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Tahoe Update


Tahoe Update

Greetings Fellow Life Travelers:

What a great several days at Leaders in Luxury conference in Denver!  Not only was the content terrific, our opening pool-side reception was over-the-top when crashed by Amy Schumer on her way to the spa.  Amy Shumer Video Great to see old friends and connect with new colleagues in a great-sized group of 127.  In addition to the productive sessions, we had great dinners at a couple of restaurants and, of course, social time at the Four Seasons’ watering hole.  Happy to report that travel – though never much fun these days unless you’re flying private – was on time and no luggage lost.   However, the Denver airport is way off the top of my list….unbelievable after being used to checking in at manageable Reno-Tahoe.   Now back to life at Tahoe and what went on last week in real estate.

  • Residential Real Estate – week of 8/27 – 9/2
  • Tahoe Sierra MLS – North/West Shores and Truckee.  New Listings – 48; Escrows – 21; Solds – 22
  • Incline Village/Crystal Bay MLS.  New Listings – 8; Escrows – 7; Solds – 8
  • East Shore, NV MLS.  New Listings – 6; Escrows – 6; Solds – 2
  • Reno/Sparks MLS.  New Listings – 131- Escrows – 156; Solds – 134

Biggest action was an East Shore lakefront at $13M now in escrow.  From last week, new listings for Tahoe Sierra jumped from 26 to 48 in anticipation of Labor Day.  Still lots of price reductions and a myriad of open houses for the weekend.  Will be interesting to see how that translates to new escrows this next week.   To give you a perspective of MLS sizes, here are the current number of actives in each one:  Tahoe Sierra – 419; Incline Village/Crystal Bay – 149; East Shore, NV – 72; Reno/Sparks – 1,347.  And, I just noticed that the Steen Mansion (Reno) that I spoke about several weeks ago, listed at $16M and in contract from auction, is back on the market at $11.5M.   Also interesting, average percent of sold to list price this last week for Tahoe Sierra was 99%!   Will be watching as we move forward.

  • Local/Real Estate/Luxe
  • Per Tahoe Fund, Lake Tahoe level is only one inch lower than last year at this time….now 6,223.6’, about half a foot over natural rim.
  • A Maya Lin-designed condo in Palm Beach has just listed for $26.5 and could set a record for this town.  Her art presentation was recently featured at the Nevada Museum of Art in Reno.
  • Per Mansion Global, Pandemic Boomtowns will start favoring home buyers this fall.  With work-from-home a continuing format for many, our beautiful resort areas will remain very desirable.  With prices softening in general and inventory growing, buyers have more choices and are taking their time to select the home they really want.  Some properties will still have overbids, but not with the numbers we saw in ’20 and ’21.
  • First nine-figure sale in Miami!  Listed originally at $150M in January, it sold for $106.875M.  4 acres overlooking Biscayne Bay, it has two homes.  Buyer visited for first time in July and sale closed last week.   Neighboring Palm Beach County has enjoyed a number of nine-figure sales.
  • Lots of chatter regarding those being asked to come back to offices and how it will impact the recent moves out of big cities.  New York City companies are pulling back employees who have moved to Florida, many of whom don’t want to go back.  Some, however, want the social and entertainment aspects of the Big Apple.  Will be interesting to see if we experience that here at Tahoe.
  • New TV show on Netflix starting this Friday – Buy My House.  Format is evidently structured after “Shark Tank”.
  • New pop-up skate park in Tahoe City honoring Scotty Lapp, a local who was killed in a ski accident earlier this year.  In demand for some time, this is a great addition to the area.  Hunt is on for a permanent location after it closes later this fall. 
  • Entertainment
  • TidBits
  • “Luxury costs a lot more today”.  D.J. Grubb
  • Pilot to Mechanic:  P: Dead bugs on windshield.  M. Live bugs on back-order.
  • P:  Aircraft handles funny.  M.  Aircraft warned to straighten up, fly right and be serious.
  • There are three kinds of people.  Those that can count and those that can’t.
  • Doesn’t expecting the unexpected make the unexpected expected?

So have an unexpected (and great) week!  See you next time.

Best wishes,