The 170-room Ritz-Carlton Lake Tahoe and an adjacent 3.4 acre parcel are being purchased by Braemar Hotels & Resorts, Inc for $120 million. The plot of vacant land will be used for a luxury residential townhome development. The acquisition is expected to close between December 12, 2018 and January 15, 2019.
Another round of votes were released Friday, narrowing the gap between yes and no on Measure T by 47 ‘Ayes’. The citizen generated measure calls for a ban of all vacation rentals in South Lake Tahoe except for those in what is called the “tourist core.” The results of the election must be given to the California Secretary of State’s office within 30 days of the election, or December 7.
The 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.50 point fee for the week ending November 15, 2018, same as last week when it averaged 4.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
Douglas County hired Host Compliance to understand the impact of short term rentals on the community. I attended the County Commissioners meeting on Thursday and the District Attorney’s office was also there to gather information from the Commissioners on how to proceed. A recent short term rental survey was found to have loop holes offering unlimited voting. There was no way to restrict votes from anywhere for that matter. Short term rental issues will not be addressed further until more information is gathered and our new Commissioners sworn in.
Homes for sale in South Lake Tahoe: I placed 1220 Carson Ave., and 1226 Carson Ave., S Lake Tahoe, CA on the market for $355,000. 1220 has a 2BR/1BA – 889 SF cabin while 1226 is a 5000 SF level lot with 30% available land coverage. The owners will sell the lot separately for $69,000.
Measure T, the South Lake Tahoe ballot measure that proposed a ban on all vacation rentals outside of the tourist core area starting in 2021 is a bit closer to passing. In the second incremental release of votes counted after Tuesday, November 6, the Yes on T vote is at 3265, with No on T counts at 3207 – less than one percent difference.