High net worth individuals are buying luxury properties! Since January 1, 2010 an amazing 46 homes have sold for more than $1 million. In Truckee, 26 homes closed over $1 million. Lahontan real estate’s luxury community posted six sales averaging $1,621,833, closing at 95% of list price. With two pending sales now in the upper luxury price point of over $2 million, appraisal “comps” are established. Days on the market now indicate that the Lahontan lover is back – with 435 days on average to sell a home, these last tough two years appear to have passed.
Northstar leads the Truckee area luxury real estate market with a $3 million sale on Grouse Ridge. Four home sales averaging $1.9 million closed year to date and two in escrow stabilizes this market. The average square foot prices are still incredible values at $423 per square foot based on year to date sales.
Tahoe Donner continues to support the million dollar market with four home sales this year averaging $1,292,500, or $324 square foot, with one currently in escrow. Despite Chapter 11 reorganization, due to be resolved by the end of June, Tahoe Mountain Resort Communities Old Greenwood and Gray’s Crossing also posted three $1 million plus sales with two in Gray’s Crossing and one in Old Greenwood.
In the North Shore, six sales averaging almost $1.9 million closed year to date with square footage pricing at a whooping $1,055 per square foot. North Lake Boulevard continues to offer superb values with great Lake views and 50% of the year to date sales. Tahoe City saw two luxury sales averaging over $1.5 million with one property in escrow on day day.
Not to be left behind, the West Shore is raging. As of today, there are three properties in contingent status, with a $16 million listing in escrow. Year to date the West Shore saw five sales averaging $2.2 million and $973 per square good. Yes, the luxury market has returned!
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