Bay Area residents scooping up houses in Tahoe basin
By Pete Carey, San Jose Mercury News
Lake Tahoe area real estate agents, hungry for sales in the aftermath of the housing bubble, are counting on the Bay Area’s booming tech industry to help generate the next crop of million-dollar vacation home buyers.
Sales of million dollar-plus Tahoe homes are down about 30 percent from the third quarter of 2010, according to Coldwell Banker. While sales of luxury homes have improved recently, a flock of freshly minted IPO millionaires can’t come soon enough for Tahoe real estate agents.
“People are starting to feel a little bit better about things. Silicon Valley is kind of spearheading that revival. We’re seeing those folks make their way into the Tahoe market,” said Jim Telling of East-West Partners, the developer of Home Run at Northstar.
Some buyers from the tech industry have snapped up vacation homes recently that run from $1 million to $4 million or more.
For example, more than 20 parcels at Martis Camp — a 2,100-acre custom lot development between Truckee and Northstar — have been scooped up by employees of tech companies such as Google, Facebook, VMware and Apple,according to the development’s spokesman.
One Apple employee bought at Home Run, a small mountainside ski-in, ski-out village of townhomes, where luxury real estate sells for $1.75 million to $2.2 million.
Another Apple employee sold some stock and purchased a place at Incline Village recently, reportedly for $3 million.
Ya know, that’s great that people from the bay area can now reinvest in the basin’s real estate market, and maybe it will someday translate into more jobs here in the basin. But what about the fact that a good percentage of people who actually live here year round can barely afford to pay rent let alone think about purchasing a home here.
Do like the Indians, Dude when things got rough –MOVE.
Dude, Northstar is not in the basin. Northstar has no registered sex offenders too, hmmmmmm. The registered sex offender list seems to be expanding to new neighborhoods on south shore, maybe tours to countries that allow sex with 13 years of age people will be an expanding business here.
People on this site and that still live in Tahoe are idiots and will get what is coming to them, especially idiots with quotes like the last one. Death is upon your town so prepare for the second coming.
WOW now those are some intersting comments. Nice to see some real estate moving no matter where they are from. Hope they have lots of money to spend in the local economy. We are a tourism based economy.
“quotes like the last one”
What are you referring to sam?
BTW, it is not a free country and some people are not here by choice.
I disagree with samtahoeneedssmallbusinesspubworkstvecotahoe
buttler, they’re not all the same people. Very distinctly different writing styles. I guess you think there are only two people in the world who could possibly disagree with YOUR opinions?
How about Willard the next Repubtreotic Pres. Did he buy ?
Alex Campbell,
Here is something we all agree about…
Go Newt!
Newt – Newt – Newt