I am getting close to "pulling a trigger" on a contract for a piece of real estate in South Lake Tahoe. After years of visiting this area I have came to an idea that it might be financially sound buying some "cheap" real estate rather than spending money on "cheap" motels. I am looking into SLT area since that is where I based my stays every year and I found it equidistant to resorts that I like to ski. With new Epic pass that is in the middle of Northstar-Heavenly-Kirkwood axis. Forty minute drive to either Northstar or Kirkwood is just a coffee cup away. Alpine/Squaw restricted pass could be added (Alpine primarily) and still it makes sense to me.
I am looking for small, quaint, semi-urban cabin like property. Very fine agent in SLT found something that I am longing for. Not much pesos, livable with minor TLC. My concern is: why is SLT real estate so cheap, is there something else that RE agent is not willing to disclose. Taxes seem reasonable, yearly maintenance seem reasonable, rentability for days when I am not occupying the property seem reasonable, crime rate seem reasonable (?) - what is the catch? All I am looking for is to spend 4 weeks in the winter and 4 weeks in summer/fall. Every year I spend more money paying for cheap cheesy motels/casino hotels in half amount of time. It might be clear to some that I am not one to indulge in high end hotel/real estate experience -it is rather: wake up, make breakfast, make sandwich, go ski, make good dinner, sleep, and repeat everything next day.
Any advice and insider input from people knowledgeable with SLT real estate situation is welcomed.