I hope you, your family and your friends are all staying healthy and adapting to our new situation. Although this Memorial Day Weekend will be far from normal, I do have some fun news to share with you. Last weekend was opening weekend for Lahontan, Schaffer’s Mill and Old Greenwood golf courses, and tomorrow is opening day for Martis Camp and Gray’s Crossing. Get your clubs out and get ready to play golf in Tahoe!
This report from Tahoe Mountain Club states “Old Greenwood and Gray’s Crossing are in fantastic shape already, far advanced of what we usually see this time of year thanks to the hard work of our Agronomy Crew led by Jason DeHerrara. And despite the times we find ourselves in, our opening dates – May 15th for Old Greenwood and May 22nd for Gray’s Crossing – are actually earlier than our historical averages. We are requiring that everyone review the current Nevada County golf guidelines for operations and play before booking. Old Greenwood had its biggest opening ever. The amount of players Friday and Saturday accounted to numbers we have only previously seen in July or August. Guests were very happy – and thankful – to be outside and playing, and we were so happy to have everyone there, playing safely!”
On the topic of golf, I’m also happy to report that the PGA Tour has released a revised event calendar for the remainder of 2020. The Barracuda Championship will now be held at Old Greenwood from July 27th through August 2nd. Learn more about tournament developments.
There’s much more than golf to be excited about in Tahoe. With the last few days of rain showers and a forecast for sunny skies and temperatures in the 70s this weekend, the hiking and biking trails are going to be ideal for getting out and exploring. Lake Tahoe is now allowing boats to be launched on the water. Although this weekend might look, sound and feel a little “normal” around the lake, it is far from it. Rental restrictions are still in place and no hotels are open, presenting a challenge for those of you who want to come up and enjoy a few days in the mountains. Home ownership is currently your passport to Tahoe.
While we are in unprecedented times, one certain thing is that this pandemic has forced us to re-evaluate our lives and how we work and play. It has also lead many to reconsider where they live. Recently, there have been numerous articles like this one in the SFGATE that discuss the increase in interest in our Tahoe market. Almost daily I’ve read articles and announcements about large Bay Area companies allowing their employees to work from home for the foreseeable future.
While interest in relocating to Tahoe is on the rise, supply remains near an all-time low. The lack of supply in certain neighborhoods and price ranges, combined with the challenges for buyers to come to Tahoe, is slowing the buying cycle for many would-be homeowners. Furthermore, the uncertainty in the market has some in a wait-and-see mode. While these buyers are waiting to see if prices drop before they pull the trigger, there are many others waiting on the fence for the same thing. Therefore, the competition for properties may offset the desperation of some sellers in the future. There certainly doesn’t appear to be a lot of seller motivation right now. Much of this is to be determined, but one thing we do know… it is uncertain when the rental restrictions are going to be lifted. Therefore, if you want to enjoy time in Tahoe this summer, you might want to consider buying sooner rather than later.
As we approach Memorial Day weekend, more properties are coming on the market. Along with that will come demand, as more buyers are making day trips up to look at properties. If you are interested in making more of a trip out of your house-hunting visit to Tahoe, please let me know. There are some options for lodging just 20 minutes from Truckee. Staying near the area will make it more relaxing to explore the real estate and enjoy breathing in the fresh mountain air of Tahoe.
Speaking of exploring the real estate, we had 87 new listings hit the market this week.