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September 26, 2022

Tahoe Update

Greetings Fellow Life Travelers:

At last!  Rain and no smoke!  What a wonderful reprieve from the awful days of smoke and fire.  Hopefully this has helped all fires blessed with moisture.  And, it’s documented – Sept 19 was the area’s first day of snow…granted over 9,000 feet, but we’ll take it.  Pundits have been saying another winter like the last two, but the squirrels are giving us a different message…..so who are we going to believe?  As we say here in the mountains, ”wait 5 minutes and the weather will change”.  Shall we set up a probably-illegal betting program to see who wins?  Pundits or squirrels?  Given the mess we’re in right now, I’m betting on the squirrels.  So now…who won in real estate this week? 

  • Residential Real Estate – week 9/17 – 9/23
  • Tahoe Sierra MLS – North/West Shores & Truckee.  New Listings – 14; Escrows – 9; Solds – 16
  • Incline Village/Crystal Bay MLS.  New Listings – 5; Escrows – 2; Solds – 6
  • East Shore, NV MLS.  New Listings – 3; Escrows – 5; Solds – 3
  • Reno/Sparks MLS.  New Listings – 144; Escrows – 120; Solds – 87

Think the heavy smoke on Friday, 9/16, deterred some from coming to Tahoe.  Although escrows were down this week, the East Shore had a nice one listed at $13.588M and another at $4.35M.  We’re also feeling the restraint of another uptick in Fed money along with prediction for two more before the end of the year.  And the stock market isn’t much fun either.  Kind of a holding pattern for many – both buyers and sellers. 

  • Local/Real Estate/Luxe
  • Sugar Bowl has joined the Mountain Collective for access to 25 out-of-area participating resorts. Season pass includes 2 days at each of these.  Check it out!  https://mountaincollective.com/
  • For a run-down of great art galleries in the Tahoe/Truckee area, check out this link:  https://laketahoethisweek.com/blog/lake-tahoes-art-galleries  And don’t forget North Tahoe Arts in Tahoe City and now in Kings Beach,
  • There are 24,333,040 million trees in the Tahoe Basin. This is the first accurate tree count in Tahoe’s history! It was conducted using Land Tender, a new software tool funded by the Tahoe Fund that uses 3-D imaging and artificial intelligence to help reduce wildfire threat and improve forest health.
  • After a pandemic-induced bull run, the high-end market has finally faltered thanks to inflation, recession fears and rising interest rates. Per Mansion Global
  • In New York City, a palatial penthouse at Aman New York has sold for $74.34M, making it the most expensive deal in the city so far this year.  This new development, to include an Aman hotel, will open next August.
  • Downtown Chicago just had its priciest sale of 2022 – a five-bedroom condo at Residences at the St. Regis for $20.56M.
  • Benefits of the Great Housing Boom here to stay – new homes built, roads repaved, utilities upgraded, old houses improved and streets re-landscaped.  Policy makers may let some air out of a housing bubble but never go too long before supporting its recovery.  A healthy housing market goes hand-in-hand with our collective progress.  Brad Inman
  • Selling luxury real estate by Auction is gaining ground, giving sellers an accelerated way to move their homes.  Real estate auctions are not for distressed properties; they are out there to seek current market value for special properties with enormous world-wide exposure in a short amount of time.  Some go over asking price, some sell before the auction takes place.  Auctions for art, jewelry and cars are huge, often gaining way more than auction house estimates.  So, I just obtained my Real Estate Agent Certification with Supreme Auctions, anticipating opportunity to bring this service to my clients.
  • Pacaso Shared Ownership:  There are three homes – one on the water in Carnelian Bay and two off-water in Incline Village – offering 1/8th ownership shares.  $663,000, $1,042,000 and $1,124,000.  
  • TidBits
  • Lucy: “Do all fairy tales begin with ‘once upon a time’”?  Linus: “No, many of them begin, ‘If I’m elected, I promise…’”.
  • He who dies with the most toys…..is still DEAD!  Ed Miller
  • Bread is like the sun…it rises in the yeast and sets in the waist.
  • Warren Buffet’s happiness lesson:  Do What You Love!  YES! 
  • The second mouse gets the cheese.
  • Save the earth…it’s the only planet with chocolate…and wine. 

That’s it for this week.  Out of pocket next weekend, so I’ll be back in two weeks.  Have an enjoyable start to the fall season and see you next time!