This is a study to determine if one can get more home for their money in South Lake Tahoe today than before. If so, the next important question is how much more, and is it quantifiable?
Does one get More for their Money Now than Before, and if so, How Much?
To best do this we’ll focus on the two most objective factors available to look at the value of a home, which is its size and price per square foot. Lets also look at other more subjective factors such as condition, age and the availability of a newer home.
Since we’ll be looking at market-wide data, “location” will be part of the mix, but lets not highlight that specifically here.
(We will prepare a custom, extensive look at the market, that very much includes location, for you anytime. This is our “value workup", which is used to best advise a listing price for Sellers, or to best assure that a buyer dos not pay too much. example here)
A Bridge over Disconnected Waters?
As many of you may know, we continually update South Lake Tahoe market conditions via reports that track the median sold price, and any changes thereunto (here).
What sparked this new study are a few recent comments coming from these median sold price reports (here). What these sentiments reveal to us is there is a disconnect with some potential buyers between what the market is, and what they expect it to be.
To goal of this study then is to see if we can bridge that gap between buyers expectations, much of which is fueled by national real estate news, and current market reality, which is determined by tracking the median sold price.
What We Know So Far:
At present we have seen a 15% decline in the median sold price in South Lake Tahoe since our market highs in 2005/2006 (here).
We also know that a third of this decline is due to foreclosed home sales in 2008 alone (here).
The New Study:
Normally we look at price segments in $50,000 increments. This is how we look at and break down South Lake Tahoe housing demand, or absorption rates, over time (here).
For this study, we think looking at market segments in $100,000 increments will be sufficient to determine how much more house one can get for their money these days.
The $300,000 South Lake Tahoe House Then and Now:
Please look at the chart below, which details the average characteristics of a home purchased from $300,000 to $399,000 since 2003.
Also note the last column in the chart, with its numbers in red . These are the same, comparative characteristics for houses currently listed. It is from this chart that the following is revealed:
What it Means:The Bottom Line
Our assumptions are correct: the $300,000 house in South Lake Tahoe, CA is more than 25% larger, and priced nearly 20% lower in square foot value than homes sold at our market high.
Coupled with the15% decline in the South Lake Tahoe median sold price, this represents at least another 20% decline in value as found in the average home listed in the $300.000 price range today.
We use the term “at least” above because the homes currently listed in South Lake Tahoe in any price range, including this one, will be sold at a further reduction in both current listed price and, correspondingly, price per square foot.
It appears that much, if not most, of the additional declines in home values as predicted in recent national real estate news reports are already factored into the home values of current South Lake Tahoe listings. (Rather than being found exclusively in the median sold price, it’s hiding in plain sight!)
The $400,000 South Lake Tahoe, CA House of today was a $550,000 house 5-years ago.
(LAKE TAHOE REAL ESTATE BLOG) We did this one before too, and its the basis for a study we refern many of our buyer prospects to when explaining market reality these days. We hope you enjoy.
There are two South Lake Tahoe brothers, both in elementary school, one an egghead type, the other a marble champion. The Champ goes into the Land of Marbles toy store.
In marble land he stares at his favorite shooters, not just any shooters, but red jasper mineral shooters, the fancy, costly, devastating shooter that’s harder than glass. Anxious, coveting, the Champ has wanted a set of these orbital gems since he can remember.
Today though, something is new. Only available in sets of four, the price of red mineral jaspers has changed. Instead of $8.99 each, they are now $7.65 each, and the set of 4 now includes one extra red mineral jasper treasure for free. Wow, the champ muses, “the price is cheaper... and I can get more at the same time.”
That night he tells his brother about the red jasper sale. “Lemme see them,” the egghead urges. “Didn’t buy them,” says the Champ. “Have you lost all of your marbles?”, his brother asks. The Champ answers, “Just waiting for the price of red jaspers to go lower.”
The Champ explains that The National Marble News says both marble demand and marble prices are dropping nationwide, that some say overall marbles may drop another 20%. His brother retorts, “Yeah, but that’s for all marbles, not red mineral jaspers!”
