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By: Mareesa Nicosia, Mansion Global
A secluded “mountain-modern” home perched on the stunning Nevada-side shores of Lake Tahoe is now on the market for $28.5 million.
The 5,140-square-foot, six-bedroom, eight-bathroom waterfront retreat was remodeled from the studs up in 2015 by Benjamin Fagan Designs, while the guest house was built new that year, according to information from the listing agents.
“It is rare for a lakefront property to become available in the Glenbrook gated community, as there are not many lakefront residences in this area and families keep them as legacy properties for generations,” said listing agent Jennie Fairchild, of Mountain Luxury Properties.
The property on Lands End Drive, which was listed earlier this month, is one of only three Nevada lakefront listings currently for sale, according to Ms. Fairchild. It was last sold in December 2003 for $4.55 million, before the full remodel of the main residence, which added a third floor; and the addition of the guest house in 2015, the agent said.
“They also did extensive work on the landscaping, leveling out the backyard area and putting in the large grass area along the lake,” she added. “It’s a completely different property than in 2003”.
The owners, who purchased the home through an LLC, could not be reached for comment.
Spanning more than an acre, the property has 149 feet of lake frontage with access to a private deep-water pier, as well as a sprawling grass terrace and a hot tub.
The inside is built to bring the outdoors up close, with direct southern exposure from nearly every room and panoramic views of Lake Tahoe, Cave Rock, Mt. Tallac and Emerald Bay, according to the listing agency.
Ms. Fairchild said the property was “designed in such a way that it can be used as a primary home, which is quite sought after given the tax advantages of Nevada residency”.
Nevada has no state income tax, corporate income tax, estate tax or gift tax.
With year-round access to outdoor activities including skiing, snowshoeing, boating, hiking, biking and golfing, the property could also serve as a vacation home. Residents have access to Glenbrook’s secluded beaches and trails, and private community amenities. The Heavenly Mountain Resort ski area is about 14 miles away, near the resort city of South Lake Tahoe.
Price appreciation for real estate around Lake Tahoe, which straddles the border between California and Nevada along the shoulder of the Sierra Nevada mountain range, has soared in the last few years—spurred in part by the rise in remote work amid the pandemic.
“Prices around the entire lake have appreciated significantly over the last few years,” said Ms. Fairchild. “However, lakefronts and prices on the Nevada side have appreciated exponentially”.
Earlier in December, for example, a 12,000-square-foot home with 150 feet of water frontage in nearby Incline Village, Nevada, went into contract after just six days on the market, Mansion Global reported. It sold for $47.5 million, surpassing the second most expensive residential sale recorded in the area this year by $12 million, according to property records.
