Rubicon Bay, California, West Shore, Lake Tahoe, Real Estate Market Report – December 2011
The Rubicon Bay area is a small, West Shore community that is just south of the Meeks Bay, California area. This neighborhood is known for their lakefront homes with their sandy white beaches and the amazing colors Lake Tahoe is known for.
The Rubicon Bay neighborhood is a mix of smaller, older, Tahoe cabins that are used just in the summer, along with larger, newer luxury mountain homes.This area has both lake-side and mountain-side subdivisions.
One reason this area is so desirable is the number of non-lakefront, lakeside (homes located on the lakeside of California Highway 89 South) mountain homes and cabins. A lakeside location means that you are short walk, or bike ride to the beach without having to cross the highway. The upside for mountain homes and cabins on the mountain-side subdivisions are the stunning views of Rubicon Bay in Lake Tahoe.Most properties have access to one of the private home owner associations, so access to Lake Tahoe beaches, shared pier use, and a buoy rental option are available for home owners in this area.
The Rubicon Bay neighborhood does have some full-time, year-around residents, so access is available during the winter months, but this area is dominated by vacation-resort, second home owners.
Sold Single Family Homes in the Rubicon Bay, California neighborhood West Shore, Lake Tahoe:
In the Rubicon Bay area, mountain home and cabin prices averaged $640,000, which is an increase of +25% over 2010, but still down -36% from 2009. This may suggest some market stabilization, but with 25% of the homes offered for sale right now in Rubicon being a short-sale (distressed sellers), we may see the prices in the area decline more.
Cash sale transactions for the Rubicon Bay area are up over 2010, to 40%, or 2 sales. The balance of the homes sold were a combination conventional loans (2 sales) and seller financing (1 sale), which is still very rare for our area.
The number of homes going into escrow with in the first 30 days of being listed in the Tahoe Sierra Multiple Listing Service (TSMLS) are also up over 2010, and 2009 levels. This means that buyers are willing to invest in our area and act quickly if the home is priced correctly.
There was one court approval sale, no bank foreclosures – real estate owned (REO’s), or short sales in 2011, which is an improvement over 2010, where 40% of all homes and cabins sold were REO sales in this neighborhood.
There were 16 Active – available homes, cabins, and lakefronts for sale in the Rubicon Bay, California, West Shore, Lake Tahoe, area as of 12/15/2011. They ranged in price from $299,900 to $4.25 million. Of the 16 homes offered for sale, 6 are lakefront properties. None of the active listings are REO’s, but 4 are short sale listings, or 25% of the homes offered for sale in Rubicon Bay are currently distressed seller situations.
There is 1 pending sale in the Rubicon Bay, California area as of 12/15/2011 and it was last priced at $799,000. Originally this home started with a listed price of $1.2 million, so it’s had a -33% price reduction. It is a new construction home with a good lake view, and top of the line Viking appliances, granite counter tops, and many upgrades throughout. This should give you an idea of how much value, and what opportunities have been available in our Tahoe market.This sale is not an REO, or short sale property.
Rubicon Bay, California West Shore, Lake Tahoe, California, Real Estate Summary
Sold Single Family Homes
|
Year |
Homes Sold |
Median Average Sales Price |
Lowest Price Sold |
Highest Price Sold |
% Cash Transactions |
Homes into escrow with in 30 days of being listed in TSMLS |
%Distressed Sales |
Breakdown of distressed Sales |
|
2011* |
5 |
$640,000 |
$360,000 |
$842,500 0 Lakefronts |
40% |
40%
|
20% |
0 REO’s 0 Short Sales 1 Court Approval |
|
2010 |
5 |
$480,000 |
$392,000 |
$7,870,000 1 Lakefronts |
40% |
0% |
40% |
2 REO’s 0 Short Sales |
|
2009 |
7 |
$995,000 |
$499,000 |
$3,675,000 2 Lakefronts |
43% |
14% |
14% |
0REO 1 Short Sales |
*YTD period is 01/01/2011 – 11/30/2011.Data Source:Tahoe Sierra Multiple Listing Service.
Use caution when only a handful of sales are available in a neighborhood. The increase and decrease in the percent changes can be significant. 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 a small group of neighborhood sales.
If you’d like more Lake Tahoe – Truckee, California real estate information, read Tahoe Laura’s Luxury Homes most recent real estate newsletter. If you’d like a copy emailed to you, just write to Laura@TahoeLaura.com and type in the subject line “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 the Rubicon Bay area your second home? Here are the homes for sale in Rubicon Bay:
- Meeks Bay Homes for Sale
- Rubicon Bay Homes for Sale
- Tahoma Homes for Sale
- Tahoma Condos for Sale
- West Shore Lake Tahoe Lakefront Homes for Sale
- West Shore Lake Tahoe Homes for Sale
- West Shore Lake Tahoe Condos for Sale
Rubicon Bay, California, West Shore, Lake Tahoe, Real Estate Market Report – December 2011
