A recent movement of people from urban areas has seen Lake Tahoe real estate spike to unprecedented levels. Houses are getting bought at a remarkable speed as tech workers and other city dwellers leave for more spacious dwellings.
For a long time now, Lake Tahoe has been a sort of rural escape for California residents seeking to escape the hustle and bustle of urban areas.
The lake region’s rural environment has been such an attractive prospect for so many urbanites in San Francisco and California.
Brokers aver that the latest house selling surge has never been seen before. Tech workers are moving to the bay area thanks to the more spacious homes. Moving companies have become quite familiar with the area and are available to help with this new influx.
Media workers and other investors haven’t been left behind as well. Homes in the lake area have home offices and are suitable for raising kids and accessibility of outdoor social amenities.
The fleeing of the city areas might be further be exacerbated by Google’s decision to keep its workers working from home till July next year.
Private schools have also opted to have all their classes online. That is more reason for city residents to stay out of the city.
Properties usually took about four months or more to sell. Now it takes a week barely before a property is snapped up. And most are going for a much steeper price than the asking price.
A recent property went for $2 million after initially entering the market at an opening price of $1.65 million. Surprisingly enough, it was sold in under 24 hours!
In regular times there are 80 to 120 homes on the market in Tahoe Donner. Currently, only a dozen remains with the rest have sold already. And most deals are being done in cash.
The buying boom doesn’t show any signs of coming to an end soon. Sierra Sotheby says its pending sales for mid-July in Tahoe were upwards of $125 million.
Also, with homes becoming increasingly rare, most buyers have resorted to buying land then building. Local architects and builders say that their waiting list is to the brim.
People who barring extraordinary circumstances would have sold their houses are holding ono their homes. That may be because they need a place to stay.
The dynamics are that the brokers are now running out of homes to sell. One can only speculate for how long this will go on.