Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region

 

Week of: January 25^th to January 31^st

 

Active Inventory Summary:

 

Active Listings: The active listing inventory for the Tahoe-Truckee market stayed relatively flat from the previous week.  Currently there are 1,543 active listings - 1,040 residential properties and 503 lots and land listed for sale. 

 

Active Listings - REO's and Short Sales:  Of the active listings, there are 157 properties listed as short sales, (10%) and 57 properties listed as REO sales, (4%).

 

Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has a little over 16-months of inventory available.  The inventory of homes and land at today's prices continues to favor the buyer interested in an investment property, vacation home or moving up to a bigger home or better location in the Tahoe-Truckee market.

 

Sales Summary: 

 

Total Sales Year-to-Date 2010 Vs 2009: 

January sales off to a fast start!  On a year to date (YTD) basis there have been 71 properties sold in the market as compared to 36 for the same period in 2009 which is a 97% increase.

 

For properties sold YTD 2010, 25 were REO's, (35%), and 7 were Short Sales, (10%) which results in 45% of the properties sold being a short sales or REO.  In 2009 for the same period, there were no 2 REO sales and only 4 short sales. 

 

For 2010, there have been 50 properties sold priced below $500,000, 16 properties sold between $500,000 and $1,000,000 and 5 properties sold over $1,000,000. 

 

Median and Average Sales Prices 2010 Vs 2009:  The median sales price for properties sold YTD in 2010 is $388,000 while the average sale price is $510,732.  For the same period in 2009, the median sales price was $377,450 and the average sales price was $506,080 which is a 3% and 1% improvement in price respectively for one year. 

                                                                                                                                

Last Week's Sales:  For the week of January 25-31, sales went up from the previous week with 21 properties sold.  Of the properties sold last week, two (2) of those sold at a price above $750,000.  Coldwell Banker was involved in 7 of the 16 properties sold or 33%.

 

Pending Sales:  Pending sales are at 148 properties which is a slight increase from the previous week.

 

Market Activity Summary: 

 

In the early going of 2010 sales are up 97% from the same time last year which is a positive indication that 2010 is going to see more inventory movement that in 2009.  The median and average prices for properties have increased slightly for the year thus far but we anticipate median sales prices year over year will ultimately be lower as the year progresses.  We are continuing to see the trend for sales towards homes priced under $500,000 with 70% of the sales this year being in this price range.  Homes sold as REO's are 35% of the sales which is a higher amount than our averages for 2009. 

 

We continue to see solid activity in the market as buyers are very interested in taking advantage of our large inventory of properties that are priced at 2003 levels.

 

Coldwell Banker currently has over 41 homes in escrow scheduled to close in the next 30-60 days.

 

Tahoe-Truckee Homes Prices are at 2003 Levels...

  

Now is a Great Time to Buy or Move-Up in this Market!

Today its sunny and seventy. You can feel it in the air but I'm scared to say the "s" word out loud. Last night we slept with the windows open and this morning the air was sweet with the scents of....but I'm too guarded to let myself relax. I was ready to do some staining today and the guy in the paint dept. said, "oh, no-not yet, remember last year?" Memorial day weekend its snowed 4" inches....ahhh, living in the mtns. What do I do? Can't plant flowers, can't paint, but I'm puttin' the snowblower away, I've got the snow tires off and the suspension on low. I've pulled the plug on the heater and turned off the gas-if it gets cold-we're makin' a fire. All the snow is melted around the house so I've got the wheel barrel out and the shovel, I put my back into it yesterday and I woke up sore but somehow refreshed, the warm weather just does that.

Today is May 1 OR the begining of...GRADING SEASON. That means now you can move earth around the basin and you have til Oct. 15 to get it done.  Have you lined up an excavator? If not you will most likely will be put off into to June or July. In North Lake alone there will be 47 new homes built but anybody putting in a new garage or addition will most likely have to move dirt to do it. And how many excavating contractors are there? I'm not sure, I have a list of about 40 but they include some Truckee contractors too. The issue at stake here is that we have a tight season, not only limited by the TRPA but also by the weather. Getting caught without your roof up by late October may mean shoveling snow if we get an early storm and nobody wants to pay carpenters to shovel! So if you're thinking of doing a project next year its time to plan now, get your survey and topo done, work out your plan, line up a builder and get into TRPA and the county by the end of the summer. Hopefully you can get a coveted permit in January and line up your excavator for May 15, 2008.

One of the less pleasant things about spring in Tahoe is that when the snow melts all of the trash, brush, pine needles and other debris is now revealed. I doubt there are few people who like yardwork less then me but I know that if you crank it out now you can have more fun this summer. I don't always get it done the way my wife would like but there are some advantages to not procrastinate.

