The luxury real estate market in Reno, Nevada, is moving upwardly, according to a report by the Reno Gazette Journal.
Many of the upscale houses for sale in the Northern Nevada area being bought up by the exodus of Californians in search of better values and lower tax rates.
The passing of Proposition 30 in California, which raised taxes for wealthy residents, has been a boon for the neighboring state’s high-end single-family residences. Reno, Carson City, and the Lake Tahoe area are selling well.
….More than 187 luxury properties priced above $750,000 in Reno, Sparks, Verdi and Washoe Valley are listed with Coldwell Banker. Additionally, the company is brokering 16 lakefront homes on the East Shore of Lake Tahoe and three on the South Shore in California.