The Benefits of Owning in Nevada
During the past several years a significant percentage of the people purchasing property on the Nevada side of Lake Tahoe are relocating from California and other states with high income tax rates. But it’s not just the favorable business climate and lower levels of personal income and business taxes that are attracting new residents to our community. It’s also the quality of life and all the amenities that are available for property owners to enjoy on a year-round basis that are enticing individuals and families to move to Incline Village.
Property owners in Incline Village are entitled to partake in a broad array of recreational facilities far superior to anything found elsewhere at Lake Tahoe. There are three private beaches, two magnificent golf courses, a modern ski area with a nice base lodge, a 34,000 square foot recreation center, tennis complex, disc golf course, and numerous parks (including one for skateboarding). You will also discover lots of open space for people and their pets to roam and fantastic hiking and mountain biking trails with some of the best views found anywhere in the world.
High income residents of California are subjected to a state income tax rate of over 13% after the passage of Proposition 30 in November 2012. What this means for the Incline Village real estate market is that many business people every year contemplate whether or not they should remain in California or consider relocating to another state that could provide greater economic benefits.
Housing is much more affordable in northern Nevada than in most parts of the Bay Area and when coupled with the Tahoe lifestyle it is a very attractive option. One of the most important things for a business owner to consider is the health and well-being of their employees. If a move to the Nevada side of Lake Tahoe make sense both economically and psychologically for a particular employer it makes relocating a lot easier for everyone involved.
The uptrend of price increases for Incline Village and Crystal Bay real estate over the past several years has been fueled by a combination of purchases by vacation homeowners and high income California residents looking to relocate to our community for both the economic benefits and quality-of-life advantages. As long as people feel that moving to the Nevada side of Lake Tahoe has significant benefits, the demand for homes and condos will remain strong.
For the past several years Nevada has been at or near the top of the list for anyone considering moving from a state with a high tax burden and a complex regulatory environment. The Reno/Tahoe area is in close proximity to the major urban centers in California and the Reno airport is one of the most accessible in the nation. It is only natural that businesses ranging from a salesperson working at home to Google and Tesla are moving some or all of their operations to northern Nevada. Other factors that make Incline Village attractive to individuals and businesses relocating from California are the relatively inexpensive cost of electricity, total labor costs and the great variety of housing. Recreational opportunities are abundant making the Nevada side of Lake Tahoe a great place to work and play.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 7/14/19
Houses Condos PUDs
For Sale 121 70 20
Under $1 million 16 46 11
Median Price For Sale $2,100,000 $699,000 $747,500
YTD Sales 2019 74 73 29
YTD Sales 2018 94 96 31
New Listings 17
In Escrow 13
Closed Escrow 5
Range in Escrow $319,900 – 3,500,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of July 14, 2019