As September gracefully ushers in cooler temperatures and the autumn equinox, the tranquil charm of Incline Village and Crystal Bay is set against the backdrop of impending holidays and the approaching winter season. However, our serene community recently experienced a subtle reminder of the wildfires that can swiftly encroach upon our lives, much like the Anvil Fire in Oregon, the SRF Lightning Complex Fire in Humboldt County, and the Smith River Complex Fire in Del Norte County. These fires sent plumes of smoke drifting into the basin, emphasizing the ease with which such events can transpire and spread. Lately, the winds have been strong, underscoring the importance of adhering to no-burn regulations and promptly reporting fires and smoke sightings while enjoying our breathtaking outdoors.
Traditionally, the onset of colder temperatures tends to coincide with a slowdown in the real estate market. However, in the unique microcosm of Incline Village and Crystal Bay, this has not been the case. Over the past week, our real estate market has continued its robust stride with 6 new listings, 9 price reductions, 9 contingent listings, and 13 successful sales.
A noteworthy property has caught our attention this week with a lofty asking price. A Lake Tahoe estate originally constructed by the renowned casino billionaire, Steve Wynn, is now available for $76 million. Should it sell close to this figure, it would establish a record price for the Tahoe area. Wynn’s initial purchase of the land for $6.5 million in 1993 led to the creation of this remarkable residence, as indicated by property records. In 1998, he sold it for $17 million. The current owners, founders of the biotech company Cell Marque and a prominent pathologist, acquired the Incline Village estate for $31 million in 2017 and subsequently invested $5 million in enhancements. Despite occupying a sprawling 5 acres with over 200 feet of shoreline, the asking price does not reflect the existing structure’s size and scope.
Notably, several homes that had been lingering on the market have recently gone pending. For instance, 1061 Lakeshore Blvd., originally listed for $14,500,000, is now listed at $11,500,000 and entered pending status after a total of 656 days. Similarly, 135 Selby, initially listed with a different agent at $11,450,000, is now listed for $9,200,000 and also went pending after a total of 303 days on the market. Particularly in the lower elevation areas, the luxury real estate market appears to be robust, possibly buoyed by recent positive economic developments.
While enjoying the diverse outdoor activities and exploring real estate opportunities in our charming locale, consider attending the Palisades Tahoe Oktoberfest – a delightful addition to your autumn calendar.
Please keep in mind that these numbers are based on data from the Incline Village Board of REALTORS® or its Multiple Listing Service as of September 26, 2023.
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