The egghead answers that red jaspers at $7.65 each is a price reduction of 15%, and that the other free marble added to the package actually constitutes a total reduction of 32%. “You’ve got to take getting more for the same price into consideration too.” he adds, “there’s a big difference between rare, coveted shooters and all of the rest of the marbles everywhere else.”
The Champ concludes, “I’m going back to buy them tomorrow.”
The next day the Champ goes back to the Land of Marbles. And there, disappointed, he finds that all of the red jasper mineral marbles he has always wanted are gone.
What Does This Have to do with the Value of a South Lake Tahoe house?
We of course realize there is a difference between marbles and houses, but the point of this children’s tale very much symbolizes the South Lake Tahoe real estate market today. (see chart below)
There are gems to be had in the market now, and both their price is lower on average, and one can get more house at the same price than before. In fact, the $400,000 house in South Lake Tahoe today sold for almost $550,000 in 2005/2006. (Compare chart below with that of the following post about the $500,000 South Lake Tahoe house.)
We realize we’re looking at averages here, and a particular house should be analyzed in exact detail to best understand its opportunity, but one thing for sure is it is a better market condition for Buyers in South Lake Tahoe than one has seen in 5 years.
This comes from a new, extensive study we’re doing that was somewhat sparked by a few recent comments from potential buyers that are at odds between what the market is, and what they expect it to be.
Please review the entire background for this study at the top of this article about the $300,000 South Lake Tahoe house here.
The $400,000 South Lake Tahoe House Then and Now:
Please look at the chart below, which details the average characteristics of a home purchased from $400,000 to $499,000 since 2003.
Also note the last column in the chart, with its numbers in red. These are the same characteristics for houses currently listed. It is from this chart that comes the following:
What it Means: The Bottom Line
Our assumptions are correct, one does get more “marbles” today that before. The $400,000 house in South Lake Tahoe, CA today is more than 25% larger, and priced more than 20% lower in square foot value than homes sold in 2005/2006.
Coupled with the current 15% decline in the South Lake Tahoe median sold price, this represents at least another 20% decline in value as found in the average home listed in the $400,000 price range today.
We use the term “at least” above because the homes currently listed in South Lake Tahoe in any price range, including this one, will be sold at a further reduction in both current listed price and, correspondingly, price per square foot.
It appears that much, if not most, of the additional declines in home values as predicted in recent national real estate news reports are already factored into the home values of current South Lake Tahoe listings. (Rather than being found exclusively in the median sold price, it’s hiding in plain sight!)
(LAKE TAHOE REAL ESTATE BLOG) This is the beginning of a study we did not long ago. We refer to it to our buyers frequently, and it pretty much documented our suspicions about the effect of foreclosures on the South Lake Tahoe real estate market. Ok, here goes:Does one get More for their Money Now than Before, and if so, How Much?
This is a study to determine if one can get more home for their money in South Lake Tahoe today than before. If so, the next important question is how much more, and is it quantifiable?
To best do this we’ll focus on the two most objective factors available to look at the value of a home, which is its size and price per square foot. Lets also look at other more subjective factors such as condition, age and the availability of a newer home.
Since we’ll be looking at market-wide data, “location” will be part of the mix, but lets not highlight that specifically here.
(We will prepare a custom, extensive look at the market, that very much includes location, for you anytime. This is our “value workup", which is used to best advise a listing price for Sellers, or to best assure that a buyer dos not pay too much. example here)
A Bridge over Disconnected Waters?
As many of you may know, we continually update South Lake Tahoe market conditions via reports that track the median sold price, and any changes thereunto (here).
What sparked this new study are a few recent comments coming from these median sold price reports (here). What these sentiments reveal to us is there is a disconnect with some potential buyers between what the market is, and what they expect it to be.
To goal of this study then is to see if we can bridge that gap between buyers expectations, much of which is fueled by national real estate news, and current market reality, which is determined by tracking the median sold price.
What We Know So Far:
At present we have seen a 15% decline in the median sold price in South Lake Tahoe since our market highs in 2005/2006 (here).
We also know that a third of this decline is due to foreclosed home sales in 2008 alone (here).
The New Study:
Normally we look at price segments in $50,000 increments. This is how we look at and break down South Lake Tahoe housing demand, or absorption rates, over time (here).
