Greetings Fellow Life Travelers:
Summer is here and we’re experiencing warmer than normal (whatever that means anymore) temps. High 80s sometimes slide into the low 90s, a bit toasty for us. Shades/shutters closed on south-facing windows in the day to keep things tolerable! A/C is not something we see in most homes at Tahoe; however, I think that will change going forward. Everything’s in full swing….outdoor music, outdoor restaurants, Tevis Cup this weekend (100 mile ride from Reno to Auburn), Barracuda Championship golf tournament at Old Greenwood the last few days, water sports activities including total madness on the Truckee River between Tahoe City and River Ranch, hiking and biking and al fresco entertaining! Trying to get a dinner reservation is almost impossible unless you do it way in advance. So, on to business and what took place this last week.
· Residential Real Estate – week of 7/9 – 7/15
o Tahoe Sierra MLS – North/West Shores and Truckee. New Listings – 40; Escrows – 19; Solds – 19
o Incline Village/Crystal Bay NV MLS. New Listings – 19; Escrows – 8; Solds – 6
o East Shore, NV MLS. New Listings – 5; Escrows – 2; Solds – 2
o Reno/Sparks MLS. New Listings – 180; Escrows – 156; Solds – 102
There’s a definite trend down in sold prices, with fewer over bids and quite a few coming in just under list. For Tahoe Sierra, all but 3 of the 19 in escrow were under $1M. I think those depending on financing are jumping in before the Fed meeting on July 27 when interest rates are expected to pop up another .75% to 1%. Out of the 19 Solds in the TS MLS, 12 were slightly under ask. In Incline a new Chase lakeview listing came on at $12M; a lakefront that’s been languishing since last October listed at $12,995,000 went into escrow. And another property listed at $9,475,000 since March went to escrow. Of the 8 Incline escrows, 6 were condos…again I imagine trying to beat the rising rates. A month or so ago, there were almost no Open Houses; this Saturday in the TS MLS there were 18 posted on Member News. So, there’s more selection and better pricing for many homes; however, the economy will have an impact on how we see summer sales evolve. Inventory is up for sure all over, but it’s still behind where we were in the market prior to 2020.
· Local/Real Estate/Luxe
o Big Bluegrass Benefit Concert at Sugar Pine Point State Park for the Sierra State Parks Foundation on August 5. Food Vendors, bring low-back chairs. 4PM to dark. Tickets at www.SierraStateParks.org
o For vacation/second home owners, be sure to sign up for CodeRed in your area – https://incidents.readyforwildfire.org/ Local residents should already be signed up.
o “Go Bag”. Do you have yours ready? Mine’s still mostly in my head, but will take a look at this suggested list to get pro-active: https://www.facebook.com/100000575295103/posts/5842522512443534/?flite=scwspnss
o Manhattan average rents are up 29% over last year, hitting $5000/month.
o On demand local transit service has increased ridership by 20%. https://tahoetruckeetransit.com
o Per Tahoe Fund, the Lake Tahoe water temp has increased by 10 degrees.
o Gen Z and Millennials are driving success of many luxury brands that are growing even bigger. By 2025, 50% of customers will be Millennials.
o Big new South Reno development – Downtown Damonte. Collaboration between The Di Loreto Companies and Nevada Pacific Development Corp. 73 acres will be mixed use residential and commercial with Ridgeline, Inc., a tech company, putting in a new campus. Owner David Duffield is a major contributor to the development and will include his Foundation’s funded Liberty Dogs campus for training dogs for veterans. Occupancy expected in late 2024- early 2025.
o How about the new James Webb Space Telescope? 30 years and $10B in the making! Absolutely amazing photos.
o Go b4 you Go. Check out the Water Trail map for Lake Tahoe, showing all the rest stops along the shore. https://www.facebook.com/100068588556017/posts/344744591155157/?flite=scwspnss
o 2022 Lake Tahoe Summit. August 16, 10AM – 12Noon – open to all at Sand Harbor. Hosted by US Senator Jacky Rosen. Shuttle service from numerous locations. https://takecaretahoe.org/events/2022-lake-tahoe-summit/
o Architecture. Wooden buildings rise in Global cities. Already common in Europe, engineered composites provide futuristic take on one of oldest building materials, with enormous strength. Timber House at Park Slope, a condominium in Brooklyn, NY will be the first condominium in NY City built with mass timber. Residential mass timber buildings are also complete or under construction in Portland, OR; Cleveland and Seattle. Mansion Global.
o Bear Canisters. Beginning July 18, bear canisters for food and refuse will be required for overnight camping in Desolation Wilderness. Campers can rent these when they register for their permit at Placerville Ranger Station. More info – 530-647-5415 They can also be purchased at retail recreational stores.
· Entertainment
o History Lesson. What archaeological sites used to look like. 25 min. Pretty interesting. https://www.youtube.com/watch?v=5BJ6bsHuSZE
· TidBits
o When stressed, remember this: “The storm will run out of rain.” Maya Angelou
o A bachelor is a selfish, underserving guy who cheated some woman out of a divorce.
o Money doesn’t grown on trees because some of us would try to smoke it.
o The only time people compliment you on looking young is when they think you’re old.
Ok, then! Enough time on this one. Have a great week and stay cool! See you next week.
Best wishes,