2017 was been off to a tumultuous start. January sales gave us the highest month in the past ten year, an indication of the strong sales entered into escrow at the end of the last quarter. February however, threw us for a wrench. In part due to low housing inventory, eroding affordability, and rising interest rates. However on a local basis, with all the incredible storms, road closures, and power outages we had during the month of January, it was physically difficult to show, and write on property.
February’s low sales volume set a tone of concern for how the market was shaping up as we move towards Spring, with volatile political conditions through the nation and world. Results of the March sales volume however is putting that concern at ease, with again the highest sales volume in the last 10 years for the month!
There were 80 single family homes sold, and 32 condos $18,266,000 sold this last month, leaving an additional 30 sold properties ranging from shared ownership, to lots, and a few commercial ventures. These numbers are significantly higher than the past two months, and push 2017 into continued increase in market values.
We had a few incredible sales recorded here in Lake Tahoe, chief amongst them the famed Drum Estate sold. This sale, closed on March 17, 2017 brings two adjacent lots together, spanning over 10 acres of land.
Oliver Luxury Real Estate listed 7701 Highway 28 listed on the market for $18,950,000. With nearly 500 square feet of lake frontage, a main home and numerous additional out buildings and tennis court, as well as pier and rail boat ramp, this property borders Sugar Pine State Park.
By one of the most magnificent feats of real estate connectivity, Oliver Luxury Real Estate were able to bring the adjacent parcel to the right into the sale, bringing the estate back together. Oliver brokered the sale of the right parcel for an additional $13,975,000.
Oliver Luxury Real Estate is the premiere luxury and boutique brokerage here in Lake Tahoe. We hand tailor every sale, to ensure our clients and the participating brokers in our community receive the highest quality care we can offer. We are the bespoke brokerage, and pride ourselves in the level of quality we represent.