![]() Glynn, who moved to Lake Tahoe in 2021 from Los Angeles, says the extreme snow was just too inconvenient for day-to-day living. Hospitality manager Patrick Glynn has had it with the snow. Tayfun Coskun/Anadolu Agency via Getty Images Though for some owners, enough is enoughĪ man clears the driveway of a house covered with snow near Donner Lake in Truckee, Calif., on March 2, 2023. “It’s not as linear as 'there’s so much snow, so we hate it' or 'there’s so much snow, and we love it,” he says. Montalbano thinks heavy snow could be the catalyst that pushes sellers already thinking about moving over the edge but says they would have gotten there on their own soon enough anyway. “Whether it’s one big storm, one big winter or many years in Tahoe, we’re always dealing with sellers that are done with cold temps and snow.” ![]() “There are plenty of folks wanting to leave Tahoe after this winter, but honestly, that’s typical,” Salmon says. So it doesn't seem like sellers are keener to sell than usual in 2023 - or at least not any more motivated than in other years. So far, 2023's year-to-date average sale price is $1,661,593, putting it on par with the first quarter of 2022, and actually ahead of 2021's average sale price of $1,489,8's average price of $1,577,122. Tahoe Mountain RealtyĪccording to Tahoe Mountain Realty's March data, 28 homes around the north shore sold for $1 million or more, representing 60% of total March sales. Historic sales data for sale prices within Tahoe Mountain Realty's geographic sales area (roughly Truckee to Tahoma). And buyers, the majority of whom are also second-home owners, don't need to buy in a hurry to get out of their current homes. Because so many listings in Tahoe are second homes, owners rarely need to sell in a hurry, as they don't need the money for a concurrent real estate purchase. Until then, buyers trying to purchase in the next few months are less likely to make lowball offers, since they'll likely have few backup options.Īnd there's more bad news for locals trying to buy beyond just high prices. Montalbano thinks prices will likely remain high, at least until June, which historically sees the most home listings. Unfortunately for buyers, a lack of supply drives property costs up, not down. And owners aren't the only ones who have to get to their homes so do contractors and repair teams, many of whom are contracted for more pressing tasks during heavy snow, like municipal snow removal and commercial repair work. The same snowfall that led to commercial roof collapses and avalanche warnings also damaged homes, causing everything from cracked drywall and roof leaks to broken railings, sagging structures, and internal rot and mold issues. The second factor is the damage that 2023’s record-breaking snowfall likely caused to some homes, says Montalbano. I-80 westbound is closed at the Nevada State line and eastbound is closed at Colfax due to adverse weather conditions and low visibility over Donner Summit. :bangbang: ROAD CLOSURE :bangbang: (3/04/23 2:25pm That’s especially true of February and March 2023, during which Interstate 80 and Highway 50 to Lake Tahoe were often closed for days on end. The primary problem is access second-home owners often can’t physically reach their homes to evaluate and prepare them for sale. He believes that's caused by two limiting effects of extreme snowfall. ![]() Snow makes an impact but not on lowered asking pricesĪccording to Montalbano, March 2023 had the lowest number of sales of any month in the past 15 years. That’s bad news for anyone hoping 722 inches of snow would cool (pun intended) Lake Tahoe’s runaway housing market. “That’s actually a positive for future sales, as skiers and boarders have enjoyed incredible snow since late November, setting the hook to become potential buyers.” “ who could make it up were likely too busy enjoying feet of fresh powder to show any attention to home shopping,” he says. Tahoe real estate agent Mark Salmon also thinks the extreme winter weather probably didn’t scare away recent buyers: If anything, it makes people want to relocate. Music | Nirvana's Cow Palace show was once panned. Local | This mysterious Bay Area beach is covered in broken ceramicsįood | Is San Francisco tiki bar the Tonga Room actually good?Ĭulture | This SF restaurant was the blueprint for ‘Bob’s Burgers'
0 Comments
Leave a Reply. |