Carnelian Bay, North Shore Lake Tahoe, California

There are so many choices when it comes to living in the North Lake Tahoe area. Carnelian Bay (formerly, Cornelian Bay circa 1883) is one of our favorite locations on the North Shore of Lake Tahoe. The town was named Carnelian Bay for the semi-precious red and yellow stones peppering the shoreline. Sitting at an elevation of 6,325 feet, this quaint town is at an ideal spot for snow in winter and warm days in the summer. Fishing here is desired for the big Mackinaw trout and the beaches which are inviting for dogs, kayakers, SUPers and sunset seekers. Here you will also find Waterman’s Landing, a unique blend of a delicious Cafe Menu, Stand-up paddle board shop and year round water-sport rental fleet. Home of Gar Woods Grill & Pier. A beautiful lakefront setting with a large deck for outdoor seasonal dining. Seafood, steaks, pasta and the famous “Wet Woody.”

Family friendly establishments include the Magic Carpet Golf & Arcade, which has both indoor and outdoor fun for everyone. This facility has two 19 hole courses and one 28 hole course overlooking Lake Tahoe and CB’s Pizza. Dishing up some of the finest pizza anywhere. Casual family style dining, hand thrown pizza, homemade soups, salads, sandwiches and pasta. Open year-round for lunch, dinner. Beer and wine bar too.

The Agate Bay Pier and Swim Club (Sun Club) is located in the heart of the Carnelian Bay neighborhood. It offers a Tier I, or a Tier II Club Membership included with the sale of the Agate Bay property. Tier I – Pool and Tennis, Tier II – Pier, with option for buoy rental and includes Tier I Membership with Pool and Tennis. Membership is optional and is limited to a designated geographical area within the Agate Bay Subdivision and comes with an annual fee. The club membership can be purchased separately from the home.

Carnelian Bay has a mix of a permanent residents, older and newer homes in a secluded area. The average price of a single family residence is $997,000 with the highest price, a lakefront property listed at $5,750,000. A one bedroom cabin can be obtained for just under $400,000. Properties are typically on the market for 190 days in this area with most sales in the late spring though the summer months.

Interested in investing in the Carnelian Bay, Lake Tahoe California area? Take a look at www.1010CarnelianBay.com A sanctuary in the trees! This estate offers 3 acres, a 5000 sq ft home, a sport court and a peak of lake Tahoe….reminding you of what lies beyond. Ground level holds entry from the garage to the foyer and wine room for 400+ bottles. Before going upstairs, see the guest suite with bedroom, full bath, storage closet and kitchenette (exterior access too) Upstairs, is where you will find a spacious rec room with expansive windows and an abundance of natural light, a full bath and a lounge area too. Down the hall are two guest rooms and a shared full bathroom. The top floor holds an expansive open concept kitchen, dining, living room. The kitchen is gourmet-equipped with a Wolfe range and Sub Zero fridge, plenty of counter and cabinet space too. Enjoy the sunny deck overlooking the forested area with a peak view of Lake Tahoe. Add the master suite with private sitting area, dire place and deck access with hot tub. The spa-like bath and massive shower, jetted tub and huge walk in closet. Don’t forget the sport court and 1965 Coronado, berthed at the Sierra Boat Co on Lake Tahoe. Now Offered at $1,898,000

www.1010CarnelianBay.com

DCIM100MEDIA

DCIM100MEDIA

1010 Carnelian Bay

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Sneek Peak…….Carnelian Bay, Lake Tahoe……

2014-08-26 12.29.33

We are proud to announce that 3 of our Chase International luxury properties have been nominated for the 2014 HGTV Frontdoor Doory Awards!

Please take a moment to VOTE by June 5for our nominees!

(Simply click on the property below, scroll down to the correct listing, and then click LOVE IT.)

 

Category: Waterfront Homes                                               Category: Celebrity Homes

Sue Lowe listing agent (click below)                                     Jon Kirkpatrick listing agent (click below)

 

                                                      

 

Category: Celebrity Homes

Karen & Tom Bruno listing agent (click below)

 

 

You’re Cordially Invited to a Broker Open at

4784 N Lake Blvd
Carnelian Bay Lake Tahoe 

Tuesday, March 4th
11:00 – 1:00 pm

 
      Silver Blue Lakefront Lodge

 
Use morning tranquil blue waters to launch a kayak from the pier or tie a dingy to 1 of 2 buoys then swim to shore for lunch on the sunny deck. It’s a short stroll to Garwood’s for a “Wet Woody” to watch the sunset.

