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, 4th 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 11th 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 4th 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.
Welcome to our Inaugural Spotlight on Truckee-Tahoe E-news.
Alison & the Elder Group’s Real Estate Market Perspective
While real estate market conditions, like the stock market, are difficult to predict, we have a perspective based on our experience in the market. As the number of bank owned properties (REO’s) and short sales increase with the next wave of bank releases scheduled through spring, traditional Seller’s will experience continued pricing pressure in a market keenly oriented to square foot pricing. Buyers will pay special attention to the quality, location, age and condition of a home, in addition to the overall health of a particular neighborhood.
Regardless how you slice the pie, the time to buy is NOW. All the elements are aligned and won’t get much better. Buyers financing their properties can access fabulous loans and interest rates. This won’t last forever, as money supply is projected to tighten in the spring. Home pricing rollbacks will normalize and begin to climb by summer once REO and short sale inventory is reduced and placed with new owners.
Those Buyers waiting for the “perfect moment” need to act or miss this historic “slice of living in Tahoe” window. And, we all know that “could have, should have, would have” is only a reflection.
Please feel free to reach out and touch base with Alison Elder for any of your Truckee Tahoe real estate needs by email or phone.
11456 Zermatt Drive, Tahoe Donner
Delightful and beautifully maintained Chalet located in premier area of lower Tahoe Donner! This beautiful home is in impeccable condition and offers a wonderful open floor plan with three spacious bedrooms, 2.5 baths, lovely Great Room, spacious Dining area, Chef’s kitchen and large upstairs Master Suite. Enjoy the roomy downstairs Family Room adjacent to two bedrooms and a full bath. Generously sized garage, designer finishes, nice lighting and paint colors make this Tahoe living at its finest!
Please enjoy a virtual tour at: www.11456ZermattDrive.com
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