MAY 2022 NEWSLETTER The Tahoe Story
THE TAHOE STORY First Quarter Market Update Overall, the market remains strong, with continued buyer demand, and some homes still receiving over-bidding, and multiple offers. We saw very constrained inventory in the first quarter resulting in less units sold than the prior year, and a significant decrease in volume sold on the North and West Shore. Median price of a single family home was up across the board, with the North and West Shore at a 16% increase, Truckee at 20%, and Tahoe Donner a whopping 35%! The market is being affected by multiple factors, including new restrictions on short term rental permits being issued, increase in lending rates (now in the 5% range), and many people being called back to the office on a more full time basis.
Short Term Rental Permit Restrictions Both Placer County and the town of Truckee have recently passed new ordinances pertaining to the issuance of STR permits in hopes of restraining the AirBnB phenomenon that has seemingly taken over our area. This was done for two main reasons; the impact these unmonitored rental units were having on the local community/neighbors, and also with the hope of somehow increasing the availability of long term rentals to offset the extreme shortage of local workforce housing. Here is a summary of the most important items passed in each area:
Town of Truckee ● ● ●
Adoption of a town-wide cap of 1,255 transient occupancy registration certificates for STRs. This is roughly what the number was when these talks were initiated in June of 2021. Phase out STR’s in accessory dwelling units and multi-family dwellings Establish a 365 day waiting period for any new home sale before the new owner may register for an STR certificate.
Placer County ● ● ●
The total number of STR permits shall be capped at 3,900. Short term rental permits will no longer be transferable at the time of sale from the seller to the new owner. New Homeowners may apply for an STR permit starting July 1st, 2022 and be placed on the waiting list.
Please contact me directly if you would like additional information on the STR ordinances.
What is New for Spring 2022 I am about to put a beautiful house in the Highlands on the market. Offering a view of the lake, 5 bedrooms, 3,600 square feet of living space, and an outstanding remodel, this will be a great product for the North shore buyers who want a spacious retreat close to everything Tahoe City offers. Please contact me for more details.
Interested in Selling? I have a proven strategy for attaining the highest offer with the best terms when I list homes. Working in a collaborative relationship with the seller is paramount, and having an experienced agent who can guide you through the process is vital. The more prepared you and your house are, typically the better the outcome. I work with an outstanding team of professionals from stagers to roofers, in order to help you meet your selling goals.
New Branding! I spent a good part of the winter working on two new designations – I am now a Certified Luxury Home marketing specialist, and also a certified Second Home and Resort Property Specialist. I am about to launch my new website: Dream Living Lake Tahoe.com. Keep your eyes open for this – it will be spectacular! I am very excited to be moving into this new branding, with full Social Media integration.
2022 First Quarter Statistics | January 1st - March 30th