 

A 1950’s immaculate cabin filled with rich history and old Tahoe charm.

 

5 bedrooms with an unobstructed lake view,
from all but one room.  


Offered at $2,995,000

Silver Blue Lakefront Lodge Video
Silver Blue Lakefront Lodge Video
*On the rental program with Marmot Luxury Vacation Rentals. 2 bedrooms do not have closets. Attic for extra storage. Garage also playroom; easy retrofit. Hot Tub, Gas BBQ. BMP certificate. Pier extension available to 6200 elevation or up to 30′ extended.*
 
Come to preview this fabulous property and enjoy some noshes! Leave your business card and be entered to win a lovely bottle of wine!

See you there,

   mail

Trinkie Watson_email

     Trinkie’s bio

Trinkie Watson, CIPS CLHMS

Regional Lake Tahoe Broker

530 582 0722  800 783 0722

BRE# CA 00326518  NV  001022  

[email protected]  image004

www.TrinkieWatson.com

 

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Tahoe Sierra Stories

 

image004     leading RE logo

 

 

SnowFest is returning to North Lake Tahoe for its 34th year! Sponsored by the North Lake Tahoe Resort Association, SnowFest is ten days of fun-filled activities from February 28th to March 9th. The events are designed for people of all ages and interests. The most popular events from previous years will be repeated, and there are always new events to provide some variety. There will be snow related events, and non-snow related events, including wining and dining, races, parades theater and concerts.

This year’s theme: Bringing Back The 80s

SnowFest Event Not-to-Miss #1

Kickoff Party at Garwoods
When: Thursday, February 27th from 5-8pm
Where: Gar Woods, of course

The Complete SnowFest Event List

Thursday, February 27th
5pm  Kickoff SnowFest Party (at Gar Woods)
It’s a fundraiser and costs $25 at the door, which includes beer, wine, Wet Woodys and heavy appetizers. There will also be a substantial auction.

Friday, February 28th
6:00pm   SnowFest Queen Coronation (in Squaw Valley)
6:30pm   Laser Show & Torchlight Parde (in Squaw Valley on the mountain in the KT Base Bar area)
7:00pm   Fireworks on the mountain (in Squaw Valley near the KT Base Bar area)
7:30pm   Opening Ceremonies After Party (at Squaw Valley Plaza Bar)

Saturday, March 1st
7:00am   North Tahoe Firefighters Pancake Breakfast (at the North Tahoe Fire Station #51 on Fairway Drive in Tahoe City)
11:00am   Blue Agave’s Parade Central (at Blue Agave in Tahoe City)
11:00am   Rosie’s Parade Watching Party (at Rosie’s Cafe in Tahoe City)
11:30am   Tahoe City SnowFest Parade (downtown Tahoe City from Safeway to Save-Mart)
12:30pm   Pete n Peter’s Post Parade Party (at Pete n Peter’s in Tahoe City)
12:30pm   Paint The Bear (at North Tahoe Arts 380 North Lake Boulevard in Tahoe City)
1:00pm   Stohlgren Brothers Ice Cream Eating Contest (at the Tahoe City Fire Station)
2:30pm   Gar Woods Polar Bear Swim (on Gar Woods’ Pier, which includes complimentary appetizers)

Sunday, March 2nd
12:00pm   Tahoe City Golf Course Dog Pull (behind Bank of America)
1:00pm   Granlibakken’s Gone Bonkers Kids’ Ski Race (in Tahoe City)
3:00pm   Tahoe Mountain Man Contest (Homewood Mountain Resort in the North Lodge)
4:00pm   Sunnyside’s Annual Luau (at Sunnyside Resort)

Monday, March 3rd
4:00pm   Zano’s Godfather Pizza Challenge (at Zano’s Family Italian and Pizzeria on Donner Pass Road in Truckee)
8:00pm   Margarita Races and 80s Onesie DJ Party (Boatworks Mall in Tahoe City)
9:00pm   3rd Annual Grid Glow in the Snow (in Kings Beach)

Tuesday, March 4th
5:30pm   Meet the Squaw Rescue Dogs, our 4-legged heroes (at Tahoe City Visitors’ Center at the Y)
7:00pm   Pete n Peter’s Bar Game Olympics (at Pete n Peter’s) Pool, shuffleboard, dice and fooseball.

