” attention regionally and nationally. Dickson Realty agents who work within the Luxury Collection have expertise and extensive experience in luxury real estate. They also utilize specialized luxury marketing tools and methods that are available exclusively to Dickson Realty agents and clients.
“We have succeeded in the luxury market through sophisticated marketing programs, expert (agents) and an extensive local, regional and nationwide network,” said Fennel. “Our extensive network includes affiliations with Leading Real Estate Companies of the World, Luxury Portfolio, Who’s Who in Luxury Real Estate and LuxuryRE.com.”
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