With Sunshine Comes Listing Season and Greater Market Activity, Incline Village Real Estate Update
The Incline Village/Crystal Bay Real Estate market has seen more activity in the last 7 days than any previous week since the start of 2023. It may be the glimpse of blue skies and a break in the weather but, more than likely the activity we are seeing this week is rooted in pent up buying demand and buyers looking to snag a deal on a Tahoe place prior to the “selling season” and additional competition ramping up. It appears mother nature has forced our market to shift back to a cyclical market like pre-pandemic times with sales and listings being stalled until after the snow fall lightens up. Expect more listings to hit the market over the next 6 months.
Diving into the action of the incline Village/Crystal Bay real estate market we find two new listings, two price reductions, 6 contingent , 3 pending , and one property closing escrow. The nicely situated home at 387 Second Tee Dr. finally went into escrow after 319 days on the market in addition to a luxury Lakefront Condo in Crystal Shores west listed at $3,300,000.
Lakefront condominiums with access to a boat slip or buoy have a particularly unique opportunity to appeal to boat owners and water sport enthusiast this summer. The Hyatt had plans to conduct enhancement work to the Lone Eagle Grille and the Lakeside Cottages with work starting in April 2023 and it’s anticipated to last through April 2025. During this time, the lakeside accommodations and amenities and access to Lake Tahoe, the beach and the pier will not be available, along with all related lake activities.
It is rumored that the Hyatt has terminated their contract with Actions Water Sports for the upcoming 2023 summer season. According Tahoe Daily Tribune, Action Water Sports was fined heavily and issued a cease-and-desist notice, by the TRPA for having 10 unauthorized moorings. It is unknown if the contract with the Hyatt was terminated due to the illegal buoys or if it was in preparation for future construction plans of Nobu Hotels. If the construction is stalled at the Hyatt for this summer, it is unknown if they plan to utilize and rent out the buoys to local boat owners and manage the pier activities in house. If the community does not have access to these buoys, there will be significant demand for access to buoys and boat slips as the boat ramp at Ski Beach will be extremely busy this summer.
HERE ARE THE LATEST NUMBERS FOR THE
INCLINE VILLAGE REAL ESTATE MARKET: