Lake Tahoe, known as “the Jewel of the Sierra’s”, makes is difficult for anyone to argue that being able to call Lake Tahoe home is like waking up to a dream, every day. Coincidentally, the sales figures from the first quarter echoed this notion that demand for housing is strong. SF Gate reports that in the first quarter of 2021, the Tahoe regional area moved $612 million in inventory. Even with the median home price in Lake Tahoe at $895k according to Redfin, this is still an incredible feat.
The speculation is that many who can work from home as a result of the shift to social distancing due to the pandemic are trading in their city life for a permeant mountain retreat. Some of the properties are even being sold while sales agents and brokers alike utilize FaceTime and virtual tools to show the properties to prospective clients before they submit their offers. Although there has been a gradual shift to digital tools in the real estate industry, the pandemic has only advanced the usage and adoption of these practices.
As in Reno, there are only a limited number of properties that can be produced per year. However, there is far less land available in Tahoe and an arduous approval process to construct a home versus that of the Reno market. The scarcity of properties that are available in Lake Tahoe will only further drive the price points higher. For those that do not just have $1 million in liquidity sitting around for a second home in Lake Tahoe, there is still hope.
In South Lake Tahoe, Sugar Pine Village has been approved for a 248-unit project of affordable housing. This is much needed as living in or around resort cities makes housing very difficult for those that seek employment from the companies that provide the amenities that the area has to offer. Whether you choose a lake view or a mountain view, are there really any bad parts about making Tahoe your home? I encourage you to discuss your thoughts below.