What buyers are seeking this summer at Lake Tahoe
Special to the Tribune
All real estate is local and that rings true more than ever during the summer of 2019 on the Nevada side of North Lake Tahoe.
Due to the random nature of discretionary purchases of vacation homes, there is no guarantee that there will always be a steady supply of any particular style or floorplan for sale at any given time. However, Incline Village is a community of custom homes and new properties coming on the market offer a variety of floor plans, locations, views and amenities that will appeal to one buyer or another.
Nowhere has this been more evident than in the ever popular McCloud condominium complex which is just a hop and a skip from the beach.
While there are almost always at least a few two-bedroom condos for sale somewhere in this development, the strong pace of sales in 2019 has kept inventory to a minimum. At the present time there is only one two-bedroom condo for sale in the complex. Considering that nine McCloud condos have already sold this year, there’s a clear shortage of inventory in that highly sought after development.
Buyers have also been gobbling up condos in Bitterbrush with six closed escrows and Mountain Shadows with seven properties changing hands to new owners already this year. Lower to moderate priced properties have dominated the condo action accounting for nearly 3/4 of the total unit sales.
Only a handful of condos sold in excess of $1 million but that included four lakefront properties. Most buyers in our market with budgets above $1 million tend to look more at houses and freestanding condos.
As of this writing there are 57 houses, condos and freestanding condos in escrow in Incline Village and Crystal Bay. The median price of the houses currently in escrow is $1,449,000. The median square footage of all the houses that have sold this year is 2,749 feet. This figure has ranged from approximately 2,600 feet up to 3,000 feet over the past decade. This is right at the long term norm for our community.
Historically, less than 20% of buyers who purchase properties in our market buy places that are in excess of 4,000 feet.
During the real estate boom prior to the recession the median size had crept up to nearly 3,000 square feet. However, we have seen a trend the last several years where many buyers purchasing properties under $2 million prefer to have a better view or location as opposed to extra square footage.
There will always be some demand for larger houses especially by extended families. With such a great variety of properties in Incline Village and Crystal Bay, patient buyers will ultimately find a place that makes them happy.
Don Kanare is the founder and Sabrina Belleci is the owner and broker of RE/MAX North Lake in Incline Village. You can follow their blog at http://www.InsideIncline.com.