Greetings!
Last month I attended the Keller Williams Family Reunion in Anaheim across the street from the happiest place on earth - Disneyland! There were 9,000 agents in attendance from all across the US & Canada. It was a wonderful opportunity to network with agents and learn about the real estate market from all regions of the country. You can bet I was promoting our wonderful area here at Lake Tahoe & Truckee and offering JK Real Estate as their connection to another very happy place on earth! There were many break out sessions held on various real estate topics, agents sharing what works and doesn't work in their market area, and our leader, Gary Keller, shared some statistics and economic trends. I would like to share one perspective that caught my attention... 1989 2010 2011 Bread $0.67 $2.49 $2.49 Gas (gal) $0.97 $2.73 $3.50 New Car $15,350 $28,400 $28,400 Mortg. Rate 10% 4.69% 5.05% Monthly pmt $825 $896 $934 What is amazing is how the cost for most consumables & housing has risen substantially. Interest rates however are half of what they were in 1989 and the lowest since the 1970's, and because of the low interest rates a house payment has increased very little. Translation - Now is the time to buy before interest rates move up! |
Market Update - February 2011
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We have definitely seen a slowing of sales over the past two months; February sales came in at 58, down from 64 in January and considerably less than December's 99 residential sales. Let's not forget that February is a shorter month and that could account in part for the smaller number of sales. Unfortunately we are seeing a rise in the number of distressed sales; up from 39% in January to 43% for the month of February. Hold onto your seats folks this roller coaster ride is not over yet!
Statistics from the Tahoe MLS: the solds from February 1 - 28, 2011:
Tahoe Donner: 13homes (3 REO) (1 court approval), 5 condos (3 SS),
Northstar: 5 homes (1 REO) , 1 condo
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 8 homes (1 SS) (2 REO)
Olympic Heights: 0 residential properties
Prosser Lake Area: 1 home (1 REO)
Sierra Meadows: 1 home, 4 condos (2 SS)
Martiswoods, Ponderosa Ranchos: 0 residential properties
Ponderosa Fairway: 1 home
Winter Creek: 0 residential properties
The Timbers: 0 residential properties
Pinyon Creek: 0 residential properties
Lahontan: 0 residential properties
Timlick: 0 residential properties
Old Greenwood: 0 residential properties
Gray's Crossing: 2 homes (1 SS) (1 REO)
Martis Camp: 0 residential resale
Truckee Proper: 0 residential properties
Donner Crest: 0 residential properties
Donner Lake: 1 home (1 REO), 0 condos
Donner Summit: 3 homes (2 REO), 0 condos
West shore Lake Tahoe: 3 homes (1 SS), 0 condos
Tahoe City: 4 homes (2 REO), 2 condos (1 REO)
North shore Lake Tahoe: 1 homes (1 SS), 0 Condos
Kings Beach & Tahoe Vista: 2 homes (1 SS) (1 REO), 1 condo
Alpine & Squaw Valley: 1 home (1SS), 2 condos
Shared Ownerships - entire region: 0
Mobile Homes - entire region: 0
Sierra & Plumas Counties: 0
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 1 home, 0 condos
Highest priced home or condo sold: This sweet 1957 Tahoe Chalet was the only sale over 1 million dollars for the month of February. Yes of course, 3255 West Lake Blvd, is a lakefront property loaded with "Old Tahoe Charm". 2184 sq. ft. with 7 bedrooms and 2 bathrooms enticed an all cash offer for $1,200,000 . Location, view, location, view, need I say more?
Lowest priced home or condo sold: Nestled along the railroad tracks and Interstate 80 is the town of Floriston. Once a bustling lumber town, Floriston is now a small tight knit community overlooking the Truckee River. Many of the homes are turn of the century like this one built in 1903 with 2 bedrooms and 1 bathroom. 22221 Spruce St. was a bank owned property that sold for $70,000 cash
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 $432,000 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.
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| 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) Some homeowners find themselves owning a home that they can't seem to get up to more than just a few times a year, well this could be a great alternative; 12585 Legacy Ct. is a shared ownership in prestegious Old Greenwood. This beautiful townhouse boasts 3 ensuite bedrooms and is fully appointed so all you do is show up! $30,000 will buy into the good life with a primary week of January 15-21 to take advantage of the premium ski season + bonus usage for year round enjoyment. The Tahoe Mountain club membership tops it off with amenities galore. 2) Now here is a real bargain. 12049 Lamplighter Way is a vacant lot ready for you to build your dream home. Located in the upscale and newer Donner Crest Development across from Coyote Moon Golf Course. Developer owned lots remain for sale starting at $119,900 but this short sale is listed for $60,000. Underground utilities and beautiful views. We think anything in Donner Crest is a great deal, but this one could just be a steal!
3) Lucky break, this house is back on the market! One buyer's loss is another's gain. 12254 Richards Blvd. was built in 2003, has 3 beds, 3 baths & 3 car garage. 2700+ sq ft on over 1/2 acre for just $419,000 that means just $154.67 per sq ft. You couldn't build for that with the high end quality finishes this home has including hydronic in-floor heating. Better hurry for this one.
Be sure to contact us if you would like to take a look at any of these properties!
