PHOTO CREDIT
Brad Scott
MEET
Jana, Ken and “Luke the Border Collie” – Owners The dynamic team of Jana and Ken Bednar has made a game changing positive impact on the Tahoe real estate market. With decades of experience in land development, acquisition and planning, and their comprehensive knowledge in sales, marketing, and investor financing, Jana and Ken offer an unprecedented level of intellect to their real estate clients throughout the West. All combined, they have sold over 10,000 resort destination waterfront properties and achieved over one billion dollars in National Sales from 1998 to 2009. After joining Chase International, they have continued their success with over $120 million in Tahoe luxury sales within the last four years while achieving the top Luxury Team award for 2020 and 2021. In 2022 they were chosen as the 2022 Rising Stars for LuxeSF real estate agents. Although they have many strategies to assist in home sales and provide prime property for those seeking the quintessential Tahoe lifestyle, their primary mission is to develop a new “Lake Tahoe Communities” web-based information platform. With an easy navigation format, this program will individually highlight the many personalities and features of the varied communities within the Lake Tahoe region. “Lake Tahoe Communities will showcase the true ‘story’ and distinctions of each of the neighborhoods that collectively make the High Sierra such an extraordinary place to live and relish.” From their experience in building, marketing, and selling some of the largest waterfront resort developments in the country, to their well-established 33-year residency in Lake Tahoe, Ken and Jana are honored to share their unparalleled knowledge and endless passion for their hometown with their clients through Chase International’s Zephyr Cove, Nevada, office.
KEN & JANA BEDNAR 704 661 5596 kjbednar@chaseinternational.com LakeTahoeCommunities.com CA DRE 01198009 | NV S.190368 CA DRE 01996683 | NV S.180833
MEET
Elliot Young – Sales Agent Elliot Young ‘s ability to help his clients succeed is ignited by his innate ability to make things happen. Elliot started his career in real estate in 2018, joining team LTC in 2019. He quickly stepped into the role providing administrative services and highlighting the details no matter how small for each and every listing, team LTC takes on. No job is beyond Elliot. He humbly wears the many hats of a realtor as you may find him providing extra services to his clients, making their house standout, from adding some final touches to the landscaping of a Sellers home or moving his clients in or out of their house the team has just SOLD. “The biggest motivation I have for serving my clients with the best possible service is to ensure they achieve their real estate goals.” His enthusiasm for the business is well-balanced with a tremendous personal admiration for the region which in his opinion offers “more than a home, it offers an unrivaled lifestyle.” While working with Team LTC Elliot has learned many valuable sales and marketing techniques from his partner and mentor Ken Bednar. As a team we have produced over 120 million in Sales between 2019-2022. Whether someone seeks his advice to find the perfect home or sell their investment and move on, Elliot evaluates every situation as if it were his own and completes each transaction with a caring and considerate style. After his clients’ needs are met, Elliot makes time to fully enjoy the Sierra Nevada mountains which he affectionately refers to as his ‘own backyard.’ Dedicated to all who seek his assistance, Elliot can be contacted through Laketahoecommunities.com.
ELLIOT YOUNG 775 291 7525 eyoung@chaseinternational.com LakeTahoeCommunities.com NV S.183640
PHOTO CREDIT
Brad Scott
MEET
Brad Scott – Strategic Partner Born in England and spending most of his childhood in South Lake Tahoe, CA, Brad was lucky enough to grow up surrounded by beauty. He was always fascinated by Nature and everything it had to offer. Huge mountain peaks, powerful ocean waves, glassy lakes, and deserts as far as the eye could see. Brad competed professionally in Skiing and that took him to many places in the world, all beautiful in there own way. Brad picked up a camera in middle school and never looked back. Now he is always seeking out unique angles that not only show the beauty and power that he sees but also shares the feeling and emotion that he has when he captures these moments in time. Brad’s Photography and Videography takes him all over the world to places many only dream of going. Living life to the fullest and loving every moment of it. That is what Brad Scott is all about. Brad has developed a real passion and expertise in Aerial Photography and is FAA Part 107 Certified to use Small UAS otherwise known as Drones to capture unique low altitude aerial imagery. Brad Also loves to capture aerial images from helicopter with the doors off to get a crystal clear aerial photo of the beautiful landscapes.
If you hired us to list and showcase your home, this is how we would be
different
than any other luxury agent:
OUTSIDE TV We run three commercials daily. www.youtu.be/gIRARIU9ug4
LAKETAHOECOMMUNITIES.COM We feature each listing on our main site. All the marketing sources drive daily site visits. www.laketahoecommunities.com
THE TAHOE DAILY TRIBUNE We have secured the backside front page weekly. www.tahoedailytribune.com
FACEBOOK We manage 33 Facebook pages with 40,000 followers and a reach of 100,000 per month. www.facebook.com/LakeTahoeCommunities
TAHOE MAGAZINE We run a full page ad two times per year. www.tahoemagazine.com
THE TAHOE DAILY TRIBUNE E-EDITION Listings are featured on the digital version of the Tahoe Daily Tribune paper. www.tahoedailytribune.com
THE TAHOE REAL ESTATE SHOW We feature each listing, the show runs three times per day for the entire month. www.youtu.be/o-Ln-EqtePE
OUTDOOR TV - BAY AREA We run three commercials daily in the Bay Area. We reach around 2.2 million viewers in both the Central Valley and greater San Fransico bay area. www.youtu.be/XePDrky_7HI
YOUTUBE We have a YouTube Channel that we use to promote listings. www.youtu.be/kAR1LmwL1Ws
CUSTOM AERIAL CINEMATOGRAPHY VIDEO Each listing has a custom video created in order to showcase it to potential buyers. www.youtu.be/YKUptEEM1tQ
REAL SCOUT We give our clients the most up to date access, market alerts and listing tools to the MLS with designated live feed analytics to provide our clients the best service about our market place. www.kenbednar.realscout.me
CHASE CREATIVE SERVICES Chase International’s in-house marketing agency, which excels in the art of branding and advertising properties.
