Gondola Vista is a new 20 unit townhouse project under the Heavenly gondola at South Lake. It is specifically designed for the luxury vacation rental market, and the mix of 4, 5, and 6 bedroom units can be yours for a cool $98,000,000 or an average of a scooch below $5M each. The LoopNet listing is HERE.
The nights I checked were in the $800-1000 per night range. With an 80% mortgage, principal and interest would run $20,000 per month per unit. I can’t see any world where this is a good investment, but I can be schooled.
Timothy Scott Weber said:
Pretty sure the mortgage on a $4M loan is more than $2k
My bad, $20,000 is what Karl’s Mortgage Calculator came up with!
So no clubhouse, spa, workout room. no pool, sauna, hot tubs?
You have to be fukin kidding me.
In SLT looking at a casino parking lot
Having trouble reconciling that price point with board and batten siding and asphalt shingle roofs. Let alone the fire risk adjacent to the wildland.
geopower is being kind, those places are quite unattractive and have a distinctly suburban tract home feel. Surprised that TRPA approved those.
I’m not so surprised they were approved in line with the standards, as surprised that the standards for new builds continue to not include external flame resistance, as we watch more and more WUI fires take out whole neighborhoods every year.
Speaking of outrageous prices, the prices for a 55k lot at the new “ranchharrah estates” is listed at 1.4mil. Is this a ploy to write off losses for 2021 tax returns? I’ve never been one to cry wolf about a bubble but prices like this definitely have me worried.
The Bear said:
We are in the biggest everything bubble in history. Reno/Tahoe is the epicenter insofar as real estate is concerned. There is no more overpriced location in the entire United States of America as prices pertain to local wages, except maybe Bend, Oregon, or perhaps Ashland, OR. The crash and subsequent destruction will be epic, though I fear this time the country will not survive as we know it.
Central bankers should be rounded up and summarily executed, and the same goes for many politicians. They took what was a great economic model – a free market economy – and rigged it for the benefit of a few at the expense of the masses, particularly the young. I could go on, but that’s enough for now.
why stop at mass summary execution? I’m sure it gets better from there.
Not kidding though, how does an everything bubble work? If bubbles are disproportionate asset value increases relative to stably priced assets, wouldn’t an everything bubble just show up as inflation?