Greetings!
I am sure as a regular visitor to Historic Downtown Truckee you have noticed the many empty storefronts there. Sadly many businesses have moved on for various reasons not the least of which is the downturn in the economy. In the interest of sparking some sort of enthusiasm towards starting up a commercial venture in the downtown area, the Town of Truckee has initiated a program which will provide low interest loans of up to $50,000 for an expanding business or a business moving into a vacant space in the Redevelopment Area (which is essentially the Downtown area). According to David Griffith, the Town's Economic Development Specialist, "The loan can be used for costs including tenant improvements, design, permit fees and exterior facade improvements." "The interest rate is one percent annual simple interest and must be repaid in full if the business moves, is sold or closes." When contacted today on the availability of these funds David said that the program is still active and ready to go. So far only one business has made application. Contact David at 530 582-2910 or by e-mail at dgriffith@townoftruckee.com to get in on the offering. Opportunity knocks for those who are awake enough to hear it!!! Additionally, the Town has resolved to make the permit process for this type of endeavour much simpler, vowing to process tenant improvement plan check applications for existing commercial buildings in three business days. According to Community Development Director John McLaughlin: "We want to be part of the solution to grow our local economy and work in partnership with the business community." The Town's building counter is open Tuesday - Friday 8:00 am - 4:00 pm and there is no appointment necessary to submit plans. If you are interested click here to read more information about applying for this and other related loans.
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Market Update - May 2011
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Mirroring April sales, May came in right at 79 residential sales with a slight nudge upward of distressed properties from 35% to 37%. We continue to be plagued by dismal weather despite the Memorial Day kick off to summer. Open houses have been quiet, but who really wants to home search in a snow storm? Buyers seem uncertain of where the market is heading and continue to sit on the sidelines waiting for who knows what?
Statistics from the Tahoe MLS: the solds from May 1 - 31, 2011:
Tahoe Donner: 10 homes (1 SS), 4 condos (1 SS),
Northstar: 1 home (1 SS), 3 condo (1SS)
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 11 homes (3 SS) (3 REO)
Olympic Heights: 1 home (1 REO)
Prosser Lake Area: 2 homes (1 SS), (1 REO)
Sierra Meadows: 1 home (1 REO), 3 condos (2 REO)
Martiswoods, Ponderosa Ranchos: 1 home
Winter Creek: 0 residential properties
Lahontan: 1 home
Old Greenwood: 0 residential properties
Gray's Crossing: 1 home (1 REO)
Truckee Proper: 0 residential properties
Donner Lake: 2 homes, 0 condos
Donner Summit: 0 residential properties
West shore Lake Tahoe: 4 homes (1 SS), 1 condo (1 REO)
Tahoe City: 2 homes, 2 condos
North shore Lake Tahoe: 4 homes, 0 Condos
Kings Beach & Tahoe Vista: 2 homes (1 REO), 1 condo
Alpine & Squaw Valley: 3 homes (1SS), 8 condos (2 SS), (1REO)
Shared Ownerships - entire region: 6
Mobile Homes - entire region: 2
Sierra & Plumas Counties: 1 home (1 REO)
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 4 homes
Highest priced home or condo sold: Beautiful secluded home at 11787 Sierra Dr. is located within the Truckee town limits. Three parcels sold as one provide 28 acres of privacy and views. This 4,000+ sf home boasts 4 bedrooms and 4.5 bathrooms with quality features and design elements that are sure to please its new owner. Previously listed as one of our best buys this gem sold for $1,675,000.
Lowest priced home or condo sold: Referred to as a "diamond in the rough" but hey what do you want for $37,500? For that price tag the buyer of 94445 Day St. Chilcoot, Ca. of the Sierra Valley received 5 acres with two car garage and studio addition. With well and septic in place this banked owned property may be a stretch for a residence, but that is how it was listed. Potential is what we would call it.
The list to sell ratio on the median was 99%. In other words, the homes sold within 99% of the list price! The median list price for this period was $399,000 and the median sale price was $395,000. 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. The average days on the market were 138. |
| 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) Jody, Jennifer and Kappy did the Lake Tahoe Westshore Lakefront tour this past week and were treated to 20 different properties. The prices were all over the place so it would be hard to pick one that was a "screaming hot deal," but the one that won the vote of two of us as "Best in Show" was this really special Old is New Again property located at 8315 Meeks Bay Ave. Light and bright, originally built in 1953 but perfectly recreated recently, the property features 150' of lake frontage, a boat house, private dock, boat lift and 2 buoys. The price tag is dear $3,500,000 but if you have that kind of money laying around -- why not enjoy the best of the best? 2) At $261.32 per square foot this large, family home located at 12464 Little Lake Court in Truckee's Pannonia Rachoes has 4 bedrooms, 3 baths and a place for your horses with 3 paddocks with shelters. The price is $935,000 and when you consider the 5.1 acres this property includes, we don't see how you can say it is anything but a screaming hot deal!! 3) Located on a level lot in Tahoe Donner this single level home at 13125 Davos Drive gives lots for the bucks. 3 bedrooms, 2 baths and a 2 car garage, we think that this one is priced right in there at $474,000. Popular price range and a well appointed home. Won't last long!! 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 alone feel are not going to sell anytime soon. Remember, this newsletter is purely and solely our opinion - there is nothing here that indicates that it is ANYTHING but our opinion.
