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Tahoe Update


Tahoe Update

Greetings Fellow Life Travelers:

           Another beautiful week at Tahoe, with temps in the mid-eighties. Boat show was a big success, with more in attendance than in 2019. Crowds are starting to wane a bit with schools starting during the month. Still a challenge for dinner reservations as our more permanent population has grown. Real estate conversation revolves around the settling markets….not just here but across the nation and world. China is having a huge problem with developers failing to complete projects even after buyers have secured loans and are now boycotting and not paying. Their real estate market has really tanked. However, ours in the US has not, nor will it!  More to choose from, yes….so let’s see what popped up this last week.

  • Residential real estate – week of 8/13 – 8/19
  • Tahoe Sierra MLS – North/West Shores. New Listings – 25; Escrows – 20; Solds – 37
  • Incline Village/Crystal Bay MLS. New Listings – 4; Escrows – 6; Solds – 4
  • East Shore, NV MLS. New Listings – 2; Escrows – 2; Solds – 4
  • Reno/Sparks MLS. New Listings – 138; Escrows – 163; Solds – 88

For Tahoe Sierra, 24 of the 35 solds were under $1M. For Incline and East Shore, all 4 sales were under ask. Generally, we are seeing many closings under ask, not by a lot, but definitely showing some give in pricing. Tahoe Sierra and Incline/Crystal Bay showing a drop in new listings, the other two about the same as last week. Days on market will be longer now, and next week I’ll see how the median price is doing this month vs. last.

  • Special Report – Lakefront Update – single family

To date 2022, there have been three properties over $20M sold around Lake Tahoe – East Shore for $32M, North Shore for $23,650,000 and an off-market sale on the West Shore for $40,259,500. In 2021, there were 8 sold around the lake.  Right now there are 11 listed: 5 on the West Shore, 4 in Incline/Crystal Bay, and 2 on the East shore.

Regarding lakefronts in general, in 2021 there were 51 sold around the lake. To date in 2022, there have been 13. On the market are 15 on the North/West shores (9 over $10M), the 4 over $20M in Incline/Crystal Bay, 5 on the East Shore and 5 at South Lake Tahoe. In addition, there is a beautiful 5.6-acre Crystal Bay parcel with 1690’ of shoreline, pier, boat house & buoys offered for $24.5M.

The halcyon days are over! With increasing inventory across the board and frenzy abated, buyers can take time to select a home they really want. To give some perspective for the lakefront market, after the Great Recession of 2008, we had an all-time high of 61 lakefront homes on the market on the North and West Shores alone. So inventory is still way low, as probably around 20 – 25 on the market at one time is more ‘normal’, if there is such a thing!  It’s not unusual for the big properties to stay on the market for months, sometimes a few years, before selling.

  • Local/Real Estate/Luxe
  • 26th Annual Lake Tahoe Summit. Multiple presentations by leadership of both NV and CA, with lots of back-slapping, of course. Encouraging news re forest management, a hot topic for the Lake Tahoe Basin and surrounding Sierra area. Big news is a new sawmill being built in Carson City to process all the tree fuel being removed from the Basin. Substantial government funding continues to support the programs in place to keep the Lake clean and our forests healthy.
  • Yikes! Range Rover’s new fancy SUV – Model SV – and it’s gorgeous – base price is only $193,100. The blinged-out model is $240K – competing now with the new Bently Bentayga.
  • Education. Just completed a course in recording real estate transactions on blockchain, something I think is in our future. So now I have the Consortia Blockchain Compliance Designation. This doesn’t mean I know that much – yet. I plan to create an NFT for my property, so then I’ll get a lot more savvy about the process. This doesn’t eliminate normal transaction process or recording, but does give immutable security to the documents related to the transaction.
  • Limnology. Study of lakes. Last week at the Summit, Dr Charles Goldman was recognized by the Tahoe Fund for his important work at Lake Tahoe after discovering its decrease in clarity over 60 years ago.
  • New Chase office in Lake Almanor! Adding to its expanding group of offices, Chase has partnered with well-established Lake Almanor Brokers with two offices – one by the Lake Almanor Country Club and the other in nearby Chester.
  • New paved trail! From Truckee one can now ride or walk through the Martis Valley to Northstar Drive.
  • New Supersonic Jet – London to NYC in 3.5 hours on 100% Biofuel. Per Robb Report, plane maker Boom expects to have the first flight of its production-spec aircraft in 2026. 70 orders already in from carriers like United and Japan Airlines. Beautiful plane looks a lot like the old Concord but with greater creature comforts and amenities. (see below)
  • TidBits
  • God promised men that good and obedient wives would be found in all corners of the world. Then he made the earth round. . . and laughed
  • and laughed and laughed.
  • Apparently RSVPing to a wedding invitation “Maybe next time” isn’t the correct response.
  • I’m not saying I’m old and worn out, but I make sure I’m nowhere near the curb on trash day.

All for this time! Have a great last full week of August!

Best wishes,