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Lake Tahoe Home for $7.75 Million: A Sign Luxury RE Market is Doing Well?

Apr. 22nd, 2011 | Comments 2 | Make a Comment   
Photo Courtesy of Intero RE Services
Here is a look at a premium property located along the north shore of Lake Tahoe in Crystal Bay, NV. Is there a greater representation of the splendor of nature than along the north shore of Lake Tahoe?

Obviously, there are many Mother Nature-created destinations around the world. However, if a list were compiled, Nevada's Incline Village and Crystal Bay would have to be included. This is as good as it gets for an all-encompassing nature retreat.

Crystal Bay is a luxury-lifestyle community for all seasons with both winter- and summer-outdoor activities aplenty. It also is a place where high-end real estate is once again selling well, according to Lexi Cerretti of Interno Real Estate Services. This is good news indeed for an area where real estate is its largest industry.

Ms. Cerretti has closed on more than $7 million in sales during the past six months in the Incline Village and Crystal Bay. Additionally, she has remodeled houses in the area with her husband that were featured on the TV show My House Is Worth What? on the HGTV network.

Ms. Cerretti believes that the luxury real estate market in the area is stabilizing and on the rise. A review of transactions in the area supports her assessment. From 2010 through first quarter 2011, nine lake front properties were sold priced between $1.9 million and $11.8 million. Five of those nine properties sold for more than $7.5 million.

Conversely, there was a total of eight lakefront residences sold in 2008 and 2009. The highest price paid in that time frame for a single-family residence was $7.35 million. So, with nine sales recorded over the past 15 months, there were more transactions at higher prices than there were over the previous two-year period.

The asking price on this Crystal Bay estate is $7.75 million. It was originally listed in 2004, at the peak of the real estate market, for $8.6 million. The property was relisted in March 2010 at $7.95 million and then reduced again in September 2010 to $7.75 million. If this price holds, it would sell at a reduction that would be less than a 10 percent drop from its 2004 high mark.

What do you get in the high Sierras for $7.75 million? This grand lakefront manor is located in a cul-de-sac that sets on approximately an acre of land on the leeward shore of Crystal Bay Point. It has about 185 feet of lake frontage with a private beach and a steel pier with several boat hoists. There is a lakefront view from all six bedrooms and the common room. A gazebo and a waterfall complete the beautiful landscaped gardens sumptuously. There also is an indoor sauna, an outdoor spa, a three-car garage with an elevator and separate quarters for caretakers.

Ms. Cerretti is the listing agent of this luxury property. She also said that no house sold over the past 15 months is as secluded or has the view and the outdoor amenities as this Crystal Bay lakefront estate.

For more information, visit www.tahoe-lakefront.com.






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2 Comments on this Article

C.W. Andrews commented on May 2, 2011

Might seem excessively expensive until buyer researches limited access to this legendary lakefront.

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frank m daley commented on April 29, 2011

just love this home, in Tahoe

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