Wednesday, March 5th
1:00pm   Truckee River Winery Wine and Ice Competition (at Truckee River Winery Tasting Room)
6:00pm   Girls Night Out “Bunco Bash” (at North Tahoe Event Center in Kings Beach)

Thursday, March 6th
6:00pm   Unofficial Thursday Grand Prize Giveaway (at Hacienda in the Boatworks Mall, Tahoe City)
9:00pm   The Grid 80s Glow  (in Kings Beach)

Friday, March 7th
Mid-day   6th Annual Bridgetender Rib Fest

Saturday, March 8th
9:00am   Rahlves Banzai Tour (at Alpine Meadows)
10:00am   Dress Up Your Dog Contest (at North Tahoe Event Center in Kings Beach)
11:30am   Kings Beach SnowFest Parade (in downtown Kings Beach)
12:00pm   The Grid’s Floating 80s Parade Party (in Kings Beach)
12:30pm   Caliente After Parade Party and Raffle (in Kings Beach)
1:00pm   Snow What? Snow Building Contest (at Kings Beach Library)
2:00pm   Hacienda Tortilla Toss (Boatworks Mall in Tahoe City)
6:00pm   Lunafest Film, Food and Wine (at Olympic Village Lodge in Olympic Valley)
9:00pm   Lakeside’s Pink Party (in Tahoe City behind Safeway)

Sunday, March 9th
Rahlves’ Banzai Tour (at Alpine Meadows)
8:30am   Arctic Paddle Race (at Waterman’s Landing in Carnelian Bay)
12:00pm   River Ranch Snow Sculpture Contest (corner of Hwy 89 & Alpine Meadows Rd)
1:00pm   Tahoe Donner Ididarun (at Tahoe Donner Downhill Ski Area)
8:00pm   Fine n Funky Fashion Show (at Hacienda in the Boatworks Mall in Tahoe City)

 

2014 LAKE TAHOE CONCOURS d’ELEGANCE RETURNS THE BIRTH PLACE OF WOODEN BOATS ON LAKE TAHOE

 

January 31, 2014

Obexer’s Boat Company, home of the first wooden boat dealership on Lake Tahoe, will be the site of the 44th annual Lake Tahoe Concours d’Elegance, August 8-9, 2014.  In making the announcement, Tahoe Yacht Club Foundation President David Olson said, “Lake Tahoe is synonymous with wooden boats. Our goal has always been to blend the history of these magnificent craft with the history of the Lake and what better venue than where they were first introduced to Tahoe.”

“We are also thrilled to bring the show to the Homewood community, also rich in history and home to the Tahoe Maritime Museum,” Olson added. “This partnership will not only bring back the authenticity of Lake Tahoe to the show, but reinforce the exclusive and intimate setting that makes TYCF’s Concours the premier wooden boat show in the country.”

J.P. Obexer’s Boat Company, which was founded in 1911 and introduced Gar Woods Boats to the Lake, is located on the west shore, 6.5 miles south of Tahoe City, Calif., on Hwy. 89.  The historic venue offers unbelievable views of the Lake and lends itself to incredible shopping and dining experiences with the show’s vendors and community.

“We, the Tahoe Yacht Club Foundation, are elated to make this announcement as our partnership with Obexer’s will ensure that this will be the best show to date. We look forward to releasing all the details shortly.”

For more information, visit www.LakeTahoeConcours.com or contact Liquid Blue Events at 775-851-4444 or www.liquidblueevents.com.

