Truckee – Tahoe Homes, Community Generosity and Snow in May!

Yes, there is more snow! Here it is May and with Little League in full swing, it is still snowing. Mother Nature is doing her best and our much needed snow packs are 25% above normal. Runoff is slow but sure and this exceptional winter will make a big difference with our Lake levels, helping to ensure a wonderful summer season – when it arrives!

As you’ll see in this combined April/May issue of Spotlight, real estate has been “all over the board” with tight inventory, some “great deals,” traditional sellers just ready to move on and many buyers who don’t want to miss the moment!  We have prepared a comprehensive Real Estate Market Report explaining the key home sale trends in Truckee and at Lake Tahoe, highlighting some incredible properties for sale that are very well priced. (link to article) Read on and let me know if you are planning a trip to look at real estate – or thinking about selling your home and taking advantage of great prices to step up. It would be my pleasure to work with you!  (link) http://www.eldergrouptahoerealestate.com/contact/

There’s nothing like Tahoe in summertime. All we need now is warm weather and the calendar will be full. We’ve highlighted some great events slated for the Truckee-Tahoe area over the next few months like our Excellence in Education Home Tour, hosted by Martis Camp, Golfing for Schools discount cards featuring highlights of new Truckee-Tahoe golf courses like Coyote Moon in Gray’s Crossing, great music through our amazing Lake Tahoe Music Festival, the Lake Tahoe Shakespeare Festival Shakespeare, 4^th of July celebrations and so much more! (Link to that section please)

 What a wonderful community we have here in Truckee. It never ceases to amaze me how we unite when a program, family or non-profit requires support. On May 16, the much anticipated 11^th annual Best of Tahoe Chef’s event was held at the Ritz Carlton Highlands in Northstar.  Themed “Incognito,” more than 400 guests wore incredible Venetian masks, visited the martini bar, wine tasted and enjoyed the incredible weather while dancing the night away on behalf of Tahoe Forest Health System’s psycho-social programs benefiting our cancer patients.  Twenty five talented Chefs’ created an incredible meal for our guests and auctioned their talents for private dinners and at new and exciting venues around Lake Tahoe.  The generosity of our community was truly “over the top” made it a night to remember. It is truly my honor and pleasure to be a part of this incredible Best of Chef’s event and team of volunteers. 

When you were young, did you read “The Long Winter” by Laura Ingalls Wilder?  We all agree this past winter was incredible but our family was ready for our spring adventure at the beach. In April, we headed to Virgin Gorda, British Virgin Islands, and spent a couple of weeks at Bitter End Yacht Club.  Given it was 19 years since Desmond and I last honeymooned at Bitter End, we’ve never forgotten our wonderful memories and decided to make some more – this time with kids.  Our fearless foursome packed up the skis, helmets, jackets, gloves and hand warmers in exchange for bathing suits, shorts and flip flops. A mere 21 travel hours later we woke up overlooking “big blue” and enjoyed a great time catamaran racing, snorkeling, exploring and yes, more sailing.  The clear, blue Caribbean water is the antithesis of the snow packed Sierra’s winter white and a recharging change. We enjoyed a great trip and are back here in Truckee for the upcoming real estate season.

Cheers to summer – soon!

Truckee – Tahoe Home Sales Experience Big Increase During the First Quarter

There is no doubt people are buying their Truckee-Tahoe dream homes and values are solid. Yet, pricing is all over the board with inconsistent results by neighborhood. Our overall inventory of available homes for sale has been low. The banks reduced their REO property inventory and have focused on reducing short sales inventory. This is a trend we expect to continue.  Equity sellers and vacation home owners are awaiting signs that the market has stabilized while buyers are preparing for our summer inventory, which has traditionally increased. Buyers are responding to the market changes and purchasing available inventory. Take a look at our Truckee Real Estate recap below.

Prices:  Elder Group Tahoe Real Estate reported in March that we are “at the bottom” and prices have stabilized through Q1 2010 and we were right on target. Truckee prices declined 6% as compared to the 4^th quarter, 17% lower than one year ago and appear to be holding and in some areas, increasing in others.  Donner Lake and Glenshire are good examples with a 44% and 13% closed sale price increases, respectively. Donner Lake increased to $625,000 from $435,000, a significant 44% due to several luxury sales. 

Home Sales:  Overall, Truckee area home sales increased 34% from a year ago with Northstar and Glenshire (133%) providing large swings over historical results.  Northstar’s price points dropped 49% and moved to an incredible $800,000 versus its prior $1,565,000. Tahoe Donner remained stable with 38 homes sold – a 12% increase and a 10% price decline versus one year ago. Tahoe Donner’s single family homes closed at an average of $502,000 versus $557,500 and days on the market dropped 24% from 130 to 106 days. Throughout Truckee’s local neighborhoods, pricing dropped 24% from $586,500 to $447,250. 

