Luxury Vacation Home Destinations Still Booming
Have you heard about the continued real estate momentum in vacation home destinations? The market continues to surprise us, and here is why:
- High summer sales and competition continues throughout the fall season
- Records sales continue in vacation home destinations across the country
- The Tahoe area continues to see multitudes of all-cash bids and buyers waiving contingencies
In the article “Luxury housing market inspires ‘total frenzy’ in vacation boom towns,” Amie is quoted as she discusses the market escalation in the Lake Tahoe area.
“In the Lake Tahoe area, Amie Quirarte said that there are lots of Bay Area residents who fled to the vacation town, creating not only an increase in sales but also an increase in rentals.
‘It’s been a really interesting summer, to say the least,’ the agent at Tahoe Luxury Properties said.
In the past, it wasn’t unusual for houses in Quirarte’s market to sit on the market for 30 days and sometimes 60 days without much movement, causing a decrease in listing prices.
‘In that respect, [it has] shifted tremendously,’ Quirarte said. ‘Now we’re seeing nearly every offer is almost all cash, and if they’re not cash then they have at least waived their financing contingencies including their loans and they have the ability to compete with cash offers. And many people, more this summer than any other time in my career, people have waived contingencies altogether, which is very unheard of for our market. Very, very unique.'”
In Tahoe, we look forward to seeing where the market progresses through the end of the year. Surely more abnormally high activity is in store.