The Lake Tahoe real estate market has been super hot throughout the pandemic, fueled largely by Bay Area transplants fleeing to the serene alpine setting — and driving up prices astronomically in the process.
But even as the pandemic subsides, buyers are still clamoring for high-end homes in the popular tourist region, especially coveted lakefront properties. One eye-popping piece of evidence: A sprawling property in Incline Village sold last month for $22 million, the highest-priced sale in the town so far this year.
Lexi Cerretti, who represented the buyers, was also involved in the sale of a $38 million property last September, which reportedly was the priciest-ever waterfront sale on the Nevada side of Lake Tahoe. That estate was famous for its role as the fictional Ponderosa Ranch in the long-running Western television series “Bonanza.”
The recent $22 million sale involved one of just 15 properties with a much-sought-after private pier along the stretch of Incline Village’s sandy beach. The 5,163-square-foot home at 949 Lakeshore Blvd. has four bedrooms and seven bathrooms.
This lakefront property in Lake Tahoe sold last month for $22 million, the highest-priced sale in Incline Village so far this year. The 5,163-square foot property has four bedrooms and seven bathrooms, and has a much-sought-after private pier along a sandy beach.
Courtesy of Compass/The home was owned by the family of Renée Vento, who was also the selling agent. Cerretti said the buyers were a Bay Area couple based out of Nevada. Both agents work for Compass Lake Tahoe.
Vento described the ongoing “huge frenzy to come to Lake Tahoe,” with a lot of wealthy, younger buyers from Silicon Valley searching for lakefront property and looking to take advantage of Nevada’s tax incentives. That in turn has led to “extremely low inventory that has driven prices up,” she said.
The Reno Gazette-Journal reported Monday that the median home price in Incline Village-Crystal Bay tripled this spring over the previous year, and also noted the generational shift with Baby Boomers selling to Generation X and Millennial buyers.
This lakefront property in Lake Tahoe sold last month for $22 million, the highest-priced sale in Incline Village so far this year. The 5,163-square foot property has four bedrooms and seven bathrooms, and has a much-sought-after private pier along a sandy beach.
Courtesy of Compass/Cerretti said she’s mostly seeing buyers from the Bay Area, with some out of New York and the Chicago area. She said many have experienced major financial events including selling companies or retirement, or are looking to leave states with higher taxes.
Vento said the Lakeshore Boulevard house was built in 1972, and it was rumored that the owner of Cal Neva Casino in nearby Crystal Bay was the original owner. Her family bought it in 2012 for about $12 million to use as a vacation home, and after a decade, they were ready to sell it to another family.
“It was just time to do so,” she said. “Everyone’s grown up, and both my sisters and their families live in the Lake Tahoe area and have homes of their own.”
This lakefront property in Lake Tahoe sold last month for $22 million, the highest-priced sale in Incline Village so far this year. The 5,163-square foot property has four bedrooms and seven bathrooms, and has a much-sought-after private pier along a sandy beach.
Courtesy of Compass/Vento said the property was listed for $26 million in early April, and the family received several offers. She said sellers typically don’t get their asking prices in the luxury market, which is very different from the typical median market.
Vento added that the home had no major renovations or upgrades, though the sellers “took very good care of it.” Cerretti said because it was an older construction, some interested buyers wanted to rebuild the property.
Ultimately, she said, $22 million was a “fair market price.”
This lakefront property in Lake Tahoe sold last month for $22 million, the highest-priced sale in Incline Village so far this year. The 5,163-square foot property has four bedrooms and seven bathrooms, and has a much-sought-after private pier along a sandy beach.
Courtesy of Compass/Vento said one of the property’s main selling points was its expansive lake views — farther east or west, “the view gets pinched.” It also offered a sandy beach and a pier, which Vento said buyers prize because permits are now very difficult to acquire.
Kellie Hwang is a San Francisco Chronicle staff writer. Email: [email protected] Twitter: @kelliehwang