First-you can burn brush in Tahoe. You need to get a permit at the fire station but they're good for three years. Then all you have to do is call in to the number provided and they tell you if you can burn on that day or not. "Today is not a burn day."  The burn days however pretty much stop once it gets good and dry in the underbrush and the fire hazard goes up. I'd say about June 1st. The motivation here is that if you don't burn you'll need to carry it off to the dump. Our regional waste site is on Cabin Creek Road off of highway 89. A nice thing they provide for spring clean up is a free drop-off, good for about a small pick-up bed full of material, free for homeowners, good in the month of May. 

If you're thinking of selling cleaning up around the yard, throwing things away, painting, planting flowers go a long way to help with a prospective buyers overall impression of the property. Its also a good time of year to seal the driveway, clean out gutters, tune up the roof and decks AND clean the windows-even if you're not selling.

 

 

Neil Morse

Tahoe City, CA Realtor

www.northtahoeproperty.com 

 

Drive through Tahoe City at 7Pm any night of the week this month and you may not see a sole on the street. That may be refreshing after a busy winter or the calm before the storm of the summer but its a little frustrating when you see all the great properties out there ripe for some negotiating but no one to take a run at them. Right now, there are about 200 single family homes on the market from $300k to $32m-a wide range of prices and a wide range of choices. Timing is everything, and for sellers that missed the magic window last summer and decided to keep their properties on the market-have now had them sit there for 8 months and have probably gone through several price reductions. So at this point the property is probably priced about where it will sell, is possibly spruced up some and looking good and hey, maybe even the seller is motivated to make a deal. BUT where are the buyer's?  Well, this time of year they are enjoying the weather down below, and will seem to do so until the 4th of July and with exception of a handful of people Tahoe is OFF the radar. The summer buying season doesn't start until people come up for their vacation. I can understand as there's more to life then Tahoe real estate but I'm trying to give you a tip here-beat the crowd. Or else fight the other buyers for the deals that are waiting for you-if there still there come summer.

With the change of season, end of the school year, the end of a long cold winter and the seller says "no more snow," and ski leases that end come the reasons to sell and the inventory builds daily, new listings, properties that were on before winter and came off and are back on now in addition to those that have been sitting. The peak of inventory will be hitting sometime in June as come July it will start selling off. In that time April-June there is a nice window where there is a nice selection to choose from and not too much competition coming from other buyers. Now is the time to float offers and see what works. You may hit it right, find that deal waiting to happen-be it the seller who has been waiting 8 months or the one who just wants to sell and jumps at the first offer. You never know.

I think I've been an Activer Rainer for about three weeks now and one of my favorite aspects of the site is the Q&A.

Q&A is what the web is all about-active, dissemination of information. It is a place to learn, teach and share with the public (and ourselves)our expertise in the field of real estate. Where else right now does anybody have access to this wealth of knowledge? A person in need of a question answered-and there are doozies, could get untold responses from Realtors in all parts of the country. I enjoy reading the answers from other Realtors as much as answering questions myself. Now, the answers are not always correct, but there too Active Rain has allowed us the abillity to comment on the comment. Those guys are always thinking....

When looking for a question to answer I usually stick to California but sometimes if I see a zero response I may stray into an area that is alien to me-like Texas. There if I see somebody with a question such as tax, legal, divorce, easements, etc I try to at least steer them to the proper specialist. Recently, someone out of California had a question about a relative dying intestate (can you believe this still happens?) and I advised the person  that the property in question would go into probate (I'm pretty sure) but what I was sure about was the need for them to contact an attorney right away. I don't know how helpful I was but at least I'm steering them towards someone who could be. Now that may sound mundane but what if you where in those shoes? 

I think Q&A has a downside if people are given the wrong explanation of something and act upon it-we have disclaimer at the bottom but thats not the point. Time and time again lawyers find loopholes in disclaimers? Thats not the point either. We have a responsibility to seek the truth. I think its a place for  Realtors to shine-seperate ourselves  from other industries where knowledge is kept proprietary. Realtors who are involved will grow themselves by taking part in helping the public and also policing eachother. Knowledge is power.  What if in the years to come it will become common for people in a casual conversation about real estate say, "I don't know, you can ask that in Active Rain Q&A" 

Check out Q&A, it needs more participation from the veterans and um,.... you get points.

Neil Morse

Tahoe City, CA Realtor

WWW.northtahoeproperty.com 

After easter Tahoe gets pretty quiet until mid June or the heat gets too oppressive in the valley. But its a great time to come up here during the lull when the weather is nice and you can ski/bike/golf/waterski all in the same day.  Many resorts offer deals to entice customers off during the shoulder season.

