Lakefront property along the shores of North Lake Tahoe has long been recognized as a pinnacle of luxury for wealthy Bay Area families and from recent sales data it appears it’s become an even hotter commodity. On the California side of the North Shore, lakefront sales volume was up significantly in 2012, posting a 123% increase, from $68,549,450 in 2011 to $153,179,237 in 2012. December 2012 alone saw nearly $70,000,000 in lakefront sales.
2013 appears to continue this momentum as two California side properties have closed with a reported 3 more pending sale (pricing ranging from $1.5 million to almost $8 million). The Nevada side of the lake has seen a surge in sales volume in 2013 with a least three marquee sales, including an East Shore estate for $20 million.
A number of factors are triggering this demand. The large volume of sales has been impacted by value pricing brought on by the recession, as well as by sellers’ motivated to realize capital gains or estate taxes in 2012. Both the average and median price for lakefront has increased in the past year – average and median price rose in 2012 over 2011 by 49% and 9% respectively for California lakefront property. So clearly demand is also rising as younger, wealthy Silicon Valley professionals purchase legacy properties.
As a result of this run on lakefront properties, not much inventory is currently available. A current standout is a recently listed historic property in the legendary Old Brockway area of the North Shore. Once the stomping grounds of such Hollywood legends as Frank Sinatra and the infamous “Rat Pack,” Marilyn Monroe, and Bob Hope, as well as President John F. Kennedy, this home was part of the original Hills Bros. Coffee compound of properties. This estate has been nicknamed the “Heigh Ho Lodge” as it has been said that Walt Disney frequented this property on his visits to Tahoe. The property boasts one of the most pristine settings and includes an expansive white sand beach (almost 170 feet of Lake Frontage), two buoys and an immaculately maintained and recently updated historic Tahoe home with 5 bedrooms/ 6 baths for a total of 4,689 sq. ft. of spacious living.
Call me for more details on this magnificent home – 530.277.1012 or email me – ktyler@tahoemountainresorts.com.
