When will it stop

So when will it stop? It is because of stories and prices like these that others try to make 50% profits when they sell their home. It is getting so the regular middle class worker making 50-80K a year can not afford to buy a house what a shame. “We’re seeing low inventory for homes and condos in the lower price range,” said Sue Lowe, corporate vice president for Chase. Gee I wonder why? Everyone wants to make 150% profits on their property. Sooner or later It will get to be too much I just hope it is an investor and not a person who actually wants a home to live in that gets stuck with an over priced house. The American dream priced out of existence in Nevada due to American greed.


Sales of Lake’s pricey homes jump Million-dollar Tahoe property up 49 percent
Staff Report
RENO GAZETTE-JOURNAL7/7/2005 09:44 pm

More homes around Lake Tahoe are selling for $1 million or more, according to a mid-year analysis by real estate agency Chase International. The report, comparing mid-year 2005 figures with mid-year 2004, shows a 49 percent increase in units over $1 million sold while there was a 15 percent decrease in homes sold for less than $1 million. Homes less than $1 million still sold more overall — 538 single-family homes were sold in the past six months compared with 128 homes priced over $1 million. The average price of a home around Lake Tahoe is $980,024, up 15 percent from this time last year.“We’re seeing low inventory for homes and condos in the lower price range,” said Sue Lowe, corporate vice president for Chase. “Overall sales volume is up around the lake, but the million-plus market is reaping the benefits of the number of homes available. South Lake Tahoe is home to the lowest average home price on the lake — $559,773 — but it’s up 35 percent from 2004. The highest average-priced home on the lake can be found on the East Shore for $1,276,252 — up 21 percent. The average price for a home in Incline Village follows closely at $1,267,015. Tahoe City was the only community to show a decrease in average home price — $817,054, down 3 percent.Sales of homes in the million-plus range jumped substantially on the South Shore where 22 units were sold. Tahoe City also saw the sale of 22 homes over $1 million, a 69 percent increase from last year. Incline Village was home to 64 sales in that range, up 31 percent. East Shore experienced an 18 percent increase in million-plus sales to 20 homes this year.There was a 7 percent increase in sales volume around the lake. South Shore had the largest increase in sales volume, up 19 percent to $181,926,386 — the area with the largest dollar volume in the Lake Tahoe Basin. Incline Village had a 12 percent increase in volume (to $172,314,000) and Tahoe City’s overall sales remained steady, rising just 1 percent to $118,472,780. The East Shore showed a decrease of 14 percent to $76,575,100.Sales of homes less than $1 million were down across the board. East Shore had the largest decrease in sales (40 homes, down 38 percent). Selling the largest number of under-million-dollar homes was South Shore (303, a decrease of 17 percent). Tahoe City remained fairly steady with only a 2 percent decline (123 homes sold) and Incline Village experienced a 13 percent decrease (72 homes).Even condominium sales are feeling the effect of low supply and high demand. Sales and inventory of condos under $500,000 was down 40 percent around the lake with 138 units sold compared with 229 in 2004. Condos over $500,000 saw a 32 percent increase in sales (83 units sold). Overall sales volume of condos was down 7 percent to $115,826,197. However, the average price of a condo in Lake Tahoe is $496,932, up 19 percent.The average price of a single-family home in Truckee is $779,024, reflecting a 24 percent jump from 2004. Sales of Truckee homes under $1 million was down 35 percent and homes over a million were up 23 percent. Overall sales volume in Truckee was down 13 percent to $195,334,900 as was units sold.
Copyright © 2005 The Reno Gazette-Journal