Happy New Year, @Elt1! Cabo and cruising down there from the Fab 7x7 was reeeelaxing… I am going to book SF to Hawaii for next year (this year probably going to Malaysia/Singapore to finally check out where the inlaws are)…
Washington (Seattle), how about Bellevue?
Texas (Houston), how about Austin?
Nevada (Las Vegas), how about Reno?
Look like I have to move fast to invest in Las Vegas.
How about this house in S Lake Tahoe?
$539K. Monthly expenses $2500, Zillow rent estimate $2300. Close to water.
Another reason the Chinese are moving down the league table is that it’s much harder to get money out of the country now. So some may not have enough firepower to compete with locals in markets like SF.
I never quite understand the appeal of Vegas. I like the prospects of Phoenix better. It has a more diverse mix of things going on. Vegas always seems like a one trick pony to me.
No doubt, Sin City has reached into my wallet on more than one occasion because I like the thrills but I would have to agree that there is something just not right about owning Vegas property. Perhaps it is the relationship to gambling and the habits of folks there (drinking and smoking). No offense to the vegetarian, bible thumping Vegas residents out there!!!
God, sounds almost too good to be true…let’s see what our resident expert @Elt1 has to say about it
Another one in SLT:
3/2/1400 Asking for 400K. Monthly outlay $1870. Rent estimate $1750. Cashflow neutral-ish.
This one just got its price reduced by 44K. 435K to 389K. Monthly expense $2,000. Rent estimate $2,100.
Positive cash flow. I know nothing about Tahoe though. Appreciation looks weak.
Dr @Elt1, you are wanted in the ER…
Just got back from a ski safari. …The weather in Tahoe is nasty…Lots of rain…But we now have a good base for skiing and the lake wil be up 3 feet this summer. .The draught is over…I have been in minus F weather for two weeks. .Much perferTahoe mild 30-40 weather to -16 yesterday in Sun Valley…Lots of deals in Tahoe…Come up and I will show you. .Can get $2k to $2200 for a nice 3/2 with a garage…
Appreciation hasbeen 10% a year forthe last 3…Still below the 2006 peak…Average then about $486k, now about $390k
Serious flooding in Tahoe…Great time to buy.
Floods are going down…But this is a record winter…Definitely putting a strain on property management. …
Bay Area rich people are mostly geek and many are immigrants who are not interested in vacation home. It’s surprising that with such an affluent population, vacation homes in Tahoe is not much more expensive.
In the east coast, seems that their rich people are buying vacation homes pretty liberally.
Are Bay Area people not as rich as Wall Street people? Or is it more a cultural issue and Bay Area folks are less interested in vacation home?
Are Bay Area’s rich people more interested in buying stocks and investing in startups than buying vacation home?
how does this work? How can you get that much rent? Will people stay there long term? Or if its vacation rental, dont you have to a lot of work giving it out just for the weekends. ?
Not that many houses available in Tahoe. .Buyer pool includes Sac, Reno, Socal and the BA plus many others…doesn’t take much buyer interest to jack up prices…I think you are right, immigrants and techies haven’t been a large part of the buyer pool, but over the next 20-30 years they will be…In any case prices have been going up since 2012 and are still 10% below the 2006 peak…It isn’t necessarily the rich buying…Average house in South Lake Tahoe sells currently for $420k up from the low of $225k and less than the high of $486k in 2006…condos are probably averaging $100k less…The rich in the BA are buying in Napa, Hawaii, lakefront on tahoe and anywhere else they want…Still they are less than 10% of the Tahoe market…
From memory, during the dotcom days, techies pay through their noses to buy vacation homes, which I recall had plunged 90%… too lazy to check where… so not sure have recovered or not.
Probably generation issue too. New Techies are not interested in tied down to one location. With AirBnb and many others offering, you can book a cabin or vacation home pretty easily so why bother with year around maintenance.
Second home concept never appeals to me personally. Only if you use the second home every week or every month, it would be a waste.
I think a second home only makes sense when you can afford to have someone to look after the property for you when you forget to go there for months and years.
Many live in rent controlled apartments in SF…they will never be able to afford an SF house…But they can buy a Tahoe house for less than $400k…They get cheap rent forever and can get on the appreciation bandwagon …