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Home / Business / “We’re running out of homes for sale,” said Lake Tahoe brokers

“We’re running out of homes for sale,” said Lake Tahoe brokers



This four-bedroom house in Truckee, California, near Lake Tahoe, went on the market for $ 1.65 million and was later sold in less than 24 hours for $ 2 million.

Overall and Hamilton

Lake Tahoe real estate is accelerating at a record pace as San Francisco technicians flee the city in search of more space and a healthier lifestyle.

A new wave of city flights is changing real estate markets from New York to Chicago and Los Angeles to San Francisco. As part of this shift, Lake Tahoe is experiencing unprecedented supply wars, buying activity and rising prices. Brokers claim that the list of homes for sale has decreased to about one-fifth to one-tenth of the usual levels.

“People are writing cash offers for housing, invisible,”

; said Sabrina Belleci, a Lake Tahoe broker with Re / Max. “They just want to get out of town.”

Lake Tahoe has long been a bucolic escape for Californians seeking escape and lower taxes on the Nevada side. However, the latest increase in purchases is greater than in any market, brokers say. Technicians and investors in the Bay Area, as well as types of media from Los Angeles, are said to be coming to the Tahoe area to look for larger homes with home offices, more land for children to play, and access to outdoor activities such as swimming. and cycling.

The flight from the city took another step this week when Google announced it would keep workers at home until July 2021. Private schools in the Bay Area also recently announced that they were likely to move to all online classes in the fall, giving families another reason. to stay out of San Francisco.

“Buyers say” there’s no reason for me to be in town, “said Breck Overall, an agent for Sierra Sotheby’s International Realty.

Historically, the sale of real estate in the Tahoe area took three to four months, he said overall. It’s been less than four days now. Real estate often has six to twelve offers after entering the market, he said, many of which are sold much higher than the asking price.

One property recently hit the market for $ 1.65 million. Located in downtown Truckee, California, on the Truckee River, it signed less than 24 hours later for $ 2 million.

This three-bedroom house in Truckee was quoted for $ 670,000 and quickly sold for $ 70,000 more than the asking price.

Int Realty by Sierra Sotheby

The Tahoe Donner Resort usually has a market between 80 and 120 households, he said. There are only about a dozen now.

Almost all trades are cash, with little or no unforeseen events. Overall, it is said that if buyers need financing, they have little chance of getting a home because sellers prefer fast and cash deals.

“I think a new market has been created here,” he said.

And the numbers show no signs of slowing down. Kaili Sanchez and Sierra Sotheby’s said Tahoe sold a total of $ 191 million in June, up from $ 72 million last year.

July is forming even better, with revenue expected of $ 129 million between July 1 and July 15, more than tripling overall last year. She said that while families have long seen Tahoe as a vacation home market, many families plan to stay longer.

“Now they are buying for their primary home,” she said. “Maybe it’s a year, maybe even longer. But they want to be outside. “

With such a small number of homes for sale, many buyers took to buying empty land and building a house. Local builders and architects claim that waiting lists are being extended for their services. Brokers have also begun to knock on doors, hoping to persuade owners to compile a list of their homes.

“People who could sell a typical season keep their homes because they want a place to stay,” Belleci said. “Inventory gets to the point where houses are coming for sale. It is very limited. “


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