Housing Market Improving in Lake Tahoe
Earlier this week, we reported home prices across the Silver State are on the rise.
December reports show an increase of 15.3 percent year over year. In the Lake Tahoe area, things are also looking up.
On Wednesday, a home in Tahoe sold for $20.9 million dollars, bringing a lot of optimism moving forward.
"This time of year, traditionally, is very slow," says Bill Dietz, President of Tahoe Luxury Properties. "But, as a result of the up tick in the market right now, we're seeing considerable activity."
Dietz says home sales are up 35 percent in the area, and prices are up 10 percent, year over year.
"Our market here in Tahoe really started to pick up mid to late summer," he says.
John Christensen took a tour of a home available on the market for $4.25 million. He says it's clear, the housing market is bouncing back, and there are still deals to be had.
"I think during the winter, it's a better time to buy around here," he says. "Because not that many guys come up here. They come up here during the summer, and the market always hops during the summer. But, during the winter, I think it's a lot better."
Dietz says a growing number of Californians are relocating to Nevada. Many of those moving to Tahoe, are looking for tax relief.
"Someone who's a high-wage earner in California is paying approximately 13.3 percent," he says. "So, if they move to Nevada, there's no state income tax."
A good incentive for potential buyers. The home Christensen toured was on the California side, but he's considered moving to the Nevada side for the tax break.
"You have to be here half the year or longer," he says. "But, if I were to retire, if I ever were to retire, it might make some sense to move up here."
Many consider Lake Tahoe the best lake in the country. It's such a desirable place to live. Dietz says no matter how high or low the market gets, there will always be interested buyers.
"I claim it's one of the wonders of the world," he says. "So, it's a beautiful year-round vacation destination that's within driving distance of almost 25 million people."
Written by Adam Rasmussen