Truckee, near Lake Tahoe, CA. This four-bedroom home went on the market for $ 1.65 million and sold for $ 2 million less than 24 hours later.
Overall and Hamilton
Lake Tahoe real estate is bursting at a record pace, as San Francisco tech workers flee the city in search of more space and healthier lifestyles.
A new wave of urban flight is re-shaping the real estate markets from New York to Chicago and Los Angeles to San Francisco. As part of this change, Lake Tahoe is fighting unprecedented bidding, seeing activity and price increases. Brokers say the list of homes for sale has shrunk from one-tenth of one-tenth of normal levels.
“People are writing all cash offers for homes, unseen unseen,” said Sabrina Belesi, a Lake Tahoe broker with Ray and Max. “They just want to get out of the city.”
Lake Tahoe has long been a bucolic getaway for migrating to California and Nevada, looking for lower taxes. Brokers say that out of all the purchases that have taken place in the market, the latest buying boom is big. They say tech workers and investors in the Bay Area, as well as media types from Los Angeles, are coming to the Tahoe area in search of larger homes with home offices, more land for children to play, and access to outdoor activities such as Swimming and bike riding.
The flight received another push from the city this week, when Google announced that it would keep workers at home until July 2021. Private schools in the Bay Area also recently announced that they would likely shift to all online classes in the fall, giving families another reason to persist. Outside San Francisco.
“Buyers are saying ‘there is no reason for me to stay in the city,'” Brack Overall, an agent with Sierra Sotheby’s International Realty.
Overall, historically, it took three to four months to sell Tahoe area properties. Now, it’s like four days. The properties are often between six and 12 after they hit the market, he said, with many selling for more than the asking price.
A property recently came to the market valued at $ 1.65 million. Located in the city of Truckee, California, located under the Trophy River, it went under contract in less than 24 hours and closed for $ 2 million.
This three-bedroom home at Tropey’s was listed for $ 670,000 and quickly sold for $ 70,000 more than the asking price.
Sierra Sotheby’s Int Realty
The resort community of Toho Donor typically has 80 to 120 homes on the market, said the total. Now there are only about a dozen.
Almost all deals are all cash, with few or no contingencies. Overall stated that buyers have little chance of getting a home if they need financing, as sellers prefer quick, all-cash deals.
“I think it’s establishing a new market here,” he said.
And the numbers show no signs of slowing down. Kylie Sanchez with Sierra Sotheby’s said the company’s pending sales in June for the Tahoe area were $ 191 million, up from $ 72 million last year.
July is taking shape to get even better, with $ 129 million in pending sales between July 1 and July 15 – more than three times last year’s total. She said that families have long viewed Tahoe as a holiday-home market, with many families now planning to stay longer.
“They are buying for their primary residence now,” she said. “Maybe it’s for a year, maybe longer. But they want to hang out.”
With very few homes for sale, many buyers have taken steps to purchase vacant land and build homes. Local builders and architects say the waiting list for their services is getting longer. Brokers have started knocking on doors in hopes of persuading owners to list their homes.
“People who can sell in a typical season are keeping their homes because they want to stay in one place,” said Belesey. “The inventory is getting to the point where we’re running out of homes for sale. It’s very limited.”