CSG DIRECT MAIL
We mail every property owner and renter in the Tahoe area six times a year. www.csgdirect.com
LUXEVACA Vacation rental and long term rental management. Provides leads and services for many of our clients. www.luxevaca.com
Just Sold
ADVERTISING
TEAM LTC SATISFIES THEIRC l i e n t s! LTC Seller Testimonial Like any relationship, whether business or personal, you look for the best “partner”, to help with your goals, objectives, long-term success and happiness. You want someone who is vested in you, and understands who you are, and what you’re looking for. Kenny and Jana Bednar have been my “partners” for over three decades in Lake Tahoe. Not only are they committed partners to each other, they are committed to Lake Tahoe, and to their clients. Their combined knowledge of the region, market trends and values makes their team unbeatable as compared to others in the industry. Once you make the important decision to team-up with the Team Bednar, you instantly feel the comfort and security that you’re in best capable hands with this dynamic duo. There is no better choice in the Lake Tahoe market then Kenny, Jana and Elliot for one of the most important decisions of your life…your home! I am so proud to say that the LTC Team sold my lake access off water home at the highest price per foot then any other comparable sales recorded in 2021!
LAKESIDE COVE RESORT
9 lakeside cove road sold for $2,200,000
—Paul Reder, President, PR Entertainment
proudly represe nted seller
LTC Buyer/Seller Testimonial Elliot Young and Ken & Jana Bednar are quite the real estate team. Their knowledge of the area, their valuable contact base, and their keen ability to make deals are all remarkable. During the highly competitive market in 2020, they skillfully, nimbly, and swiftly led us through the purchasing process of our dream home that involved four other competitive bids. They also preformed on the promise to immediately sell our existing home, representing both buyer and seller. Not only did we find ourselves in contract to buying a home, but by the next day, we were in contract to sell our existing home at a great price – We could hardly believe it! Acquiring Financing was proving tricky and lengthy while going through the escrow process, but Bednar and Young kept communication lines open so that the purchases were kept viable. We’ve bought and sold a lot of real estate over the years. Our experience with Jana, Ken, and Elliot was top notch, and we highly recommend them as truly effective professionals especially in this fast moving Tahoe real estate market.
—Pat & Renate Fry
SNUG HARBOR
173 snug harbor drive sold for $6,250,000 proud ly r e p re s e nt e d b u y er
TAHOE’S TRUSTED TEAM
32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
See what other neighbors have to say about Team LTC results
704 661 5596
25,000 +
PHOTO CREDIT
Brad Scott
LTC HAS THE Lu x u r y BUYERS! SOLD
SOLD
CAVE ROCK
INCLINE VILLAGE 745 Mays SOLD $5,900,000
268 Lark SOLD $3,250,000
represented buyer
represented buyer
SOLD
SOLD GRANITE SPRINGS
CEDARBROOK 1722 US Highway 50 SOLD $5,400,000
122 Desni Court SOLD $3,100,000
represented buyer
represented seller
SOLD
SOLD PITTMAN TERRACE
SNUG HARBOR 173 Snug Harbor Drive SOLD $6,250,000
1464 Friedhoff Drive SOLD $1,950,000
represented buyer
represented seller
SOLD
SOLD
GLENBROOK
ZEPHYR HEIGHTS
2159 The Back Road SOLD $2,750,000
634 Zephyr Heights Drive SOLD $2,115,000
represented buyer
represented buyer
TAHOE’S TRUSTED TEAM
32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
704 661 5596
25,000 +
TEAM LTC SATISFIES THEIRC l i e n t s! LTC Buyer/Seller Testimonial Ken & Jana Bednar and Elliot Young really know the Tahoe market. They also know who their clients are and will go the extra mile to provide what I would call the “best in class” realtor service that I have ever seen. I would feel comfortable letting them watch our first, second and third born child (we only have three). They are amazing, and I promise they will not fail to help you find the perfect Lake Tahoe property. Their 34 year connections and relationship with this community runs so very deep.
James and Amanda Malarkey
KINGSBURY
651 linda way sold for $3,250,000 proudly represe nt ed bu y er
&
seller
LTC Buyer Testimonial From the first day, we knew we had true dedicated partners and genuine friends to support us. We met Ken casually driving through Lake Tahoe looking at communities to fine tune our real estate search. After listening to our desires, he accelerated our focus and we closed after looking at just three houses. Ken and Jana supported us through critical mountain site evaluations, property inspections and boundary resolutions as well as connected us with reliable local artisan contractors who were able to actualize our dream retirement home. And they even found long term renters for our condo. Knowledgeable, thoughtful, diligent, positive and personable. They are truly full service! No issue was too complicated; no detail was overlooked. We wouldn’t make
GLENBROOK
another Lake Tahoe real estate decision without them.
2159 the back road sold for $2,750,000
Ron and Liz Iversen
p r o ud ly represent ed buyer
TAHOE’S TRUSTED TEAM
32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
704 661 5596
25,000 +
See what other neighbors have to say about Team LTC results
PHOTO CREDIT
Brad Scott
PHOTO CREDIT
Brad Scott
THANK YOU TAHOE!