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| 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. The MLS is full of stagnant, poorly priced homes so we thought we would concentrate this month on those we feel will be around for awhile that are located over on the North Lake Tahoe Side, so for this month, here they are:
1) 6627 & 6629 El Dorado Street in Tahoma can't even get a buyer by offering 2 properties. This 1472 square foot tidy little home is located on two parcels but it will need more than that to get itself sold. Couple of questions for the seller. When the house has been on the market 620 days (that's almost 2 years) and you have only reduced the price by $21,000, are you really serious about selling? Also, you have now encumbered the property by Ski Leasing it. Can you make it more difficult to sell???? Why don't you just take it off the market and relist it in the spring? No tenants, a much better price AND a new MLS number will do wonders for this home (so will a new roof). 2) Yes, this house is located real close to Lake Tahoe and yes it is a clean little cabin with a carport and yes, the price at $439,000 would make it seem like a deal. 3 bed, 2 bath and a carport -- BUT the noise from the road out front screws it all up. 4395 North Lake Blvd., located just across the highway from the Lake and the gated HOA, it is hard to get away from the traffic there in Carnelian Bay. Too bad. This would be a steal otherwise. 3) Oops -- another Carnelian Bay folly. This one is a lakefront -- 3970 North Lake Blvd. is a charming 50+ year old cabin. It came on the market 695 days ago at a really dear price of $2,400,000 and is now still too dear and dusty at $1,275,000 -- the market ploy suggested in number one above here should, in our opinion, be followed. Some change is needed here. Everyone is tired of looking at the same old thing. 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.
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Maurizio Gavardoni & Livia Argano
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Meet our new friends Maurizio & Livia. We are so happy that San Jose agent, Gary Collins, referred these great folks to us. Maurizio & Livia were looking for a condo for their family of two young children. We found them a wonderful condo in a great location at a super price. We are sure they are going to love this little getaway of theirs for years to come. Lucky little Ricardo & Arabella, they are going to make family memories to last a lifetime. Welcome to Truckee's winter wonderland & summer delight! |
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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
530 563-6165 |
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| New 3.8% Tax |  | Its a ways off but we thought we might put a bee in your bonnet here by broaching the subject of the new legislation that will affect some real estate transactions. There has been a lot of mumbling about the new Obama Health Care Program and how we are going to fund it. The National Association of Realtors, in an attempt to clarify how it will affect property owners and other tax payers has published an informational brochure. Beginning in January 1, 2013, there will be a 3.8% additional tax on investment gains BUT ONLY IF YOU QUALIFY!! This money will be used to raise an estimated $210 billion to help fund the health care and Medicare overhaul plans. If you click on this link you will be able to read it. It takes a long time to download since it is a PDF but be patient, it is worth the read and you can save and print it if you want.
Unfortunately this tax law, just like so many other ones is, in my opinion, really only understandable to someone who specializes in tax and money.
On the first read through it would appear that only those who have an adjusted gross income of over $200,000 (if you are single) and $250,000 (couples filing joint returns) will be affected. This tax is designed to collect 3.8% of investment income, over and above losses, and applies to Interest, dividends, rents, and capital gains. Of course the principal residence gain exemption of $250K or $500K will still apply.
The brochure has many different scenarios that may correspond to your situation so read through it thoroughly, not once but twice, and, of course, be sure to check with your accountant before making any snap judgements. This new tax is referred to as a "Medicare tax" because the proceeds from it are to be dedicated to the Medicare Trust Fund which is due to become depleted soon.
Additionally, beginning on January 1, 2013, there will be a .9% tax levied on any dollars over and above earned income (AGI) thresholds of $200K for individuals and $250K on a joint return.
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KB Foster Civil Engineering
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KB has been providing cost-effective boundary location service for over 30 years in the Tahoe and Truckee areas. They can visit almost any subdivision lot in the area and mark corners or approximate corners for less than $400. This is not a full boundary survey where they set recorded monuments, but it will satisfy most boundary location questions.
As a second phase, they can complete a more detailed boundary survey which would include official corner monuments and preparing a recordable map, as requested and as circumstances dictate. This is usually required if an encroachment is found or some disagreement occurs between neighbors. It is also required by the Town of Truckee as a condition of approval for all projects that corner monuments for a project site be found or set.
K.B. Foster Civil Engineering, Inc. has been providing engineering, surveying and architectural services from their Carnelian Bay office since 1978. Please give them a call 530-546-3381.
www.KBFoster.com |
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| St. Patrick's Day! |  | |
Turns out St. Patrick was one of those richey, rich kids. Born to a wealthy family in Roman Britain in the 4th century AD, he was kidnapped at the age of 6 and taken to Ireland where he was enslaved. He escaped and returned to Britain where he went into the priesthood. In 432, Patrick returned to Ireland as a priest and spread the Christian teachings to the Irish who, prior to that time, were basically pagans. According to history, Patrick used the shamrock as a teacher's aid when trying to explain the holy trinity to his students. Patrick died on March 17, 461. Since then, the day has been celebrated as a Holy Day in various stages of solemnity. Besides the Church Holy Day, St. Patrick's day has become a day when EVERYONE celebrates the Irish in themselves. A day of parades and festivities it is celebrated by just about everyone in the world. Many fluids including beer and the Chicago River, even the White House Fountain have been known to turn green on that day.
For lots more exciting facts about St. Patrick and his special day, check it out here!
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!!!
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