Alan and Norm's Truckee Update

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We've mentioned in this space, the last couple months, that the fall sales season plays a huge role in determining whether we have a "good" or "bad" year for real estate. In the bad years, the number of transactions from Labor Day through Thanksgiving is substantially lower than the months of the summer season. In the good years, activity stays strong through November. This year fall activity was fantastic.

Following are the neighborhood by neighborhood details:

Tahoe Donner:

30 homes went into escrow in November, not even in the height of the real estate boom did we see this many transactions in the month of November in Tahoe Donner. In 2004, there were just 22 sales in the month of November and in 2003 there were 29. It also represents the 8th month in a row that more than 20 homes have gone into escrow. There were only 6 months total in '06 through '08 where 20 homes went into escrow. The strongest activity was focused in the "middle" part of the market, with 21 of the 30 homes having asking prices between $500k and $900k. There were also 3 homes with asking prices over $1.25 million. The average asking price of the 30 homes was $695,000. Here are pictures and descriptions of the homes:

Tahoe Donner November Real Estate Activity

Martis Camp:

The developers goal, at the beginning of the year, was to sell 25 lots in 2009. Year to date, Martis Camp has seen 53 lot sales with an average sales price of $750k!! Needless to say, the developer is pretty happy with results.

Old Greenwood/Gray's Crossing: One Gray's Crossing home went into escrow. Here are the details:

Old Greenwood/Gray's Crossing Real Estate Activity

Northstar: Activity slowed after a busy summer. Just 2 lower end homes went into escrow and no condos. The community is very excited about the fast approaching opening of the Ritz-Carlton Hotel which is located at mid mountain of the ski area. The Grand Opening is scheduled for December 9, 2009. Here are pictures and descriptions of the homes which went into escrow:

Northstar Real Estate Activity

Donner Summit:

Activity was solid with 4 homes going into escrow:

Serene Lakes/Donner Summit Real Estate Activity

Lahontan:

2 more homes went into escrow for the month, continuing a solid trend of activity:

Lahontan November Real Estate Activity

Glenshire/Sierra Meadows/Prosser/Donner Lake:

During the three years from '05 through '08 it was uncommon to see a total of 20 transactions in these areas for any given month. Now the train is gaining momentum and it is becoming normal. For the eighth month in a row there were 20+ transactions in these Truckee neighborhoods. In November the activity was focused on the lower end of the market with 27 of the 30 homes having asking prices under $600k. Here are the pictures and details:

Truckee Real Estate Activity

Squaw Valley/Alpine Meadows:

Activity was strong with 9 new escrows. Of particular note is that 5 of the new escrows were on condos in the Resort at Squaw Creek, which has not seen much recent activity otherwise. Here are the details:

Squaw Valley/Alpine Meadows Real Estate Activity

North Lake Tahoe: After 3 straight months of 30 or more homes going into escrow and 5 straight months of 20 or more, real estate activity dipped on the North and West Shores of Lake Tahoe. However it was still a solid month with 17 homes going into escrow. The most intriguing of these properties was a bank owned lake front which was listed for $2.277 million. This was a quite a deal for a lake front, and it didn't go unnoticed. Twenty five different buyers made offers on the home and it ended up selling for $3.15 million! Here are the details of all the homes: North Lake Tahoe Real Estate Activity