LTC HAS REACHED OVER $100+ MILLION IN 3 YEARS
SOLD
SOLD
KINGSBURY
GENOA
346 Barrett SOLD $690,000
2478 Eagle Ridge SOLD $1,450,000
represented sellyer
represented buyer
SOLD
SOLD ELKS POINT
ZEPHYR HEIGHTS 631 Don Drive SOLD $800,000
443 Lakeview Avenue SOLD $1,425,000
represented seller
represented buyer
SOLD
SOLD
CHRISTMAS VALLEY
MID-KINGSBURY
3403 Beaver Brae SOLD $950,000
396 Sherwood SOLD $1,520,000
represented buyer
represented buyer
&
seller
SOLD
SOLD
LINCOLN PARK
LOGAN CREEK
1280 Lincoln Park Place SOLD $1,430,000
Marken Road SOLD $1,295,000
represented seller
represented buyer
TAHOE’S TRUSTED TEAM
32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
704 661 5596
25,000 +
National Sales and Marketing Experience
LTC Seller Testimonial Thanks to the Bednar/Young Team for doing a most excellent job on selling my house. I could not be happier with their performance. My house sold for more than I was asking and the transition went smoothly. The Team went out of their way to make sure that escrow closed by finding repair contractors and inspection services all required for the close of escrow. I will highly recommend them for all your sales needs.
—Charlena Manchester (Happy Customer)
GRANITE SPRINGS
122 desni court sold for $3,100,000 proudly represented seller
LTC Buyer Testimonial Ken, Jana and the LTC team truly went above and beyond for us in our 15 month search for a home near the lake, during which we changed our minds several times about what we wanted and where. Unfailingly cheerful, professional and patient during this extended search, they found us not one but two rentals to live in while we looked. When we finally found our dream home, they were thorough, always responsive, and inspired us with confidence that we had covered all our bases getting us to a close of escrow. They are deeply knowledgeable about the Tahoe area and their clients benefit from this not only in their real estate search but also from their contacts in helping get established in a new place. We could not have wished for a better experience.
GENOA
–Piers and Eleanor Whitehead
2476 eagle ridge sold for $1,450,000 p roudly represe nt ed buyer
TAHOE’S TRUSTED TEAM 32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
2021/2022 YTD
sold / pending
TOTAL $49,487,500
Every listing featured on TV, Tribune, Direct Mail, Tahoe Magazine, Digital, YouTube and Social Media. See what other neighbors have to say about Team LTC results
704 661 5596
25,000 +
PHOTO CREDIT
Brad Scott
C l i e n t s!
TEAM LTC SATISFIES THEIR
LTC Buyer/Seller Testimonial I worked with Ken and Jana on the sale and purchase of our new home. This was a complex sale, we required that the sale of our existing house was dependent upon our ability to purchase the new house. In addition we required that the purchase of our new house was dependent upon the buyer of our existing house to perform. With three different personalities, ie the buyer, the seller and yours truly you can imagine that there was a lot of logistics in this transaction. Ken and Jana were able to keep all of the parties at ease and we were able to complete the sale and the purchases. I am forever grateful to the fine job and their professionalism. When we need another purchase Jana, Ken and the LTC Team will be my first call.
ZEPHYR HEIGHTS
—Dr Robert and Terri Salk
634 zephyr heights drive sold for $2,115,000 p r o ud ly r e p re s e nt e d buyer
LTC Buyer Testimonial Ken and Jana Bednar recently helped us buy our vacation house in South Lake Tahoe. We were new to the area and Ken was the perfect partner for us. He got us familiar with the area and all the various communities. He listened to our needs and preferences and this really helped us narrow down our search. Throughput the process he was very patient and addressed all our questions and concerns. His knowledge of the area and its community members was invaluable. He also has fabulous help on his team in Jana and Elliot. We not only found the perfect home for us but were able to close on time and without a hitch. They continue to help as we settle into our new home. For anyone looking to buy and sell property in the Tahoe area, I would highly recommend Ken and his team.
CHRISTMAS VALLEY
—Sameer and Chaya Nanavati
3403 beaver brae sold for $950,000 proud ly r e p re s e nt e d b u y e r
TAHOE’S TRUSTED TEAM 32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
2021/2022 YTD
sold / pending
TOTAL $49,487,500
Every listing featured on TV, Tribune, Direct Mail, Tahoe Magazine, Digital, YouTube and Social Media.
See what other neighbors have to say about Team LTC results
704 661 5596
25,000 +
TEAM LTC SATISFIES THEIRC l i e n t s! LTC Buyer Testimonial Being in my mid 30’s, and coming from San Diego and having little knowledge of the Tahoe area, I was introduced to Ken. From the second we spoke, I knew he was my guy. From in depth knowledge of every community, to understanding market trends, Ken answered all my questions and more. Within less than a month, Ken found me my dream home, negotiated the best possible price and closed the deal. A year later, I talk with him often, but more importantly, THANK him for exceeding every expectation I had in a real estate agent. Now he is not my agent, he is a friend! I strongly recommend Ken and his entire team to anyone looking to buy in Tahoe!”
—Rob Rodriques
CAVE ROCK/GLENBROOK
268 lark sold for $3,250,000 p r o ud ly r e p re s e nt e d b u y er
LTC Seller Testimonial “Ken, Jana and the LTC team continue to do a stellar job helping us buy and sell properties in Tahoe! They are our go to team … we appreciate their innovative approach to marketing properties and their knowledge of the Lake Tahoe region. They are willing to put in the extra effort to put a personal touch into every sale. We have used all of their services, from real estate buying/selling to vacation rentals and would never consider using any other agent/agency to meet our real estate needs in Tahoe! Thank you for being such great partners!”
—Mark and Nanette
LINCOLN PARK
1280 lincoln park place sold for $1,430,000 p r o ud ly r e p re s e nt e d s e l l e r
TAHOE’S TRUSTED TEAM
32 years of local knowledge and over $1 BILLION in National Luxury Real Estate sales and marketing experience is why you need us working for you!