1) Yes, yes, I am sure that there is some value to being at Donner Lake, across the street from the Lake and with a great view of the Lake but really, $675,000 for 15927 South Shore Drive is a really dear price to pay for a listing which by its own description is a "work in progress." It is just basically an old A frame that has been on the market for 1395 days. Started at $849,200. Where do you think it should be priced?? 2) This home at 11033 Parkland Drive surely is a beautiful place. With 5 bedrooms, 4.5 baths and 4600 square feet it would seem like a good deal at $314.13 a square foot. But, after 389 days at the original price of $1,445,000 and not a bite we think that the owners really are not ready to leave. If they really want to go, wouldn't you think that they would get a clue? 3) Sorry agent and owner at 10061 East River Street, we have watched your Truckee Riverfront property come up on our radar now for over a year and a half and yes it does have frontage and yes, it is zoned mixed use and yes it is extensively remodeled. Maybe you can tell us why it is still on the market at $646,000. Can you spell "still overpriced"? 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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| Dennis & Lisa Carlson | |
Congratulations to Lisa & Dennis! These sellers listened to our listing price recommendation and priced their Tahoe Donner condo accordingly. They received a full price cash offer in less than 30 days! The Carlson's were wonderful to work with despite the poor timing that it all came down. Dennis' mother passed away just as the offer came in, but they managed to handle their real estate business while dealing with family matters. Some are better at multi tasking than others and we would never hope for anyone to have to multitask like that, but Lisa & Dennis handled their business with grace and efficiency. We are very grateful to them and wish them all the best. Cheers to the Carlsons who are celebrating their sale in this photo!
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| Truckee Recycle Day: June 18, 2011 |  Safely and conveniently get rid of your old unused electronic equipment such as TV's, computer monitors & equipment, stereos. 9am - 2pm more info hereAdditionally, the Truckee Police Department will accept confidential documents from residents for FREE PAPER SHREDDING (limit 100 lbs per resident). 9-11am more info hereWhere: Truckee Town Hall, 10183 Truckee Airport Rd. |
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Kappy, Jennifer, Jody and Christie have a combined 67 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, Jody Scowcroft & Christie Coker
Keller Williams Real Estate
530 563-6165 |
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With all that has occurred in the housing market over the past 5 years, we thought it would be valuable to briefly address the subject of credit scores.
Credit scores are a tool that potential lenders and employers use when evaluating potential clients/employees. Scores range from a low of 300 to a perfect 850.
The article we read in the Wall Street Journal
pointed out just what happens when you miss a payment on your mortgage. Should this occur, even if it is a complete oversight, your credit score will drop immediately by 100 points. Assuming your credit score was 780 before the missed payment, it will take 3 years for the score to return to its original untarnished number.
The article also pointed out that short sales or deeds in lieu of forreclosure will also reduce your credit score by about 100 points and it will take you 7 years to recover. Foreclosure and a short sale with amount of unpaid balance disclosed will reduced the score by 150 points and likewise will take 7 years to bounce back.
The value of good credit cannot be over-rated. According to the article, a person with a 620 score would pay almost 12% on a four-year car loan, compared with less than 5% for someone with a 780 score. When purchasing a mortgage for a home, a person with a 780 score will pay $3000 less a year on a $250K mortgage because of the decreased interest rate he/she will be able to qualify for.
What to do if your credit has been dinged? The article suggested that in order to rebuild a damaged credit score, a person must use credit. Get back on the bicycle so to speak, use your credit card judiciously and pay it off every month.
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Welcome Jody!
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JK Real Estate proudly welcomes Jody Scowcroft to our team! Jody has been a RealtorŪ in Truckee for the past 20 years and was RealtorŪ of the Year in 1999 as well as Tahoe Sierra Board of Realtors President in 2003. We feel Jody's knowledge and experience will be a valuable asset to our team. The addition of Jody to our Team means that all of our clients will have more than 24/7 service. In this age of fast paced business, we feel it is important to have the coverage a partnership such as this affords. Additionally, we at JK Real Estate welcome the seasoned perspective that Jody brings to the team. Welcome aboard Jody!!
Jody will continue working out of the Keller Williams Boice Office on Northwoods in Tahoe Donner and her contact information remains the same Jody@JodyScowcroft.com or (530) 550-5173.
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| Boehm Construction |  | |
Looking for a reliable General Contractor to help you with a repair after this long, snow impacted winter?
Ron Boehm has been in construction for over 30 years. He received his Contractor's license in 1989. Though he has built many custom homes and will build many more, he now specializes in custom remodels and room additions, seamlessly blending your new addition with your exisiting home. Ron has kept his company small so he can be hands on and only takes on two to three projects per year. Word of mouth from satisfied customers is his main form of advertising and we are pleased to be able to showcase him here. He is active in the community: if you have attended the Cannibal Cruise or the Brewfest, you have seen him through the BBQ smoke for almost 20 years now in charge of the Optimist's food for fundraisers. He knows the ins and outs of building in Tahoe and can advise you on the best way to achieve your vision at the lowest possible cost.
Contact Ron Boehm at (530) 913-0080
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