Greetings!TRUCKEE CLUBS GET INCLUSIVE AND AFFORDABLE!! Some big changes here in the area as developments are trying to get creative to keep themselves relevant to the economic climate. Recently we were made aware of the following changes: Timilick, one of the Martis Valley developments, has recently been purchased and is now known as Schaffer's Mill. Local real estate agents were treated to a tour of the townhomes and a presentation on the updated "Club" situation. The developers are committed to putting in the amenities quickly (a detail that the former developer overlooked), because they know that it is the amenity package that will draw purchasers. To add to their already completed Johnny Miller/John Harbottle designed 18 hole golf course, the developers have envisioned a complete package. Besides the golf course, the package will include a clubhouse which will house multiple hot tubs, kids' zone, fitness center, indoor and outdoor dining, pro shop, general store, basketball courts, sports field, tennis courts, fishing pond, BBQ Pavilion and much more. They also have a Club Yacht which will be at the disposal of all club members - fee free. Promised is a Club Shuttle which will take members to ski areas and downtown Truckee and Tahoe City. If you are interested in joining the club - now is the time to get in because for a limited time (probably until the amenities are built) the initiation fee if $1000. Furthermore, the current Golf Dues are $4500 per year and when all amenities are built, these will go up to $7800. The social membership dues (upon completion of club facilities) will be $2700. The big plus here is that currently, if you want to join, you don't have to live at Schaffer's Mill. Check out their webpage here. Going in the same direction, there are some big changes with the Tahoe Mountain Club membership. Membership is now open to everyone who is willing to pay the $7500 (non-refundable) initiation fee and $350 a month dues. Members will be able to use the 2 golf courses, Old Greenwood and Gray's Crossing, and Wild Goose at much reduced rates. They will also be able to use all the other amenities associated with the Tahoe Mountain Club such as the Pavilion at Old Greenwood and venues at Northstar. For more information on this, you can check it out here. We think that these changes are positive and will be seen as welcome opportunities for those of us in Truckee-North Lake Tahoe who would like to avail themselves of the "Club Life." |
Market Update - June 2011
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Some encouraging news for the June stats; sales finally moved upwards from a stagnant 79 residential sales in both April and May to a whopping 107 for the month of June AND distressed sales dropped to 29% down from 37% the previous month. We can only hope that the summer selling season has finally kicked into gear and that our buyers are not paying too much attention to the gloom and doom reports of the news forecasters. This just goes to show that we are in our own little world here and the sunshine has us all in a better mood - for now at least.
Statistics from the Tahoe MLS: the solds from May 1 - 31, 2011:
Tahoe Donner: 20 homes (4 SS) (2 REO), 3 condos (2 SS)
Northstar: 1 home, 1 condo
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 8 homes (1 SS) (3 REO)
Olympic Heights: 0 residential properties
Prosser Lake Area: 2 homes
Sierra Meadows: 5 homes (3SS), 3 condos (2 SS) (1 REO)
Martiswoods, Ponderosa Ranchos: 1 home
Winter Creek: 0 residential properties
Lahontan: 1 home
Martis Camp: 1 home
Old Greenwood: 0 residential properties
Gray's Crossing: 0 residential properties
Truckee Proper: 1 home
Donner Lake: 3 homes (1 SS) (1 REO) , 0 condos
Donner Summit: 0 residential properties
West shore Lake Tahoe: 11 homes (2 REO), 1 condo
Tahoe City: 4 homes ,1 condo
North shore Lake Tahoe: 1 home, 1 condo
Kings Beach & Tahoe Vista: 10 homes (1 REO), 2 condos (1SS) (1REO)
Alpine & Squaw Valley: 4 homes (1SS) (1REO), 12 condos (1REO)
Shared Ownerships - entire region: 3
Mobile Homes - entire region: 0
Sierra & Plumas Counties: 1 home (1 REO)
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 8 homes (2 SS)
Highest priced home or condo sold: New construction in Truckee's exclusive Martis Camp. The home boasts 4,200 sq ft with 4 bedrooms + media room and office with views to Northstar's Lookout Mountain. Reclaimed wood exterior and locally quarried stone highlight the abundant outdoor patio area. 10551 Fioli Dr. sold for #3,250,000
Lowest priced home or condo sold: Ski-in/ski-out at the Tahoe Donner Lodge. This studio lodgette at 11591 Snowpeak Way sold for over asking price at $57,000. A perfect vacation get-away because your stay is limited to part time only. Nicely remodeled, third floor unit with panoramic views of the ski hill.
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 $410,000 and the median sale price was $404,000. 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 121.
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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) This comes under the catagory of "I would really like to sell this home to someone because it is so awesome." The price per square foot may be a bit uncompetitive but the home is one of those you will just fall in love with. A little bit of French Country located in the Mountains of Tahoe Donner. 12677 Peregrine Drive at $698,900 it is sooooo not typical -- a one of a kind property. 2) Large family home in the Glenshire-Devonshire subdivision 11298 Huntsman Leap is a 3 bedroom, 2 bath ranch on a nice sunny, flat lot with a wonderful backyard. Perfect for full timers, there is tons of room for boats and RV's. Priced at $344,000 3) If you are looking for a peaceful retreat and would like to head straight out your back door for miles of hiking or biking in the Tahoe National Forest, this home is for you. Located on Lake Tahoe's west shore and just 5 minutes to the Homewood Ski Resort, 537 McKinney Road in Tahoma is offered for $444,900 with 3 bedrooms, 2 bathrooms and a 2 car garage. A best buy does not always come down to the cheapest price but sometimes what we consider a special buy. We like this home!
