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Greetings!
In recent issues we have discussed the differences between Fannie Mae, Freddie Mac and FHA loans. This seems like a good time to introduce another area of FHA loans that could open up other possibilities; the FHA 203K or better known as the FHA Rehabilitation Loan. This is offered in both the streamline and full versions. You should know however, that FHA loans are for primary residences only. Many foreclosure properties that we are currently seeing on the market at very reduced prices will have significant repairs required which often times renders the property ineligible for financing. Now with the "203K rehab loan" these properties may be an option for the FHA buyer. The streamline version has a max of $35,000 in allowable repairs while the full version will allow for more depending on the appraisal. The appraiser will determine the amount of repairs and it should be noted that some limitations may apply to both versions depending on the after repair completion appraisal value. The work must be performed by a licensed contractor in the state where the property is located, the homeowner cannot do the work themselves. The streamline is designed for simple repairs and can be done with or without the help of a HUD consultant. Whereas the full version will allow more complex repairs but will require a consultant. A consultant is licensed by HUD and works with the buyer and contractor to identify repairs and oversee the project. He does charge a fee, but it can be financed.
To give an example of how much can be accomplished with a streamline, Brent with PrimeLending recently closed a deal where the listing agent had a property in disrepair and wasn't quite sure how he would get it sold. The house was older and had an old oil furnace that didn't work. The house didn't have heat. The buyer financed the conversion from oil to natural gas. A natural gas line and meter was installed to the house and the contractor installed a new energy efficient furnace. In addition, the homeowner financed a new wood burning stove, flooring and a new natural gas water heater and stove, front door and garage door. Total repairs for about $25,000 were completed within the 45 day time frame after the close of escrow. This was a win-win and everybody was happy in the end!
There are rehab loans available through standard financing which will allow for second homes and income properties in addition to primary residences. Rates will be a bit higher for these Rehab loans, both standard & FHA, but only about .25-.50% and a great option for some properties.
This information was provided by Brent Hart with PrimeLending. Brent should be your first contact if you are considering a Rehabilitation Loan. He can be reached at (775) 829-3085 or bhart@primelending.com
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Market Update - January 2012
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The month of January comes in at almost half of the number of sales as the previous month with January sales at 60 as compared to December's 118. It seems that home shoppers wanted to complete their purchases by the end of 2011 and are now taking a little nap. Also interestingly the ratio of distressed sales jumped up significantly during the month of January to 46.5% as compared to 38% for the previous month. The market is hard to read, just when it seems it is getting stronger we have another slow month. Hold on folks, this roller coaster ride is not yet over!
Statistics from the Tahoe MLS: the solds from January 1 - 31, 2012:
Tahoe Donner: 18 homes (2 SS) (4 REO), 1 condo
Northstar: 1 home (1REO), 3 condos (1SS)
Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 5 homes (3 SS) (1 Truseee)
Olympic Heights: 1 home (1 REO)
Prosser Lake Area: 2 homes (1 REO)
Sierra Meadows: 2 homes (1 SS), 1 condo
Martiswoods, Ponderosa Ranchos: 0 residential properties
Coyote Run: 1 home
Pinyon Creek: 1 condo
Lahontan: 0 residential properties
Martis Camp: 0 residential properties
Old Greenwood: 0 residential properties
Gray's Crossing: 1 home (1 SS)
Truckee Proper: 1 home
Donner Lake: 0 residential properties
Donner Summit: 1 home (1 REO)
West shore Lake Tahoe: 6 homes (1 SS) (2 REO)
Tahoe City: 1 home, 2 condos
North shore Lake Tahoe: 3 homes (1 SS), 1 condo (1 SS)
Kings Beach & Tahoe Vista: 1 home (1 SS), 3 condos (2 SS) (1 REO)
Alpine & Squaw Valley: 1 home (1 SS)
Shared Ownerships - entire region: 1
Mobile Homes - entire region: 0
Sierra & Plumas Counties: 1 home
Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 2
Highest priced home or condo sold: This condominium at 9001 Northstar Dr. has a prime location within the Village at Northstar. The 3 bedroom penthouse looks directly over the Village Gondola and straight up the mountain. Location, location, location. After 223 days on the market this condo sold for $1,200,000
Lowest priced home or condo sold: Kings Beach studio condo located in the Kings Run complex at 1300 Regency Way. This compact little jewel of 432 sq. ft. was bank owned and sold for just $57,000 after only 73 days on the market.
The list to sell ratio on the median was 96%. In other words, the homes sold within 96% of the list price! The median list price for this period was $349,500 and the median sale price was $335,737. 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 162.
