Wall Street Journal: Lake Tahoe Enclave with Priciest Waterfront Homes

The Wall Street Journal examines Crystal Bay, a small Lake Tahoe enclave of roughly 200 properties that has emerged as one of the most expensive waterfront real estate markets in the United States, with a median listing price of $14.9 million as of December 2025. The article explores the factors driving demand - Nevada's favorable tax climate (no state income, estate, or inheritance taxes), direct lakefront access, and the area's storied midcentury glamour tied to Frank Sinatra and the Cal Neva resort. It also notes that most homes are owner-occupied rather than short-term rentals, details the most coveted addresses along Gonowabie Road, and touches on the area's commercial revitalization, including the planned redevelopment of the Cal Neva into the Lake Tahoe Proper Resort & Casino.

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