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Tahoe Update

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August 9, 2022

Tahoe Update

Greetings Fellow Life Travelers:

            After those few weeks with 90+ degree temps, we got back to a more normal spread in the 80s.  And, we had a lovely steady rainfall on Friday, hearing raindrops on the deck as I awoke.  Sun is back and temps should stay in the 80s.  The rain cleared out the humidity, so all feels nice and fresh!  Dinner out with friends showed there’s no lack of visiting Tahoe….the line at Garwoods for those without reservations was amazing.  I was pretty sure I wouldn’t see anyone I know as the ‘natives’ tend to stay close to home and entertain there when we get so crowded.  Let’s take a look at how crowded real estate activity was for this last week.

  • Residential Real Estate – week of 7/30 – 8/5
  • Tahoe Sierra MLS- North/West Shores & Truckee.  New Listings – 38; Escrows – 10; Solds – 27
  • Incline Village/Crystal Bay MLS.  New Listings – 10; Escrows – 6; Solds – 4
  • East Shore, NV MLS.  New Listings – 5; Escrows – 4; Solds – 5
  • Reno/Sparks MLS.  New Listings – 170; Escrows – 144; Solds – 89

We all know the market has shifted as we get back to a more balanced situation.  We still have about half the listings we had prior to Covid, even though we see more coming on the market daily.  Sales activity is down, a reflection of the rising rates and economy concerns.  However, the luxury market is not dead evidenced by some nice activity in Incline.  One listing at $8.7 went into escrow, and a lakefront on the market at $13.5 last October finally sold at $11.4 with one price reduction.  Condo inventory in Incline is now at 50…way up from what we saw several months ago.  I think tightening rental restrictions and also a change in the beach policy at Incline has reduced some of the short-term interest, causing owners to rethink their position.

  • Local/Real Estate/Luxe
  • Per SF Examiner, climate change denialism is a negative factor for singles trying to make connections. This is a big deal across the board with 60% of Bumble users having an ‘environmentalism badge’ displayed on their profiles, and 90% of Bay Area-based OKCupid members concerned about the warming world.
  • Newest Auberge Resort, Stanly Ranch in south Napa Valley now has full-ownership opportunities with 4- to 6-bedroom Vineyard Homes for sale. https://tinyurl.com/3b35bh8y
  • For locals (Truckee and close by) – Devin’s Car Wash & Detailing – 925-285-3799.  This 15-year old was dropped off by his Mom with all his equipment to detail my car.  He spent a little over 6 hours and removed every single German Shepherd hair from the back.  He said it was the most he’d ever seen and was the most satisfying to get it all out!  And, he is exceptionally reasonable.  Love the entrepreneurial spirit of this local high school sophomore. He’s booked out as has a job every day, so plan on a little wait. Schedule may change when school starts.
  • Per Mansion Global, demand by luxury buyers is strong for European communities with access to nature and relative affordability. Greece, Italy, Portugal and Spain are at the top of the list.  Quality of life is the draw, not a move because of Covid.
  • Reno Philharmonic has a new President & CEO following Tim Young who retired after 19 years.  Ignacio Barron Viela, a native Spaniard, was most recently the Executive Director of the Billing Symphony where he helped secure the  two largest gifts in its 72-year history – a beautiful income producing building and a seven-figure donation.  He doubled the net assets to over $5M and the operating budget to close to $2M.
  • Looming new taxes for California residents.  Check out Senate Bills 1105 (Hueso) and 679 (Kamlager), each of which creates an unelected agency with power to impose a range of new property taxes. TAKE ACTION NOW!
  • Olympic Valley development shot down!  After many years, approvals for the massive development for Palisades Tahoe has been rescinded.  Developer is working to iron out the issues and may submit an adjusted plan.
  • Mother-Daughter pilots – Southwest’s first-ever duo in 55 years takes to the skies. They flew together for the first time on July 23. Mom’s intro: https://www.youtube.com/watch?v=871A8cSLQs8
  • Cities with strongest year-over-year second quarter price increases were Dubai (64.8%), Miami (37.3%, Los Angeles (23.4%) and San Francisco (22.2%). Overall growth in 45 global cities has slowed from a pace of 10% in first quarter to 7.5% in second quarter, per Knight Frank’s Prime Global Cities Index.
  • Entertainment
  • Our local produce. “Some folks wonder why we have so many black bears in South Lake Tahoe.  Although it’s a well kept secret, we grow them on trees.” Tahoe Toogee  (see below)
  • TidBits
  • My tolerance for idiots is extremely low these days. I used to have some immunity built up, but obviously there’s a new strain out there.
  • I want to be 18 again and ruin my life differently.  I have new ideas.
  • Hard to believe I once had a phone attached to a wall, and when it rang, I picked it up without knowing who was calling.

That’s a wrap for this week.  Have a great one coming up and see you next time!

Best wishes,

Trinkie