Here's some ideas:

1. Check out http://www.snowbomb.com for the summer card which is half off until May 1. Good for a free round of golf and other freebies, there's coupons there too, good for all kinds of things.

2. Lodging and ticket deals at Squaw: http://www.squawvacations.com/discount-packages.html

3. Both Squaw and Alpine are offering Spring passes which pay for themselves in days and are good towards next years pass. www.skialpine.com. www.squaw.com

4. watch the free weekly Tahoe-Truckee weekly for the spring 2 for 1 coupons: http://www.theweeklymagazineonline.com/coupons.html#top

5. many restaurants will start offering their happy hours now and 2 for 1's, howeveer 2 for 1s will usually be sunday-thursday.

6. Sunnyside has an ongoing package that starts april 1:

Spring Holiday
April 1 to May 24, 2007 (Subject to availability)
Warm days and cool nights with the smell of pine trees in the air. Lush green forests with deep blue mountain lakes paint the picture of Lake Tahoe in the spring.

Includes:
Two Nights Lodging with Continental Breakfast and Afternoon Tea
Dinner at Sunnyside with VIP service
Split of champagne on a arrival

Double Occupancy $250.00 per room

Lakefront rooms reserved upon request and availability. All packages are double occupancy & subject to state and local taxes. Packages do not apply to lakefront suites and exclude weekends, holidays and high season. Rates are subject to changes and based on availability.

Make your reservations!
Online Reservations & Availability
530/583-7200 ~ 800/822-2-SKI
1850 West Lake Blvd.
P.O. Box 5969
Tahoe City, CA 96145
Sunnyside Lodge Inquiries

 


Restaurant Directory (provided by Truckee Tahoe weekly)

Alpine Meadows to Olympic Valley

BALBOA CAFE Near the Cable Car, Olympic Valley. 583-5850. American bistro. L D daily, full bar. $7-32.

HIGH CAMP Top of the Cable Car, Olympic Valley. 583-1742. California cuisine. L D daily weather permitting. $8–25. RR

PLUMPJACK CAFE Near the Cable Car, Olympic Valley. 583-1576. Mediterranean, B L D. $9-32. RA

RIVER RANCH Hwy 89 at Alpine Meadows Rd., Alpine Meadows. 583-4264. Variety, steaks, fresh fi sh. L D daily. Full bar $7–26. RA

Truckee to Donner Summit

COTTONWOOD on Hwy. 267 at Hilltop overlooking Commercial Row. 587-5711. Seafood, poultry, beef. D. $12.95-19.95. RA

EL TORO BRAVO 10186 Donner Pass Rd., Commercial Row, Downtown Truckee. 587-3557. Mexican and seafood. L D. $7.20–13.95.

OB’S PUB & RESTAURANT 10046 Donner Pass Rd., Downtown Truckee. 587-4164. American. L D .

PACIFIC CREST 10042 Donner Pass Rd., Commercial Row, Downtown Truckee. 587-2626. Mediterranean. L D $4–18.50. RA

PIANETA 10096 Donner Pass Rd., Commercial Row, Downtown Truckee. 587-4694. Italian. D, daily, full bar. RA

TIMBERCREEK Northstar Drive off Hwy. 267. 562-2250. California American Cuisine. D daily. $14-25. RA

Incline to Crystal Bay

AUSTIN’S 120 Country Club Drive, Incline Village. 832-7778. Steaks, burgers, salads. L daily 11 a.m.-2 p.m., D daily 5 p.m. to close, full bar.

BIG WATER GRILLE 341 Ski Way, Incline Village. 833-0606. American Contemporary, Mediterranean, Pacifi c Rim. D $6–21. RA

CAFE BILTMORE 24-Hour Coffee Shop inside the Tahoe Biltmore, Stateline, Crystal Bay. 831-0660. Variety. B L D. $4.95–16.95

CONRAD’S Inside The Tahoe Biltmore, Stateline, Crystal Bay. 831-0660 Grill & BBQ. D open Daily. RA

CRYSTAL BAY CAFE Inside the Crystal Bay Casino, Stateline, Crystal Bay. 833-6333. Casual family fare. B L D daily. $4-12.

CRYSTAL BAY STEAK & LOBSTER HOUSE Crystal Bay. 833-6333. Prime-Cut Beef. D $9-34. RA

FREDRICK’S BISTRO & BAR 907 Tahoe Blvd, Incline Village. 832-3007. California/French-Asian Fusion. Full Bar. D Wed-Sun. $7-25. RA

LA FONDUE 120 Country Club Dr., Country Club Mall, Incline Village. 831-6104. French. D from $10.50. RA

LE BISTRO 120 Country Club Dr., Country Club Mall, Incline Village. 831-0800. French. From $18.50. Tuesday–Saturday. D. RA

SOULE DOMAIN 9983 Cove St. (adjacent to Tahoe Biltmore), Crystal Bay. 546-7529. Variety. D, $8–23. RA

WILD ALASKAN FISH CO. 930 Tahoe Blvd. 832-6777. Wild & Organic fi sh, salads, sandwiches, espresso bar, beer, wine. L, D daily 11am $3-14

Kings Beach to Carnelian Bay

BLUE ONION 400 Brassie Ave., Kings Beach. 546-3915. Crepes, paninis, waffl es, sandwiches, espresso bar. B L D daily.

