Lake Tahoe is synonymous with expensive homes, but 2021 was one for the record books. In the last twelve months, the region broke a record for the number of multi-million dollar homes sold. Ten homes sold in Tahoe were priced north of $20 million — double the number sold in 2020. And of those ten homes, seven sold for more than $30 million. Here’s what’s fueling Tahoe’s ultra-luxury market, plus a breakdown of the numbers.
Fuel for the Flame
The pandemic and its impact on remote work, along with a strong stock market, meant a strong feeder market from the Bay Area. Those with money to burn saw an opportunity for luxury real estate in Tahoe. And can you blame them? It’s a particularly beautiful part of the world, which is why inventory was low. That supply/demand scenario drove prices up (and up). In South Lake Tahoe, median home prices jumped from $482,500 in 2019 to $749,000 in 2021. But it was Incline Village on the lake’s north side that saw four of the top five most expensive homes sold.
- 885 and 887 Lakeshore Boulevard (Incline Village), two parcels totaling just under two acres with 200 feet of shoreline and four buoys, sold for $32.5 million.
- 9115 West Lake Boulevard (Tahoma, South Lake Tahoe), with a private pier and a link to California Senator Dianne Feinstein’s family, sold for $33 million after an original list price of $46 million.
- 44 Somers Loop (Crystal Bay), vacant land just under five acres with a beach cove, trails, and four buoys, sold for $33.5 million.
- 573 and 575 Lakeshore Boulevard (Incline Village), five acres and truly spectacular, sold for $46 million after originally listing at $60 million.
- 859 Lakeshore Boulevard (Incline Village), 1.39 acres sold for $47.5 million, making it the third most expensive home ever sold in Lake Tahoe’s real estate history. That puts it behind the Thunderbird Lodge at $50 million in 1998 and Tommy Hilfiger co-founder Joel Horowitz’s $48 million estate sale in 2013.
Little reminder here that even billionaires need agents, and selling ultra-luxury real estate takes a certain kind of agent. Many of the properties in this price range trade among agents who know each other off-market to protect privacy for all parties concerned, among other reasons.
There are a lot of similarities between the ultra-luxury real estate in the Bay Area and Lake Tahoe, and if you have questions about either, you know where to find me.
*photo credit: Listing courtesy of Tanya Soule, Chase International.