Posted on 08/06/2020 7:59:10 AM PDT by C19fan
Lake Tahoe has seen a record breaking year of real estate sales and the inventory of properties is at a shocking low amid the pandemic as people working from home seek refuge in the picturesque mountains.
Local real estate agents in the Lake Tahoe and Reno area reveal home sales in the area are up 20 percent compared to July last year and the number of active listings are down 25 percent, with properties whisked off the market in a matter of days.
'People were thinking of leaving the Bay area, leaving more populated cities and coming to areas like Lake Tahoe, which is traditionally a second home market, and buying homes there and working remotely,' Senior Buyers Agent Sarah Russell with RedFin tells DailyMail.com.
(Excerpt) Read more at dailymail.co.uk ...
It would be interesting to see the breakdown between CA side and NV side of the border.
As long as they stay in California, great.
If this work from home trend becomes a more permanent part of the business world, we will see major changes in where people live.
This will also fundamentally transform commercial real estate. Why would companies rent all that office space in gleaming downtown skyscrapers, if their employees can work off site?
And for the employees, as we see in this story, if they don’t have to physically go to an office in NY or LA or SF, then how many will choose to continue to live in such big cities to be close to work?
And more importantly, hopefully public school changes, reforms and a move to private providers.
Considering Nevada has no state income tax, it would make more sense for remote workers to live on the NV side of the lake.
The CA real estate market is crazy weird.
Centered between the Bay and the Sierras is Stanislaus county. And it’s in the top 10 real estate markets in the country.
It’s an agricultural county. There’s nothing here but ag business and farms.
Weird I tell ya.
I left my $1,800/m 550sq efficiency apt in Seattle for a $650/m 1800sq 3BR house in North Dakota. I’m still paid my Seattle wage as a remote employee. Completely transformed my finances.
-20 to -30 winters are a b^%$#, but it keeps out the riff-raff.
California will tax you on income earned in California even if you reside elsewhere. It’s called “taxation without representation”.
I moved from the Bay area to Magalia, CA. Bought a really nice house for 290K. Everyone here owns a gun and about half fly a US flag 24/7. At present I work from home and will probably retire in the next year.
More likely, this would force rates for office space to decline.
My son owns a software/internet business in Seattle. ALL of his employees are now working from home. This is how he will do it from now on. It’s worked out really well.
But here’s the fun part: They visited her sister and husband in Louisville outskirts and he’s made the following decisions:
1. He will close his brick and mortar office in seattle.
2. He will hire from tier 2 and 3 markets.
3. He will not fire any of his expensive Seattle employees, but he will no longer hire from there.
4. He and my daughter and grandaughter are moving away from Seattle. They are looking at Kentucky or maybe Tennessee. The latter because his income is pretty high and Tennessee has no state income tax.
They are not the only ones doing this. It is easy for them to move because they made the choice to rent rather than own their home. They don’t have to sell anything. They just leave at the end of the lease. This is what happened during the 2008 collapse as well. Renters were sitting pretty. I was one of them. Renters are very free to move where they want to.
One of my friends from high school is a commercial real estate owner and investor. He said commercial real estate in cities is going to be seeing a very serious and fairly permanent downturn.
That's what I'm worried about.
If Twitter, Google, and the like can work from home, that means they can move to conservative areas and F those up.
My daughter’s husband did the same thing, but for the outskirts of Louisville, KY. WFH full time for a couple of years now - with seattle wages.
One of the reasons my other daughter and her husband are leaving Seattle is that they just visited my daughter in Louisville and he’s in a home that cost $625k that would have cost millions in the Seattle burbs. They were absolutely in awe when they saw the price and taxes.
A lot of these tier 1 markets are going to be in a very bad way, very soon - especially with the riff-raff being allowed by the democrat mayors to burn them down.
They’re not. Construction in the Reno area is fookin’ crazy. House prices are fookin’ crazy. IF someone actually wants a job, there are plenty right now in the Reno/Truckee Meadows area. For locals. No out of towners need apply. LOL!
Are we ... Irish?
As long as they move to the California side, that’s fine. It’s already pretty woke. I’m guessing they’re moving to Incline Village on the NV side, where Hollywood celebs and Silicon Vally types maintain tax shelters, errr residences.
Stay away from Carson Valley. That’s where we’ll likely retire to.
Just didn’t want to use the other ‘f’ word.
“...has no state income tax...” Yet. No doubt our POS gov is thinkin’ about it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.