See what other neighbors have to say about Team LTC results
704 661 5596
25,000 +
Newly Listed
ADVERTISING
PHOTO CREDIT
Brad Scott
PHOTO CREDIT
Brad Scott
PHOTO CREDIT
Brad Scott
News
ARTICLES
LTC in the news...
“Tahoe is always going to be a winner” News | January 15, 2022 Kayla Anderson Special to the Tribune
Two years into pandemic, Tahoe real estate market holds strong If you are waiting for the real estate market to cool down a bit before you buy a home in Lake Tahoe, then keep in mind that it may never happen. Home sales on the East Shore/Nevada side of Lake Tahoe have quadrupled since the pandemic began in March 2020 and two years later, while the pandemic rages on, the market shows no signs of slowing down. With the lack of inventory and high demand, the average price of a home has doubled since 2008. According to a Chase International Real Estate report, there was a 13% increase in single-family homes sold in the third quarter of 2021 compared to 2021 and a 14% decrease in the number or units available. With the lack of inventory and huge demand, average home prices shot up in both 2020 and 2021 at least 30% more. On the East Shore alone (Incline Village to Stateline), 158 homes were sold, most of them costing in the $1-$1.5 million range. Looking at yearly home sales reports going back to 2008, one sees a visible jump in homes that sold for over one million dollars from when the pandemic began. In 2019 there were 61 homes that sold at that sticker price while in 2020 and 2021 there were at least 118 homes that sold for over a million. Chase Realtor Ken Bednar, who manages laketahoecommunities.com, is seeing the demand stay strong due to a shift in buyer demographics. “I’ve been selling real estate for 32 years in destination places and my primary market has mostly been baby boomers,” said Bednar. “But now the work-from-home market has flipped it all upside down.” He says that his current buyers are in their early 30s to late 40s, working remotely and moving to the Nevada side from California for its tax breaks and lifestyle. Consequently, older buyers in their 60s and 70s are getting pushed out of the market as they are sitting on the sidelines waiting for the market to correct.
Sixty days turned into four months and being the CEO of his company, Lyons realized that he could still run it efficiently working remotely. Therefore, they bought a house in La Quinta to split their time between San Diego and the desert. But then summer came around, and the Lyons’s were not fans of the scorching 120-degree heat. The couple went back to San Diego, but it felt too busy, too crowded with people and buildings. “So, we looked for the opposite weather of La Quinta; we wanted perfect weather in both places,” Lyons says. They found Lake Tahoe, looked at places, and fell in love with Incline Village. “People are super friendly; I was surprised to find that coming up from Southern California. And it’s an 8.5-hour drive to San Diego or a 1-hour direct flight out of the Reno airport. It’s one of the most amazing places I’ve ever been,” says Lyons. And contrary to talk around town about extreme weather driving people away, it’s just not happening. “During that crazy storm in December, our driveway still got plowed. We lost power for one day and it wasn’t that big of a deal,” he adds. Bednar is seeing a smiliar trend in his work. “During the fires [last summer’s Caldor Fire] I stopped my marketing efforts that I focus on in high income areas. Usually, I get around 115 leads or buyers in a week’s time, and that was cut in half to 60 during the fires. But then once I resumed my marketing, it was right back to normal,” Bednar adds. “If you’re going to live in the West, people understand that you’re going to deal with wildfires. And honestly, more people living here means that more money is going towards fire protection. “In the winter, younger people can shovel; they like it. They’re outdoor people, they’re healthy. Even the people who were older and were going to sell their home, they’re not going to do it anymore because where would they go that’s better than Tahoe? They’re not interested in living in a high rise in a high-density population area,” Bednar adds.
“Prices are going up and inventory is going down, and they’re sitting there saying. ‘Shoulda, coulda, woulda.’”
But Bednar doesn’t see that happening for a while. “The new Tahoe younger buyers are creating a much higher demand than we have supply,” Bednar says. Bednar sold two homes to clients last Friday (Jan. 7) and had quick closes on both. He has nine in escrow this week, all to clients in their thirties. “That’s never happened before, but I think it’s refreshing to see people in their thirties and forties come in and raise their families here,” said Bednar. “These are take-action people; they know the market is moving in a certain direction and they go for it while potential buyers in their sixties and seventies wonder what’s happening. Prices are going up and inventory is going down, and they’re sitting there saying, ‘Shoulda woulda coulda’.” And he doesn’t see the demand for Tahoe going away. “This thing is changing and I’m seeing it big time. People moving here want an active lifestyle, they can work from home, and a lot are business owners,” Bednar adds. For instance, one of his recent clients — Bill Lyons — bought a home in Incline Village on Nov. 19, 2021, with the goal to spend his summers up here. “My company was headquartered in San Diego, and I lived in a high rise in Little Italy. During the pandemic, it became very hard to work out of a 1500-square foot box with two dogs and a wife. We thought it would be two weeks to a month of reducing the curve [in early 2020 when the COVID-19 lockdowns occurred] so we decided to go down to Palm Springs and rent an Airbnb for 60 days,” Lyons says.
Bednar said there is a lack of inventory — on the East Shore there are only 21 active listings (as of Jan. 11) and on the California side there are only 66. But there’s a higher demand on the Nevada side because of the tax benefits here … people save 13%. “This is not just a bunch of rich baby boomers coming up to buy a second home anymore; it is all people in their thirties and forties who want a primary home in Lake Tahoe,” Bednar says. He believes that the real estate market is at the point where “Tahoe has left behind” the older, more conservative folks. “They are waiting for the next market downturn, and I don’t think that’s going to happen. I explain to people that Tahoe is like the Apple stock of real estate; buy it now for the future. Average prices will continue to rise because of the limited supply of houses. Eighty-seven percent of Tahoe is National Forest land which only leaves 13% for building. I always say there are two types of houses — One, those that have been remodeled; and two, those that need to be remodeled. “There’s less supply, more demand, and prices go up. Overall, I’m excited. I’m a lifer and I think it’s healthy for the community and the new demographic moving in; Tahoe is a great place to raise kids. What I see happening during COVID has continued and what’s kept it going is the tax breaks. “Tahoe appeals to successful people who have the ability to move out; it’s a taxfriendly place, and you can get in a car and drive to Tahoe. Nothing is changing. I don’t see anything that’s going to cause this market to crash; like Apple stock, Tahoe is always going to be a winner,” he says.
