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The Tahoe Douglas Neighborhood Group seeks to eliminate Douglas County VHRs in residential zoned neighborhoods. They are gathering names on a petition titled “Opposition To VHRs In Residential Neighborhoods". The group finds the commercial use of residential homes incompatible with the residential zoning and character of their neighborhoods. However lack of enforcement by Douglas County seems to be the main issue.
Lake Tahoe businesses are experiencing a slower than normal summer season this year. Unconventional reports from the South Tahoe Public Utility District prove current tourism numbers are significantly lower than the last three years. Higher tax rates could be a potential influence on this summer’s slower tourism season as El Dorado County recently raised the transient occupancy tax from 10% to 14% on visitors to the Lake Tahoe area. Higher gas prices along with inflation could also be causing a slow down in tourist visits.
Single family lakefront home sales have slowed dramatically from one year ago on the Nevada East Shore. There were 20 sales during the 2020-21 time period whereas only 8 sales have occurred during the last 12 months. Median sales prices however have risen from $7,450,000 to $9,187,500 during this time period.
The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market. Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market. The 30-year fixed-rate mortgage averaged 5.55 percent with an average 0.80 point fee for the week ending August 25, 2022, up from last week when it averaged 5.13 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 2.87 percent.
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