For this study, we think looking at market segments in $100,000 increments will be sufficient to determine how much more house one can get for their money these days.
The $300,000 South Lake Tahoe House Then and Now:
Please look at the chart below, which details the average characteristics of a home purchased from $300,000 to $399,000 since 2003.
Also note the last column in the chart, with its numbers in red . These are the same, comparative characteristics for houses currently listed. It is from this chart that the following is revealed:
What it Means:The Bottom Line
Our assumptions are correct: the $300,000 house in South Lake Tahoe, CA is more than 25% larger, and priced nearly 20% lower in square foot value than homes sold at our market high.
Coupled with the15% decline in the South Lake Tahoe median sold price, this represents at least another 20% decline in value as found in the average home listed in the $300.000 price range today.
We use the term “at least” above because the homes currently listed in South Lake Tahoe in any price range, including this one, will be sold at a further reduction in both current listed price and, correspondingly, price per square foot.
It appears that much, if not most, of the additional declines in home values as predicted in recent national real estate news reports are already factored into the home values of current South Lake Tahoe listings. (Rather than being found exclusively in the median sold price, it’s hiding in plain sight!)
Thoughts about the writing of our Declaration of Independence.
(LAKE TAHOE REAL ESTATE BLOG) We did this 2 years ago, and try as I might today, could not improve on it much. We liked this one. And we hope you are amid a splendid 4th.)
He wrote it in 17 days. No electricity, no internet for research, no software, no cut, copy or paste. Only pen and ink, and candlelight to write at night. He was only 33 years old. And he did it alone, in two rented rooms of an otherwise occupied house... in the unairconditioned weather of mid summertime. And yes, it was on a deadline. There was a sense of urgency at that time, as we all remember.
How does one prepare to write The Declaration of Independence? I've often thought about what it must have been like for Thomas Jefferson to do that. What pressure did he feel? What was his writing plan? There must have been an outline. What books and research documents, if any, were in that room with him? Did he have a copy of The Virginia Bill of Rights to review? Was Henry Lee's resolution written before him? Were any of John Locke's writings there? Was "Common Sense" on the bedside table?
Like most writers, did he think about his voice? Did he wait in ponder for days for his muse to come? How long did it take to get the opening sentence? Did he pace as he thought about it and worked out the document in his mind?
Did he awake from deep sleep, startled in the middle of the night by a thought that he hurriedly scrambled to put on paper before he might forget? Was Franklin and Adams, the Voice of our Revloution, in his thoughts as he wrote?
Did he know, as an extraordinarily young man for such a task, that in this room, at this desk, at this time, through his mind and by his hand that he was going to change the world?
It's been said that our Declaration of Independence came from an open channel between Jefferson and the divine. Maybe so. The idea of the ideal of individual liberty was certainly not new. But what really went on in that room in Jefferson's innermost thoughts, and those of his maker, we will never know.
Our freedom paper emerged out of it, a perfect synthesis of political philosophy and the evolution of human rights at that time. There was magic in the air.
It was in it's way a selling document. A really profound one. It sold us as an independent nation, justified it persuasively, got bought by the Continental Congress, after much debate before it, but with little amendment after it, and was distributed first here in America and then throughout the civilized world. The separation deed was done. It was bought and paid for dearly. There was no turning back now.
Jefferson and our founding fathers certainly did long lasting, important and blessed things that had never been done before. They thought new thoughts, they tread new ground. There has never been such an array of extraordinary men of such extraordinary talent that came together at the same time in our country before, though those that lead us through World War II might have come close.
On this 4th of July day, 2007, I'm thinking about all of them, and thinking about them well.
A few things about the writing of the document: It was written between June 11 and June 28, 1776. Jefferson was one of a committee of five (Benjamin Franklin, John Adams, Roger Sherman, Robert Livingston) that was asked to write the declaration. It was understood that it needed to list the causes for severance. An author at heart, Jefferson was the logical choice to write it. Adams made that choice.
Jefferson chose to be away from the distractions of the city to write the declaration. He rented two furnished rooms on the second floor in the home of Jacob Graff on the outskirts of Philadelphia, one was a sitting room, the other a bedchamber, with a bed shorter than Jefferson was tall.