   

Please join us on facebook for all the up to date info.  


https://www.facebook.com/LakeTahoeConcours

About the Lake Tahoe Concours d’Elegance

 

About the Lake Tahoe Concours d’Elegance:
The Concours d’Elegance, begun in 1982 by Tahoe Yacht Club, has grown from an informal gathering of club members’ wooden boats to one of the most prestigious judged showings of vintage water craft in the nation. The Foundation was created in 1994 with the specific purpose of continuing the club’s dedication to expanding boating education and opportunities on Lake Tahoe by hosting the Concours d’Elegance show and accompanying events of Wooden Boat Week. As an IRS 501(c)(3) charitable foundation, TYCF is able to solicit corporate and personal sponsorships for the event with proceeds granted back to Lake Tahoe Basin non-profit organizations. The show – sponsors, exhibitors and attendees – is open to the public.

Chase ‘N Around Lake Tahoe November Monthly E-Newsletter

 
Chase ‘N Around Lake Tahoe
November 2013
 

In This Issue
 

Area Real Estate Market Statistics

Real Estate Articles and Information 

Luxury California Property For Sale

Luxury Nevada Property For Sale

Recent Sold Property Ca or Nv 

Tahoe/Truckee, Incline Village Nv. Events

Property and Neighborhood  Videos 

California Housing Market Is Expected to Be Up in 2014
With the value of discounted properties continue to appreciate, investors are paring their purchases of distressed homes as their profit margin narrows.  As investors take a step back, inventory will likely improve slightly in the upcoming year.  Meanwhile, the increase in home prices will also encourage more homeowners to put their houses up for sale. The housing supply will grow and should gradually climb back from under three months in 2013 to about four months in 2014.

Read More Here

5 Reasons to Sell before Spring


  Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now. 
By KCM blog


Million Dollar Housing Markets

Home sales of $5 million or more are common in these wealthy zip codes across the United States. Surprisingly enough Lake Tahoe zip codes did not make the list

River Ranch is For Sale!

One of Lake Tahoe’s older properties is up for sale for the first time in more than 40 years. The River Ranch hotel and restaurant/bar located on the Truckee River at the base of Alpine Meadows Road! The two-acre property encompasses a 19-room lodge, restaurant and bar with a total of 12,500 square feet.

The asking price is $5 million.


Featured Luxury Property

Just Reduced! Panoramic Lake Views in Carnelian Bay Lake Tahoe
 


Fabulous panoramic Lake Tahoe views from the private deck and expansive windows. Having an abundance of natural light, this home is warm and inviting. Designed for large or small gatherings, offering the main living area, master suite & additional bedroom at street level. An additional 3 bedrooms; en suite on lower level. A remodeled kitchen, enormous workshop and additional unfinished room add to the versitile use of this property. Centrally located in Carnelian Bay just minutes from Tahoe City and Kings Beach. 


Featured Luxury Nevada

Elusive Elements Meet    

Located on almost 3/4 of an acre, with lake views, privacy, and the 6th green of the Incline Village championship golf course in your backyard. Elegant luxury living amongst 5900 sq ft. with custom stone and woodwork throughout. Amenities include Hydronic heating, sauna, 3 decks, 3 fireplaces and a seasonal creek.  Room to grow with 6 bedrooms, 6 baths and a 5 car garage.

 

Featured SOLD Property


Tahoe Donner, Close to X-Country 

   

 

3 bedrooms, 2 baths, bonus room, 2 car garage

Sold for $490,000

 

   

Thanksgiving Feast!
Tahoe Donner
Join us from 2-7:30 p.m. on Thursday, Nov. 28, for our special Thanksgiving holiday meal tahoedonner.com

Northstar California
3:00 – 8:00 p.m. Come enjoy a bountiful Thanksgiving Day Buffet at Tavern 6330′

11:00 am – 5:30 pm Gather with family and friends and create new holiday memories over Thanksgiving Dinner.

Tahoe City
3pm-8pm Enjoy sweeping views of Tahoe and leave the cooking and cleaning to Jake’s at the Lake & Chef Yorkey

 

November 30th

Light up the Night at Tahoe Donner


Santa and holiday activities at the annual Tahoe Donner Light Up the Night event

tahoedonner.com

December 5th & 6th



Noel Nights at Northstar California

Noel Nights taking place the first 3 Thursdays of December from 5:00 – 8:00 p.m. The Village at Northstar will be festive winter wonderland with a decorated 35-foot tree, ice skating until 9 p.m., fire pits to warm you, holiday carolers, shopping deals, and much more!

northstarcalifornia.com


Please join Santa and Mrs. Claus for the annual Holiday Tree Lighting Ceremony. Enjoy a cookie swap, photos with Santa, complimentary soup and cocoa, arts and crafts stations and Friends of Kings Beach Library book sale!

