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Shari Chase
President and CEO chaseinternational.com

1998 with the $50-million sale of a lodge in Lake Tahoe. Today, her top listing is Tranquility, a Lake Tahoe estate with a list price of $100 million. Mountain Living caught up with Chase to learn more about current market trends and to discover her top tips for buying and selling a luxury home in the high country.

Q. It seems that everything we read and hear says that the real estate market is in a slump. Do you find this to be true in the luxury home market?

A. This trend is not as apparent in the luxury market. But the changes in other markets have made all buyers and sellers much more aware of the intricacies of buying a home. People are buying more intelligently, whereas they used to buy more emotionally. Buyers are looking for value. A common sentiment lately is that things are a lot more expensive, but the value is less. Even buyers in the $5-million-plus price range are being more cautious. They’re looking for what I call the “red-ribbon package.” In the past, they may have been willing to work out little problems that arise, but not anymore. If a property isn’t absolutely perfect, they move on. As a result, sellers have had to be re-educated so they are able to meet a buyer’s expectations.

Q.What are your suggestions for sellers?

A. I am advising sellers to make sure their property is in perfect condition and to have inspections done before the buyer does, so they have time to clean up all the little problems and details before they can become an issue.

Q. Is now a good time to buy?

A. It is definitely a good time to buy. The media has psychologically put people at bay and there’s a global nervousness as a result of the war and the weak dollar, so sellers are saying to themselves, “I have to be really accommodating to the buyer.”

Q. What segments of the market are selling the best right now?

A. In the Lake Tahoe area, the market for $2- to $5-million homes is relatively slow. But the market for $5-million-plus homes is pretty strong.

Q. Are inventories higher than usual?

A. Inventories are generally higher, but in certain areas, they are really quite lean. But these trends are always changing. A certain segment will be hot, but then it will cool and another area will become hot. It’s like a rolling hill, as opposed to peaks and valleys. The change is a subtle one, but all of a sudden you notice it. The shifts used to be somewhat seasonal, but now they are much more frequent, which means that a realtor really has to have a finger on the pulse of the area.

Q. Now that, thanks to lower fares and more flights, an increasing number of people are able to fly to their vacation-home destination rather than drive, have you seen a surge in out-of-state buyers? 

A. Having a second home used to be such a big deal, but now people are buying three or four getaways because they like that change of venue, so it is more common for them to look in areas that are farther away from their primary home. In the Lake Tahoe area, however, the largest percentage of new purchasers is still from northern California. Lake Tahoe is just a three-and-a-half-hour drive from San Francisco, so it can still be a weekend getaway. Flying is such a hassle lately that often it’s better and faster just to drive. That may change, however, once gas prices reach $4 per gallon.

Q. Many resort towns, such as Aspen and Jackson Hole, have begun imposing square footage caps on new construction. Do you think these new laws may lead to a trend toward building smaller luxury homes?
A. Often, because property around Lake Tahoe is so rare, the people who move here want to maximize their square footage. But Lake Tahoe is very restricted when it comes to ground coverage, because there is the danger of erosion compromising the clarity of the lake. I like the idea of building a smaller home and I think that with the recent “green” push, homes will at least become much more efficient. I have already seen that trend in the lower end of the luxury market, where homeowners are being more conservative.

Q. Why are people buying in the mountains?

A. People love to be in the mountains. The Lake Tahoe area has seen a new group of buyers. They are younger, they love outdoor recreation, and this is a recreational paradise. The mountains have a spirit and they have the ability to revitalize our spirit. So it is quality of life that drives people to live in the mountains. The lifestyle that accompanies a home, be it water sports or golf or skiing, is what equates to value in buyers’ minds. The investment opportunity just goes along with it.