Keller Williams Truckee Tahoe Newsletter
January, 2011

NORTH LAKE TAHOE & TRUCKEE REAL ESTATE

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YOUR TAHOE TRUCKEE CONNECTION

YOUR TAHOE TRUCKEE CONNECTION
Greetings!

We thought you might be interested to see what other real estate options JK Real Estate is available to show you.  We have begun to claim a presence over in the Keller Williams office at The Resort at Squaw Creek  located in Squaw Valley.  In case you haven't noticed it, it is the "futuristic" black building on the south side of the valley, across the broad expanse of golf course.  

 

The full-service luxury hotel at the base of Squaw Valley Ski Resort was built in 1993 but in 2005 it underwent a $53 million resort-wide renovation transforming hotel rooms and suites into 238 beautiful condos with luxurious finishes and extraordinary views.  March of 2005 was the launch of sales for the newly converted condos at which time nearly 70% were sold as fee simple ownership. After a short break the remaining units became available and currently the re-sale market offers a selection of units for sale. Condos include one, two, and three bedroom suites with lock off ability to independent bedroom suites for separate renting. 2 story penthouse units are located on the 8th & 9th floors providing fantastic views of the Squaw Valley Ski area. RSC as we refer to it, offers an incredible list of amenities:

  • True Ski-In, Ski-Out with direct access to Squaw Valley USA, site of the 1960 Winter Olympics
  • Ice Rink and Cross Country Skiing
  • Full Service Spa, Gym & Fitness Center
  • Hot Tubs, Saunas and Heated Swimming Pools
  • 18 Hole Championship Golf Course
  • Tennis Courts, Hiking & Biking Trail Access
  • Convention, Private Party & Wedding Facilities
  •   Restaurants and Shopping Promenade
  • Concierge Service & Valet Parking

 

RSC property management will handle the rental of units, and it seems that the Resort does a good job as 90% of owners participate in the rental program. $4.4 million is spent annually in marketing to bring in seminars and conventions to augment the shoulder seasons.

 

With the economic downturn, financing of these "condo-hotel" type properties became non-existent limiting most sales to all cash deals.

 

Please contact us for a list of available units or if you would like more information about the Resort at Squaw Creek.


 

In This Issue
December 2010 Stats
Screaming Hot Deals
Worst Deals
Our Clients & Friends
FHA Energy Equity Loans
Interior Design
BIG NEWS!
Happy New Year!
Market Update - December 2010 
 

 

December is not typically a big month for Real Estate sales with all of the distraction of the Holidays. So all things considered 99 sales of single family homes and condos doesn't really seem too bad especially given November's 89 sales. The ugly news is that distress sales rose to 36% and our median prices have slipped considerably from the previous month. Perhaps the banks were off loading some inventory before the years end. We'll see what the New Year brings....

 

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

                                                                                  

Tahoe Donner:  25 homes (2 SS) (3 REO), 5 condos (3 SS),

Northstar:  3 homes (1 court approval) , 3condos (1 REO)

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

Olympic Heights:  0 residential properties

Prosser Lake Area:  1 home (1 REO)

Sierra Meadows: 2 homes (1 SS)

Martiswoods, Ponderosa Ranchos:   1 home

Ponderosa Fairway: 1 home

Winter Creek:   1 home (1 REO)

The Timbers: 1 condos (1 REO)

Pinyon Creek: 1 Townhome

Lahontan:  0 residential properties

Timlick: 0 residential properties

Old Greenwood:  0 residential properties

Gray's Crossing:  3 homes

Martis Camp:  0 residential properties

Truckee Proper:   1 home (1 REO), 2 condos

Donner Crest:  0 residential properties

Donner Lake:    2 homes (1 REO), 0 condo

Donner Summit: 2 homes (1 REO) (court approval), 0 condo

West shore Lake Tahoe:  9 homes (1 SS) (4 REO), 3 condos

Tahoe City:   0 homes, 1 condo

North shore Lake Tahoe:  7 homes (2 SS) (1 REO), 0 Condo

Kings Beach & Tahoe Vista:  7 homes (1 SS) (1 court approval), 3 condos (1SS) (1REO)

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

Shared Ownerships - entire region:  3 Old Greenwood (1 REO)

Mobile Homes - entire region:  1 sale

Sierra & Plumas Counties: 2 homes

 

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 4 homes

(1 SS) (1 Court approval), 1 condo

 

Highest priced home or condo sold: Chambers Landing lakefront condo with panoramic views located at 6400 West Lake Blvd. Plenty of room with 3,800 square feet includes 4 bedrooms, 4 bathrooms, huge rec room and 3 fireplaces. Gated complex offers pier, buoy field, sandy beach, pool, tennis courts, bar & dining. Furnished right down to the 24' cobalt "Tradition" boat. This purchase was completed for $3,850,000 all cash.

 

Lowest priced home or condo sold:  Another all cash deal for $109,00 on this 1 bedroom, 1 bathroom condo in Kings Beach. The buyer had to kick in another $950 to get bank approval for this short sale. This 656 sq. ft condo at 1300 Regency Wy is conveniently located just minutes from the shores of Lake Tahoe or the Northstar Ski Resort.

