Lake Tahoe’s billionaire real estate market isn’t cooling off. And you can chalk it up to a classic case of supply and demand.
Last Year’s Predictions, This Year’s Reality
Tahoe’s 2021 fire was one for the books, and it was more than enough for people to start wondering whether it might dampen enthusiasm for lake living from the billionaire investor’s perspective. Spoiler – it hasn’t. Mark Zuckerberg didn’t start the trend, but his eye-popping price tag of $49 million set the stage for executives from Google, Apple, and other well-known tech brands. Of new buyers at the lake, over 30% work in the tech industry.
Hotel properties are also being snatched up, including the Hyatt Resort in Incline Village, and both the Cal Neva Lodge and the Tahoe Biltmore in Crystal Bay all changing hands. Plans are varied and include conversions to resorts and residences.
West Shore, East Shore
Traditionally, Tahoe’s west shore is considered the “old money” in the area. But the Nevada side, with its accommodating tax climate and sandy beaches, is drawing serious money itself. Incline Village and Crystal Bay are home to some of the most expensive real estate in the world.
At the moment, listed properties for the billionaire market are anywhere between a relatively modest $25 million in Tahoe City to a cool $64.5 million in Crystal Bay. For that price, you can expect lakeshore living at its finest, with private beaches and piers, indoor pools, private theaters, guest houses, and all sorts of glamorous bells and whistles.
Navigating the Market
For all of the homes on the lake that make it to market, there are an equal amount that trade off market by the water cooler. While the average high-end sale can take up to a year to sell, that isn’t always the case, with a couple notable ones trading the first week. If you are interested in finding out why one sells and another sits, feel free to reach out. You know where to find me!