C.B.’S PIZZA & GRILL 5075 North Lake Blvd., Carnelian Bay. 546-4738. Pizza, sandwiches, soups, salads. L D.$4–16.

GAR WOODS 5000 North Lake Blvd., Carnelian Bay. 546-3366. California grill, home of the Wet Woody. L D Daily. $8-20. RA

JASON’S 8338 North Lake Blvd., Kings Beach. 546-3315. Steaks, seafood, gourmet burgers, salad bar. Full bar. L D. $4.95–15.95.

LA MEXICANA 8515 Brook Ave., Kings Beach. 546-0310. Mexican style taqueria & market. Beer. B L D. $4-9.

LANZA’S 7739 North Lake Blvd., Kings Beach (next to Safeway). 546-2434. Italian. Full bar. D $5-17.

LAS PANCHITAS 8345 North Lake Blvd., Kings Beach. 546-4539. Mexican. L D Daily. $6.95–8.95.

OLD POST OFFICE 5245 North Lake Blvd., Carnelian Bay. 546-3205. American homestyle. B L daily. $3.75-9.95. Beer & Wine.

OLD RANGE STEAKHOUSE 7081 North Lake Blvd., Tahoe Vista. 546-4800. Heavy aged Midwestern corn-fed beef, ribs. D. RA

SPINDLESHANKS 6873 North Lake Blvd., Tahoe Vista. 546-2191. D daily, full bar, $4–16

Tahoe City to West Shore

BACCHI’S INN 2905 Lake Forest Rd. (2 miles NE of Tahoe City in Lake Forest). 583-3324. Family-style Italian. $10-$36.50. RA

CHRISTY HILL 115 Grove St. (Lakehouse Mall), Tahoe City. 583-8551. California cuisine. Closed Mondays. $6–24. RA

NORTH TAHOE CRUISES Tahoe Gal departs from Pierce Street Annex Pier. 583-0141. Dinner cruise nightly Mon.-Sun. RA

ROSIE’S CAFE 571 North Lake Blvd., Tahoe City. 583-8504. Variety. Children’s menu. B L D $6.95–16.95.

neil morse

tahoe city Realtor

http://www.northtahoeproperty.com

I am blown away by real estate acumen demonstrated by ARer's and am consistently seeing those who post with power have initials after their names. I've been a Realtor associate for seven years and have yet to work on any designations myself. This is a year of self-improvement for me so I am going to earn some designations but I am overwhelmed by the choices and have a feeling there is a progression I should follow. I did the five year college plan and don't want to repeat that mistake.....

Is there anyone who can shed some light on my next steps?  To help clarify I work in a primarily secondary home market with buyers and sellers who are US citizens doing business with their 2nd or third home that is either a vacation property or an investment.

Thank you,

Neil Morse

Tahoe City, CA Realtor 

 

 Neil Morse

Tahoe City, CA Realtor

www.northtahoeproperty.com 

Today the Sierra Sun (our daily paper), yes we have a daily now, reported the Tahoe City average price to be $1.4 million! Holy smokes, don't let that scare you. The truth in numbers is in the median which I calculated to be more like $775,000. This is looking at single family solds reported from Jan 1. to now. I think that number will come down soon though, as mentioned in the Sierra Sun piece, the low end is moving while the high end is a bit stagnant. Looking at the pending properties-there are 26, the median is $639,000. Thats good news I think, we need prices to come down some to stimulate the buyers. I'm starting to see some good listings out there at the $600k mark.

Last night we had a quick snow storm that dropped a couple of inches on us. Today is sunny but crisp. We're looking at intermittant weather through Tuesday. 

 

 

Commons beach in Tahoe City this morning two weeks ago it was 60 degrees and sunny. I saw kids in the water....

Neil Morse

Tahoe City, Realtor

  www.northtahoeproperty.com

 

3 beds 2 bath 1 car garage large basement for a game room or expansion plumbed for another bath. Peak of lake. Close to Tahoe City and National Forest is yards away. 1300 sq. ft living, nice lot, metal roof, updated head to toe, floors, trim, beds, baths etc. Realtor direct price $699k

neil morse

www.northtahoeproperty.com

530-581-8875