Keller Williams Truckee Tahoe Newsletter

August, 2011

NORTH LAKE TAHOE & TRUCKEE REAL ESTATE

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YOUR TAHOE TRUCKEE CONNECTION

YOUR TAHOE TRUCKEE CONNECTION

Greetings!

In uncertain times, people tend to circle their wagons and try to protect their worth. Things have certainly gotten messy and predictions are all over the board. Is the economy improving or is it slowing? Are home values going up or down? The silver lining here is that the uncertainty has opened a window of opportunity. The combination of affordable housing and the lowest interest rates ever has allowed a number of local residents to enter into homeownership that was once only a dream. People who thought they could never afford a Lake Tahoe vacation home are taking advantage of these ideal circumstances. Investors too are jumping in and picking up distressed properties and with the lack of rental properties available for the number of people who have lost their homes, this has become a lucrative investment. Lower property values have created a climate for investors where the rental income may now cover the mortgage payment . If you are a buyer and can afford it, if you have steady & reliable income and if you have good credit or available cash, now is an excellent time to make a purchase. Our best buys this month will show you what you can purchase in the lower price range; some are great, some are good, and some might not "pencil out" but there are plenty to choose from and opportunity is there for those who are able and willing to take a chance. Additionally, the Fed has announced that they will keep the rates low for the next couple of years, so those who have a blemish on their credit will still have time to clean it up and take advantage of the excellent interest rates.


In This Issue
July 2011 Stats
Screaming Hot Deals
Worst Deals
Apology Given
Truckee First Time Buyers
Creative Signs
2011 Home Tour Update
2011 Relay for Life Update
Market Update - July 2011
 

We ended the long month (5 weekends to sell) of July 2011 with a lackluster total of 104 sales of condominiums and single family residences in the area. This month's ratio of total sales to distressed sales was 30%.

 

It is interesting to note that according to the Paragon Membership Stats, there are currently 940 active agent members of the local Multiple Listing Service. Not sure what point we are trying to make, just the facts.

 

The heads above the rest area for sales was Tahoe Donner once again. It would appear as if the second home market is definitely carrying the load up here. The full time markets of Glenshire and Prosser continue to show promise as bargain hunters are able to pick up some beautiful places for much reduced prices.  

From the Tahoe MLS: the solds from July 1 - 31, 2011:

 

Tahoe Donner: 23 homes (1 REO), 5 condos

Northstar: 1 home, 2 condos (1SS, 1REO)

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 9 homes (2 REO, 2 SS, 1 Trustee)

Prosser Lake Area: 3 homes (1 SS, 1 REO)

Sierra Meadows, Ponderosa Palisades: 3 homes (1 SS, 1 Trustee), 2 condos

Winter Creek & Ponderosa Meadows: 3 homes (1 REO)

Martis Camp: 1 home

Truckee Proper: 2 homes (1 SS, 1 REO), 2 condos (1 SS)

Donner Lake: 3 homes

Donner Summit: 4 homes

West shore Lake Tahoe: 8 homes (3 REO, 1 SS)

Tahoe City: 1 condo

North shore Lake Tahoe: 6 homes (1 SS)

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

Alpine & Squaw Valley: 4 homes (1 REO), 3 condos (1 SS)

Shared Ownerships - entire region: 5

Mobile Homes - entire region: 2

Sierra and Plumas Counties - 10 homes (5 REO)

 

Condos and Homes sold over $1M in Truckee & North Lake Tahoe: 8 homes

 

Highest priced home or condo sold: 5401 square foot, 4 bedroom, 4.5 bath executive retreat built in Martis Camp by Loverde Builders fetched its asking price of $5,975,000 (although its original price was $6,690,000) after 713 days on the market. $1,106.28 per square foot . . . .   WOW is all I can say.

Lowest priced home or condo sold: Again, Sierra/Plumas wins the honor of having the least expensive home sold. $20,274 bought this 1215 square foot bank owned home in Loyalton. Getting into the greater Tahoe Truckee Market area, a 411 square foot golf course condo in Tahoe Donner went out at $108,900 after only 7 days on the market.

 

The list to sell ratio on the median this month 95%. In other words, the homes sold within 95% of the list price. The median list price for this period was $369,000, median sale price was $350,000. 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 122. Total volume of residential properties (not unimproved lots) this month was $50,521,721.

