Maybe you live in the Bay Area or Southern California and you are just clamoring to get more time on snow this winter. Making a day trip from San Francisco to ski in Tahoe is time-consuming, exhausting, and stressful. Your vacations up from Los Angeles and San Diego have you staying at bland and expensive hotels.
Surely, the idea has crossed your mind to simply buy a ski cabin? It sounds so simple, you and a couple friends can go in on a modest place and have a place to spend weekends and vacations. You will be skiing until your legs give out.
Not so fast. The average price for a single family home in the Tahoe Basin has now surpassed $1.1 Million.
“The average price of a single-family home sold around Lake Tahoe jumped 18 percent from this time last year, according to Chase International’s midyear report, which compared home sales from Jan. 1, 2018 through June 30 to the same timeframe in 2017.”-Tahoe Daily Tribune.
According to the article, Incline Village, NV and Tahoe City, CA saw the biggest increases in home prices while South Lake Tahoe, CA and Truckee, CA saw more modest growth. As usual, condominiums offer a more affordable entry into home ownership. The article states the average condo price in the Tahoe region has risen to over $550,000.
It might be time to start cutting down on Starbucks and cancelling your cable subscription to save up for that down payment.