Lake Tahoe, a peaceful retreat on the edge of California and Nevada, has been swarmed with tech workers fleeing the dense, pricey San Francisco area. CNBC reports that Lake Tahoe area brokers are seeing an inventory shrinkage like no other, with only one-fifth to one-tenth of the usual listings available. One broker says all-cash offers are coming in like never before, primarily from tech workers and investors in the Bay Area, but also media types from Los Angeles. Less than a four hour drive from San Francisco, Lake Tahoe has long been an escape for many Californians.
The flight from the city got another push this week after Google announced it’s keeping workers at home until July 2021. Private schools in the Bay Area also recently announced they will likely shift to all online classes in the fall, which gave families another reason to remain outside of San Francisco.
“Buyers are saying ‘there is no reason for me to be in the city,’” said Breck Overall, an agent with Sierra Sotheby’s International Realty.
Historically, properties in the Tahoe area took three to four months to sell, Overall said. Now, it’s more like four days. Properties often have between six and 12 offers after coming onto the market, he said, adding many are selling for far above the asking price.