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Tahoe Update

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November 12, 2023

Tahoe Update

Greetings Fellow Life Travelers:

Will it snow, or will it rain?  Even Open Snow can’t answer the question as various sources have different predictions.  We should be dry until Wednesday, then it’s up for grabs as of now.  It could even be dry with no precip!  So, what’s new?  That’s life in the mountains with weather predictions. Now it’s the last rush to get everything tidied, buttoned-up and ready for winter.  Car gets tires changed and service on Monday.  More real-world news relates to the real estate business that you’re probably reading about and seeing on the news.  Of course, it’s all about the money as in commissions and who’s paying who. Big money award last week prompted several immediate copy-cat suits, so it will be ages before all the dust settles.  In the meantime, changes are afoot regarding the way Buyer’s Agents get paid – or not.  Lots more to come on this.  Now we’ll see what the action was like in the Tahoe region this last week.

Residential Real Estate – week 11/4 – 11/10 

  • Tahoe Sierra MLS – North/West Shores & Truckee.  New Listings – 12; Escrows – 21; Solds – 14
  • Incline Village/Crystal Bay MLS.  New Listings – 7; Escrows – 7; Solds – 1
  • East Shore, NV MLS.  New Listings – 4; Escrows – 4; Solds – 1
  • Reno/Sparks MLS.  New Listings – 76; Escrows – 117; Solds – 77

Tahoe Sierra had a nice escrow listed at $9.95M in Martis Camp and a nice Chase lakefront sale listed at $8M that sold for $7.75M.  Incline Village had a whopping new listing on the Eastern Slope at $16.5M, new build in 2020. And Reno had the three top sales all with Chase participation!  Otherwise, things looked a little quieter this last week.

Local/Real Estate/Luxe

  • Interest rates:  I think we all know 3% is history!  Our best hope is to get back into the 6s. From almost 8%, this week rates came down to the low and mid 7s. And with hunting, it’s possible to do better than that.  Perspective:  In 1971 mortgage rates were 7.33%.  If you waited to purchase a home until rates went down, you waited until 1993.  You would have rented for 22 years.  Meanwhile, the value of real estate QUADRUPLED! 
  • San Francisco market:  Some sellers are losing money as pricing in some cases has reverted to pre-pandemic levels.  For those who don’t want to lose but must or want to move, there are a couple of not-great choices:  Lease – rent control and rules can stymie an eviction should renter opt not to pay, and on January 1, 2024, an Empty Homes Tax goes into effect if a home is vacant more than 182 days in a calendar year. 
  • Unbuilt offer (here we go again).  Beverly Hills – over 10 acres.  For $40M you can buy the property with plans, or for $126M you get the completed package. Seller is Bo Zarnegin, one of developers of the Peninsula Hotel.
  • Santa Fe Mansion Tax.  Buyers will now have to pay a 3% excise tax when purchasing $1 Million or more.  Revenue set to fund affordable housing.  
  • Dubai’s luxury home prices are set to rise by 5% in 2024.  So, enough about real estate.
  • Time Machine:  Man finds ’81 DeLorean with Original Tires and less than 1,000 miles, in barn in Wisconsin – https://tinyurl.com/bdzds5d8
  • In addition to forest restoration and lake water clarity, the Tahoe Fund supports Sustainable Recreation, Stewardship and Transportation.  To date from inception in 2010, it has acquired 30+ agency and organization partners and funded 130 projects.  $20M in donor dollars raised and $80M in public funding secured. 
  • Arts in California Parks:  New program to help make California’s parks more inclusive and welcoming.  Artists, culture-bearers and Native American tribes will be eligible to receive funding to create artwork throughout state and local parks.
  • AI – Through my membership in REALM, I am taking a 10-week class in Artificial Intelligence as it applies to the real estate business.  Never nothing to learn in this world!  And, it’s fun, albeit a bit overwhelming.  
  • Bliss State Park for 2024 will again be closed through the summer for completion of replacing the aging waterlines. 
  • Luxury retail market in the US is forecast to exceed $75 Billion by the end of 2023.  This indicates a considerable expansion in the sector, reflecting increasing consumer spending and demand in the luxury segment.  
  • Veterans’ Day:  Beautiful weekend to remember, recognize and thank our fabulous veterans for keeping our country safe and free.  Most, if not all of us, have family members who have served.  

Entertainment

TidBits

  • If you obey all the rules, you miss all the fun.  Katharine Hepburn
  • “Lord, make me an instrument of your peace: where there is hatred, let me sow love; where there is injury, pardon; where there is doubt, faith; where there is despair, hope; where there is darkness, light; where there is sadness, joy.”  St Francis
  • A balanced diet is a cookie in each hand.
  • You’re not lazy, just on energy-saving mode.
  • Exercise?  I thought you said extra fries.
  • The road to success is dotted with many tempting parking spaces. 
  • Some days I amaze myself.  Other days I look for my phone while holding it.
  • There is hope as long as your fishing line is in the water.
  • A closed mouth gathers no feet. 
  • Middle age is when the broadness of the mind and the narrowness of the waist change places. 
  • If a pig loses its voice, is it disgruntled? 
  • Why do we press harder on the remote control when we know the batteries are weak?
  • “Difficulties mastered are opportunities won.”  Winston Churchill
  • “Many wise words are spoken in jest, but they don’t compare with the number of stupid words spoken in earnest.”  Sam Levenson
  • “If you’re going to do something tonight that you’ll be sorry for in the morning, sleep late.”  Henny Youngman
  • “I love working for myself; it’s so empowering.  Except when I call in sick.  I always know when I’m lying.” Rita Rudner 

Well, darn.  Can’t get away with a thing!  Have a lovely week…rain, shine or snow…and see you next time!

Best wishes, 

Trinkie