Urbanites bid up homes in vacation spots like Vail, Lake Tahoe

City slickers seeking permanent abodes are driving up prices

National Weekend Edition /
Aug.August 29, 2020 12:00 PM
Lake Tahoe

Lake Tahoe

More and more urbanites are making permanent moves to towns that were predominately vacation retreats.

The pandemic has boosted demand in places like Colorado’s Vail Valley and Lake Tahoe on the California-Nevada border. It is making for hot competition among homebuyers, according to the Wall Street Journal.

Lake Tahoe’s inventory of unsold homes is down from 421 a year ago to just 60. Bidding wars are driving prices up.

On the Nevada side, the median sale price was up to $1.26 million in July, some 43 percent higher than it was a year earlier. The 157 homes sold in June and July were more than twice as many as sold during the same period last year.

Similarly, on the California side of North Lake Tahoe, the number of sales more than doubled to 532 in those two months, as it did in Vail Valley, to 432, between June 1 and Aug. 20.

Rural areas outside smaller cities are also seeing more activity. Domain Timber Advisors this year has sold 62 lots outside cities including Seattle, Houston and Jacksonville compared with just 25 last year.

“I think the main driver is people really wanting to have the option of getting out of the city and live and exist and enjoying a certain lifestyle,” said managing director Joe Sanderson. [WSJ] — Dennis Lynch


Related Articles

arrow_forward_ios
(Getty)
Fifth straight monthly decline in pending home sales
Fifth straight monthly decline in pending home sales
(Getty)
Mortgage applications to buy homes rise as rates drop below 6.5%
Mortgage applications to buy homes rise as rates drop below 6.5%
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
(Getty; Illustration by The Real Deal)
Agents: Life is good under 7%
Agents: Life is good under 7%
Developer Geoff Palmer with one of his properties (Getty, G.H. Palmer Associates)
Geoff Palmer’s lawsuit over tenant protections tossed by judge
Geoff Palmer’s lawsuit over tenant protections tossed by judge
Coach Realtors' Mary Alice Ruppert (Coach Realtors Associate, Getty)
Sellers relent: Long Island home price cuts at 3-year high
Sellers relent: Long Island home price cuts at 3-year high
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...