The Winds of Change – 2022 Year in Review

Change is the only constant in life. After two years of a COVID-fueled buying frenzy that produced stratospheric price spikes across all segments of the market, 2022 brought a bucket of icy lake water on the head. A dramatic reversal of economic conditions fueled by the Ukrainian conflict, historic interest rate hikes, a crypto collapse, and the erosion of equities rippled through Tahoe real estate. For the first time since COVID, we saw a noticeable lack of urgency as buyers were willing to wait on investing in vacation homes. By mid-summer, both supply and days-on-market had distinctly increased. Gone were the days of multiple offers within days of listing homes and the manic-ness we experienced since the pandemic onset. By the third quarter, we saw a palpable calm in luxury real estate sales. In fact, only 11 single-family lakefront homes between Rubicon Bay and Incline Village sold all year, the lowest we have seen since before our reporting began in 2006. Yet, median price has been slow to respond. As a result, in 2022, each micro-region (with the exception of lakefronts due to small sample size), saw median price reach historic highs, while sales volume decreased significantly. The disparity between median price and demand, alongside uncertain market conditions, continues to contribute to buyers willing to remain on standby, waiting for market corrections and for economic indicators to improve confidence.

As sellers reset to the new normal, we expect buyers to start to again pull their paddles from beneath their chairs in 2023. For buyers who have been patiently awaiting value opportunities, 2023 should present well. While the selling environment is not as favorable as it has been over the past few years, sellers can still take advantage of the historic run-up in pricing from COVID. However, it will be imperative that sellers adjust expectations on pricing and time on market. As we close the chapter on the COVID-driven real estate binge, the winds of change will still blow in opportunities around Lake Tahoe.

Points of Interest: January – December 2022

  • Single family homes sold decreased 19% year over year.
  • Median price increased 7% year over year and is on a 7-year growth trend.
  • Sales volume reached a 8-year low. Median price reached an historic high.
  • 210 of 903 homes (23%) sold over $2 million.

Points of Interest: January – December 2022

  • Single family homes sold decreased 10% year over year
  • Median price increased 24% year over year and is on a 5-year growth trend.
  • Sales volume reached a 6-year low. Median price reached an historic high.
  • 210 of 903 homes (63%) sold over $2 million.

Top 6 Things this Real Estate Coach Wants You to Know

Article Originally Published by Inman Connect

While the real estate market always presents challenges and variables, the way you respond is up to you and you alone. With 2023 on the horizon, what better time to start implementing new strategies than now?

December 06, 2022

Despite having coaching clients from all over the country (and a few outside of the country), I consistently hear the same struggles arise for agents. At some point in every agent’s career, you feel like you’re in a gridlock when it comes to business. You may go into the office daily and do all the “right” things, but you still don’t have the leads and sales needed to make this career work.

A quick Google search on “how to generate real estate leads” essentially brings you to a spiral of antiquated information and leaves most agents feeling more hopeless than before their Google spiral.

A few years ago, I developed a coaching program to change how agents view their businesses. I am sharing my top six tips that will help you grow and nurture your business in untraditional ways and, ideally, reignite your passion for this business.

Your Guideline to Short-Term Rental in Lake Tahoe

If you are looking to purchase a home to use as a short-term vacation rental (rental periods of less than 31 nights), you will be required to apply for a permit with the county in which the home is located. While Lake Tahoe falls into two different states, we have five different counties around the lake, that each have their own set of requirements and their own application processes. The guidelines have gone through numerous renditions and are always subject to change, so your best resources will be found on the county websites, organized below.

Let’s start with the counties. In the below map of Lake Tahoe, you will see four counties, with Truckee falling into both Placer County and Nevada County (detailed in the second map), and in some neighborhoods, it may even come down to what side of the road you live on! Northstar lies in Placer County, while Tahoe Donner is in Nevada County. The town of Truckee lies in Nevada County, which has additional restrictions, including that your home can not be short-term rented within one year of purchase.

Notably, many gated communities and some condo complexes and HOAs will not allow rentals for less than 31-day periods. If renting your home for short increments of time is a requirement for your purchase, this may dictate neighborhoods that you search in.

Some counties experience waitlists for permits. If renting your home is a necessary part of your purchase, you may want to call county offices to determine the waiting period.

Below, we provide links for more information on each county’s Short-Term Rental program and application process.

Placer County, CA

Short-Term Rental Program Information

Short-Term Rental Permit Application

Nevada County, CA (Town Of Truckee)

Short-Term Rental Program Information

Short-Term Rental Permit Application

El Dorado County, CA

Vacation Home Rental Program Information

Vacation Home Rental Permit Application

Washoe County, NV (Incline Village & Crystal Bay)

Short-Term Rental Program Information

Short-Term Rental Permit Application

Douglas County, NV

Vacation Home Rental Program Information

Vacation Home Rental Permit Application

 

Navigating the Path to Homeownership

UPCOMING EVENT

Want to buy a home in Tahoe/Truckee but not sure where to begin? Join Amie Quirarte with Tahoe Luxury Properties and Chelsy Delia with The Rice Team at Guild Mortgage for an informative presentation on Navigating the Path to Homeownership from two home-buying experts who will guide you on a path toward buying your first home.

New Developments Breaking Ground in Lake Tahoe

With a wave of new development projects underway, revitalization of Lake Tahoe continues. Read our summary of upcoming projects below, and see the significant investments being made to North Lake Tahoe. Links are provided to take you to developers’ websites with more detail.

 

  The Waldorf Astoria by EKN

© 2022 Hilton

Hotel giant Hilton announced plans for the luxury Waldorf Astoria Lake Tahoe to be located on the 15-acre site of the former Tahoe Biltmore Hotel and Casino on the Nevada side of North Lake Tahoe. Slated to open in 2027, the newly built resort will feature 76 guest rooms and 61 Waldorf Astoria-branded residences. Hilton signed a brand and management agreement for the Northern Nevada project with EKN Development Group.