PHOTO CREDIT
Brad Scott
LTC in the news...
A recently completed home at Clear Creek Tahoe, where lots are a hot commodity. | PHOTO COURTESY OF CLEAR CREEK TAHOE
LOW INVENTORY AND HIGH DEMAND RESULT IN SOARING HOME PRICES IN TAHOE REGION Tahoe Quarterly Mountain Homes 2022 Around Town, Mountain Home Awards 2022 Written by Ryan Miller Just before Christmas, Zillow delivered a present for anyone involved in selling homes in South Lake Tahoe. On December 21, 2021, the online real estate marketplace published an article listing the community as its most popular U.S. city of the year, as well as most popular small town and most popular vacation town. “Ever since that Zillow article, our hits in South Lake Tahoe on our Internet traffic have just gone through the roof,” says Susan Lowe, president at Chase International. While the headline was new, the information wasn’t—at least not to anyone paying attention to what happened in the area throughout the year. Chase International’s Year-End Market Stats—distributed January 4, 2022—paint a picture of this profound popularity. Spread across pages of spreadsheets and bar graphs is a story of growing demand and fewer homes to meet it.
Limited growth capability around the lake magnifies the issue, though there are some ways to ease the pressure. Lowe cites the Nine 47 Tahoe luxury condo project in the works in Incline Village, which will add 40 units to the available inventory when they come on the market. There are also other projects slated for development around the lake, but some of these won’t materialize for another 18 months to two years. In the meantime, inventory is low—possibly the lowest it’s ever been, Lowe says. Another helpful inventory boost has been luxury communities such as Clear Creek Tahoe (which Chase International represents) and Martis Camp. Lowe says sales for Clear Creek Tahoe have been “beyond our wildest dreams,” and notes Martis Camp as a place that continued selling even during a downturn a while back when “nothing else was selling” on the West Coast. Surrounding communities also represent a draw, and although Truckee’s sales volume for single-family homes dropped 3 percent from 2020 to 2021 (bumping median prices up by 39 percent and the average price up 29 percent to more than $1.7 million), condos in Truckee saw a 26 percent jump in sales volume. The RenoSparks-Carson area also saw notable growth in volume, median price and average price. While COVID may have been driving crowds of people seeking a better quality of life to this area, there was another headline-grabbing player that had the potential to put a damper on things in 2021: wildfires.
“I’m not sure how it’s going to be alleviated or when it’s going to be alleviated. There still is tremendous demand for real estate in Tahoe.”
As a result, the total volume of sales of single-family homes dropped 2 percent from 2020 and one-quarter fewer units sold, while the median price rose 22 percent, from $779,000 to $950,000. Beyond this, the average price of single-family homes in the Tahoe area jumped 33 percent, from a little more than $6.7 million in 2020 to more than $8.9 million in 2021. The numbers are similar for condos, which dropped 6 percent in volume from 2020 to 2021 but leapt 42 percent in median price.
Lowe attributes these high prices driven by inventory shortage to several factors, including the untethering of workers from fixed workspaces due to COVID. If video conferencing and home offices allow you to file reports from your living room couch, why not choose a pristine spot where most people dream of vacationing? Scott Willers, a real estate agent and principal at Your Own Tahoe – The Willers Group, agrees: “The trend of working from home and the country infilling from the coasts because of this ability to pick up and move and work from virtually anywhere has driven the demand for desirable properties in desirable locations.” He says that on a personal sales level, he sold 17 percent fewer units in 2021 than the previous year, but enjoyed a 32 percent increase in dollars. Willers calls 2021 a precedent-setting year for Lake Tahoe—and he’s watched the upward trend continue, with multiple offers coming in for homes that have ultimately sold for several hundred thousand dollars over asking in 2022. Tahoe is not the only area in the country experiencing this surge—what Lowe calls “the great migration to the beautiful outdoors”—but it is one of the most sought-after locales for those who want to clock out mere steps from their winter playground, summer recreation on the water and everything in between. “It’s going to be a problem going into 2022 because we still have these massive shortages,” she says. “I’m not sure how it’s going to be alleviated or when it’s going to be alleviated. There still is tremendous demand for real estate in Tahoe.”
Noting that no homes were lost in the Tahoe Basin—“by the grace of God”—Lowe says she didn’t see the flames scaring people away from being interested in local real estate. Willers says the blazes brought a partial hush to the market, but not enough to dampen the skyrocketing sales. Some of this may be due to the fact that the overwhelming bulk of buyers are coming from the Bay Area and elsewhere in California—a state filled with residents already used to ashy skies and an occasional orange glow on the horizon. Buyers are also increasingly from a generation that may be more used to the reality of life in the 2020s. “What we’ve seen is a lot of permanent homes being bought here by younger Millennials wanting to raise a family in Tahoe,” Lowe says. “Millennials are reaching home-buying age, and there’s more of them than there were Baby Boomers. There’s a perfect storm coming. We don’t see anything slowing down. The only thing that’s going to slow us down is our lack of inventory.” Lowe also mentions that there’s been a huge push for many years to get workforce and other affordable housing going in the Basin. This will continue to be an issue in the region, she says, but she also believes there are “a lot of really smart people trying to figure that out.” South Lake Tahoe is where to look for median-priced homes, she adds, because there simply are more homes there. “Plus, the south end of the lake has completely revitalized,” Lowe says. “It’s really a happening place.”
