The crash of the real estate market had worked as the trigger for the economic crisis. The good news is that the real estate prices are recovering as more and more buyers are coming back to the market. The prices may not have hit the peaks of pre crisis days but they are getting closer and what is heartening to see is that the number of transactions has increased in the past months and it has helped firm up the prices and helped create an overall positive sentiment. Just have a look at some of the premium property located along the north shore of Lake Tahoe in Crystal Bay, NV and you will see that the trend has turned positive.
Nevada’s Incline Village and Crystal Bay is known for its natural beauty and has developed into a luxury lifestyle community for all seasons. Lexi Cerretti of Intero Real Estate Services is active in the area and is happy that high-end real estate is once again selling well. The entire area’s economy is driven by real estate transactions. Ms. Cerretti with her husband had featured on HGTV network on the show ‘My House Is Worth What?’. She has recorded sales worth more than $7 million in the last six months alone in the Incline Village and Crystal Bay area.
If you review all the real estate transactions in the area since 2008, a definite rising trend is evident in the last 15 months. Nine lake front properties were sold priced between $1.9 million and $11.8 million in the period with more properties selling in the higher price band. All these transactions add up to more than what was transacted in the previous two years. Ms. Cerretti is currently handling the listing of a Crystal Bay estate with an asking price of $7.75 million. This grand lakefront manor spread on an acre of land has 185 feet of lake front with a private beach and boat hoists. All six bedrooms enjoy lakefront view. There also is an indoor sauna, an outdoor spa, a three-car garage with an elevator and separate quarters for caretakers. If this property is sold for its listed price it will get very close to the peak price of $8.6 million it was listed for in 2004.
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