I have a piece of Lake Tahoe real estate in escrow right now. In the tax records it is defined as a one bedroom one bath residential home. The planning department can’t really tell me what it should be classified as. Maybe residential, maybe commercial. The Tahoe Conservancy wants nothing to do with it, and it has been previously listed nearly continuously for over a year before I picked it up.
The place should be scraped and is a complete tear down. Its value is in the land, allocations, and permits. What was once a fairly successful and nice looking hair salon (among many other businesses over the years) has become a sore and a headache. Not as much for me as it is for the owners.
Despite that, it is in escrow. It is in an escrow that has had no hiccups, and unless the property burns to the ground in the next day or two, will close. You know what else? I have two actual backup offers on the property, and one verbal backup offer. I still get one or two emails a day from some of my advertising I began when I listed the property which I halted about 20 days ago.
Think about that for a minute. I advertised for 10 days, and stopped OVER 20 days ago. I am still getting emails on a house that likely wouldn’t even qualify for traditional financing.
What is going on here? Is Lake Tahoe real estate; or probably more likely; California real estate bubbling again? It feels like the market is growing a little quicker than is economically safe. Maybe I am wrong. Maybe this is exactly where it should be and it is right on track.
I do know that I am eager to see what happens over the summer and in to autumn. I have another listing waiting a month to hit the market and it is no “fixer”. It will be interesting to see if the higher end market is as virile as what I just experienced with one of the cheapest properties in Tahoe.
Time will tell. Meanwhile, you can check out what this lower-end property actually sells for here: 2186 James. Talk to you again soon.
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