Keller Williams Truckee Tahoe Newsletter
November, 2010

NORTH LAKE TAHOE & TRUCKEE REAL ESTATE

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YOUR TAHOE TRUCKEE CONNECTION

YOUR TAHOE TRUCKEE CONNECTION
Greetings!
 

State Mandated Water Metering coming to Truckee

State Law AB2572 enacted in 2004 requires all water providers to install water meters and begin volumetric metered billing by January 2010 allowing for a short adjustment period after meters are installed. Well here we are!

Both the Tahoe City and North Tahoe Public Utility Districts are entirely metered and in full operation. Truckee on the other hand is in the process of becoming metered. Meter installation is under way and those who have them in place are able to see how much water they are using and compare the cost of their current un-metered billing to what it will be once they initiate the metered billing (referred to as side by side billing). The Public Utility District will pay for 2/3 of the project cost with the consumer paying for the remaining 1/3 of cost through a surcharge on your bill. This surcharge of $5.00 per month will remain for 5 years ending in 2013.

Meter installation is being performed in 3 major phases;

Phase 1 (Pilot Study) was completed with 400 meters installed Phase 2 is complete with meters installed on all water connections from 1992 to present. This phase has been receiving the side by side billing for the past year. Phase 3 should be completed this year on all water connections prior to 1992 and will begin the side by side billing for a period of one year. Phase 4 -This additional phase remains for those residences that for some reason were not able to place meters on without additional work, these must be completed no later than 2013

Meter rates will vary based on a number of factors;

Pump zone - determined by the number of pump stations the water will pass through before reaching your home. Meter size - larger parcel properties may have had larger meters installed. Base rate usage (up to 8,000 gallons) - any amount over will be at a higher rate.

For more information go to the Truckee Donner Public Utility District's website - http://www.tdpud.org/



In This Issue
October 2010 Stats
Screaming Hot Deals
Worst Deals
Our Clients & Friends
Foreclosure Sales Stalled
Tahoe Truckee Rentals & Maintenance
Shortage of Rental Properties
Vail California?
Happy Thanksgiving
Market Update - October 2010 
 

 

Breaking the 100 mark with 103 sales of residential properties for the month of October in the Truckee - North Lake Tahoe region is great news! Also good news is the list to sale ratio noted below of almost 100%.  The median price is down, but these numbers show that sellers are becoming very realistic in pricing their homes and that buyers are still shopping. Also good news is the ratio of distressed properties being sold down from 26% the previous month to 17% for the month of October. What a great month for the Tahoe Truckee Market, we sure like where this trend to going!

 

Statistics from the Tahoe MLS: the solds from October 1 - 31, 2010:   

                                                                                  

Tahoe Donner:  26 homes (1SS) (2 REO), 2 condos (1REO)

Northstar:  0 homes , 7 condos (1 REO)

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows:   3 homes (1 SS) (1 REO)

Olympic Heights:  0 residential properties

Prosser Lake Area:  2 homes

Sierra Meadows: 5 homes (3 REO)

Martiswoods, Ponderosa Ranchos:   0 residential properties

Ponderosa Fairway: 1 home

Winter Creek:   1 home  

The Timbers: 2 condos (5 REO)

Lahontan:  0 residential properties

Timlick: 0 residential properties

Old Greenwood:  0 residential properties

Gray's Crossing:  1 home

Martis Camp:  0 residential properties

Truckee Proper:   2 homes (2 REO)

Donner Crest:  0 residential properties

Donner Lake:    1 home

Donner Summit: 4 homes (2 REO), 0 condo

West shore Lake Tahoe:  11 homes (1 SS) (2 REO), 3 condos (1 court approval)

Tahoe City:   1 home, 2 condos

North shore Lake Tahoe:  6 homes (1 REO), 0 Condo

Kings Beach & Tahoe Vista:  5 homes (1 SS) (2 REO), 4 condos (3 REO)

Alpine & Squaw Valley:  7 homes, 4 condos (1 SS) (2 REO)

Shared Ownerships - entire region:  1 Old Greenwood, 1 North Shore, Lake Tahoe

Mobile Homes - entire region:  0 sales

Sierra & Plumas Counties: 3 homes (1 SS)

 

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 11 homes, 2 condos

 

Highest priced home or condo sold: Older Tahoe City Lakefront home that has been expanded and updated through the years. 3,400 sq ft home is nice, but much of the value lays in the location with 120' of lakefront property including pier with lift, 2 buoys and of course the view! 3780-3790 North Lake Blvd first listed for $4,995,000 but after 100 days on the market they settled for $3,900,000.