 

 

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).  Good deals are flying off the market so we thought we would feature a price point here.
   
3) All of the homes priced under $400,000 at Tahoe's Westshore

if you are looking for a vacation home in Truckee or North Lake Tahoe -- now is definitely the time to get into the market.  Prices are fantastic and interest rates are unbelievably low.  Check it out!!! 
 
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) The Tahoe Donner home located at 14668 Skislope Way was on tour today.  It has been on the market off and on for a couple of years.  Nice views -- funky interior.  One good thing though, the sign outside advertises that a lease option might work. Maybe the only way it will sell.  3 Bedrooms, 2.5 baths and a 2 car garage.  $595,000.
2) 130 Macinaw Road in Tahoe City.  This property comes under the heading of "confusing."  Read it yourself and you will get what I mean.  It is advertised as a 3 bedroom lakefront home with 2 commercial units.  The zoning is Light Industry.  The price tag is dear at $2,995,000.  I'm sure it will be perfect for that needle in a haystack buyer who needs all of these options but in the meantime -- it is just too darn complicated!!
3) Too many steps!!  is what we exclaimed today when we toured this cute little 3 bedroom house located in Prosser Lakeview at 12191 Pine Forest Road.  I got vertigo walking up the 3 tiered stairway.  Are they charging per step?  The price at $374,000 will make sure it stays on the market awhile.

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. 

Apology Given
Christie Coker

Last month in our "Worst Buys" column we featured a home located at 11228 E. Alder Creek in Prosser Woods Estates.  After publication of the article, we were reminded that we had not been in the house since it was originally built and that there had been many upgrades since.    Also, the listing agent is a friend and while we are all about business, there are other things in life like friendship and people's feelings that are more important.  We are sorry Ed.
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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First Time Buyers Assistance    

Kappy & Jennifer
The Town of Truckee is again offering downpayment assistance to those people who either work or live within the Truckee Town limits.  The assistance will come in the form of a low-interest loan. Your eligibility will be determined by your annual income.  There are some important dates to remember.

August 9, 2011:  3-1 hour workshops will be held in the Town Hall Council Chambers at 12pm, 3pm and 6pm.  September 8, 2011:  application deadline;
September 9, 2011 Random selection of applications;
September - October, 2011:  Verification of eligibility.

It is just that simple!!  please get in touch with the Program Operator -- Jo Ann Anders (530) 272-5395 j.anders@att.net who is anxious to help.  By the way, a first time homebuyer is someone who has not owned a home within the last 3 years or qualify under other special circumstance.

 

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Creative Signs
If you are looking for a very special, personalized  gift for a special place or person, here is a good bet.  As you can see Miriam and Lou Biro are artists of the first order when it comes to carved and painted wooden signs.  They have been carving and painting in the North Lake Tahoe area for at least 20 years.  Their signs can be found on many commercial establishments.  The best part is that they also do smaller, home sized signs.  We know because it is one of our Thank You gifts that JK Real Estate presents to their buyers after close of escrow.  The Biros have made wooden plaques with birds, squirrels, cabins, Stellar Jays, lighthouses, skiers, golfers -- you name it, they will do it.  They are a family team, Lou does the carving and Miriam does the painting. 
Give them a call at (530) 583-4976 or email at lmbirointahoe@yahoo.com 
Better Yet -- Buy a Home From Us and you will get one free!!!

Luxury Home Tour in Martis Camp 



Well we did it folks.  Raised about $44,000 for the Tahoe Truckee School District Excellence in Educaiton Funds!!  Way to go Realtors!  JK Real Estate wants to thank all of their volunteers who were docents in the Martis Camp homes.  Also, thank you to the Martis Camp homeowners who so generously opened their doors to allow us to peek inside -- all to support the Schools.

 

Keep an eye out this time next year to see exactly when and where the 2012 Luxury Home Tour will take place.   

 

 

Relay for Life  Update

Just wanted to let you know that the mighty JK Real Estate Team survived the 4th Annual Truckee Relay for Life.  The event was a success and our team raised about $3000 worth of donations to help fund needed research to prevent and cure that horrible disease that seems to touch all of us one way or another.  The entire event raised about $30,000 for the cause.  We want to thank all of you that participated in this event by donating either your time or your money.  It means so much to us that you will see us on the track again next year.