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Tahoe properties may set price records as region sees ‘more billionaires than ever’

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Two new ultra-luxury properties near Lake Tahoe could break real estate price records and are striking examples of the extreme new heights of real estate the region is experiencing as a result of the pandemic.

The two properties, colloquially called Crystal Pointe and Wovoka, are on the Nevada lakeside and are listed by Chase International agents for $64.5 million and $55 million, respectively, said Susan Lowe, president of Chase International, who co- listed the first property.

Even at those sky-high prices, newly listed properties still aren’t the most expensive on the market in the Lake Tahoe region right now: A 20,000-square-foot mansion recently listed for $100 million on the Nevada side as well. .

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If sold, any one of these new ultra-luxury resorts could easily unseat the most expensive property listed to date in Lake Tahoe: the historic Thunderbird Lodge, a $6.51 East Coast oceanfront property. acres that was sold in 1998 for $50 million. At the time, it was the highest price ever paid for a private home in the US.


Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow


Courtesy of Jeff Dow

The fact that there are now several listings on the market with the potential to set a record price shows how Tahoe real estate has been transformed in a short period of time.

Driving the trend is an influx of super-rich buyers from the tech industry, local brokers said.

“There are more buyers in this potential price range than ever before because there are more millionaires and billionaires than ever before,” Lowe said. “Our region has expanded to become the new Silicon Valley… Reno is one of the largest tech havens in the country.”

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow


Courtesy of Jeff Dow

Wealth among billionaires rose $1.7 trillion, a gain of more than 58%, during the pandemic, according to figures from Inequality.org, a project of the Institute for Policy Studies that tracks wealth trends in the US. Some of those billionaires have had their sights set on Lake Tahoe, magnifying an already significant wealth gap and housing crisis in the region. Since the pandemic, the area has seen a shortage of affordable housing, traffic problems from the proliferation of tourists and new residents, and home prices around the lake have more than doubled, The Chronicle reported.

Many of the wealthy buyers flocking to Lake Tahoe are buying properties on the region’s eastern shore, or Nevada side, and they’re doing so largely for tax reasons, realtors say: The state has no taxes. on inheritance, tax and not tax on personal income. Microsoft, Switch, Tesla and Apple have offices in Nevada, and many of their executives are buying properties on the lake, according to Lowe. Larry Ellison, for example, bought a house on the Nevada side in 2021.

Wovoka, a waterfront property on the eastern shore of Lake Tahoe is on the market for $55 million.

Wovoka, a waterfront property on the eastern shore of Lake Tahoe is on the market for $55 million.


Courtesy of Scott Thompson/Vista Estates Visuals

Wovoka, a waterfront property on the eastern shore of Lake Tahoe is on the market for $55 million.

Wovoka, a waterfront property on the eastern shore of Lake Tahoe is on the market for $55 million.


Courtesy of Scott Thompson/Vista Estates Visuals

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.

Crystal Pointe, a two-property waterfront estate on the Nevada side of Lake Tahoe, is on the market for $64.5 million.


Courtesy of Jeff Dow


Courtesy of Scott Thompson, Vista Estates Visuals

With its relatively smaller developed shoreline, the east side of Lake Tahoe has also always had a low inventory. That factor has added to its appeal, realtors say, and is part of why South Lake Tahoe remains the most “affordable” area in the region, by Tahoe standards.

Advantages for buyers in Nevada and the proliferation of remote work, which has allowed some buyers to move permanently, have catapulted the east shore of Lake Tahoe in particular to unprecedented numbers, the agents said.

“We’re hitting new price points because they’re not necessarily just second homes,” said Mike Dunn, vice president of Chase International. The company set a sales record of more than $20 million in 2021, according to its 2021 luxury report.

The $64.5 million Crystal Pointe property, at 300 Highway 28, Crystal Bay, is a two-property lakefront estate on 5.14 acres. The property was built directly on the water from an amphibious barge, crane and helicopter, a production that took years, Chase realtors said.

The main house, which has a kind of mountain castle aesthetic, has five bedrooms and was completed in 1997. The permitting process for the four-bedroom beach house took over a decade to complete and was completed in 2016. Combined, the homes total more than 16,232 square feet and are accessible via a glass funicular.

The cabin-like property with 525 feet of shoreline also includes a caretaker’s apartment, an attached guest house, 13 fireplaces, elevators, ponds and waterfalls, four buoys, multiple gardens, and a wine cellar that can store 1,687 bottles of wine.

Wovoka, the $55 million property soon to come on the market, is at 1192 Highway 50 and, like Crystal Pointe, also includes two lakefront properties on Nevada’s east coast of Tahoe. The property includes a “mountain impressionist” style main residence, a five-car garage with a guest house, a waterside studio, two tree houses, and a waterfront log guest house.

The 4.85-acre lot has 11,000 square feet of living space in the main residence, a private flat-topped breakwater with a formwork dock, 370 feet of lake frontage, three buoys, and an outdoor saltwater infinity pool and spa. .

“This particular property is very scarce,” said Chase international real estate agent Clif Chase, who listed Wovoka. “It really forms a complex…it has any lake services you can have and they’re all private, there’s no shared dock here.”

Annie Vainshtein (she/her) is a staff writer for the San Francisco Chronicle. Email: [email protected] Twitter: @annievain

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