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Tahoe Update

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July 9, 2022

Tahoe Update

            Greetings Fellow Life Travelers:

Beautiful July 4 weekend, cooler than usual, but still totally enjoyed by many!  We had a Parade Party at the Truckee office, well attended and all the food and drink gone.  Parade was fun with some new entries we hadn’t seen before.  I personally holed in for most of the three days, not so interested in engaging with the crowds, and I find many of my fellow residents did the same thing.  Donner Lake had fireworks that were beautiful, per all the posted photos.  I could hear the booms as they went off.  Let’s see what transpired this last week in real estate.

  • Residential Real Estate – week of 7/2 – 7/8
  • Tahoe Sierra MLS – North/West Shores & Truckee.  New Listings – 43; Escrows – 22; Solds – 19
  • Incline Village/Crystal Bay MLS.  New Listings – 12; Escrows – 2; Solds – 1
  • East Shore, NV MLS.  New Listings – 2; Escrows – 2; Solds – 1
  • Reno/Sparks MLS.  New Listings – 276; Escrows – 200; Solds – 113

No question that the market has shifted, heading into what will probably be back to normal with greater balance between buyer/seller experience.  Two listings that came on in the Tahoe Sierra MLS are $21,995,000 in Martis Camp (ouch!) and a re-list of a Meeks Bay lakefront at $28M.  No one is being shy about asking prices.  With the stock market down, I think some of our big buyers will be taking a pause.  Too soon to tell…think we need another month to get a better feel for how the Tahoe market is settling.  What I’m seeing so far is that no one is in a rush!

  • Local/Real Estate/Luxe
  • American Century Golf Tournament (Celebrity Golf) at Edgewood is underway now.  Always a crowd pleaser, and weather is beautiful.  Mark Mulder, who won the tournament three times in 2015 – 2017, is leading as I write.  Tomorrow is the final day.  Lots of eyes on Steph Curry and his strong playing!
  • Trash.  More than 300 volunteers, and 8-person dive team and one beach-cleaning robot spread out over Lake Tahoe beaches last Tuesday collected 3,450 pounds of trash from the environment, more than double what it was last year.  The dive team found only 45 # this year, vs 468 # last year….showing how cleaning the beaches really has an impact on keeping the lake clean.  Amazing to me how disrespectful people are of the environment.
  • Inflation.  WSJ’s Dion Rabouin has an interesting report on Who’s Really to Blame for High Inflation.  https://tinyurl.com/5n6su52w
  • Frank Gehry’s The Grand LA, 15 years in the making, is opening this month.  The centerpiece is the captivating Walt Disney Concert Hall with its sweeping swooshes of stainless steel seen by downtown visitors from street level, hotel rooms and condominiums.
  • Big Loss!  You don’t see this too often.  Paul Simon and Edie Brickell sold their Connecticut estate at a substantial loss.  They paid $16.5M for the 31.8-ac property in 2002 and sold it for almost $6M less after languishing on the market for 3 years.
  • How about this one?  One bedroom Malibu Abode lists for a cool $18.45M. 1,700 sq. ft includes open floor plan and one bathroom.
  • Fire!  We just had a small grass arson fire in Truckee with no structures or people injured (culprit captured). We are all on major alert here, to say the least.  There is a campaign to raise money for a Lake Tahoe fire helicopter that will be based in Douglas County.  Chase International has raised $100K for this effort.  The campaign is ongoing and is urgent!  Check out this information:  https://tahoefire.org/helicopter
  • Blue Agave – Tahoe City.  After 27 years, Steve Topol has retired and closed his business. 
  • Entertainment
  • I want what you have.  (See attached)
  • TidBits
  • The other line always moves faster until you get in it.
  • If plugging it in doesn’t help, try turning it on.
  • Honey, I understand the concept of cooking and cleaning just not how it pertains to me.

Best wishes,