 

Lowest priced home or condo sold:  This Bank owned Tahoe Donner Lodgette sold for $90,500. Financing for these condo-hotels is difficult at best so cash is what works for these, as it was in this case. End unit studio with loft facing the mountain and only steps to the Tahoe Donner Downhill Ski Area came mostly furnished. These units make wonderful vacation getaways, but permanent residency is not allowed.

 

The list to sell ratio on the median was 998%.  In other words, the homes sold within almost 100% of the list price!  The median list price for this period was $489,500 and the median sale price was $434,000. Using the median price tends to take the extreme highs and lows out of the picture as it is based on the sale of the house in the middle of the pack.

 

 

Screaming Hot Deals
 
In this particular spot, we feature the 3 properties in the multiple listing service that we feel are well priced. These are the properties that we wish we had buyers for because we know they are of such value that they will not last long, even in this market.  So, for this month, come and get 'em before they are gone. . . .(by the way if when you click on the link you get nothing -- they have already gone under contract)

1) Previously we had not considered a partial ownership to be in this catagory but after looking at it, we decided to think outside of the box.  Unit 14E at Tonopalo is just listed at $199,000.  It is a beautiful 3 bedroom townhome and is custom made for the person who just wants to arrive to furnished luxury.  Yes the HOA dues are $12,000 but what you get for this includes all furnishings, maid service, use of property owned kayaks, speed boat, sail boat -- swimming pool, beach, dock, bouy and the list goes on and on.  The usage is 6 weeks a year assisgned, unlimited use of space available time and the listing agent says there is enough extra time to make this your only vacation home.
2)  Don't know about screaming but this home located at 12394 Prosser Dam Road boasts 2028 square feet and 1.5 acres could be described as reasonable priced.  Located in a quiet edge of Truckee, close to acres of forestland and away from homeowner's associations.  The house could use a bit of updating but the bones are good and if you want horses, it has the zoning and the location. 
3)  18221 Edinburgh Drive in Glenshire gives a  renter a reason to buy.  Located at the end of a cul-de-sac in a quiet area the lot itself was beautifully landscaped and probably would not take much to bring it back next spring.  Bank owned property, priced at $239,900 if you can put 5% down, your principal and interest payment could be as low as $1100 per month!!  Perfect time for some first time buyer to step into the market.  If this one lasts til print, we will be SHOCKED!! Guess we were right -- it didn't make it to print.  Sorry, no link.
4)  Watch out for this great value. 2 units for the unbelievable price of $250,000!!  and just across the street from Donner Lake.  You might ask yourself what is wrong with this picture -- not sure, just came on the market yesterday.  This Bank owned property located at 14540 Donner Pass Road appears to have 2 rentable units.  There is not too much info on the MLS (out of area real estate agent), perhaps you want to call your Realtors (US) to ask them for more particulars, but the price sure seems right to us!!
Be sure to contact us if you would like to take a look at any of these properties! 

Worst Deals on the Market 
 
These are the properties for sale that we feel are the worst priced homes on the market in our multiple listing service.  Every month we will choose 2 or 3 properties which, for one reason or another (usually price) are something we would not be inclined to show our buyer clients.  So for this month, here they are:

1)  Donner Lakefront usually means you pay a little more but we think that $1,030.62 per square foot would warrant much more than this little 2319 square foot, dated home located at 14408 Southshore Drive provides.  $2,390,000 and on the market for 97 days without a price reduction.  Yes, it has the lakefront and lakeview that impresses most  but it's interior is just so, so in our opinion.  Just another of those Lake Tahoe wantabees -- this place will need to get a lot more reasonable to attract a savvy buyer.
2)  Yes the HOA is desirable and they do have their own private beach but this little home located in Lake Tahoe's Tahoe Park at 1770 Spruce Ave seems a bit overpriced by our standards.  Or perhaps the listing agent has not shown its true colors.  No description in the mls and no interior photos will keep this place from being seen by anyone on the internet.  1 bedroom, 1.5 bath and no garage -- it would seem that $339,000 is too dear a price to pay.  Let's see how right we are about this one. 
3)  OMG this place, we're not sure we can sell it at any price!!! How did the bank loan on this to start with?  Now they really are stuck with a goose egg.  7598 River Road, priced at $88,900 seems like a great deal.  Located along the Truckee River -- this becomes less an asset when one realizes that it is probably located in the flood plain and the current septic may be failing.  As far as we know Placer County will not allow a new septic system and would require hooking up to a sewer line of which there is none accessible.  To add to the insults, this little house has no heat source and has no insulation -- poor little thing -- the lot is not even worth the price. 


