Isn't this market phenomenon fascinating? I think so, too.
That's why our team is taking a different approach to the newsletter this round. Hope Huber here, Amie's Marketing Coordinator, and this week I decided to conduct a brief 'inside scoop' style interview with the infamous Amie Quirarte of Tahoe Luxury Properties.
Few people have their finger on the pulse of the Lake Tahoe area real estate market surge quite like Amie and her colleagues. For that reason, who better to share their perspective on what in the world things have actually been like these past few months?
Q: Amie, how has this late fall market season felt different to you compared to the years past?
A: Tahoe has always been a destination for most of the Bay Area and Sacramento, but it seems as though the flurry of recent real estate activity has now put us on the map across the state. We've seen more buyers from Southern California, both coastal areas and farmlands, than ever before.
As far as the market itself goes, we have seen an upheaval in the way offers are being submitted and ultimately, how transactions function. Being that the Bay Area has always been our primary feeder market, we have held on to the belief that we would eventually feel the same intense market dynamics. We have been on a slow trajectory of their market, albeit this year, it hit us like a tidal wave. I wrote more non-contingent, cash offers this summer than I have in my entire career. Historically, listing agents in Tahoe have built a small amount of cushion into the initial pricing structure with the understanding that properties typically sell between 94-97% of their original asking price. However, this year we witnessed properties selling for multiples hundreds of thousands higher than their original asking.
Q: How would you describe some of the most significant challenges you've faced throughout this period?
A: Despite having access to the data [demonstrating the extreme market surge] and being immersed in it every day, it did at times feel as though we were living in the wild west.
Q: What has excited you most about this wave of business and what do you predict may happen within the next year?
A: The great thing about more people coming to Tahoe is the innovative ideas and creativity that they bring with them. We all have so much to learn from one another and having an outsider's perspective can be very beneficial and useful in many ways. I'm hopeful that with this new wave of both full and part-time residents, we will see new local companies, startups, and hey, maybe even some food delivery!
Thanks for your candor, Amie. We are so thrilled to be able to continue to inform our community of real estate professionals, individuals, and prospective market players with our monthly newsletter. We hope you enjoyed the fresh perspective!
Read on for more news and insights.
Amie Q. with Tahoe Luxury Properties