Offering all-season recreation and undeniable natural beauty, the allure of real estate in lakeside towns like Tahoe and Truckee has surged in recent years, appealing to those seeking a blend of community, recreation, fresh air and investment opportunities.
Buyers are gravitating towards lake homes offering not just picturesque views but practicality, with a keen eye for spacious layouts conducive to remote work and schooling, eco-friendly features like solar panels, and coveted amenities such as private docks and beach access. To learn more about the current state of lake life, we spoke with A.J. Palomar, Managing Director of The Agency Reno.
What specific lake towns in your regions are attracting buyers most right now?
I’m seeing high interest in Incline Village, Tahoe City, Truckee, Stateline, Kings Beach in north Lake Tahoe, Homewood in west Lake Tahoe and Glenbrook on the east shore of Lake Tahoe in Nevada.
What do you think is attracting buyers to these areas?
Living near Lake Tahoe offers a unique blend of quality of life, access to nature, and community vibes that attract buyers. The stunning natural beauty of the area provides endless opportunities for outdoor activities, from skiing in the winter to hiking and boating in the summer.
One of the notable advantages is the favorable tax climate in Nevada, which includes no state income tax and relatively low property taxes compared to neighboring states. This financial aspect can make a significant difference for residents in terms of their overall financial burden.
The sense of community around Lake Tahoe is strong, with residents often coming together for events and activities. This creates a welcoming environment where people can truly feel at home.
Overall, Lake Tahoe offers a picturesque setting with tax advantages and a strong sense of community, making it an attractive destination for those seeking a high quality of life in a serene natural environment.
How have these areas evolved over the last few years since the pandemic, and what are buyers seeking in local lakeside luxury homes now?
Over the past few years since the pandemic hit, many Lake Tahoe communities have evolved. With more people reevaluating their living situations and seeking refuge in nature, these areas have become even more desirable. There’s been a noticeable shift in what buyers are looking for in local lakeside luxury homes.
Nowadays, buyers are prioritizing space and functionality more than ever. They want homes that offer ample room for remote work and schooling, as well as areas for relaxation and outdoor enjoyment. Features like home offices, flexible living spaces, and outdoor amenities such as private docks or beach access are in high demand.
Additionally, there’s a greater emphasis on sustainability and energy efficiency. Buyers are interested in properties with green features like solar panels, energy-efficient appliances, and eco-friendly building materials. It’s all about living harmoniously with the natural surroundings and minimizing environmental impact.
Overall, the pandemic has shifted buyer preferences towards homes that offer a blend of comfort, functionality, and sustainability in the beautiful setting of Lake Tahoe.
Is there a season to the real estate market in these lakeside areas or are buyers flocking year-round?
Tahoe is a year-round destination! We have recreational activities for all four seasons —and since the pandemic, that demand has only increased.
What are some lakeside home amenities or features that you see buyers seeking out right now?
Right now, buyers are seeking lakeside homes with amenities like private docks, beach access, ski resort access, spacious outdoor living areas, and eco-friendly features such as solar panels and energy-efficient appliances.
Have you seen any increase in lakeside home buyers or renters from a certain region?
Over the past few years, we’ve seen a notable increase in buyers and renters coming specifically from urban areas like the San Francisco Bay Area and Los Angeles. This trend is largely due to the appeal of Lake Tahoe’s natural surroundings and outdoor activities, as well as the desire to escape urban congestion.
Additionally, the shift towards remote work during the pandemic has made Lake Tahoe an attractive option for those seeking a change of scenery without compromising their career. We’ve also observed interest from buyers and renters from various other metropolitan areas across the country, drawn to Lake Tahoe’s serene lakeside lifestyle and the opportunity for a more balanced way of living.
Do you have any stats or data about your local lake town markets over the past year that are notable?
Over the past year, our local lake town markets have seen a 15% increase in median home prices, reflecting strong demand. Additionally, the number of properties sold has risen by 10%, indicating a healthy level of activity in the market. These statistics highlight the continued attractiveness of our area to both buyers and renters alike.
Are there any emerging developments in these lake regions that you foresee buyers being drawn to?
Notable development along the lake would be the Waldorf Astoria Hotel & Residences, which is slated to launch in 2027. I think that is going to be huge for luxury clients. When it debuts it will be the first Waldorf in Northern Nevada.
For more insight into current market trends and the world’s most dynamic real estate destinations, browse our other recent In the Knows: Today’s Golf Course Home Market, Palm Beach to Palm Springs; Buying Real Estate in Panama, Visas & More and L.A. Real Estate Trends & Insights with The Agency’s Zach Goldsmith.