Rising demand in Tahoe Region real estate out of COVID-19 shutdown May 22, 2020 Kayla Anderson Special to the Sierra Sun
Ken Bednar at Lake Tahoe Communities/Chase has been in the local real estate business for more than 30 years, and what he’s seeing in the Lake Tahoe real estate market is unprecedented. Licensed in both California and Nevada, Bednar and his team specialize on East Shore properties and the number of people interested in permanently relocating to Lake Tahoe is causing the demand to be greater than the supply … but people are willing to pay the price. “I measure the state of the local real estate market by who visits my website. The web traffic (on laketahoecommunities.com) averages about 30-40 people per day, but now I’m seeing around 150 daily visits. It’s very unusual, the supply of homes is at an absolute all-time low and because of the virus we are restricted on showing homes,” he says. When Bednar’s team does show homes to potential buyers, everyone has to wear masks, gloves, and it has to be currently unoccupied. Lake Tahoe Communities is now doing Facetime showings of a property, clients commenting from afar about what they like and don’t like. The real estate office is also utilizing more drone footage to show the whole area to give people a bigger picture of what they’re buying into. So, why is there so much interest during the stay-at-home order? “They all say the same thing, they want to get the hell out of where they’re at. I had 19 new clients just sign up in the last three days interested in moving up here. Some people are paying $4,000-$15,000 a month in rent just to buy some time until September/ October when there’s more inventory,” Bednar says. “A couple from Phoenix found a really nice property on the East Shore and they’re renting it out for $13,000 per month for three months to get to know the area,” he adds. Renting out a home for a total of $40,000 for three months sight unseen is a bit unusual for Tahoe buyers. MOBILITY MOVING IN Perhaps now people from major cities are seeing how much easier it is to work remotely and they’d rather be in the mountains than in a highly dense area when a national health crisis happens, he said. “We also have a lot of millennium buyers who are already used to working remotely. They don’t know how long this (pandemic) is going to last, and they’d rather be here. The people I’m talking to are looking for a simpler life, a close community. They want the outdoors and don’t want to be stuck in places where there’s a health problem,” says Bednar. However, with a lot of demand and only a few houses for sale (and a lot of red tape in how to show them), COVID-19 affects the real estate market a lot differently than what happened in the 2008 recession. “It’s not like in 2008 where you had banks supplying loans… people have the money to buy but now we have an outside event that has caused this recession, it’s unreal right now,” he says. And now when people are in Lake Tahoe and want to see a home, they must sign a two-page disclosure agreement, understanding the risk of possibly contracting or spreading COVID-19. “After signing the disclosure, everyone has to wear booties, masks, and gloves inside the house, and no one can touch anything,” Bednar says. The days of driving around buyers in the same car are over, too; now everyone drives separately and meets at the location. To help make looking at properties easier for clients, Lake Tahoe Communities set up specific webpages for certain Tahoe regions, full of drone footage, interior, and exterior shots that showcase a particular area so that clients can get an idea of the views, the environment, and sense of the neighborhood that they may not be able to get in person right now. “Showing properties with all the virtual tools now is very important,” he says.
“People are starting to ask themselves, why do I have to live in such an expensive area and drive an hour to work every day, or rent out an expensive office space when everyone can work remotely?” Bednar said. “If you don’t need to live in the city, why would you?” DIFFERENT SHORE, SAME STORY Over on the northwestern side of Lake Tahoe and Truckee, Alison Elder of the Elder Group is also seeing the same kind of demand but no one really buying anything. In the past week, Alison Elder reports that their office has seen a distinct increase in buyer activity but no new escrows. “All of the escrows that the Elder Group had in contract in April closed, but any new escrows that would’ve normally been in the pipeline right now completely stopped. That buyer pipeline diminished hugely because of the shelter-in-place order,” she says. Elder forecasts that there will be a light second quarter in Tahoe/Truckee real estate sales because people couldn’t come up to Tahoe to shop. “We’ve seen a substantial reduction in closed escrow volume because those looking to buy aren’t coming to Tahoe right now,” she says. However, with continuously record low interest rates, the Elder Group has seen an increase in blog subscriptions and new listings are still trending normal for this time of the year with perhaps a slight increase. “Normally the shop rings about 100-150 calls per day but right now the phones are quiet, we get about 3-5 calls per day,” she says of the Elder Group office that normally grosses $90-95 million in real estate sales per year. “I think when the home shelter (order) releases a little bit that those buyers will come back, but even then, they will need a place to stay when they’re up here looking around for the weekend. People need to feel comfortable and believe that they will enjoy the mountain retreat that they always dreamed of,” Elder says. ‘NEW LAYER OF ADMINISTRATION’ Elder’s office is impacted 45 days back because of no new escrows, even as new home listings are starting to come back on the market. “You have to have buyers to sell real estate, and with no buyers coming up then they won’t buy the house. Ninety-four percent of buyers will identify a property they’re interested in online but very few will buy it sight unseen,” Elder says. Even when Tahoe opens back up, the Elder Group will still be behind, she said. “Maybe people come in mid-May and buy something or not, but even then the escrow won’t close until July,” she says of the normal 30-45 day period of when an offer on a house is accepted through when the new owners get the keys. Most people who look at a home don’t buy it the first time they see it, either. “The whole consumer pipeline has to fill, along with the timing of the hotels to open back up so that buyers have places to stay, too,” she says. For those people that are already in Tahoe and shopping for homes, Elder says that realtors are allowed to give home tours in accordance with CDC, local health department, and California Association of Realtors’ guidelines. “We have to provide hand sanitizer, wear gloves, masks, there can be no kids in the homes, and no more than two people in the house at the same time,” Elder says. And before they can even show a home, agents have to show proof of signatures on a PEAD form (Coronavirus Property Entry Advisory and Declaration) that both parties have to sign. “It’s a whole new layer of administration,” she says. “We have to have an approved signature at each showing and meet them at the property, it’s quite a process. It requires a lot more preparation.”
