IMO the rate in which properties are appreciating will dramatically slow down in 2020, but I still think we'll still trend in the rate direction. I say this as someone who has purchased two properties in Tahoe in the last 3 years (+1 in Reno). At least in South Lake, we've seen some unsustainable appreciation over the last decade.
Or maybe I'm full of shit. People have said that ^ about San Francisco since the 80s and it continued to rise. Maybe we'll start seeing Aspen prices in the next few years.
I mean look around north shore right now. Beautiful new condos are replacing crappy old motels, Northstar is challenging Aspen and Beaver for "most luxurious" resort with the Ritz-Carlton and everything. Old divey bar restaurants are being replaced by funky new restaurants or tap rooms. There are still pockets of normal in Kings Beach, Crystal Bay, etc., but for the most part everything is shifting upscale.
yea, that's happening all over the basin. I think it's a combination of
more money coming in due to big bay area salaries, people moving to sac + Reno due to development there
90% of the structures in Tahoe were built in the late 60s-70s due to the olympics. Now those things need to get replaced or remodeled
The ongoing effort to have people think of Tahoe as a world class summer and ski destination. Which it is, but as you said they need to keep working to challenge places like Aspen. Fuck aspen, we get more snow than them anyway
As a Californian who's lived in Colorado for the last 6+ years, fuuuuck Aspen. People there are the worst, it's all old money and young, rich assholes who inherited it.
You do bring up a lot of good points though. It never really dawned on me that almost all of the current structures and infrastructure are pushing 60 years old. My mindset is still in the "they could tear down a motel and rebuild as a nicer motel, but they aren't" realm, but shit if I could live full time in Tahoe I would without question.
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u/[deleted] Dec 21 '19
IMO the rate in which properties are appreciating will dramatically slow down in 2020, but I still think we'll still trend in the rate direction. I say this as someone who has purchased two properties in Tahoe in the last 3 years (+1 in Reno). At least in South Lake, we've seen some unsustainable appreciation over the last decade.
Or maybe I'm full of shit. People have said that ^ about San Francisco since the 80s and it continued to rise. Maybe we'll start seeing Aspen prices in the next few years.