Tahoe Real Estate:  The defined “Tahoe” market includes Alpine Meadows, North Shore, Squaw Valley, Tahoe City and the West Shore. Prices increased 9% in the fourth quarter to $550,797 from $503,379 yet are down 11% from a year ago.  The North Shore home sales increased 200% with 26 homes sold in Q1 versus one year ago with 12 and prices declined a modest 5%.  Prices were hit hard on the West Shore and declined 33% from $660,500 to $445,000. 

Bank Owned and Short Sale Property Inventories:  Varying slightly day-by-day, we continue to have approximately 150 properties listed as short sales or REO’s (bank owned) with 2/3 categorized as short sales and 1/3 categorized as REO’s.  Today, Truckee has 59 short sales or REO’s listed with 22% under contract.  In the North Shore, Tahoe City, Westshore areas, there are 16 active with 19% under contract.  We are trending back to conventional sales, which may well create price increases over the summer.

Truckee Luxury Market Returns with the West Shore and Northstar Posting Many Sales

High net worth individuals are buying luxury properties!  Since January 1, 2010 an amazing 46 homes have sold for more than $1 million. In Truckee, 26 homes closed over $1 million. Lahontan real estate’s luxury community posted six sales averaging $1,621,833, closing at 95% of list price.  With two pending sales now in the upper luxury price point of over $2 million, appraisal “comps” are established. Days on the market now indicate that the Lahontan lover is back – with 435 days on average to sell a home, these last tough two years appear to have passed.

Northstar leads the Truckee area luxury real estate market with a $3 million sale on Grouse Ridge. Four home sales averaging $1.9 million closed year to date and two in escrow stabilizes this market.  The average square foot prices are still incredible values at $423 per square foot based on year to date sales.

Tahoe Donner continues to support the million dollar market with four home sales this year averaging $1,292,500, or $324 square foot, with one currently in escrow.  Despite Chapter 11 reorganization, due to be resolved by the end of June, Tahoe Mountain Resort Communities Old Greenwood and Gray’s Crossing also posted three $1 million plus sales with two in Gray’s Crossing and one in Old Greenwood. 

In the North Shore, six sales averaging almost $1.9 million closed year to date with square footage pricing at a whooping $1,055 per square foot.  North Lake Boulevard continues to offer superb values with great Lake views and 50% of the year to date sales.  Tahoe City saw two luxury sales averaging over $1.5 million with one property in escrow on day day.

Not to be left behind, the West Shore is raging.  As of today, there are three properties in contingent status, with a $16 million listing in escrow.  Year to date the West Shore saw five sales averaging $2.2 million and $973 per square good.  Yes, the luxury market has returned!

Lake Tahoe Summer Events for the Entire Family

There’s no shortage of summer events here in Truckee-Tahoe.  Enjoy an action packed summer of hiking, biking, enjoying Lake Tahoe and more.  Here are some of Alison Elder’s and Elder Group Tahoe Real Estate’s favorites:

• Excellence in Education Golfing for Schools Cards are on sale NOW.  It’s the BEST deal in Truckee-Tahoe for golf. Enjoy substantial discounts at our areas finest high mountain courses including Gray’s Crossing (new this year thanks to Tahoe Mountain Club), Old Greenwood, Resort at Squaw Creek, Tahoe Donner and more. Your purchase goes directly to Excellence in Education and back to our schools and kids. It’s a win-win. 
• Excellence in Education Home Tour at Martis Camp.  As an Excellence in Education Board Member, this burgeoning, annual fundraiser benefits our TTUSD classrooms. Mark your calendar for Saturday, August 7. We’ll showcase new custom homes in DMB’s beautiful Martis Camp community nestled in Martis Valley, Truckee.  I’ll share more information in next month’s issue but this event is not to be missed and guaranteed to be over the top.
• Lake Tahoe Music Festival, July 22 – Aug. 7, hosts and incredible concert line up with Natalie Cole, Wynonna, Michael McDonald, Broadway’s Best and more. Tickets start at $25 however key events sell out quickly so don’t wait.  Its fabulous entertainment and evenings sure to please!
• 4^th of July Fireworks at Donner Lake is a fun evening for Truckee homeowners and residents only. Bring your friends, food and drink and plan on spending the entire day at West End Beach on Donner Lake.  There’s a lot happening all day long including music, fun for kids, Lake activities and, of course, an amazing fireworks display at 9 p.m.  Prepare for some traffic on the way home, but its well worth it. Tickets are very inexpensive and available at the Truckee Donner Park and Recreation Department for $5 or online.  Note: proof of residency is required.  If you are not a resident or homeowner, try heading to the top of Tahoe Donner and hiking above the fireworks on the trails for one incredible experience.
• 3^rd of July at Lake Tahoe – Tahoe City’s traditional fireworks display over Lake Tahoe is always amazing!  Get a great seat at Commons Beach for the 63^rd annual event beginning at 9:30 pm.
• Truckee Railroad Museum provides fun for kids of all ages. Mayor Carolyn Dee graciously opened our new railroad museum on May 8 and the Truckee Donner Railroad Society’s “caboose” was placed next to the Truckee Donner Chamber of Commerce in Old Town Truckee. Hosting a museum detailing Southern Pacific and Union Pacific railroads role in Truckee history, this exhibit includes the building of the transcontinental railroad, logging lines, the caboose area and a children’s play area.  Our local CATT (contractor’s association) and Truckee Tahoe Lumber played a big part in the refurbishment.
• Truckee Donner Land Trust summer hikes, trailbuilding and events. Known locally as the “Land Trust,” this incredibly vital organization is key to purchasing and maintaining open space here in the Tahoe basin.  Enjoy summer hikes through conservation victories such as Waddle Ranch in the heart of the Martis Valley (June 23), take the classic hike from Sugar Bowl to Squaw Valley (July 31), hike Mt. Lola, the highest peak in Nevada County (August 7) and enjoy views of the Sierra Crest and Buttes, Sierra Valley, Perazzo Meadows and Independence Lake.  Summit Canyon and Donner Memorial State Park (August 14) will wind you through the Pacific Crest Trail through beautiful, protected open space. The Land Trust also offers clean up days and more.
• Visit the Tahoe Maritime Museum in Homewood when you are dining on the West Shore and learn about Lake Tahoe and our nautical history. Packed with history and wonderfully creative displays, everyone will enjoy this stop. The Maritime Museum also offers sunset cocktail cruises and special events.  This organization also does an amazing job of supporting student Education Programs.  The Museum is located just across the street from Homewood Marina.

There’s so much to do at the lake and along the Truckee River. Come on up, bring the family, enjoy the sunshine and the beautiful, clean fresh air found at Lake Tahoe and Truckee.

Tahoe Defensible Space – Lean, Clean and Green

Everyone remembers the Angora Fire that devastated South Lake Tahoe and its real estate.  The potential for another large fire is daunting and very real here in the Truckee and Lake Tahoe basin. Tahoe’s current forest is typically thick with trees, brush and dead vegetation. In many areas, there has been a great buildup of wildfire fuel and our forests have experienced significant growth changes over the last 100 years. 

TRPA is actively addressing Best Management Practices (BMP) to protect and repair Lake Tahoe’s clarity and defensible space compliance to help protect the safety of our homes, wildlife and forests in the event of fire. California’s State statutes also require defensible space compliance and many homeowners’ associations have enacted regulations with Tahoe Donner providing one of the leading national programs with Lahontan, Martis Camp and soon, Old Greenwood following suit.

Defensible space is an area around a house where the vegetation has been modified to reduce the wildfire risk and to provide an opportunity for firefighters to effectively defend the house.  Our risk here in Tahoe is from flying embers landing on roofs along with low brush fires that combust quickly.  Making some easy and minor changes on your property substantially reduces the risk of severe fire damage.  

One of the best things you can do is ensure your home is “Lean, Clean and Green.” 

• Lean: For a distance of five to 30 feet away from the home, there should only be a small amount of vegetation or flammable debris within the area during fire season. 
• Green: Implies healthy and irrigated plants and/or landscaping.
• Clean: Trees are limbed up at least 10’ with all debris removed from the tree drip line and the grounds are clean of heavy pine needles, pine cones and dry branches. 

Sagebrush and Manzanita are “everywhere” here in Tahoe. Unfortunately, they grow in a dense manner and provide ready fuel for fire. If your property is heavy with either or both, create a minimum of 2’ separation between bushes and allow the fire a chance to move around the shrubs versus through them. Be sure to clean your roof annually, open up gutters and remove all pine needles and debris from the roof.  Flying embers easily catch hold of dry materials and wreck havoc for firefighters protecting your home. When you leave, store your propane heaters and patio cushions inside the garage.  These two items are sure to burn in the event of fire regardless of your defensible space. 

Together, we can all do a little and the safety result for our forests and homes is tremendous. Get Lean, Clean and Green this summer. For more information on defensible space and BMPs, visit online.

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