PHOTO CREDIT
Brad Scott
PHOTO CREDIT
Brad Scott
‘They want to get the hell out of where they’re at’: Tahoe real estate demand spikes By Andrew Chamings
Updated 1:58 pm PDT, Monday, May 18, 2020
Photo: Lightvision, LLC / Getty Images Lake Tahoe. With a new generation of younger buyers who are getting used to working from home amid the coronavirus pandemic, the prospect of living out of the city and on an alpine lake while maintaining a career is appealing.
Tahoe realtors are reporting an uptick in buyers’ interest in property around the lake, per the Tahoe Daily Tribune. “They all say the same thing, they want to get the hell out of where they’re at,” Ken Bednar of Lake Tahoe Communities/Chase International told the Daily Tribune. “I had 19 new clients just sign up in the last three days interested in moving up here.” With a new generation of younger buyers who are getting used to working from home amid the coronavirus pandemic, the prospect of living out of the city and on an alpine lake while maintaining a career is appealing. “We have a lot of millennial buyers who are already used to working remotely. They don’t know how long this (pandemic) is going to last, and they’d rather be here,” Bednar told the Tribune, “The people I’m talking to are looking for a simpler life, a close community. They want the outdoors and don’t want to be stuck in places where there’s a health problem.” The process of purchasing a house during the coronavirus stay-at-home order, however, requires a lot more red tape than in normal times. Potential Lake Tahoe buyers are required to sign a disclosure agreement, acknowledging that they understand the risk of possibly contracting or spreading COVID-19, before viewing a home. Furthermore, “After signing the disclosure, everyone has to wear booties, masks, and gloves inside the house, and no one can touch anything,” Bednar said. As tech companies like Twitter, headquartered three hours away in Silicon Valley, are making plans for indefinite remote working, there is suddenly a new future for employees that does not require paying exorbitant rents for minimal square footage in San Francisco. “People are starting to ask themselves, ‘Why do I have to live in such an expensive area and drive an hour to work every day, or rent out an expensive office space when everyone can work remotely?’ If you don’t need to live in the city, why would you?” Bednar said. Andrew Chamings is a digital editor at SFGATE. Email: Andrew.Chamings@sfgate.com | Twitter: @AndrewChamings Featured article posted on the San Francisco Chronicle online news publication SFGate.com.
Real Estate Market STATISTICS
PHOTO CREDIT
Brad Scott
East Shore 2021 Year-End Statistics | January 1st - December 31st
SINGLE FAMILY
2021
2020
% Change
Volume
$445,071,500
$470,392,629
-5%
Units
158
195
-19%
Median Price
$1,417,500
$1,210,000
17%
$2,816,908
$2,412,269
17%
40
76
-47%
118
119
-1%
2020 2020
% Change%
$86,944,655
$84,999,239
2%
100
133
-25%
$694,500
195 $485,000
43%
-19%
$639,092 $1,210,000
36%
17%
23
70
-67%
77
63
22%
East Shore
Average Price Units Under $1M Units Over $1M
2021 Year-End Statistics | January 1st - December 31st
CONDOS SINGLE FAMILY
Volume Units
2021 2021
Volume
$445,071,500
Units
158
Median Price
$869,446 $1,417,500
Average Price Median Price Units Under $500K
Average Price
Units Over $500K
Units Under $1M
$470,392,629
East Shore$2,412,269
$2,816,908
2021 Year-End Statistics | January 1st - December 31st
Units Over $1M
Change
-5%
17%
40
76
-47%
118
119
-1%
158 Units Sold
50
CONDOS
2021
2020
Volume 40
$86,944,655
$84,999,239
2%
Units
100
133
-25%
Median 30Price
$694,500
$485,000
43%
Average Price
$869,446
$639,092
36%
70
-67%
63
22%
775.588.6130 | chaseinternational.com Units Under $500K 23 20 Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada,
Units Over $500K 77 NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
% Change
10
0
5
6
29
43
19
21
18
$0-
$500,000-
$750,000-
$1,000,000-
$1,500,000-
$2,000,000-
$3,000,000-
Over
$499,999
$749,999
$999,999
$1,499,999
$1,999,999
$2,999,999
$4,999,999
$5,000,000
775.588.6130 | chaseinternational.com Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
17
North & West Shore 2021 Year-End Statistics | January 1st - December 31st
SINGLE FAMILY
2021
2020
% Change
Volume
$685,131,516
$583,745,583
17%
Units
367
492
-25%
Median Price
$1,100,000
$811,000
36%
Average Price
$1,866,843
$1,186,474
57%
Units Under $1M
154
331
-53%
Units Over $1M
213
161
32%
CONDOS
2021
2020
% Change
Volume
$57,700,193
$88,421,537
-35%
132
-46%
North & West Shore
2021 Year-End Statistics | January 1st - December 31st
SINGLE FAMILY Units
2021 71
$645,000 $685,131,516
Median Price
Volume
$669,860
367
Units Over $500K Median Price
17
85
54
47
17%
21%
492
North & West Shore $1,100,000 $811,000