The Graff house was surrounded by farm fields. There was a stable across the street. Horseflies from the stable pestered Jefferson constantly while writing it (could you imagine what that fly swatter would be worth today?). Jefferson had an account at the City Tavern while writing the Declaration. That obviously didn't distract him.
The original Graff house was torn down in 1883. It has since been recreated and is an exhibit.
The Weather on July 4, 1776:
The weather the day that our Declaration of Independence was ratified was not has hot as one might think. Jefferson was a meticulous keeper of a weather journal. He had a thermometer with him. The temperature that day was 68oF at 6 a.m., 72oF at 9 a.m., and 76oF at 1 p.m. It was 11o below normal. Winds that day shifted from the north to the southwest with decreasing air pressure. The sky become overcast and cloudy by late afternoon.
As a day goes, normal it was by usual means, maybe a little cooler than most for July, but what happened on that day was not normal by any means. It shook, and still shakes this world! Do have a great 4th of July.
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(LAKE TAHOE REAL ESTATE BLOG) The article below this one addresses recent comments from a few of our readers that reveals current market reality in South Lake Tahoe is not what some buyers expect it might be (here).
There is a disconnect between current South Lake Tahoe market reality and buyers expectations.
These sentiments are based on a disconnect between current market conditions, which is based on the median sold price and expectations of some buyers that home prices will drop significantly more. These expectations are based on recent national real estate news pieces containing predictions of a further drop of 20% in the national median sold price.
As a lead-in to this article, please find here why national real estate predictions often have little effect on South Lake Tahoe market conditions (it has to do with the difference between the national market at large and the specifics of a second-home resort market).
At present the median sold price in South Lake Tahoe has dropped 15% since 2006 (from $460,000 to $390,000.)
Nevertheless we believe this disconnect is real; it’s valid, and to address it, and hopefully answer it as best as possible, we’re wondering if some of the decline as predicted in the national real estate news could already be factored in our market.
In other words is more decline here, now, hiding in plain sight?
The New Study: Can you get more house for the money now that before?
In the last few days, we’ve been crunching data back to 2003 to best understand what kind of house one can get for their money in South Lake Tahoe these days, compared to what it was from 2003 to today.
Articles on this study will start soon. We expect there will be four of them, each detailing specific price ranges.
The idea behind this new study is to see if we can find changes in home values outside of what the median sold price indicates. We’re going to look at key factors of size and square foot value. We’ll also look at condition and age, though these factors are more subjective.
If one can get more house for the money now, and we think the study will thus reveal, then it is possible that herein the “decline” some folks are looking for in order to make a buying decision has already appeared.
Could this be the answer to our disconnect?
Maybe this decline, or the amount of it, that one might expect from the current real estate climate is found in what is available, and the current price of it, rather than what has sold in the last 6 months.
For example, and this is more of a question for our study, if one pays $450,000 for a house in, lets say 2005, at the very top of the market, what is the size and square foot value of that home compared to a house sold in 2008 at the same price?
Though the “sold price” is identical in this example, do you get more these days than before, and if so, how much, and is it quantifiable?
In other words, what if one can get 20% more house? Adding that to the 15% decline we have seen already, would this better address buyers expectations?
This, along with the foreclosure information, and our monthly median-sold price reports, we think will give both potential Sellers and Buyers even greater depth and understanding of home values in South Lake Tahoe, CA.
For Sellers, the goal is to get your house sold, and for as much as possible... within your time frame. Right pricing, which comes from acceptance of thorough market analysis is fundamental to that.
For Buyers, the goal is to provide the basis for an understanding of both opportunity and advantage in the current market to buy as smart and as cost effective as possible. It’s also our goal to make sure you don’t miss out on buying at the best possible time... because of trying to find, and missing the bottom of a market that may be very close to, if not already there.
If our hunch is correct, the study we’re doing now could very well answer key questions for us to help you, well... look in all of the right places for the best information possible to use as a guide.
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We provide this information as a public service. Pleae email us with any questions or insights.
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Search our site for South Lake Tahoe Real Estate and South Lake Tahoe Real Estate Information. Find all current South Lake Tahoe Real Estate Market Conditions at www.laketahoerealestateblog.com.
