Lakefront Homes -Tahoe City, North Shore, and West Shore, Lake Tahoe, California Real Estate Market Report – Year End Review 2011 - Lake Tahoe

Lakefront Homes -Tahoe City, North Shore, and West Shore, Lake Tahoe, California Real Estate Market Report – Year End Review 2011

Lakefront properties in this report cover over 25 miles of premium Lake Tahoe shoreline from the California – Nevada Stateline on the North Shore to the Rubicon Bay, on the West Shore. There is an estimated 750 lakefront properties in this exclusive real estate group, ranging from small, old Tahoe cabins, to larger, newer, luxury mountain home estates providing a nice mix to meet the needs of our high-end buyers.

A lakefront property in the Lake Tahoe, California area is a home, cabin, or estate that directly fronts Lake Tahoe. Lakefront homes are our most elite properties as they provide direct, unobstructed Lake Tahoe access and views.

Values for Lake Tahoe lakefronts homes are unique to the property and can vary greatly based upon the features of the real estate. The location, size of the lot, the number of feet of Lake Tahoe frontage, proximity to commercial services, size and condition of the home are all important facts in desirability.

A significant portion of the lakefront value is directly tied to the established Lake Tahoe waterfront amenities such as a permitted pier (private or shared), boat house, power lift(s)/hoists, number of buoys, along with whether the area is deep water, or shallow. All of these factors, along with current market conditions impacts lakefront property values.

Lakefront Single Family Homes Sold in the Tahoe City, North Shore, and West Shore, (TSMLS Areas 1-5) Lake Tahoe California Areas of Lake Tahoe:

One of the big highlights for 2011 was matching the record number of reported lakefront sales from 2010, with 22 lakefront homes sold, which surpassed the 20 homes sold at the peak of the market in 2005.

Lakefronts sold in the Lake Tahoe, California area had a median average sales price of $2,973,500, which is down -21% from 2010. Lakefront homes sold ranged in price from $975,000 to $6,450,000.

This is the first time in a very long time that lakefront sales have been at, or below the $1 million mark. The least expensive lakefront sale took place on the West Shore of Lake Tahoe in the Meeks Bay neighborhood. The most expensive lakefront sale took place on the North Shore of Lake Tahoe in the Tahoe City neighborhood.

Cash sale transactions for lakefront home sales was almost unchanged at 73%. This is well above the Lake Tahoe – Truckee, California regional trend of 35%, which sends a signal that cash buyers continue to find value in our luxury multi-million dollar market.

The current absorption rate for the Tahoe Lakefront market is at 27 months. Anything above 7 months of inventory is considered a Buyers’ market. The absorption rate can change quickly, and was based upon the sales activity for the past 60 days. If the current level of transactions continues, and the absorption rate stays at this rate, buyers will continue to find great deals in this high-end market.

There was one (1) distress sale in 2011, which shows how much this second home luxury market has changed.

There were 40 Active – available Lakefront mountain homes, cabins, and estates for sale in the North Shore and West Shore, Lake Tahoe, California areas as of 02/14/2012. They ranged in price from $998,800 to $19,950,000. Of the 40 homes offered for sale one (1) was an REO, one (1) is a short sale, and one (1) is a court approval listing, which means 8% of the lakefronts currently offered for sale are distressed sellers, which means pricing pressure on all lakefront sellers that need to sell.

There was one (1) pending lakefront sale as of 02/14/2012 with a listed price of $10,500,000.

Sold Lakefront Single Family Homes in Tahoe City, North Shore, and West Shore, Lake Tahoe, California Report Summary:

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*	22	$2,937,500	$975,000	$6,450,000	73%	27 Months Buyers’ Market	5%	0 REO’s 1 Short Sales
2010	22	$3,700,000	$1,950,000	$12,400,000	72%	NA	0%	0 REO’s 0 Short Sale
2009	11	$3,675,000	$1,900,000	$6,288,000	82%	NA	9%	1 REO’s 0 Short Sales
2008	10	$4,075,000	$2,350,000	$20,000,000	70%	NA	0%	0 REO’s 0 Short Sales
2007	12	$3,812,500	$1,204,000	$12,500,000	73%	NA	0%	0 REO’s 0 Short Sales
2006	19	$4,000,000	$1,925,000	$16,700,000	42%	NA	0%	0 REO’s 0 Short Sales

*YTD period is 01/01/2011 – 12/31/2011. Market data source: Tahoe Sierra Multiple Listing Service (TSMLS), TSMLS area 1-5.

Use caution when only a handful of sales are available in a neighborhood, or market type. The increase and decrease in the percent changes can be significant. Numbers are easily moved. 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 only relying on just the neighborhood, or market type sales.

If you’d like more Lake Tahoe – Truckee, California real estate information, read Tahoe Laura’s Luxury Homes most recent real estate newsletter.

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.

Thinking about making Tahoe City, California your second home? Check out the homes that are for sale in Tahoe City here:

Want to see what condos are for sale in Tahoe City? Here are the current listings:

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.

Lakefront Homes -Tahoe City, North Shore, and West Shore, Lake Tahoe, California Real Estate Market Report – Year End Review 2011