Lakeview Subdivision Properties Are Worth The Premium
With only a finite number of homes in the low elevation sector of our community, demand generally outstrips supply for those properties that exhibit a great location, outstanding architecture, superior remodeling or a combination of all three. The ability to walk to Lakeshore Drive and the beaches plus the proximity to local shops, restaurants and businesses, makes the Lakeview subdivision of Incline Village an extremely desirable place in which to live.
The name of this subdivision could be considered somewhat of a misnomer since most of the properties have little to no view of Lake Tahoe. The relatively gentle slope of the land combined with the density of the trees, size and positioning of the homes, results in filtered views and peeks of the Lake, with the occasional nice view looking south across Tahoe.
We have been experiencing a shortage of inventory in the Lakeview subdivision during the past few years. There are only 11 properties for sale based on data gathered from the Incline Village MLS as of this writing. Considering there have been 11 sales in the subdivision in 2018, the current inventory represents roughly a 6 month supply. The asking prices range from $800,000 for a 1700+ sq. ft. home built in 1965 up to $4.9 million for a beautiful 6600+ square foot property on Joyce Lane. Prices based on dollars per square foot span the gamut from $420 up to $873.
The median sale price in the Lakeview subdivision for the 12 month period from July 15, 2017 through July 15, 2018 is $2,262,500. Prices ranged all the way up to $916 per square foot depending on the overall quality, location, lot size, floor plan, view and other particular attributes of any specific property. The intrinsic value of land in the Lakeview subdivision is such that buyers and developers are willing to pay a premium for the privilege of owning one of these rare parcels.
One of the primary benefits of owning a low elevation home in our community is the ease of access especially during the snowy winter months. A storm that drops 12 inches of snow in the center of town and several feet at the higher elevations might only produce 3 to 6 inches of snow at lake level. And the relatively level to gently sloping driveways make getting in and out of your property much easier especially when compared with the steep upslope and down slope driveways that characterize many moderate to higher elevation properties.
When you get right down to it the old adage about real estate and location, location, location is clearly evidenced by the properties situated in the Lakeview subdivision. Almost every parcel in this subdivision has been developed and from time to time we are seeing the older homes being torn down and replaced with stunning new architecture featuring super high quality interior finishes. With a limited supply, properties in the Lakeview subdivision are among the best bets in Incline Village and Crystal Bay for retaining and increasing their value over the long term.
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Statistics gathered from the Incline Village MLS on 7/15/18
Houses Condos PUDs
For Sale 111 57 27
Under $1 million 17 42 15
Median Price For Sale $1,995,995 $674,900 $975,000
YTD Sales 2018 92 95 31
YTD Sales 2017 70 92 22
New Listings 11
In Escrow 10
Closed Escrow 20
Range in Escrow $499,000 - $2,350,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 15, 2018