Opening Day!  Are you ready?!

Mammoth Mountain Ski Area – OPEN
Heavenly Mountain Resort – OPEN
Boreal Mountain Resort – OPEN
 Northstar California – OPEN

Squaw Valley USA – Nov 27th
Sugar Bowl Ski Area – November 27th
Tahoe Donner Ski Area – Dec 13th
Alpine Meadows Ski Resort – Dec 13th
Kirkwood Mountain Resort -Soon

VIDEOS!

Lake Tahoe Luxury Estates Trinkie Watson

Lake Tahoe Luxury Estates Trinkie Watson

 

 

Trinkie Watson, CIPS CLHMS

Luxury Lake Tahoe Broker

530 582 0722  800 783 0722

CA #00326518   NV #001022  
TrinkieWatson.com 

Stay Connected

Like me on Facebook   Follow me on Twitter   View my profile on LinkedIn   Find me on Pinterest

This Information Deemed Reliable But Not Guaranteed. Please, Do Not Consider This A Solicitation.

Copyright © 2013. All Rights Reserved.

Price Reduced in Alpine Meadows, CA! $309,000 1640 Upper Bench

Home Prices Rebound-Back to 2003 Levels

NEW YORK (CNNMoney) — In another sign of a turnaround in the long-battered real estate market, average home prices rebounded in July to the same level as they were nine years ago.

According to the closely watched S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the United States, the typical home price in July rose 1.6% compared to the previous month.

It marked the third straight month that prices in all 20 major markets followed by the index improved, and it would have been the fourth straight month of improvement across the full spectrum if not for a slight decline in Detroit in April.

The index was up 1.2% compared to a year earlier, an improvement from the year-over-year change reported for June. While home prices have been showing a sequential change in recent months, it wasn’t until June that prices were higher than a year earlier.

The July reading matched levels last seen in summer 2003, when the market was marching toward its peak in 2006. The collapse of the market after that led to the financial crisis of 2008.

“The news on home prices in this report confirm recent good news about housing,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Single-family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.”

Record low mortgage rates and a tighter supply of homes available for sale have helped to lift home prices. Lower unemployment also has helped with home prices, although job growth in recent months has been slower than hoped.

Earlier this month, the Federal Reserve announced it would buy $40 billion in mortgage bonds a month for the foreseeable future. This third round of asset purchases by the central bank, popularly known as QE3, is its effort to jump start the economy through even lower home loan rates.

Related: Best home deals in Best Places

Mike Larson, real estate analyst with Weiss Research, said part of the improvement in the housing market is due to investors using the low mortgage rates to buy up homes that are in foreclosure and renting them in a strong rental market.

But he said that he doesn’t think there’s much chance of housing prices forming any kind of new bubble in the foreseeable future.

“Clearly the worst is behind us for this market., but this is not a market that is going to take off again,” he said. “While you have a firming up, you still have tight lending standards and people who have been burned are reluctant or unable to get back in the market.” He predicts it will take several more years before housing prices can gain more than 1% to 2% a year.

Related: Buy or rent? 10 major cities

But that is good news for a housing market that was plagued by plunging home values and high foreclosure rates for much of the last six years. And the good news has the potential to build on itself, said Joseph LaVorgna, chief U.S. economist for Deutsche Bank.

“Housing remains a rare bright spot in an economy that is otherwise muddling through,” he wrote in a note to clients Tuesday. “The price trend for housing is significant, because it provides economic stimulus via stronger household balance sheets.”

Correction: An earlier version of this article incorrectly reported that home prices had reached a 9-year high. In fact, they rebounded to the level last seen in summer 2003, before their peak several years later. To top of page

I wanted to share with you an exciting announcement that is being released this morning regarding Squaw and Alpine’s participation in The Mountain Collective. See the release below and the link to a video describing this new pass: http://www.themountaincollective.com/

This is a new pass that includes Alta; Aspen/Snowmass; Jackson Hole; and Squaw Valley/Alpine Meadows. I know that you will help us spread the word about this new product that offers passionate skiers and riders four of the premier resorts in the U.S.

