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Truckee Update
From The Nicholls Real Estate Group
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| A Great Time to Buy! |
Following is an excerpt from a recent article in The Wall Street Journal and SmartMoney Magazine, written by James B. Stewart.
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Last week, Standard & Poor's reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.
In short, the data suggest that real-estate prices hit a bottom some time during the second quarter, and have now begun to rise. There's no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free-fall. That means if you've been sitting on the fence, it's time to act.
Ordinarily I'd never try to time the real-estate market, but I can understand why buyers have been cautious. Few want to buy in down markets, just as stock buyers avoid bear markets. And for most people, of course, buying a house is a much bigger decision than buying a stock. But with real-estate prices nationally now down about 30% from their 2006 peak and showing signs of turning up, the prices aren't likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can't imagine a better time to buy than now.
To read the rest of the article, Click HereFor more data from the S&P/Case-Schiller Home Price Indices, Click Here
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Local Market Update |
Summer sales activity has been very encouraging with most areas posting a substantially larger number of sales than the summer periods of 2006, 2007, and 2008. Will the activity carry into the fall?
Following are the neighborhood by neighborhood details:
Summer definitely finished off with a flurry as 25 Tahoe Donner homes went into escrow for the month. This is the largest number of transactions we have seen in the month of August since 2005. Acitivity continued to strongly favor the lower end of the market with 24 of the 25 homes have asking prices under $900,000. The only home over $1 million which went into escrow had an asking price of $1.595 million. Here are pictures and descriptions of the homes which went into escrow: Tahoe Donner August Real Estate Activity
Martis Camp: 22 lots have sold so far this year and another 4 are in escrow. The average sales price is about $750,000. This is in stark contrast to the rest of Truckee where there has been just 19 residential lot sales year to date, with an average sales price of $225,000. Also, the first completed single family home sale closed for $3.6 million. Click Here to View Pictures of the Home
Old Greenwood/Gray's Crossing: There were no new escrow in either of these subdivisions during the month of August.
Northstar: August activity was nothing short of spectacular. 17 condos and 4 homes went into escrow for the month. This is literally triple the activity compared to any other month in the last 2 years. 6 of the properties had asking prices over $990,000. Here are pictures and descriptions of all 21 properties: Northstar August Real Estate Activity
Lahontan: No homes went into escrow for the month.
Glenshire/Sierra Meadows/Prosser/Donner Lake: For the fifth month in a row, more than 20 homes went into escrow with a total of 34 new escrows. Unlike recent months, activity spread somewhat into the higher price ranges of these area with solid activity all the way up to the $800k price range. Here are pictures of the homes which went into escrow: Truckee Real Estate Activity
Squaw Valley/Alpine Meadows: Solid activity for the second straight month resulted in 4 condos and 4 homes going into escrow for the month. Here are the pictures: Squaw Valley and Alpine Meadows Real Estate Activity
North Lake Tahoe: After going over a year without more than 20 new escrows in any one month, the North and West shores are suddenly very busy. We have now seen 3 straight months of activity eclipsing the 20 mark, and just for fun we decided to double it in August with 42 single family homes going into escrow! The activity was reasonably well spread across the price ranges with 9 homes having asking prices of $995,000 or more. Here are the pictures: North Lake Tahoe Real Estate Activity |
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Contact us |
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Alan Nicholls
530-550-5005
Norm Nicholls
530-550-5035 | |
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