This $ 22 million home shows just how insane the real estate market in Tahoe has become.

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The Lake Tahoe property market was very hot during the pandemic, feeds mainly on Bay Area grafts an escape to the serene alpine countryside – and an astronomical rise in prices.

But even as the pandemic dies down, buyers are still clamoring for luxury homes in the popular tourist region, especially coveted lakeside homes. One eye-popping piece of evidence: The expansive Incline Village property sold for $ 22 million last month, making it the city’s most expensive sale this year.

Lexi Cerretti, who represented the buyers, was also involved in a $ 38 million real estate sale last September that was reportedly Most expensive waterfront sale in Nevada Lake Tahoe. This estate was known for his role like the fictional ranch of Ponderosa in the long-running western television series Bonanza.

The recent $ 22 million sale involved one of 15 properties with a popular private pier on the sandy beach of Incline Village. The 5,163-square-foot home at 949 Lakeshore Blvd. has four bedrooms and seven bathrooms.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year.  The 5,163-square-foot property has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year. The 5163-square-foot site has four bedrooms and seven bathrooms, and a popular private pier along the sandy beach.

Courtesy of Compass /

The house was owned by the Rene Vento family, who was also the sales agent. Cerretti said the buyers were a married couple from the Bay of Nevada. Both agents work for Compass Lake Tahoe.

Vento described the ongoing “huge madness to come to Lake Tahoe,” with scores of wealthy young Silicon Valley buyers looking for lakeside property and wanting to take advantage of Nevada’s tax breaks. This, in turn, led to “extremely low stocks, which led to higher prices,” she said.

On Monday, the Reno Gazette-Journal reported that the average home price in Incline Village-Crystal Bay tripled this spring compared to the previous year, and also marked a generational shift with baby boomers selling them to Gen X shoppers and millennials.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year.  The 5163-square-foot site has four bedrooms and seven bathrooms, and a popular private pier along the sandy beach.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year. The 5,163-square-foot property has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

Courtesy of Compass /

Cerretti said she mostly meets buyers from the Bay Area, as well as New York and Chicago. Many of them have gone through major financial events, including company dives or retirements, or want to leave states with higher taxes, she said.

Vento said the house on Lakeshore Boulevard was built in 1972, and it was rumored that the original owner was the owner of the Cal Neva casino in nearby Crystal Bay. Her family bought it in 2012 for about $ 12 million to use as a vacation home, and ten years later they were ready to sell it to another family.

“It’s time to do it,” she said. “Everyone grew up and both my sisters and their families live in the Lake Tahoe area and have their own homes.”

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year.  The 5163-square-foot plot has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year. The 5163-square-foot plot has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

Courtesy of Compass /

Vento said the property was put up for sale for $ 26 million in early April and the family received several offers. She said sellers usually don’t get the asking price in the luxury market, which is very different from the typical mid-market.

Vento added that there were no major renovations or upgrades in the house, although the vendors “took very good care of it.” Cerretti said that due to the fact that it is an older building, some interested buyers wanted to rebuild the property.

Ultimately, she said, $ 22 million was “fair market value.”

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year.  The 5163-square-foot plot has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

This lakeside home on Lake Tahoe sold last month for $ 22 million, making it the most expensive sale at Incline Village this year. The 5163-square-foot plot has four bedrooms and seven bathrooms, as well as a popular private pier along the sandy beach.

Courtesy of Compass /

Vento said one of the hotel’s main strengths was its expansive view of the lake – further east or west, “the view is only limited.” There is also a sandy beach and a pier, which Vento says buyers value because it is very difficult to get a permit right now.

Kelly Hwan is a staff writer for the San Francisco Chronicle. Email: kellie.hwang@sfchronicle.com Twitter: @kelliehwang



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