Starting with my original conversation with Aspen’s CEO, Mike Kaplan at Aspen this past winter, the evolution of this product, like all of the mountains involved, has been remarkable. Supported by extensive guest research, analysis and our collective passion for the mountains, this portfolio of mountains, represents without question the resorts customers in North America and around the world dream about. I’ve already received an inquiry from some friends of ours involved in the ski business over in China, so it’s clear that the message and interest is resonating at a global level.

We’re proud to continue leading and the advancing of Squaw Valley and Alpine Meadows on the North American and the world stage!

Best regards,

Andy

Andrew D Wirth

Interim Chairman

Lake Tahoe Winter Games Exploratory Committee Board of Directors

– – –

President and Chief Executive Officer

Squaw Valley Ski Holdings LLC

Alpine Meadows & Squaw Valley

530.584.6210

Post Office Box 2007 | Olympic Valley, California 96146

Pacific Fine Arts Festival in Tahoe City, Ca.

Pacific Fine Arts Festival returning this summer
August 17-19 and August 24-26

Pacific Fine Arts Fetival
Set on the North Shore of Lake Tahoe, the Tahoe City Fine Arts and Crafts Festival will give visitors a special opportunity to meet with more than 45 artisans and craftspeople showcasing a wide variety of arts and crafts including photography, oil paintings, ceramic vessels, jewelry and much more. Providing a unique venue for patrons to view original handmade creations while enjoying the outdoors, this free event take places over two weekends, August 17-19 and August 24-26 from 10 a.m. to 5 p.m. each day, at the Boatworks Marina Green in Tahoe City, an open grassy area overlooking Lake Tahoe between the Boatworks Mall and the Tahoe City Marina at 760 N. Lake Boulevard right off Highway 28. For more information, contact Pacific Fine Arts Festivals at (209) 267-4394, or visit www.pacificfinearts.com.
PFA Tahoe

Take the opportunity to experience the finest in paintings, drawings, photography, sculpture, ceramics, graphics, and jewelry at a Pacific Fine Arts Festival near Lake Tahoe this summer. Meet more than 45 award-winning artists and crafts people at these free events. Among this year’s premier artists are ceramicist Brand Henry of Truckee, CA; printmaker Laura Morton of Grass Valley, CA; award-winning jeweler Meg Black-Smith of Nevada City, CA; landscape photographer Kathleen Burks of Fernley, NV; nixed-media painter Karen Hale of Jackson, CA; and glass blower Tim Lazer of Sacramento, CA.

Stay with PlumpJack Squaw Valley Inn and Fly High with Virgin America
All reservations booked in 2012 will earn double Virgin America Elevate points (1000 per guestroom, 1500 per suite). As always, with all stays guests enjoy complimentary breakfast and valet parking.

Whether you’re looking to learn the art of fly fishing or looking to refine your skills, Matt Heron Fly Fishing located in the Olympic Valley is one of the most popular and sought after fly fishing schools in the country. The three hour Cast n’ Catch class begins with a private hour and a half of casting lessons, which leads into an hour and a half of guided fishing on the private, stocked ponds.

Package Includes:

• One night accommodations for two people

• Cast n’ Catch Fly Fishing instruction by Matt Heron for two people (can be used in 2012 or 2013)

• Fresh baked pastries or assorted cheese plate provided by PlumpJack Cafe

• Bottle of CADE Sauvignon Blanc in room upon check-in

Farm Fresh to PlumpJack Cafe & A Fresh Guestroom Rate of $159 – Celebrate the last of the summer bounty and the beginning of the fall harvest with a very special evening showcasing Executive Chef Ben “Wyatt” Dufresne’s multi-course menu and Farmer Gary Romano of Sierra Valley Farms’ freshest ingredients. Join us for an evening of creative culinary delights, perfectly paired summer wines, lots of laughter, new friends and a dramatic mountain setting.

