– Crystal Vagnier – Select Group – Writer/Editor
With the revised California tax law, Northern Nevada is finding itself in the position of accepting more residents as Californians relocate away from high property taxes and rising housing costs. This means the Silver State is also seeing an increase in economic growth due to more high-end luxury spending.
At the beginning of the year, there was already $32 million in total sales volume in the high-end real estate market. In the first six weeks of 2018, Washoe County witnessed 20 homes for sale in the $1 million+ market. South Reno has seen listings hitting over $4 million and Lake Tahoe is seeing more sales of over $1 million from both Nevadans and Californians looking for second homes or vacation getaways.
It’s estimated that half of the luxury buyers in Northern Nevada are transplants specifically from Northern California, particularly from the Bay Area. More people have been moving from California than what the state normally brings in. Northern Nevada is seeing an uptick in more spending, everything from luxury SUV purchases, private flights, country clubs, and within the equestrian business.
Coldwell Banker Select, Century 21 Select, and Stanford Mortgage, with locations in both Northern California and Nevada, can attest to this trend. All three which are a part of the elite Select Group of Real Estate Companies brought in a combined $2.6 billion in sales volume with assistance from their two levels of luxury real estate: Global Luxury and LUX Select Group Luxury Division.
If you’re looking for a way to save more of your money while living in style, contact a representative today to see if a Northern Nevada relocation or a second luxury home is in your future!