Miracle March MadnessMike Montalbano, March 17, 2018 in Market Update, New Northstar, Real Estate, TMR, Tahoe Favorites, Tahoe/Truckee
Miracle March Madness is upon us. For those unfortunate folks not currently visiting North Lake Tahoe, a word of advice: get up here as soon as possible. 18” of snow fell overnight and another 19” is predicted over the course of today. So far the three day storm total has exceeded 4.5 feet. With no sign of the system letting up the ski resorts are absolutely buried.
The long term forecast is predicting more snow late next week, with another 3 feet possible. Ripping around with a few friends it was not uncommon to hear, “This is the best snow I’ve ever experienced,” and “This was the best ski day of my life.” If you aren’t already here, start making your plans now.
From a real estate perspective… Over the last 48 hours there have been $56M in pending sales, including: a $29M Tahoe City lakefront estate, $4M at Northstar Resort, $4.5M at Martis Camp, and a $6M commercial project on West River Street in Truckee. By contrast, only 16 new listings with combined $10M asking price have come on the market.
Spring is just 5 calendar days away. From the look and feel of the mountains you would have no idea. The snow is abundant and the inventory scarce. A sluggish start to ski season was saved by a series of Miracle March buzzer beater storms.