Chase Luxury Real Estate Market Report – Winter/Spring 2017

February 10, 2017

View the Chase Luxury Real Estate Market Report for Winter / Spring 2016. The report summarizes luxury real estate sales and trends for the 2015 year.

An excerpt from the report:

“LAKE TAHOE

As 2016 is in the books, we have the opportunity to reflect on our year end numbers. The luxury market has seen an increase in dollar volume sold with the East Shore on top with a 52% increase. The units sold are also up on the East Shore at a positive 26%, Incline is up 20%, South Lake Tahoe up 27% and the West/North Shore, CA is down 5%. The median price ended the year with an impressive gain of 12% around the Lake. Once again, Chase leads the way with the highest priced luxury sale in 2016 of $25.25 million in Incline Village. On the West Shore, the top three lakefront sales were $17.5 million, $15.774 million and $11 million. In South Lake Tahoe, Chase knocks it out of the park with a $8.5 million sale, and on the East Shore another lakefront for $6.5 million.”

Click here to view and download the full report.

 

 

 

Chase Luxury Real Estate Market Report – Winter/Spring 2016

March 14, 2016

View the Chase Luxury Real Estate Market Report for Winter / Spring 2016. The report summarizes luxury real estate sales and trends for the 2015 year.

An excerpt from the report:

Chase Luxury Real Estate Market Report - Winter/Spring 2016“With a beautiful winter season and an outstanding growth forecast, the luxury market is set for a rebound. Starting the year out right in January, Chase sold a lakefront estate for $25,500,000. In comparison, the 2015 luxury home market decreased in volume in almost all areas. The units sold were down or flat compared to the prior year, but the median price was up all around the Lake. Low inventory at the upper end is a reflection of more economic stability, which lessens the need to sell vacation homes. Even though the number of unit sales dropped, overall appreciation was up.”

Click here to view and download the full report.

 

 

Tech blockbuster: Switch making $2B expansion, partnering with eBay

January 19, 2015

By Kyle Roerink lasvegassun.com
Published Thursday, Jan. 15, 2015 | 6:40 p.m.

switchLas Vegas-based Switch unveiled plans to invest $2 billion in new infrastructure that will bridge Northern and Southern Nevada and bolster the state’s growing tech industry.

The company says it will create 5,000 new jobs, partner with eBay and build 4.5 million square feet of new facilities throughout the state to house servers that will store data for its clientele, a mix of Fortune 500 companies and government entities.

The news marks the state’s growing push to be a player in the tech market and a rare case in which Northern and Southern Nevada both benefit from a big-money, economic development deal.

Gov. Brian Sandoval delivered the news Thursday in front of elected officials, bureaucrats and media at his State of the State speech.

“This will make Nevada the most digitally connected state in the United States of America,” Sandoval said.

The announcement underlines the governor’s commitment to wooing high-profile companies with tax incentives as a way to grow Nevada’s economy. He’s used past State of the State speeches to tout the arrival of companies such as Apple and Urban Outfitters. But the Switch deal is the largest investment he’s publicized during a State of the State address.

For Switch, the expansion solidifies its role as the long-standing company willing to pin Las Vegas on the tech industry’s map. The company, led by CEO and founder Rob Roy, set roots in Las Vegas in 2000 and has invested hundreds of millions of dollars into the economy ever since. The company operates two data center facilities in Las Vegas, providing security, power and cooling for thousands of server-stuffed racks owned by clients such as eBay, Zappos, Amazon and the U.S. government.

Its new Las Vegas facility will give the company an additional 1.5 million square feet of space in the region. Switch has not announced the location of the facility.

Switch’s expansion to Northern Nevada means the company will be neighbors with Tesla Motors, the high-tech car company building a battery factory at the Tahoe-Reno Industrial Center, which is 17 miles east of Sparks in Storey County.

