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Lake Tahoe Real Estate Sees Rise In Million Dollar Home Sales

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LAKE TAHOE (CBS13) – Home sales are on the rise across California, and the number of homes sold across the state jumped 2.7 percent in January over the same time a year ago.

Research firm Data Quick says 29,000 homes were sold statewide in January. Despite the improvement, it’s still below the January average.

The average home price is $290,000; but here’s been a small increase for mansions priced around $20 million in the Lake Tahoe area, with three high-end homes being sold in the past three months alone.

When it comes to a home priced in the millions, most buyers wouldn’t start the home tour in the backyard, but that’s where the appeal lays, in the majestic Lake Tahoe waters.

With a view of Lake Tahoe’s crystal clear waters, there’s another thing that’s transparent, the buyer’s pockets need to be nearly as deep as the lake.

“Definitely a trend we like to see, and it’s happening right now,” said Kerry Donovan, Chase International broker.

Brokers with Chase International say pending sales in Incline Village have tripled in the past 90 days, compared to same time last year.

“Normally, we have a lull period. It has just been nonstop. So that’s real exciting for us,” said Megan Warren, Chase International broker.

One home on the market, Sierra Star, is a four home compound on more than four acres with two boat docks, and even a boat house. The grounds are so lavish; it has its own website. Even the garage will rev you up.

For people into cars and other collections, the 12,000 square foot, two story garage has enough room for your toys and your friends.

All it will cost you is $49 million.

“We seem to have seen the activity on the lake front go up,” said realtor Debbie Hansen.

Millionaires’ momentum is on the rise, and realtors haven’t seen a house worth at least $20 million sell since 2008. Now, three in that price range have sold in three months.

The cheap houses are around $10 million dollars, and selling even quicker. Most buyers are from Northern California.

“The luxury buyer is looking for whatever their reasons, whether it’s relaxation or investment,” said Donovan.

So, who are these people who can afford a multi-million dollar playground? Well, they’re mostly pretty private, but the man selling the Sierra Star house is behind a Silicon Valley startup.

On average, a high-end home may take about three years to sell; but with the trends at Tahoe, there’s really no telling how quickly someone might come and buy.

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