California is working on a new program to help "underwater" borrowers. Using federal funds, CalHFA is looking to spend $420M to help trim mortgages by up to $50,000. The program is scheduled to start November 1. This will be help for purchase loans, so those who did cash-out re-fi's won't qualify. This plan has a number of other benefits, for more details CalHFA program.
For more information on real estate in the Lake Tahoe/Truckee markets, please contact me: Tamara Perlman, Coldwell Banker Donner Pass, 12068 Donner Pass Road, Truckee, CA 96161. 530-550-1299 or tperlman@coldwellbanker.comwww.TamaraPerlman.com I look forward to discussing your real estate needs.
We're still seeing strong market activity in Truckee Tahoe. Listings are increasing as we head to the July 4th weekend. We now have over 2000 active properties. Coldwell Banker has approximately 15% of the listings. 11% of the listings are "distressed" (short sale or bank owned).
There has been a 70% increase in units sold. 36% of sold properties were distressed sales. For the year, there have been 393 properties sold priced below $500,000, 157 properties sold between $500,000 and $1,000,000 and 56 properties sold over $1,000,000.
If you have any other questions regarding the Truckee/Tahoe market, don't hesistate to contact me. I'm always happy to help! Tamara Perlman Coldwell Banker Donner Pass 12068 Donner Pass Road, Truckee, CA 96161 530-550-1299 or tperlman@coldwellbanker.com
and for listing notifications www.TamaraPerlman.com click on myrealert to set the parameters for your searches.
While our Government is refusing to take over the clean-up in the Gulf of Mexico Oil Spill, leaving the Criminal in charge of the crime scene, countless Lives are lost and indeed our very survival is at stake.
For now, these few images of victims are all we have. As touching as they are, keep in mind they only represent the tip of the iceberg.Since the Press is barred from entering the areas of devastation, or even flying above it, we can only imagine the gruesome images of floating bodies in the “protected” areas…
The World is not flat.Even a third grader knows that all Oceans form one body of water, sustaining Life on this Planet.They are but parts of the same body.You can’t kill one and keep the others alive.If the Volcano of Oil in the Gulf of Mexico continues to erupt, Life on Earth is indeed threatened.
This is not a localized problem; this is a World Problem.I urge you to take action before it’s too late!
This year marks the 40th anniversary of Earth Day. Time to celebrate our favorite planet!
In Tahoe, we have the Eco Symposium at the Resort at Squaw Creek hosted by the Sierra Green Building Association Eco Symposium
SiGBA has been such an informational resource for the Truckee/Tahoe region for a number of years now. They are a group of passionate individuals working together to green the Sierra. Check out SiGBA for more info.
My friend and chemical free guru, Susi, has just sent me more links to resources to help with reducing the toxic levels our bodies are exposed to everyday. Even simple things like our laundry detergents and cosmetics can have serious impact on the environment and our health. Check some of these websites:
If you have real estate questions for the Truckee/Tahoe or Napa markets, don't hesitate to contact me or visit www.TamaraPerlman.com for more info. You can also find me on Facebook
I look forward to hearing from you soon! Happy, happy earth day! Tamara
Tamara Perlman Coldwell Banker Donner Pass, 12068 Donner Pass Rd., Truckee, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and NapaCA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com
As usual, Broker Bryant brings us news we can use. Yes, distressed properties are a large part of the real estate transactions that are happening right now, but the majority of homeowners are "doing just fine". Thanks for the encouraging reminder!
That's right. By far, the overwhelming majority of Homeowners in this country are NOT losing their homes. They either own their properties free and clear or are making their payments on time.
It's hard for us to see this because we are in the business. If you are like me you live and breathe Real Estate. We talk to people all day long who are struggling and it's very easy for us to forget that most Homeowners are living in and enjoying their homes.
I've mentioned many times over the last couple of years how more than 85% of the real estate closings in Poinciana Florida are distressed sales. But what I don't mention is that there were only 1,654 sales for 2009 out of 20,700 properties. About 8%. So 92% of the folks in Poinciana stayed put. That's right in line with the National average.
From what I could find online there are approximately ****129,400,000 homes in the US. Depending on where you look only 7-10 mil of these are in some stage of default. That's roughly 7%.
Approximately 93% of the Homeowners in this country are doing OK. That makes me feel good. How about you?
****I spent about an hour this morning pulling stats and data and there really are no numbers that agree. So for the purpose of this post I just used averages. If you want more precise figures then feel free to do your own research.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Latest Tahoe/Truckee market summary: A few more listings this week. Approximately 13% are "distressed" sales (short sales and REO/bank foreclosures). Certainly less than other areas of California! We have almost 1100 active homes and just over 500 active lots on the market. Had a spike in closed sales last week, bringing the months of inventory down to 14.
Total Sales 2010 Vs 2009: For 2010, year to date (YTD), there have been 288 properties sold in the market as compared to 163 for the same period in 2009 which is a 77% increase in sales. Distressed sales were 39% of the sold properties.
