The Mayor's office of development has it on good authority that the Norfolk Woods Hotel has closed escrow on the lender's sale. What will happen is anybody's guess. Another older motel has a sold sign from Oliver realtors down Highway 89 a few yards. What's going on? If Tahoe cedars property sells, we'll have 3 commercial props turnover in days. Have real estate and mortgage rates achieved some "bottom" figure that warrants new thinking?
Given the economic uncertainties around the world, I don't think anything unusual is happening in the short term. With TRPA still thrashing any business with draconian rules/decisions, Tahoe and the basin will continue to lag the broader economic recovery.
The Mayor's Economic Development Czar is closely watching events in Sacramento, where Jerry Brown is struggling to turn the Golden State around from its direction south bound.
Stay tuned.
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