Stay with us for an exclusive Fresh Rate of $159

Date: Thursday, September 13th
Time: 6pm welcome, 6:30 dinner
Cost: $50 for four course dinner, $85 paired with wines

Summer Wine Dinners – Our Wine Series is back for the summer. Indulge in the full Wine Dinner Menu with wine pairings in the dining room or enjoy by the glass in the bar or with your dinner.

Stay with us for an exclusive Fresh Rate of $159

Upcoming Winemaker Dinners
Aug 23rd
Honig Vineyard and Winery

Sept 7th
Orin Swift Cellars

For Luxury Real-Estate, the ‘Year of Capitulation’

By: Robert Frank
CNBC Reporter & Editor

Carpinteria, California mansion
Source: luxuryportfolio.com

Once for sale at more than $22 million, a California beachfront compound with a guest villa, tennis court and swimming pool is going for $14.9 million.
Even the rich aren’t immune to the pressures of the housing market.

Prices for homes priced at $1 million or more have fallen a 20 percent this year, according to RealtyTrac. The average sale price for top-tier real estate has fallen to just over $2 million, from $2.5 million in 2011.

Those prices cuts stand in stark contrast to the broader housing market, which is seeing early signs of price stability and even price increases for the first time in years.

All that price-chopping at the top, however, has sparked a wave of sales as buyers scoop up deals and sellers accept the new reality of lower prices.

The number of transactions for homes priced at $1 million or more has jumped 18 percent this year, one of the strongest increases since 2008, according to Realtytrac.

Brokers for luxury real estate are already calling 2012 the “The Year of Capitulation” for wealthy sellers.

Robert Frank
Robert Frank
CNBC Reporter
& Editor

“I think sellers are now resigned to today’s prices and what’s actually selling,” said Paul Boomsma of the Luxury Portfolio, a marketing group for luxury homes. “ People who are serious about selling are ready to make a deal now, where maybe they weren’t a year ago.”

There are several factors behind the price drops. The high end of the market didn’t fall as much or as early as the broader market, since there weren’t as many distressed sellers that were forced to sell. Those wealthier sellers have hung on to their properties, waiting for prices to approach 2008 levels.

Now that they see that the prices of 2008 aren’t likely to return anytime soon, many are deciding to drop their prices just to get a deal. The increase in sales has itself spurred sales, as wealthy sellers see a larger number homes in their neighborhoods trading at lower prices.

“There is now a critical mass of data so sellers can say, ‘Well, this is the new reality,’” Boomsma said.

Of course, bargains are all relative in the mega-mansion market. And homes priced at $1 million or more represent a tiny slice of the overall market, with high concentrations in New York and California.

Yet some mega-mansions have seen price cuts of 30 percent or more in recent months.

A private beachfront-compound in Carpinteria Calif., has sliced $7.2 million from its price tag and is now being offered for $14.9 million, according to Luxury Portfolio. The property includes a six-bedroom main house, guest villa, tennis court, swimming pool, spa and 95 feet of beach frontage.

A historic estate in the horse country of Bedford, N.Y. has been reduced by $3.5 million. The estate was built for the Harriman family in the early 1900s and features an equestrian center and 100 acres of gardens, ponds and rolling hills. The new sale price: $26.5 million.

South Florida has seen a huge boost in luxury home sales driven by buyers from Latin America. But prices are falling there as well. An oceanfront palace in Delray Beach, with 15,000 square feet of living space, has been reduced by $4.4 million and is now available for $19.5 million.

“These sellers are capitulating,” said Daren Blumquist, vice president of RealtyTrac. “They are pricing to get these properties sold.”

Blumquist said many sellers may also be motivated to do a deal this year in anticipation of possible tax changes in 2012. If the Bush tax cuts expire, capital gains rates could rise from 15 percent to more than 20 percent. That added tax bill can grow to the millions of dollars when selling a mega-mansion.

“Election years bring uncertainty, so they might want to close a deal now,” he said.

-By CNBC’s Robert Frank
Follow Robert Frank on Twitter: @robtfrank

Big money. Big deals. Watch CNBC’s exclusive access to the Secret Lives of the Super Rich: Mega-Homes.
© 2012 CNBC.com