Record second-home purchases fueled by Bay Area wealth

Lots of juicy anecdotes:

Tech buyers typically keep a foot in San Francisco while buying single-family homes with extra bedrooms, Zoom-rooms and large lots in rural farming communities, foothills and lakefronts.

Sales prices in some Lake Tahoe communities have nearly doubled from pre-COVID levels. The inventory of homes for sale has plummeted 90% since the beginning of the health crisis, according to local real estate data.

The median price for a home in Incline Village, on the Nevada side of the lake, has climbed 80% since the beginning of the pandemic, to $1.37 million. Between 50 and 75 homes are for sale at any given time “being chased by a lot of money,” Marriner said.

Bidding wars once found mainly in Silicon Valley hot spots have spread to the resort. Panicked buyers are offering 20% above the asking price, he said, although the demand has slowed slightly in recent months.

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I have two beautiful CU SFHs, who want to buy for $10M each? C’mon tech buyers, your gain is windfall, share with me by buying my CU SFHs.

What’s another 10-20m to your net worth. Just a drop in bucket!