For 2010, there have been 181 properties sold priced below $500,000, 81 properties sold between $500,000 and $1,000,000 and 26 properties sold over $1,000,000. Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date in 2010 is $405,000 while the average sale price is $511,103. For the same period in 2009, the median sales price was $465,000 and the average sales price was $584,437 which is a (13%) and (12%) decline in price respectively year over year for the same period of time. Last Week's Sales: For the week of March 29th to April 4th, a total of 41 properties sold which is the single highest week of sales in five months. Of the properties sold last week eight (8) were sold with a price over $750,000. Coldwell Banker was involved in 20 of the 82 sales sides closed or 25% of the sales.
Within the under $500,000 price segment of the market we are often seeing multiple offers. 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. Contact me for more area specific info.
Tamara Perlman Coldwell Banker Donner Pass, 12068 Donner Pass Rd., Truckee, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and NapaCA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com
They just had to do it! Conditions at the ski hill are some of the best we've seen in years! The website shows over 5' of base. We've had seasons where dirt was showing through by this time of the year. It's official, the hill will be open Friday April 16-Sunday, April 18 instead of closing this weekend. Yeah!
They will be offering free tubing with a downhill lift ticket purchase. You can visit www.SkiTahoeDonner.com for more details.
And don't miss the Downhill Dummy and Boxing Match on Sunday, April 11. There will be a DJ, food, tubing, bounce house, rail jam and more. Start time 10am and the Rail Jam starts at 1pm. Don't miss out on the fun. Again, check www.SkiTahoeDonner.com for more info. Enjoy!
Tamara Perlman Coldwell Banker Donner Pass, 12068 Donner Pass Rd., Truckee, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and NapaCA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com
This is a great checklist. Any condo buyers should make sure these are answered even before making an offer. Lenders are requiring answers to these and more before approving a loan, so best to know upfront. Thanks Richard!
Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.
10 Questions You Must Ask Before Purchasing A Condominium Unit
To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.
Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:
What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.
What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.
How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.
Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.
Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.
Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.
How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links)
What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.
Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.
What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws. Sometimes, there's language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.
Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn't required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.
Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!
This week, the CA legislature passed a bill (AB 183) allowing for $200 million in home buyer tax credits. The Governor's signature is anticipated soon. It allows for $100M to qualified 1st Time Buyers and $100M for those who buy new homes. The credit is the smaller of 5% of sales price or $10K and needs to be taken in equal installments over 3 years (consecutive). It must be a principal residence for minimum of two years or repay the credit to the state.
Time frames: Must close escrow between May 1, 2010 and December 31, 2010 (with a stipulation for contracts written before 12/31/2010 and closing before 8/1/2011-I'm assuming for completion of new construction).
Tamara Perlman Coldwell Banker Donner Pass, 12068 Donner Pass Rd., Truckee, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and NapaCA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com
Bill Gates says only 0 is enough-by 2050! "Bill Gates announced that his top priority is getting the world to zero climate emissions." And he's ready to put the power of the Gates Foundation behind it. http://www.worldchanging.com/archives/010976.html
So interesting that just this morning I was reading that the climate change skeptics were gaining ground and may even be swaying public opinion... much of it based on the idea that the blizzards in the East were obviously contrary to the idea of global warming. No mention of the above post regarding Bill's speech on TED where he stood before a slide with the earth and a huge 0--simple, dramatic imagery.
While politicians and scientists from opposing camps are paralyzed by their partisan debates on whether there is even an issue or not, Gates intends to take action. And we all know Gates is a man of action! I'm guessing that skeptics will slam him from multiple directions, but the truth is, he is a man who has gotten more done in his lifetime than most, if any of the skeptics will ever hope to accomplish.
He's thought about it, he's come up with an equation to address it, now if he could only build it into the next operating system! I know, I know, there's the whole e-waste issue created in the name of profit and the transportation and manufacturing of products with built-in obsolescence, but it appears he's trying to undo some of the challenges his company has helped to create....
Personally, I hope his speech will take the message even deeper into the heart of America. Deeper into the minds of those who have the ability to help facilitate the changes needed. Grassroots efforts are great, they're necessary and we've got a lot of that going, but more influence is required. I think Bill opened that door. If it's OK for Bill, then it's going to be OK for a lot of other people.
I haven't been able to find the speech itself posted, but I can't wait to watch it.
For me, it's not even about the climate change debate. My goal is to leave a cleaner, healthier planet for the generations to come. I've seen beaches with so much debris that you wouldn't even consider going into the water and I've seen pictures of places that are even worse. When I'm in Sacramento and look toward Tahoe, I can see a dirty brown film in the air in the foothills. Our country and our planet is much too beautiful to not take special care in keeping it that way. Kudos Bill, may your position spark a revolution in nurturing the earth!
Tamara Perlman Coldwell Banker Northern Marin, CA. Tamara represents buyers and sellers in Lake Tahoe, Truckee, and NapaCA. Please call: 530-550-1299 or email Tamara at tperlman@coldwellbanker.com for more information on either market or general real estate inquiries. Search listings at www.TamaraPerlman.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
\
his is because you have to worry about both the unit itself and the condominium project as a whole.
;)
;)
