I quite like this overall. The water colors are great, and the small stones on the beach are quite effective for texturing. The overhanging areas nearby are also a really nice touch. The sky continues to be great as well. I think there are a couple more things you could do to really bring up the realism though, if you want.
First, the lack of smaller vegetation, grass, bushes, etc. really hurts realism IMO. There are some free bushes in our downloads section you could try, or Xfrog probably has something too. Even just 1 or 2 models of appropriate scale scattered around would help a lot.
The beach and water's edge could also use a few things. A bit of a wet line, where the water is washing up and wetting the sand/stones and making it a bit darker would help. I would also love to see some small debris, sticks, leaves, etc. if possible. And finally some additional larger stones, scattered around sparsely perhaps.
The other thing I'll mention is the sense of scale is a little confusing to me. And I don't know if you're still aiming for a "Tahoe" look, but Lake Tahoe in real life is much, muuuuuch bigger. This is a great scene as it is, so you don't have to emulate the exact real world of course, but if that's your goal you'll want to consider how to better portray really huge scale.
Overall it has been great seeing this evolve though, and it's looking great!
- Oshyan