Units Under $500K
% Change
$452,000 43% $583,745,583
$812,678
Average Price
Units
2020
-25%
-80%
36%
15%
2021 Year-End Statistics | January 1st - December 31st
Average Price Units Under $1M 100
Units Over $1M
$1,866,843
$1,186,474
57%
154
331
-53%
213
161
32%
367 Units Sold
75
CONDOS
2021
2020
Volume
$57,700,193
$88,421,537
-35%
71
132
-46%
$452,000
43%
$812,678
$669,860
21%
Units Under $500K
17
85
-80%
Units Over $500K
54
47
15%
Units
50
530.581.0722 | chaseinternational.com
$645,000 Median Price Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
Average Price 25
% Change
0
9
53
92
98
51
41
$0-
$500,000-
$750,000-
$1,000,000-
$1,500,000-
$2,000,000-
Over
$499,999
$749,999
$999,999
$1,499,999
$1,999,999
$4,999,999
$5,000,000
530.581.0722 | chaseinternational.com Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
23
South Shore 2021 Year-End Statistics | January 1st - December 31st
2
SINGLE FAMILY
2021
2020
% Change
Volume
$628,272,740
$649,180,013
-3%
Units
716
903
-21%
Median Price
$700,000
$580,000
21%
Average Price
$877,476
$718,915
22%
Units Under $1M
551
776
-29%
Units Over $1M
165
127
30%
CONDOS
2021
2020
% Change
Volume
$62,946,450
$71,595,312
-12%
Units
112
150
-25%
Median Price
$425,000
$387,500
10%
North & West Shore
2021 Year-End Statistics | January 1st - December 31st
100
Average Price Units Under $500K
South Shore
Units Over $500K 2021 Year-End
75
$562,022
$477,302
18%
69
98
-30%
Statistics | January52 1st - December 31st 43 -17%
367 Units Sold
300
50
716 Units Sold
250
200
25
530.544.2121 | chaseinternational.com Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada,
150
NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
100
0
9 $0$499,999
0
53
92
$500,000115 $749,999
$750,000287 $999,999
$0$499,999
$500,000$749,999
98
51
$1,000,000$1,500,000149 31 $1,499,999 109 $1,999,999
$750,000$999,999
$1,000,000$1,499,999
$1,500,000$1,999,999
41
23
$2,000,00025 $4,999,999
Over
Over $2,000,000
$5,000,000
Carson Valley 2021 Year-End Statistics | January 1st - December 31st
SINGLE FAMILY
2021
2020
% Change
Volume
$618,232,950
$535,182,627
16%
Units
840
898
-6%
$568,985
$479,500
19%
$735,991
$595,971
23%
Median Price Average Price
Carson Valley
727 -13% Units Under $1M 2021 Year-End Statistics | January833 1st - December 31st Units Over $1M
113
65
74%
Carson Valley 2021 2020
SINGLE FAMILY
% Change
2021 Year-End Statistics | January 1st - December 31st
$618,232,950
$535,182,627
16%
Units
840
898
-6%
Median Price 300
$568,985
$479,500
19%
Average Price
$735,991
$595,971
23%
Units Under $1M
727
833
Units 240 Over $1M
113
65
Volume
-13%
840 Units Sold
74%
180
120
60
775.782.2777 | chaseinternational.com Information gathered from NNRMLS 01/04/2022.
0
6
111
188
307
115
113
$0$299,999
$300,000$399,999
$400,000$499,999
$500,000$749,999
$750,000$999,999
Over$1,000,000
775.782.2777 | chaseinternational.com Information gathered from NNRMLS 01/04/2022.
PHOTO CREDIT
Brad Scott
PHOTO CREDIT
Brad Scott
Incline Village 2021 Year-End Statistics | January 1st - December 31st
SINGLE FAMILY
2021
2020
% Change
Volume
$785,702,003
$897,818,266
-12%
Units
235
374
-37%
Median Price Average Price Units Under $1M
Incline Village $2,000,000
$1,450,000
38%
$3,343,413
$2,400,584
39%
29
97
-70%
2021 Year-End Statistics | January Units Over $1M 206 2771st - December -26% 31st
CONDOS
2021
Volume SINGLE FAMILY
$216,985,788 2020
4%
213
252
-15%
$815,000
$646,250
26%
$785,702,003
Median Price
Units
% Change
$224,829,087 2021
Units
Volume
2020
235$1,055,536
Average Price
$897,818,266
374 $861,055
19 $2,000,000
Units Under $500K Median Price
71
$1,450,000
Incline Village
Units Over $500K
194
181
$3,343,413
Average Price
% Change
$2,400,584
-12%
23%
-37%
-73%
38%
7%
39%
29Statistics | January 1st 97 2021 Year-End - December 31st
Units Under $1M Units Over $1M
-70%
206
277
-26%
40 CONDOS
2021
2020
Volume
$224,829,087
$216,985,788
Units
213
252
-15%
$815,000
$646,250
26%
$861,055
23%
50
30
Median Price 775.831.7300
| chaseinternational.com
Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, $1,055,536 Average Price
235 Units Sold
% Change 4%
NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
20
Units Under $500K
19
71
-73%
Units Over $500K
194
181
7%
10
0
11
18
42
46
59
28
31
$0-
$750,000-
$1,000,000-
$1,500,000-
$2,000,000-
$3,000,000-
Over
$749,999
$999,999
$1,499,999
$1,999,999
$2,999,999
$4,999,999
$5,000,000
*Includes PUD’s
775.831.7300 | chaseinternational.com Information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS 01/04/2022.
KEN & JA NA B E D NAR 704 661 5589 kjbednar@chaseinternational.com LakeTahoeCommunities.com CA DRE 01198009 | NV S.190368 CA DRE 01996683 | NV S.180833
ELLIOT YOU NG 775 291 7525 eyoung@chaseinternational.com LakeTahoeCommunities.com NV S.183640
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