I see a trend occurring in both our South Lake Tahoe and NV East Shore real estate market. If you’re a buyer whose been waiting on the side lines or a seller waiting for the market to continue upward then you may want to read on. For the last year we have constantly seen more properties entering escrow than have come on the market. However since the week before Memorial Day that trend has started to reverse. At South Lake this week we saw over twice the amount of new listings as property entering escrow. It was the same over on the NV East Shore. If this trend continues we could see market values start to stabilize.
The Nevada East Shore took a dive in new listings last week. This was the first time since mid-March new listings fell behind the number of properties entering escrow. South Lake Tahoe had a 30% increase in new listings just beating out the number of properties entering escrow. Closed sales for April 2021 more than doubled on the East Shore from last year while sales tripled from one year ago at South Lake Tahoe.
In the past six months, rental prices in Lake Tahoe and Truckee have risen by 25% to as much as 50%. Last year, a three-bedroom home might have rented for $2,000 to $2,500. Now, those same homes are renting for closer to $3,000 a month, while larger houses are renting for $5,000 a month, or higher. Many landlords however are seizing the opportunity to sell homes they previously rented to locals. The best way to get a place right now is knowing someone who knows someone, said a woman on Facebook looking for a rental.
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!
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 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.
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.