Agate Bay, California – North Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011
The Agate Bay neighborhood of Carnelian Bay, California is located approximately 6 miles east of Tahoe City in the heart of the North Shore of Lake Tahoe.
The Agate Bay area is a nice developed, North Shore neighborhood that is between the commercial core of Carnelian Bay and Tahoe Vista. This North Shore neighborhood is centrally located, and is close to Kings Beach and Tahoe City. Its location makes it easy to get to Northstar, Alpine Meadows, Squaw Valley, or Homewood Ski resorts. It is close to all of the Lake Tahoe recreational activities such as boating, hiking, biking (dirt and paved trails), tennis, golf, miniature golf, skiing, shopping, and restaurants.
The Agate Bay neighborhood is a mix of some smaller, older, Tahoe cabins, along with larger, newer luxury mountain homes. There are a limited number of lakefront properties in this neighborhood, and they can be classified as Carnelian Bay, or Agate Bay, depending on the listing agent, so some Agate Bay location lakefronts may appear in the Carnelian Bay real estate market report.
The Agate Bay community is very popular with second home owners. It has nice wide streets, and is easy to get to on a year-around basis making it a popular vacation rental location for summer and winter rentals.
Some of the owners in the Agate Bay neighborhood are members in the local home owners group Agate Pier and Swim Club that is very desirable with its own swimming pool, tennis courts, gated beach area, pier, and buoy rental option. The Agate Club membership is currently limited, and property owners that belong often get a market premium for their property, as this club membership is limited by geography and membership is typically gained by buying a property that is already an existing member and transferring the membership from one property owner to the next.
Sold Single Family Homes in the
Agate Bay neighborhood of Carnelian Bay, North Shore, Lake Tahoe, California:
In the Agate Bay area, mountain home and cabin prices are down, -8.2% this year, with the average median sales price at $352,500.
Cash sale transactions for the Agate Bay area declined to only 19%, which is well below the Tahoe-Truckee region of 34%. This means that buyers are finding conventional financing easier to get.
The current absorption rate for this neighborhood is at 8 months. Anything above 7 months of inventory is considered a Buyer’s market. The Agate Bay neighborhood is very close to becoming a balanced market, which should result in some price stabilization.
Distress sales (bank foreclosures – real estate owned (REO’s) and short sales) accounted for 44%, or almost half of all Agate Bay sales in 2011, which is a rise of 13% over 2010. The increase in distress sales is the single largest contributing factor to the continued decline in price. If you look at the longer-term price history, you will see that the big price correction in the Agate Bay, California neighborhood for single family homes corresponds to the first short sales and REO sales in this neighborhood.
There were 8 Active – available homes for sale in the Agate Bay, California, North Shore, Lake Tahoe, area as of 01/13/2012. These Agate Bay lakefronts, mountain homes, and cabins ranged in price from $175,000 to $4.2 million. Of the 8 homes offered for sale, 2 homes were lakefronts and 6 were non-lakefront properties; none were REO listings, but 2 are short sale listings.
There is 1 pending sale, and it is a lakefront property listed at $10.5 million in the Agate Bay, California, North Shore, Lake Tahoe area.
See all Agate Bay, California mountain homes and cabins for sale here.
See all Carnelian Bay, California mountain homes and cabins for sale here.
See all North Shore, Lake Tahoe, California mountain homes and cabins for sale here.
Agate Bay, California North Shore, Lake Tahoe Real Estate Summary
Sold Single Family Homes
|
Year |
Homes Sold |
Median Average Sales Price |
Lowest Price Sold |
Highest Price Sold |
% Cash Transactions |
Absorption Rate < 5 months Sellers Mkt 5-7 months balanced Mkt >7 months Buyer’s Mkt |
% Distressed Sales |
Breakdown of distressed Sales |
|
2011* |
16 |
$352,500 |
$205,000 |
$3,150,000 1 Lakefront |
19% |
8 months Buyers’ Market |
44% |
4 REO’s 3 Short Sales |
|
2010 |
13 |
$384,000 |
$265,000 |
$2,850,000 1 Lakefront |
36% |
NA |
31% |
3 REO’s 1 Short Sale |
|
2009 |
7 |
$470,000 |
$369,900 |
$850,000 0 Lakefront |
43% |
NA |
29% |
1 REO’s 1 Short Sale |
|
2008 |
8 |
$653,450 |
$430,000 |
$2,200,000 1 Split Lakefront 0 Lakefront |
13% |
NA |
0% |
0 REO’s 0 Short Sale |
|
2007 |
7 |
$650,000 |
$558,000 |
$735,000 0 Lakefront |
14% |
NA |
0% |
0 REO’s 0 Short Sale |
|
2006 |
9 |
$647,500 |
$450,000 |
$1,925,000 1 Split Lakefront 0 Lakefront |
22% |
NA |
0% |
0 REO’s 0 Short Sale |
*YTD period is 01/01/2011 – 12/31/2011. Data Source: Tahoe Sierra Multiple Listing Service.
Use caution when only a handful of sales are available in a neighborhood. Numbers are easily moved in either direction depending on the combination of homes sold. When reviewing neighborhood data, I recommend reviewing the overall Lake Tahoe, California area, or the entire Lake Tahoe – Truckee Region to confirm market trends and direction, rather than relying on just the neighborhood sales.
Note: Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice. Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.
For all of your Tahoe real estate needs –
Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304
All information is deemed reliable, but is subject to change, and/or correction without notice.
Agate Bay, California – North Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011
