Tahoe properties could set price records as area sees ‘more billionaires than ever’

Two new ultra-luxury properties near Lake Tahoe could set real estate price records — and are eye-catching examples of the extreme new real estate highs the region is seeing in the wake of the pandemic.

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

Even at these sky-high prices, newly listed properties still aren’t the most expensive on the market in the Lake Tahoe area right now – a 20,000 square foot mansion was recently listed for $100 million also on the side. of Nevada.

If sold, one of these ultra-luxury new resorts could easily topple the most expensive property listed in Lake Tahoe to date: the historic Thunderbird Lodge, an East Shore waterfront property on 6.51 acres. which sold in 1998 for $50 million. At that time, it was the highest price ever paid for a private home in the United States.

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 transformed in a short time.

Driving the trend is an influx of ultra-wealthy buyers from the tech industry, local agents said.

“There are more buyers in this potential price range than there ever have been because there are more millionaires and billionaires than ever before,” Lowe said. “Our region has grown to be the new Silicon Valley…Reno is one of the greatest 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

The wealth of billionaires has increased by $1.7 trillion — a gain of more than 58% — over the pandemic, according to figures from Inequality.org, a project of the Institute for Policy Studies that tracks trends wealth in the United States. Some of those billionaires have had their sights set on Lake Tahoe, amplifying an already large wealth gap and a housing crisis in the area. Since the pandemic, the area has seen a shortage of affordable housing, traffic issues from a proliferation of tourists and new residents, and house prices that have more than doubled around the lake, The Chronicle reported.

Many wealthy buyers who flock to Lake Tahoe are buying property on the region’s eastern shore, or on the Nevada side, and are doing so largely for tax reasons, real estate agents say: The state has no inheritance tax, no inheritance tax and no personal income tax. Microsoft, Switch, Tesla and Apple all have offices in Nevada, and many of their executives are grabbing properties on the lake, according to Lowe. Larry Ellison, for example, bought a house on the Nevada side in 2021.

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

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


Courtesy of Scott Thompson/Vista Estates Visuals
Wovoka, a waterfront estate on the eastern shore of Lake Tahoe is on the market for $55 million.

Wovoka, a waterfront estate 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 historically had a low inventory. This factor has added to its appeal, real estate agents say, and is part of why South Lake Tahoe continues to be the region’s most “affordable” area, by Tahoe standards.

The benefits for Nevada buyers and the proliferation of remote work — which has allowed some buyers to relocate permanently — have catapulted the eastern shore of Lake Tahoe in particular to numbers never seen before, agents said.

“We’re breaking new ground in price because these aren’t 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, located at 300 Route 28, Crystal Bay, is a two-property, 5.14-acre lakefront estate. 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 sort of mountain castle aesthetic, has five bedrooms and was completed in 1997. was completed in 2016. Combined, the homes total over 16,232 square feet and are accessible via a glass-enclosed funicular.

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

Wovoka, the $55 million property soon to be on the market, is located at 1192 Highway 50 and, like Crystal Pointe, also includes two lakefront properties on the eastern shore of Tahoe, Nevada. The estate includes an “Impressionist mountain”-style main residence, a five-car garage with a guest house, a waterfront studio, two treehouses and a waterfront log cabin guest house. some water.

The 4.85-acre lot has 11,000 square feet of living space in the main residence, a private flat-roofed jetty with an encased jetty, 370 feet of lake frontage, three buoys, and an outdoor infinity pool salt water and a spa.

“This particular property is such a rarity,” said Chase International Realtor Clif Chase, who listed Wovoka. “It really forms a resort…it has all the lake amenities you could possibly want and they are all private – there is no shared jetty here.”

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