Lake Tahoe Real Estate Market Update – Nevada East Shore, Aug. 26th.

Full Moon At Baldwin Beach, Lake Tahoe

We are adding a new field to our weekly real estate market updates which will now include weekly market updates in regards to the real estate activity along the East Shore of the Nevada side of Lake Tahoe.  These weekly updates will include the number of new listings as well as the high and low ends of the price range, the number of closed escrows (again with the high and low ends), the number of active listings and the number of pending sales.

As of today, August 26th, there are 148 active single family home listings posted within the Northern Nevada Regional Multiple Listing Services.  Of those 148 listings, there are ten pending sales of which three are subject to bank approval for a short sale.  The median list price among this group is $997,450.  Between August 15th and today, there were four new listings.  The lowest priced new (or back on the market) listing was 174 Cottonwood which is a three bedroom, two bath home with 1,570 square feet of living space within the Lower Kingsbury neighborhood.  The highest priced new listing is $2,799,000 for a three bedroom, four bath Glenbrook home with approximately 3,800 square feet of living space.

During this same week, there were three closed sales.  At the lower end of the price range among these closed sales was 448 Quaking Aspen which was a five bedroom home located across from the Stagecoach lift  on Heavenly Mountain.  This home was listed at $775,900 and sold for $750,000.  At the top end of the scale was 1362 Winding Way located in the Cave Rock neighborhood.  This five bedroom, four and a half bath home had 4,970 square feet of living space and wonderful lake views.  It was originally listed for $1,995,000, eventually reduced to $1,365,000 and closed as a bank approved short sale for $1,320,000.

Among the condominium market, there were no new escrows or closed sales as of August 15th.  There are currently 81 condos on the active market with 15 of those being in escrow.  Of these 15 escrows, 5 are subject to the bank’s approval for a short sale.  At the lower end of the price range for active condo listings is $64,900 for a one bedroom, one bath ski condo at Heavenly.  This property is currently in escrow.  At the top end of the active listings is $3,995,000 for a five bedroom lake front townhouse in Glenbrook.  The overall  median list price among condos is $365,000.