Incline Village Lakefront Sales Report

Five $10- $24 Million Properties Sold/Pending Sale in the Past Two Months

SOLD $15 Million- 1170 Vivian Lane, Incline Village, Nevada (Lexi Cerretti)

The upper end and lakefront market is strong right now, and buyers are looking. Sierra Sotheby's just put 1550 Debra Lane in escrow on the market less than one week for $12 Million, one home back from the Lake with beach access featuring an indoor-outdoor pool, gym and reclaimed finishes. Lexi just sold 1170 Vivian for $15 Million co-listed with Janet Pahl also of Sierra Sotheby's International Realty, and she just closed her 863 Lakeshore for $13.75 Million. 947 Lakeshore Boulevard just sold last week for $24 Million. This is a 6,800 sq ft home with 100' sand beach and 2 boat buoys, last sold for $9.8 Million in 2007 an was remodeled. The deal was reported on the MLS after closing off-market.

Trends:
Number of home sales nearly on pace with last year
Larger, newer homes selling avg. $3 Million higher
New construction available, not seen in recent years

There are currently 14 lakefront listings priced from $5 Million to $75 Million, 2 of which are under contract, including 4 lakefront HOA properties available with lake access but not direct frontage. On average, these homes are 7,035 sq ft priced at $17.9 Million or $2,425 per sq ft. with an average age of about 25 years. Note the average time on market is over 1,000 days for these listings, many of which are priced reasonably in line with other sales this year.

Year to date 2019 there have been 4 lakefront sales, as compared to 6 sales in the year prior to date. With one sale pending, we may be on track for total sales this year. Average home size is 5,955 sq ft, larger than the 4,759 average size sold last year to date. Last year, 4 of the 6 lakefront homes sold were less than 3,000 sq ft and will likely be rebuilt. So far in 2019, all of the lakefront homes sold are larger than 4,500 sq ft and all but one are remodeled or new construction. Average construction age of these homes is about 20 years newer than sales last year.

Sale price is higher this year at $14.6 Million or $2,333 per sq ft versus $11.6 Million or $2,706 last year (price per sq ft for 2018 sales was skewed by one $6,950 sale for a 5.5 acre parcel with smaller buildings). Higher pricing is reflective of the newer construction sold in 2019 versus the fixer-uppers/rebuilds sold last year. In prior years, not many newer or rebuilt lakefront homes were available. This year, there is a selection of newer construction with 2 new builds listed and one newer home under contract.

Lexi is an authority in the Incline Village and Crystal Bay Lakeshore market, with over a dozen lakefront sales in recent years and $120 Million lakeshore area sales in Nevada, alone. She is among the top 5 sales agents in the Lakeshore market since 2007 with four active lakefront listings and one $15 Million sale to date in 2019.