Switch will build a 3 million-square-foot campus at TRIC. Its first phase will be done by 2016 and its anchor tenant will be eBay, a company that’s worked with Switch for five years. Construction will begin immediately.

(Article continued…)

Read the rest of this article on LasVagasSun.com

$100 million dollar sale in California,Tahoe is next!

April 1, 2011

[Bigbuy1] Google Earth

The $100 million sale of a Los Altos Hills, Calif., home shows how some luxury properties are insulated from the U.S. housing slump.

A Russian billionaire investor paid $100 million for a French chateau-style mansion in Silicon Valley, marking the highest known price paid for a single-family home in the U.S.

The purchase of the 25,500-square-foot home in Los Altos Hills, Calif., underscores the strength of some luxury properties in an otherwise depressed housing market.

Very Willing Buyers

Some past sales of high-end residential properties in the U.S.

In 2008, an investment company linked to Russian fertilizer billionaire Dmitry Rybolovlev paid $95 million for an estate owned by Donald Trump in Palm Beach, Fla.

Former Global Crossing chairman Gary Winnick in around 2000 acquired a Los Angeles estate in the Bel Air neighborhood in a deal worth more than $90 million.

Housing tycoon Dwight Schar bought an 11-acre oceanfront compound in Palm Beach, Fla., in 2004 and 2005 for $85.6 million, from financier Ron Perelman.

Builder Mohamed Hadid sold a Bel Air estate in 2010 for $50 million. The 48,000-square-foot house, known as Le Belvedere, has 11 bedrooms, 19 fireplaces and a swan pond.

In 2006, private-equity figure J. Christopher Flowers paid $53 million for a Manhattan townhouse on East 75th Street.

In 2007, developer Harry Macklowe paid $51.6 million to piece together a roughly 13,000-square-foot-condominium on the seventh floor of Manhattan’s Plaza Hotel.

In 2007, Edgar Bronfman, Jr. sold a Manhattan townhouse on East 64th Street to Russian oil magnate Len Blavatnik for $50 million.

In 2006, music executive Tommy Mottola paid $47 million cash for Crystal Island Ranch, a 900-plus-acre ranch near Aspen, Colo.

Hollywood mogul Peter Guber in 2004 sold his 650-acre Mandalay Ranch for $46 million to mortgage-company executive Roland Arnall and his wife, Dawn.

Juliet Chung and Josh Barbanel

The buyer, Yuri Milner, 49, who heads Digital Sky Technologies and whose investments include Facebook Inc., Groupon Inc. and Zynga Inc., had no immediate plans to move into the home, said a spokesman.

Mr. Milner is the stocky founder of DST, a Moscow-based fund that’s made a splash in Silicon Valley via its investments. Its first in the U.S. was a $200 million check for Facebook in 2009. His primary residence is in Moscow, where he lives with his wife and two children.

The sky seemed to be the limit for Mr. Milner’s new house, a symmetrical limestone mansion with San Francisco Bay views that was inspired by 18th-century French chateaux.

The home has indoor and outdoor pools, a ballroom and a wine cellar. The grounds include a tennis court and inside are chandeliers and a frieze around a skylight in the entryway, among other details.

“There wasn’t a real budget,” said one of the architects, William Hablinski.

Mr. Milner’s deal for the home offers a stark contrast to the national real-estate market. Housing data show that prices continue to fall, and economists have forecast further declines between 5% and 10% for much of this year. While the high end has not been immune to deep discounting and distress sales, industry watchers say it has been relatively insulated, Luxury buyers often pay cash, allowing them to bypass tighter lending restrictions.

Former technology research executive Gideon Gartner is offering his five-bedroom penthouse on the Upper West Side for $29.5 million. The lavish apartment combines three units and offers panoramic views of New York City.

Sales of homes over the $1 million mark rose nearly 4% in February year over year, according to the National Association of Realtors. That compares to a nearly 8% decline in sales volume for homes priced between $100,000 and $250,000.

