As Lake Tahoe area homes have sold at a steady pace consistently throughout 2015, the coming year is expected to increase tenfold. With the new Zalanta Resort luxury condominium project completed, home sales are expected to skyrocket. As more projects result in more construction, more revenue, and more tourism, ensure your Lake Tahoe Business Insurance is up to date.
Chase International Real Estate stated that overall appreciation last year was about 3 percent, while volume of sales dropped by 3 percent. However, the smaller volume was indicative of the number of homes that were sold for $1 million or more.
Before the housing spike in the mid-2000s, the appreciation levels of homes was roughly 5 percent, so these figures are getting back to their original peaks. What’s more, homeowners are not putting their homes up for sale as often as they were before.
Susan Lowe, senior vice president at Chase, stated “I think their financial situation is a lot more stable, and they don’t need to sell a second home.” Also, Biz Journals stated that many people haven’t regained enough equity in their homes to sell without a loss, as well.
Experts speculate that the Zalanta Resort condominiums will contribute to an increase in sales this coming year. As is it the first luxury condo project in approximately 30 years, local realtors and developers are excited about the potential for incoming business.
With the looming sales of these condos to begin later in 2016, businesses of all kinds should gear up for more customers. At Cal-Nevada Insurance Agency, we specialize in insuring businesses of all types. Our underwriting expertise is backed by 40 years of experience serving the Lake Tahoe communities. For more information about our products, contact us today at (866) 670-5948.