Be sure to let us know what you think that any of these properties will sell for by contacting us here and when it does, the entry closest to the actual sale price will win a gift certificate. 

Terry and Taryn Maloney

JK Long LogoWelcome FINALLY to Terry and Taryn who are in their dream house in Truckee after a rather harrowing ending to their escrow on account of a bank doing what it does best "taking its own good time".  This couple and their daughter have relocated from Santa Clara, CA, escaping the city life and poised for a well deserved retirement.  The Maloneys found a relatively new home in the Armstrong Tract with super views and lots of space (even enough for Terry's huge train setup), so they wrote an offer and put it in escrow.  Meanwhile they put their home on the market in Santa Clara and sold it within 3 weeks!!  I guess it was meant to be.  Welcome Terry, Taryn and Shannon to Truckee.   We look forward to having you as neighbors!
Kappy and Jennifer have a combined 40 years in the Real Estate Profession.  We are committed to giving our clients the most up to date Real Estate information and Stellar Service because, We Love Our Work and So Will You!  Call us or e-mail us for information about the Tahoe Truckee Real Estate Market.  By the way, if you think any of this information might be of interest to anyone you know, feel free to forward this newsletter.  We would really appreciate it!
 
Sincerely,
 

Kappy Mann & Jennifer Boehm
Keller Williams Real Estate
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A Ray of Hope in the Housing Market!

Kappy & Jennifer

A report that in September existing homes sales have risen for a second month in a row gives a ray of hope that a housing recovery could be underway.

 

The National Association of Realtors reports that home re-sales are up 10% to a seasonally adjusted annual rate of 4.53 million units in September, an increase from 4.12 million in August.  This "good news report" came in stronger than the forecasted 4.25 million units. Two consecutive months of gains brings welcome news after July home sales dipped 27% to their lowest level in 15 years, this following peak sales in April due to the expiring $8,000 first time buyer tax credit. This yo-yo effect has many of us scratching our heads, although most would have predicted a choppy recovery.

 

Locally, home sales in the Lake Tahoe Basin and Truckee are up 28% over the last 9 month period compared to last year. Prices are continuing to stabilize and will vary from area to area, but it seems that buyers are feeling the affect of the perfect storm. Low home values, low interest rates (currently 4.25%), significant inventory = The Perfect Storm for purchasing.


 
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Property Management and Maintenance Co.
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Cherie and her staff have over 25 years worth of experience in the management and maintenance of properties in the North Tahoe & Truckee area. They have managed over 400 homes through the years, everything from vacation rentals, summer and winter ski lease rentals and long term rental homes.

They also offer a maintenance and cleaning program designed for second homeowners who are not interested in participating on a rental program.

Their maintenance staff is available to area agents, sellers and buyers to assist with pre-listing repairs/improvements, close of escrow repairs or any job, small or large.

Give our friend Cherie a call and tell her we sent you.

 

(530) 448-8124 ph

(530) 852-0741 fx

MyTahoeTruckeeVacation.com 

Quick Links

Shortage of Rental Properties

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We understand there is a shortage of rental properties in Truckee, which makes sense if you think about it. All of the folks who have had to short sale their home or those who lost their homes to foreclosure are now renters, couple that with the seasonal demand for the ski resort workers and all of sudden there are not enough rental homes to go around.  And the low supply has increased rental prices. If you have been contemplating the purchase of an investment property, this could be a lucrative time. These new renters will probably be renting for some time until they are able to purchase again. And by the way, we know of someone who can help manage your income producer - Cherie of course!

Vail California?
Yes it is true; Northstar is now owned by the Colorado ski giant -Vail Resorts. The price tag - $63 million, Sierra-at-Tahoe Resort was not a part of the purchase.  Both Heavenly Mountain Resort and Northstar are now under the operations of Vail and join their collection of Beaver Creek, Breckenridge and Keystone Resorts, all in Colorado. More information is sure to come....
 Happy Thanksgiving!
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Thanksgiving is a special time to gather with family and friends, sharing stories and laughter around a feast of savory foods, remembering what is important and all that we have to be thankful for. Wishing you and your family a Delightful Thanksgiving Holiday