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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) Conveniently located just minutes from Interestate 80, this 46 acre property has tons of potential. With views overlooking Boca Reservoir, Donner Summit, Northstar, Squaw Valley & the Carson Ridge there is opportunity for a spectacular estate property. Well is in and mantle tested. All for just $495,000 2) It is not a very exciting house, but they have reduced their price by almost $150,000, they at least are trying! 5 acres in a nice area of Verdi, CA. backing to National Forest land. The house has 2,500 sf with 3 bedrooms, 2 bathrooms, 2 car garage, corral and shed which makes 970 Sunrise Creek Rd. a great horse property for just $465,000 3) This condo at 11555 Snowpeak Way is priced to sell at $199,000. It is well maintained with 2 bedrooms + loft, 2 bathrooms and a 1 car detached garage. Nice location within the Ski Bowl complex offer ski in/ski out at the Tahoe Donner Ski Hill, pool & hot tub, not to mention the awesome Tahoe Donner amenities. We like it!
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) Looking at the price of $219,000 one might think that this would be a great value for a house of 1500 sf. with 4 bedrroms. But this one at 10144 Wiltshire Ln. in Glenshire is a wreck and requires too much work to be considered "potential" at this price, and the seller won't budge on price. Sorry, we're going to move on to another realistic "house with potential" 2) I just don't get it, so many homes/condos in Northstar are way overpriced. This home at 342 Skidder Trail is one of them. 4 bed, 3 bath, 1992 built, $414 per sf. 808 days on the market and they haven't budged on their price. It seems they are just going to wait right there for the market to return. Good luck! 3) Here is another one waiting for the market to turn, 600+ days on the market at the original asking price. This little cabin at 8715 King George Dr. is too old and small for half a million bucks. 2 bedrooms and 1/5 bathrooms, no garage and 1962 built for $555,000? I don't think so! 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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| Lucky Winners of a Mendocino Coast Getaway! | |
The Gavardoni's attended our JK Real Estate Client Appreciation Party over the Holiday's and were the lucky winners of the Mendocino Coast Getaway. They will spend two nights in a 3 bedroom cottage enjoying spectacular whitewater ocean views to the Point Arena Lighthouse, long walks down the endless sandy beach or combing the rocks in search of nature's tidal treasures. Perhaps they will spot some whales as the magnificent creatures migrate along the coast. Surely they will have tales to tell and we look forward to hearing them. Congratulations Maurizio, Livia, Ricardo and Arabela! |
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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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**INCENTIVE**
Hurry - Time is running short! |  | |
Because we believe this is such a great time for our buyers to make a purchase, we would like to offer an incentive if you enter into and close escrow between now and March 31st,
JK Real Estate will credit $1,000 towards your closing cost for any sale of $100,000 and over.
It is just one more way for us to say
Thank You, we appreciate your business!
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Transportation update:
Park, Ride & Ski |  | |
Those who have experienced peak-season traffic jams while trying to navigate certain stretches of Truckee and North Tahoe roadways en route to or from a day on the slopes have a new transportation option to consider. Shuttle which will provide free shuttle service on President's Day weekend, February 18-20 The Truckee-Tahoe Free Ski
The shuttle will take skiers from Truckee to Northstar or Squaw Valley and back again at the end of the day. Two park 'n ride lots will be offered - one at Truckee High School & one at the Truckee Tahoe Airport.
The Shuttle runs from 7:00 am - 7:00 pm pick up every 30 minutes.
Save on gas, relax and meet other skiers/riders and be delivered right up front
Information on Snowplow scheduling:
This could be handy info if we ever see the snow again...
Want up-to-date information about where Town snow plows are running? The Town of Truckee Public Works Department now has GPS mapping for snow removal. Please click on the link below to find the location of Town plows:
- Where is my snowplow?
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| Renewable Energy Products |  |
I was recently introduced to this great product and thought I would share it with all of you. If you are buying wood for your woodburning or pellet stove, this is definitely something to consider:
North Idaho Energy Logs are produced by machines that have been recycling wood waste since the 1930's. Our Energy logs and pellets are made from 100% wood waste material from lumber mills.Wood is a renewable resource, by recycling this wood waste into a clean burning and high heat value fuel we are helping to reduce our overdependence on fossil fuels.
No Chemicals or Binders, Cleaner Air, No Bugs or Dirt, Hotter & Longer Burn = Less Storage area used.
Each log weighs 8 pounds so you can work those biceps while caring for the environment, what a deal!
For more information & delivery details contact Dee Dee Vierra at: (530) 887-8170
or Email Dvierra8@sbcglobal.net
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A Valentine Poem... | 
| If you would be my valentine
My heart would surely glow
And if you'd be my valentine
I'd want the world to know
If you would be my valentine
My eyes could finally rest
For my heart already knows
That you would be the best
If you would be my valentine
I would want the world to see
That I have found the perfect valentine
The one just for me
If you would be my valentine
My world would be much brighter
So put those precious arms around me
And hold me that much tighter
If you would be my valentine
My heart might do flips
For when I think of you
It already begins its skips
If you would be my valentine
My eyes would surely shine
So won't you please tell me YES
THAT YOU WILL ALWAYS BE MINE
wrote 2/3/2008 by Norman Hale Jr. |
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