These Tahoe home listings show the state of its red-hot real estate market

In the past, Tahoe has been a more affordable place to buy a home, compared with the Bay Area. But that might not be so true anymore, Realtors say. Pandemic migration has driven up the market’s prices astronomically, while the number of people selling has gone down, reducing the supply of listings.

Even before the pandemic, homeownership would have been out of reach for much of the area’s population, based on household median income, says Compass Realtor Mark Salmon. “Now this wave has only worsened that.”

In 2019, $500,000 was on the lower end of the market, but still possible to find some options for buyers, Salmon said. Now, he tells his clients he has virtually nothing to show them. And if he does, any listing would get bid through the roof, or be a fixer-upper.

Below the $1 million price point, Salmon says inventory is extremely limited. And with the influx of transplants coming in ready to buy — who come with Bay Area wages — any listing is guaranteed to push over listing price and sell within days.

“At $800,000 you’re the most frustrated buyer,” he said. “You’re competing against a lot of people.”

Salmon says 90% of the buyers he’s seeing are from the Bay Area, and mostly fall within the 25-to-35 age range.

Defining luxury and affordability in Tahoe isn’t always straightforward. Like many Bay Area regions, there are micro-neighborhoods that complicate the picture and can skew numbers upward — for instance, the homes surrounding the Lake Tahoe waterfront come at a huge premium.

But overall, Realtors say, prices in the $1.5 million range are getting into luxury territory, and $3 million is around where uber-luxury begins. In the Bay Area, on the other hand, luxury typically begins at the $3 million price point.

So what do luxury and uber-luxury look like in South Lake Tahoe? We compared two properties in South Lake Tahoe to see what the market looks like at both points.

 These Tahoe home listings show the state of its red hot real estate market

629 Clement Street, South Lake Tahoe

Ascent Property Group

A five-bedroom cabin just steps away from the mountains

629 Clement St., South Lake Tahoe

List price: $1,249,500

Size: 3,051 square feet

Price per square foot: $410

Amenities: Three-car garage, jetted tub, backyard, two decks, skylights, hot tub

 These Tahoe home listings show the state of its red hot real estate market

629 Clement Street, South Lake Tahoe

Ascent Property Group


 These Tahoe home listings show the state of its red hot real estate market

629 Clement Street, South Lake Tahoe

Ascent Property Group

This five-bedroom, three-bathroom mountain home is just steps from the trailhead that leads to Fallen Leaf Lake, and is a 15-minute bike ride to Lake Tahoe. It’s also minutes away from all that living in South Lake Tahoe has to offer: mountain biking, snowshoeing, cross country skiing, and more, said Ascent Property Group listing agent Rene Brejc.

 These Tahoe home listings show the state of its red hot real estate market

629 Clement Street, South Lake Tahoe

Ascent Property Group

The property was built in 2006 — which makes it a bit dated compared to a lot of the region’s brand new construction —but it’s still getting a bit of interest, even though the market is in its typical off season. Since it’s been on the market, Brejc says there has been “competition at every level.”

She says in the more than two decades she’s been in the real estate business, multiple offers on homes were relatively rare. “Now, it’s more normal.”

 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe

Compass

A 1.2-acre mountain manor with indoor pool and movie theater

3773 Regina Road, South Lake Tahoe

List price: $3,498,000

Size: 6,604 square feet

Price per square foot: $530

Amenities: Home theater, indoor pool, decks with covered built-in BBQ/bar and fire pits, 1.2 acre parcel

 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe 

Compass


 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe

Compass

At 6,604 square feet, this 10-bedroom, 11-bathroom home is a beast of a mountain lodge located within walking distance of Heavenly’s California lodge.

The lavish residence has a number of large decks with barbecue and bar areas, fire pits, and an entire floor dedicated to entertainment — a home theater room that can seat 18, a gaming area, a 400-square-foot indoor swimming pool, a steam room and a sauna.

 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe

Compass


 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe

Compass

But the palatial qualities of this residence probably won’t be for everyone. The home was originally designed and utilized as a vacation rental, but such short-term rentals are being banned from Lake Tahoe in 2021.

The home’s location — right on the main drag that gets you to Heavenly ski lodge — makes it convenient as a long-term vacation rental home. But that convenience means no stunning views of the lake, potentially a big downside at such a high price point.

Salmon, who is the listing agent for the property, said he’s done a handful of showings — including one company that was interested in the home. But it’s the kind of property that will need to find its match.

Salmon says a home like this could be perfect for a large family, or a joint venture — two to three families that would want to get together and purchase a large home together.

 These Tahoe home listings show the state of its red hot real estate market

3773 Regina Rd, South Lake Tahoe

Compass

“It’s just like a fun park built within a home,” he said.

And as the months stretch on, Salmon continues to see more and more Bay Area residents coming up to Tahoe to live the outdoorsy dream. “It’s that FOMO (fear of missing out),” he said. “Everybody wanted to get a piece of it.”

Annie Vainshtein is a San Francisco Chronicle staff writer. Email: annie.vainshtein@sfchronicle.com Twitter: @annievain


Article source: https://www.sfchronicle.com/realestate/article/2021-05-Tahoe-real-estate-luxury-homes-16161371.php

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