 

The list to sell ratio on the median was 94%.  In other words, the homes sold within 94% of the list price!  The median list price for this period was $429,900 and the median sale price was $405,000. 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) 12098 Lamplighter Way.  A brand new home located in Donner Crest Subdivision which is just up Northwoods Blvd., located conveniently across the street from Coyote Run Golf Course.  This 2246 square foot home features tons of wood and granite accents and soaring ceilings -- both upstairs and downstairs.  Easy in driveway and south facing for great low snow load. 
2)  Get a lot for a little!!!  We think that NOW is the time that a wise investor should be looking into raw land and we have one to share with you.  This short sale listing located at 12049 Lamplighter Way in Donner Crest is listed for $75,000 - about half price of what a standard lot in the same subdivision is going for.
3)  As long as we are on the subject, land is affordable again.  Here is a list of all vacant land and/or acreage UNDER $100K for sale in our area (excluding Sierra Valley).  Give us a call if you find one that looks promising!!
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)  This place is too DEAR for our taste.  You would think that after 264 days on the market, the owner of 4189 Robert Avenue in Carnelian Bay would consider a price reduction.  It really is a sweet looking place but $1,000,000 for no lakefront?  Obviously the home has had meticulous care but the owner and agent need to face reality -- get it under 900K and it will sell, we think.
2)  Not to pick on Carnelian Bay but some of the examples of overpricing are most apparent there.  Here's another one located at 775 Arch Way.  This 3 bed, 2 bath home is nice but at $475.42 per square foot?  Others in this area are selling at the $204 per square foot range.  Yes, we know they are short sales and REO's but guess what?  That's your market right now.  Either get competitive or get out of the market.
3)  We're sorry but we think that the owner and their agent have this price all wrong.  Yes it is a large home (2890 square feet 4 bedrooms) and yes it is located on 1.11 acres BUT it is located in Glenshire where the competition is steepest and nothing has sold for more than $435,000 in 5 months. 10293 Somerset Drive priced at $599,000 will, in our opinion, be sitting for a long time.

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. 

Ann & Tim Harrington

Ann & Tim Harrington have enjoyed their home in Tahoe City for nearly 10 years. It was a wonderful vacation home for their family where many special memories were made. But as the children move on in their lives and college tuitions weigh heavy, they made the decision to sell their home. Good byes are never easy, and leaving their cute Bavarian chalet was bitter sweet. However as tax time approaches, I am guessing they are feeling more at ease. We wish them all the best and hope they won't stay away for too long.

Kappy, Jennifer and Christie have a combined 47 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 & Christie Coker
Keller Williams Real Estate
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Baby, it's COLD outside!!

Fix it NOW! 

Kappy & Jennifer


 

If you have been waiting to change out those windows for more energy efficient ones, upgrade your furnace, water heater or just install some insulation in your home, it is just about to become more economical for you.  Because of the Recovery through Retrofit Initiative, launched in May of 2009, FHA will soon (2011) be offering low interest equity loans called The FHA PowerSaver Loan.  Homeowners can qualify for up to $25,000 to finance green improvements to their homes.  The loans will be available through your local Mortgage Broker.  Some of the guidelines will be:


 

1)  Single family homes only;

2)  Combined loan to value ratios no higher than 100% (in other words your home cannot be worth any less than 100% of the total loan encumbrance);

3)   Loan length -- up to 20 years;

4)  Interest rates are expected to be 5-7%;

5)  Minimum credit score will be 660.


The loans are intended to save the homeowner money by encouraging them to install more energy efficient appliances and cut down on energy waste.  According to this article written by Renee Morgan on REBUILD.ORG Americans stand to save $21 billion annually by making these changes.

Furthermore, these loans are designed to improve the world in which we live.  Statistics say that there are 130 million homes in the US which produce about 20% of the country's greenhouse gas emissions.  If these homes were to "take care of business" we can reduce energy consumption by 40% per household -- that would translate into a much more healthy environment for ALL.

Contact us or Ephraim at OMG Mortgage:

 

ephraim@omglenders.com  for more information on how you can qualify and obtain one of these loans!!

 

 


 

 
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Local Interior Design Help
 

 
The tree is down, the decorations have been put away and you may be wondering how come your house looks so boring?  Maybe it is time to spruce it up with some remodeling.  Laura Danae Designs is a local Residential Interior Design business -- active in the Truckee Tahoe area since 1999.  Laura specializes in kitchen and bath design/remodeling, incorporating all aspects of home enhancements . . . furniture, flooring, window treatments, lighting and wall treatments (color and textures).  She is available for hourly consultation or whole house remodels!! visit www.lauradanae.com for inspiration!!


 

Quick Links

Welcome Christie
 

Christie Coker

BIG NEWS HERE!!

 

Jennifer and Kappy are proud and happy to announce their new affiliation with Christie Coker who has joined the JK Real Estate Team.  Christie has 7 years of Truckee - North Lake Tahoe Real Estate experience and brings with her a high energy approach to real estate and Life!!!  Christie's duties will include helping Kappy and Jennifer stay abreast of the opportunities that the internet and computers afford us especially with regard to marketing and communication. Christie also brings with her the Donner Crest Development.  Christie can be reached at christie_c@sbcglobal.net
Welcome Aboard Christie!! 

 2011
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Wishing all of our wonderful Friends, Family, Clients and Associates a Happy, Healthy & Prosperous 2011 year!
 

And don't forget, when you run across any family or friends or anyone who mentions buying or selling real estate -- especially in the Truckee - North Lake Tahoe area, please BE SURE TO MENTION OUR NAMES!!
 

We love our work and so will they!!!