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Tahoe Update

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June 4, 2022

Tahoe Update

            Greetings Fellow Life Travelers:

Clouds and cooler temps after a lovely warm day earlier this week, with warming predicted after this grey weekend.  Garden is greening up, house has been stained and now I’m waiting until the pollen comes and goes before putting out the deck pillows.  It was feeling like the shoulder season until I had lunch on Thursday downtown where you’d think it was the middle of July.  Real Estate markets are shifting all over, but homes are selling with some staying on the market a little longer than we’ve seen in the last two years.  Not so many overbids, and more inventory coming on. However, there’s no prediction that prices are going to drop, other than the few we see that were originally overpriced.  Good properties are not staying on the market long.  Let’s see what happened this last week.

  • Real Estate Residential – week of 5/28 – 6/3
  • Tahoe Sierra MLS – North & West Shores & Truckee.  New Listings – 38; Escrows – 22; Solds – 27
  • Incline Village/Crystal Bay MLS.  New Listings – 8; Escrows – 1; Solds – 1
  • East Shore, NV MLS.  New Listings – 9; Escrows – 7; Solds – 4
  • Reno/Sparks MLS.  New Listings – 236; Escrows – 129; Solds – 127

Martis Camp has a new listing at $18M; the highest sale in there so far was $14.4M.  Lakefront activity on the North/West shores has been pretty quiet so far in 2022, with only 5 sales, all on the North shore.  Four were at and under $6,450,000 (older home with no pier) and the other was Bruce Olson’s home at $23,650,000.  Right now on the North/West shores, there are 6 active, ranging from $4,950,000 to $38M, with one available but not in MLS at $42M.  In escrow is one under construction at Tahoma that’s been in escrow for a year, and one with big property, small cabin and, so far, no buoys or pier.  No lakefronts on the market in Incline, 3 in MLS in Crystal Bay right now.

  • Local/Real Estate/Luxe
  • Homewood Resort.   Contrary to earlier understanding, when Homewood morphs into a Membership resort, it will be open to all for membership, not just those living nearby.  Because season passes and daily tickets have really dropped off in the last few years, a result it appears of such heavy traffic going to Squaw that makes the trip to Homewood too long. 
  • Famous Greenbrier Legacy Club, West Virginia, is now offering Estate Homes and Legacy Cottages, starting at $1M.  (Sounds like a bargain to me!)
  • Gasoline Gouge. While higher crude oil prices are partly why gasoline is so expensive, it’s only part of the story. The bigger reason is a lack of global refining capacity. Since Covid-19, about three million bbl/day of refining capacity has been permanently closed. As a result, the crack spread, or the amount of profit a refiner makes from turning a barrel of crude into gasoline has jumped from $17 historically to $50. – Elliot Eisenberg, the Bowtie Economist
  • DeLorean is back in the spotlight with its new Alpha5 – gorgeous gull-wing, electric sedan.  Will debut Aug 21 at Pebble Beach Concours.   No pricing stated.
  • Texas most expensive home – $60M in Houston.  “An estate like a chateau and a castle, built to European standards”, per listing Broker, colleague in REALM™.
  • Texas Oil Magnate’s daughter, Christy Thompson, sold her $60M home in Aspen and purchased another for $51M.  Represented by another REALM™ colleague.
  • New helicopter for Lake Tahoe fire assistance.  Chase International through its ‘Chase Cares’ program is matching agent/staff donations & client EKN Development has donated $20K to raise a total of $100K towards its purchase.  It will be based at South Lake Tahoe.  To learn about it:  https://tinyurl.com/4hx44vd7
  • Capt. Clay’s six-person boat charters to special events.  Contact Clay Prescott for details – clay.prescott@yahoo.com; 530-523-3323.
  • Lamb Chop.  Dancer got a sixth birthday Lamb Chop which has been to the burial ground three times and is now drying from its second bath.  No longer dirt in her yard, gravel surrounds the faux turf, some of which ended up on one of my beds after Lamb Chop was deposited there after being removed from its temporary grave.  The last Lamb Chop made about six trips to the burial ground, so we’ll see what happens with this one.
  • Entertainment
  • TidBits
  • Cop:  “Do you know how fast you were going?”  Me:  “No. I thought that was your job.”
  • Cop:  “Please get out of the car.”  Me. “I’m too drunk. Why don’t you get in?”

So, stay somewhat sober and enjoy the warmer weather we should be getting.  Let’s hope it’s not in those 100s good friends are experiencing in the desert and even maybe Sacramento.  Have a great week!

Best wishes,