Single Family Sales Continue to Climb

Real Estate Update

Single family sales continue to climb through the last week of February at South Lake Tahoe. There have been 85 property sales since January 1st as compared to only 52 last year at this time. We currently have 53 properties on the market starting at a price point of $399,000. On the Nevada East Shore sales have more than doubled to 26 units this year as compared to only 10 units in 2020. There are currently 20 single family properties on the market starting at a price point of $725,000. We need inventory!

TRPA In News

TRPA

Last month in South Lake Tahoe, the TRPA Governing Board approved a 248-unit workforce housing project south of the “Y” on surplus land donated by the California Tahoe Conservancy. The collaborative project brought together the developer and the non-profit St. Joseph Community Land Trust with the Conservancy, the City of South Lake Tahoe, and El Dorado County.

El Dorado County VHR Update

VHR NEWS

El Dorado County recently announced that any vacation home rental found to be operating without a permit will not be permitted to obtain a permit until all past due transient occupancy taxes, penalties and interest are paid in full and will be precluded from applying for a vacation home rental permit or from being added to the waiting list for a one year period.

Renewals of existing permitted vacation home rentals in the Tahoe Basin, for which a vacation rental permit was granted based on an application submitted on or before November 1, 2020, shall not be limited based on the cap requirements.
An application to renew a permit for a vacation rental shall be submitted no sooner than 180 days before the expiration date of the existing permit, and no later than the date of expiration of that permit. Upon receipt of a complete application, the expiration of the existing permit shall be stayed until final action is taken on the renewal application.

Children five years of age or younger are not counted towards the occupancy limits. Occupancy may be lowered pursuant to the outcome of the fire and life safety inspection.

A bedroom shall only be recognized as such for purposes of this ordinance if it has been approved and inspected by the Building Official, and can be verified by
reference to the Assessor’s office.

New Tahoe Key’s Listing – 1986 Garmish Ct

1986 Garmish Ct

The owners have decided to sell their Tahoe Keys waterfront home after a water line leak from their refrigerator 2 years ago. All remediation work has been completed and the residence is awaiting new owners to rebuild.  Priced to sell this residence could be an investors next project or a future homeowners blank canvas to construct the home of your dreams. Located on a quiet cul-de-sac street with your own private dock this particular property has a bit more space around it than most Key’s homes.  One of our areas neighborhood parks is located across from the dock so enjoy the scenery and the beautiful views of our local mountains each evening from your own rear deck.  Hoping to see you soon, this residence is available to show anytime. Asking $675,000. Contact Robert Stiles at 530-314-0352 to show anytime.

2020 – 1st Quarter Real Estate Update

REAL ESTATE UPDATE LAKE TAHOE

Chase International just released their local statistics for the 1st quarter at South Lake Tahoe.  I must say some of the numbers are weaker than I thought they would be.  Keep in mind while the coronavirus picked up steam in March, most of March sales volume occurred from business written in January and February.  Nonetheless we had a strong first quarter for condo sales increasing a whopping 93% from this time last year to $13,571,000.  Note that condo sales increased by 11% on the Nevada East Shore.  However single family sales volume declined 14% to $54,321,000 at South Lake while Nevada declined 29%.  The median sales price for condos rose by 11% to $352,000 while single family homes declined 20% to $444,000.  Not sure what’s up with the condo market but that’s where the action is right now.

I’m sure you heard about the Nevada Governor Directive where open house showings, and in-person showings of single family and multi-family residences currently occupied by renters of real estate on the market for sale, are hereby prohibited for the duration this Directive is in effect.  However you can transfer ownership, as long as you do not need to view the property interior, inspectors do not need to go inside, appraisals are done from the exterior or the buyer waives his rights.  The new owner still has to honor the current lease and also cannot evict until this Directive is over.

I can be reached at 775-309-8454 if you need assistance.  My email is RStiles@TahoeSouthRealty.com. Be safe everyone!

Home Inspections

Home Inspection

I was curious as to how the home inspectors were handling the coronavirus so I reached out to Josie at TAG for an update.  Her response is below.
Hey Robert,
As of now, we are still working our inspections that were on the books.
We usually were 14 weeks fully booked with 2 per day.
What we did to minimize exposure is spread out our inspections doing 1 per day only which will keep us busy till about 3 weeks into April.
And with restrictions of course.
Properties need to be vacant, no tenants, buyers or sellers present and we wear our protective gear. 

Hope this helps,
Josie& Alan

Tag, inc