“The crummy real estate market is not in the high end. It’s only in the lower end and the middle,” said Cristina Condon, a real-estate agent at Sotheby’s International in Palm Beach, Fla., who was not connected to the Silicon Valley transaction.

On Wednesday, Ms. Condon closed on the highest sale in Palm Beach County since 2008, a $26.4 million oceanfront home.

The sale of the Los Altos Hills home was previously reported by the website TechCrunch. Design plans for the house began in 2001 and the home was completed around 2009, according to Mr. Hablinski, who worked on the project with his then-partner Richard Manion.

Mr. Milner bought the home through a limited-liability company; the home wasn’t on the market, according to people familiar with the deal.

Mr. Milner, who studied theoretical physics in Moscow and attended the University of Pennsylvania’s Wharton School of Business, began his career in Moscow in the 1990s. By 1999, he had focused on the Internet after dabbling in everything from private equity to a macaroni-and-cheese factory.

The sellers are Fred Chan and his wife, Annie, who declined to comment through a representative. According to published reports, Mr. Chan founded Fremont-based ESS Technology, which designs and markets audio and video products for consumer markets, according to the company website.

They have been involved with condominium developments in Hawaii and have an educational foundation, according to published reports.

Big Buys

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David O. Marlow

Builder Mohamed Hadid sold a Bel-Air estate in 2010 for $50 million. The 48,000-square-foot house, known as Le Belvedere, has 11 bedrooms, 19 fireplaces and a swan pond.

See other major transactions.

The Chans are helping to finance the house, having accepted a $50 million note on the house, according to Loren Goldman of First American Title, who reviewed documents related to the deal. The Chans planned to use the estate as their primary home and traveled to Asia and Europe to acquire specific items for the house, Mr. Hablinski says.

What it is in Incline Village Real estate in 2011 so far….

February 4, 2011

After two heavy duty snow months in the last months of 2010, January lightened up weather wise, so our would be buyer’s can get up to Tahoe to ski and check out real estate. Buyer activity has increased the past two weeks, causing the market to move just a bit. With 6 homes selling so far in 2011, the momentum or lack of is very similar to last year.

Currently there are 165 active homes on the market in Incline Village, and 10 homes in escrow.4 of those 10 are “distressed” either bank owned or short sales.5 of these pending sales are under $550k, and 5 over $950k. 3 of these are over $2m.So again we are seeing two distinct markets, the bargain hunters picking up the distressed deals, and the luxury buyers making deals on some significant roll back pricing.

128 condos are on the market in Incline, 9 under contract, 4 of which are short sales or bank owned.

46 “PUDS”(freestanding condos) are on the market, 3 are in escrow, 2 of which are short sales or bank owned.

A few notable price reductions:

www.345countryclubdrive.com built in 2005, fronting the 13th Fairway on the Incline Championship course, had a price adjustment down to $2,595,000.This in one to look at for upscale finishes that could not be replicated at this price.

www.1143lakeshore.com aka www.hiddencovelaketahoe.com  our beautiful lakefront property at the east end of Lakeshore Drive was reduced over $1million dollars, now offered at $8,250,000. For an extra large .90 acre parcel, beautiful sandy cove frontage, and a substantial landscaped backyard, and one permitted buoy. Home is 4200’, including a stunning contemporary addition featuring two additional guest suites each with full bath and an open breeze way connecting to the main house.

And still one of the best panoramic lakeviews,off the water ,in Incline Village is www.905tyner.com which has had offers to no success,and is worth every penny in quality and views.

www.734mays.com is a 5 bedroom ,low elevation home,one block up from Burnt Cedar Beach.This house has two family rooms on the main  level,each with a fireplace,southern facing deck,large garage and plenty of parking for a boat or guests.The location is right  above the bike/walking path ,and a quick down hill to Lakeshore.

www.633village.com is an excellent value,mid elevation,and newer construction.

Please email us or call should you have interest in more detailed market statistics.

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