What are the trends with Lakefront Properties?

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Permalink Reply by Trinkie Watson on March 29, 2008 at 7:33pm

Hi Diane: Lakefront market has been slow, but recently is showing signs of waking up. A $25 million listing went into escrow about 2 weeks ago as did a $4,250,000 lakefront on the west shore. A $3+ million split lakefront (road runs between the house and the lake) also went to escrow earlier this week. We are showing lakefront properties every week, so it's just a matter of time before they start moving again. Values vary - sometimes the sale price is below the asking, sometimes it's right on. Really depends on the property and how the asking price is perceived. We've also seen some price reductions.

Compared to Incline, there is greater selection and more of them on the north and west shores. Therefore, prices run from around $2 million for something quite modest up to our current most expensive at $36,500,000 - 10 acres, 2 parcels and over 700' on the water, 2 piers, 3 buoys, tennis court, one big residence on one parcel with 4 smaller on another parcel. With 4 sewer hookups on one parcel, there is potential for subdivision.