Read More

 

  Boatworks at Tahoe

At the site of the Boatworks Mall in Tahoe City, there are plans to develop the approximately four acres to a development that includes a lakefront hotel, 31 residential condominium units, and 8,000 square feet of commercial retail space along North Lake Boulevard. Boatworks at Tahoe, LLC acquired the Mall in 2019 and the adjacent 35-room Tahoe City Inn in late 2018.

Read More

 

Homewood Mountain & Lake Club

Homewood Mountain Resort is switching to a members only model with 175-180 residences to be built around the base of the ski resort area, plus a hotel with 15-20 rooms. Memberships offer lifelong access to skiing. Purchasing a residence will include a membership and an additional number (TBD) of non-residential memberships will be sold. The Discovery Land Company operates a vast portfolio of private residential clubs and resorts, including the famed Yellowstone Club.

Read More

 

Tahoe City Lodge

Located in downtown Tahoe City, a new luxury development is opening its doors to a limited number of astute buyers. Tahoe City Lodge, the first new resort development project in over 50 years, is scheduled to break ground in Spring 2023, with estimated completion in Winter 2024/2025. This will be a four-star hotel with 65 resort condominiums and a restaurant and rooftop bar.

Read More

 

Hyatt Lake Tahoe

Larry Ellison’s investment firm acquired the lakeside resort for $345M on September 3. At more than $817,535 a room, the deal for the property in Incline Village, Nevada, set a per-room record for hotel pricing in the Tahoe market, according to Atlas Hospitality Group President Alan Reay. The deal includes the 16-acre main Hyatt property at 111 Country Club Drive, as well as an adjacent 8.5-acre parcel on the lake’s shore that contains 24 cottages and the Lone Eagle Grille restaurant. The 12-story resort features 422 guest rooms, including 35 suites, restaurants, spa, casino, and more. According to the website, Hyatt Regency will be undergoing renovations to enhance the guest experience from late April 2023 through April 2025. During this time access to Lake Tahoe, the beach and the pier will be unavailable.

Read More

 

39°N Lake Tahoe

39°N is a vibrant new hotel, housing, restaurant/retail and community space right in the heart of Kings Beach. 39°N is anchored by a 153-room hotel and will offer 36 for-sale townhomes and 74 units of for-rent workforce housing. The project is intended to bring a new energy to the Kings Beach core.

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Nine 47 Tahoe

Nine 47 Tahoe is a luxury development of 40 mountain modern condominiums located in Incline Village, starting at $2.5M. The development boasts reserved garage parking, stunning courtyards, a rooftop deck and a dog washing station. Residences include two, three, and four bedrooms ranging 1,525 to 4,171 square feet.

Read More

JUST SOLD: 558 Valley Drive

I had the honor of representing the buyer of this three bedroom, two bathroom Incline Village gem.

With filtered lake views and acres of forest landscape to bask in, this is the ultimate mountain home paradise! Plus, Incline Village offers incredible community amenities to meet every outdoor lifestyle. Congratulations to both parties!

  • 3 BR, 2 BA
  • 2,280 sq/ft
  • Sale Price $1,650,000

JUST SOLD: 1587 Squaw Valley Road #19

I had the honor of representing the seller of this 2 bedroom, 2 bathroom Olympic Valley condo with panoramic and unobstructed views of the Valley and the ski hill. It’s no wonder it went for $127k over asking within a day on the market. Congratulations to both parties!

  • 2 BR, 2 BA
  • 988 sq/ft
  • Sale Price $852,000

Price Reduction: 171 Edgewood Drive

171 Edgewood is a prime example of luxuriating in style in this classic North Lake Tahoe home where you can enjoy making lasting family memories for years. Located in one of the most sought-after neighborhoods, Dollar Point brings exclusive amenities. Premier HOA includes a private beach, pier, buoy field, tennis courts, and pool. Become a Tahoe local and start your dream lifestyle in time for the epic Fall season.

This property features an ease of single-level living with a sense of comfort and relaxation throughout. Vaulted ceilings with gorgeous wood beams bring height and warmth. Upgrades include new floors, paint, heating, AC, fireplace, lighting, and a new deck with a sunken hot tub. Plenty of ample space to store everything you need for the outdoors in the two-car garage.

  • 3 BR / 2 BA
  • 1,855 sq/ft
  • Listed at $1,850,000

Just Sold: 6490 Wildwood Rd

I had the honor of representing the seller of this picture-perfect Tahoe Vista cabin just a block from the North Tahoe Regional Park and minutes walk to the shores of Tahoe. Featuring two expansive bedrooms, two full baths, a large mudroom, and a two-car garage with attached 250 sq/ft workshop + 100 sq/ft storage shed. Tons of room for Tahoe toys! The new homeowners will enjoy peak lake views and cozying up next to the wood stove on winter nights. Congratulations to both parties!

  • 2 BR, 2 BA
  • 1,406 sq/ft
  • Sale Price $935,000

 

 

Price Reduction: 171 Edgewood Drive

Spectacular Dollar Point home located in one of North Lake Tahoe’s most sought-after communities. Premier HOA access includes a private beach, pier, buoy field, tennis courts, and pool. Enjoy the ease of single-level living in this beautifully maintained property with lake view. New floors, paint, heating, A/C, fireplace, lighting, and a brand new deck with a sunken hot tub, and two-car garage with ample space to store all your Tahoe necessities!

  • 3 BR, 2 BA
  • 1,855 sq/ft
  • Listed for $1,939,000