With the news of two homes in the LakeTahoe area selling at $20 million, real estate professionals in the area are expressing confidence in the market, the Sacramento Business Journal reports.
To add further optimism to this picture, two additional residences are reported to be “in the process” of selling for around $20 million. The market for houses on both the California and the Nevada side of Lake Tahoe is in good shape. However, the Nevada side is performing a bit better due to more affordable property taxes.
There was even a year or two when there weren’t even any $10 million sales,” said [Susan] Lowe, Chase broker and senior vice president. “It was out of style for awhile there to buy second, third, fourth homes, but now there’s a sense we’ve passed the bottom of the market.”