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 3 properties for sale and 2 in escrow based on data gathered from the Incline Village MLS as of this writing. Considering there have been 7 sales in the subdivision in 2024, there is a high likelihood we have seen all the properties that are going to be for sale in the neighborhood this year. The asking prices range from $2,650,000 for a 2,442 sq. ft. home built in 1979 up to $6.9 million for a 4,308 sq. ft. foot property on Lakeshore Blvd. Prices based on dollars per square foot span the gamut from $911 up to $1,862.
The median sale price in the Lakeview subdivision for the 12-month period from June 16, 2023, through June 16, 2024, is $4,139,500. Prices ranged up to $1,196 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 higher elevations might only produce 3 to 6 inches of snow at lake level. 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 downslope driveways that characterize many moderate to higher elevation properties. Cash transactions are not foreign in Incline Village real estate deals. In 2024, there were 99 real estate transactions, 50 of these purchases were all cash. In the Lakeview sub, all 7 sales this year were cash purchases illustrating the competitive nature and demand of this area.
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 see 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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