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 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) This Northstar condo wins the prize for the most days on the market in the Truckee area. Not a prize we would want to win but evidently this seller is just happy to be a winner of any kind! 3001 Northstar Dr. came on the market at $1,599,000, granted he is now asking $995,000 so give credit where credit is due. This just goes to show that you need to get it right from the start! HOA dues of $1,148/mo. must be taken into account as well as the 1.75% transfer fee. Ouch! 2) This home at 8204 Meeks Bay is a tough sell with an awkward floorplan and large electrical/phone wires you can almost reach out your window and grab. The peak lakeview isn't enough to make this house worth the asking $789,000, Sorry! 3) Yes this is a lovely gated neighborhood, but really? $2,500,000 for a dated and un-exciting home just seems a bit high to us. You can get a really nice home for this price and we just don't think that 11228 East Alder Creek Road makes the cut. Sorry again! 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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The Truckee Donner PUD
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Congratulations to us and the Truckee Donner PUD. We were finally successful in getting their property located at 14360 Glenshire Drive (the old Glenshire Mutual Water District) sold. Long story but what appeared to be a simple residential listing turned into a multi-faceted property with lots of gnarly caveats. The bottom half of the property was split off and sold to the Town about 2 years ago and the remaining 4 acres closed last month. The lady in the picture is the project representative that we worked with throughout the past 4 years -- Kathy Neus. Thanks to everyone at the Truckee Donner PUD for being so cooperative and easy to work with.
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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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|  | It was brought to our attention recently that there are some changes afoot with regard to the size of "conforming loans." We have asked our colleague Sherilyn Laughlin to try to explain the situation here. How this impacts us as consumers is that the rates for loan amounts which are OVER these conforming loan limits will escalate.
Wells Fargo Private Mortgage Banking would like to assist clients of Keller William's in understanding the expiration of certain loan limits as of September 30th, 2011.
The products and programs which will be impacted by the expiration of the temporary loan limits on Sept. 30, 2011 are - FHA loans, High Balance FHA Loan Program, High Balance Conforming Loan Program, and the Super Conforming Mortgage Program. Loan limits for the High Balance VA Loan Program are scheduled to expire on Dec. 31, 2011
Some information to help you understand the changes in loan limits:
· Since mid-2008, various acts of Congress have provided temporary higher loan limits for Conventional Conforming and Government transactions.
· Barring additional Congressional action in the near future, these temporary higher loan limits will expire on Friday, Sept. 30, 2011.
· All mortgage lenders must work with their customers who are requesting loan amounts that may be impacted.
If you are considering a purchase price within the expiring loan limits:
If you are contemplating a purchase price between $417,000 and the Super Conforming (High Balance) limit you must ensure that the loan closes prior to September 30th - it is imperative that you discuss your loan amount with your lender to determine if it is one that is impacted by the upcoming expiration of the temporary loan limits and you will need to work with your lender to ensure the loan closes by Sept. 30. There are several things a borrower can do to help ensure your loan closes on time, such as providing accurate and thorough documentation, quickly sign/date/return all disclosures you receive and promptly reply to requests for additional information from your mortgage loan officer. If the loan does not close by Sept. 30, your loan officer will work with you to reduce the loan amount needed by increasing the down payment or making other parameter changes to the loan.
Expiring Loan Limits in our local counties:
Single Unit in California:
El Dorado County: $580,000
Nevada County: $562,500
Placer: $580,000
Single Unit in Nevada:
Douglas County: $468,750
If you have any questions regarding this information please feel free to contact me:
Sherilyn Laughlin
Wells Fargo Private Mortgage Banking
530-313-3859 Sherilyn.laughlin@wellsfargo.com check out her website here. |
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Porter Simon
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We are often asked if we know of a good attorney. In this business climate, we feel that it is always a good thing to consult with an attorney especially when our clients are considering a short sale (as a buyer or seller) or a bank owned property (as a buyer). These types of real estate transactions are fraught with peril and if your agent does not suggest that you would perhaps want to speak with an attorney, he/she is doing you an injustice. When asked, we always suggest a couple of firms and one of them is always "Porter Simon." A well respected Law Firm in Truckee, I have even had the pleasure of working with them many moons ago. This firm specializes in just about every form of law and also has licensees in both California and Nevada.
Originally founded in 1969, the Firm's original partner Jim Porter partnered up with Jim Simon to practice "country law" in Truckee. Both are city boys who found their niche here in the mountains -- able to pursue their love of law in a beautiful spot. Other partners Peter H. Cuttitta, Kelley R. Carroll, Steven C. Gross, Brian C. Hanley, and Stephen C. Lieberman, joined the Firm later.
Besides being excellent professionals, both Jim Porter and Jim Simon have contributed so much to the community. They have each, separately had bestowed upon them the esteemed title of "Truckee Citizen of the Year."
You can see more about their practice at their website here. If you should ever find yourself in need of an attorney, be sure to call them.
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Relay for Life
Saturday, 7/16/2011
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This year will be Truckee's 4th Relay for Life fundraiser for the American Cancer Society. The JK Real Estate team will be out walking for 24 hours straight - because cancer never sleeps! Come on by the High School track to say hello, walk a lap with us or check out our awesome raffle items. Our grand raffle is 3 nights at a Mendocino Coast cottage. For just $10.00 you can enter to win a getaway in this 3 bd cottage with unobstructed whitewater views to the Point Arena Lighthouse. Other raffle items include a 4 hour Bike Clinic/Ride with Luna Pro Biker Katerina Nash and more.... |
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