We are Brothers in Partnership:
Gary Bolen is OUR PEOPLE PERSON. He provides a winning combination of personal service skills and extensive sales and marketing experience to our real estate service.
A long-term Lake Tahoe resident, Gary Bolen excels in personal contact and service skills. Patient and friendly, Gary is a people person with a winning smile, a kind word and a pleasant conversation for everybody. Known for his sincere empathy and consideration of other people, you can count on Gary; he has exactly the character that you would want to represent you and your family's interests. Among Gary's experience and accomplishments:
• Long-term Lake Tahoe Resident. He has lived on Juniper off Kingsbury Grade for the last 12 years.
• World Traveled. From a military family, Gary has lived in Japan, France, Iran and Germany. He speaks some French,more Persian and a little German.
• Music Director. An accomplished professional musician, Gary was a guitarist and Music Director for two extended shows at Harvey's Resort Casino for 6 years.
• Business Owner. Before coming to Lake Tahoe, Gary and his wife Janie created a successful entertainment industry catering company in Los Angeles.
• Hobbies. An avid outdoorsman, Gary is quietly a great fisherman. He plays a good game of golf and likes to cook, but music has always been his passion. An accomplished songwriter, Gary has a recording studio in his home.
Richard Bolen is OUR BUSINESS GUY. His success as a corporate sales and marketing consultant adds depth and experience to our real estate practice.
Complimenting his brother's personal skills, Richard Bolen adds business depth and experience to the Bolen & Bolen real estate team. Richard created and was SR VP Marketing of a national public company in the 1980's, and later formed his own business as a corporate marketing, advertising and design consultant In Los Angeles. Richard developed clients and experience in the entertainment, health care, financial services, publishing, resort hotel and cruise ship industries. In 2001, the hectic pace of Los Angeles became an easy trade-off for the peace and tranquility of Lake Tahoe. He and his wife Maxene own a home on Pine Drive off Kingsbury Grade. Among Richard's accomplishments:
• SR V.P. Marketing. Richard led the marketing efforts for a national health care corporation, two publishing firms and a cultural museum.
• Advertising & Marketing Agency. Richard has directed and produced national advertising campaigns, national public relations efforts and trade show productions. He has also produced and distributed millions of pieces of direct mail across the country, where in one such effort alone, Richard doubled a corporation's national sales and cut selling costs by 50% at the same time.
• Graphic Designer. One key to Richard's success is that he is a skilled, hands-on graphic designer and copy writer. As a designer he has worked for Disney, Buena Vista, Paramount Pictures and Holland America Line and more.
• Internet. Richard was a marketing consultant and content programmer for a successful internet venture by an international entertainment and retail conglomerate. He was also involved with an internet start-up that at one time had as much as 10-million hits per month.
• Hobbies. Richard's hobbies take the form of work. "Creativity is what's most important to me," he says. Richard has produced music, managed successful rock and roll bands and was one of three producers of the reggae motion picture feature film "Rockers."
BUYERS:
Teri and Mark: Mid Kingsbury, Lake Tahoe (Stateline), NV
"We worked with Gary and Richard for almost a year." They showed us house after house in all areas around the Lake including some houses in the Carson Valley. It took a long time for us to find exactly what we were looking for, we probably looked at something close to a hundred different houses. We feel any other realtor would have given up on us but Gary didn't. We ultimately found our "Dream Home" and we couldn't be happier. We thank them for their tremendous patience and would highly recommend them to anyone.
Christine: Tahoe Paradise, South Lake Tahoe, CA
I had been vacationing at Lake Tahoe since I was a little girl and I always wanted a place I could call my own in the mountains. When I finally had the opportunity to purchase my "dream getaway" I contacted Richard and Gary to begin the search. The first place they showed me was perfect and I made an offer. My heart sunk when I found out I was a little too late and the property went into escrow. Though very disappointed I continued the search and was shown many other properties. None could compare with my "dream cabin." Gary and Richard told me that sometimes escrows don' t work and even though it was a long shot my cabin might come back on the market. As fate would have it the property did in fact fall out of escrow and I was contacted immediately. Richard and Gary got my offer accepted and after a smooth transaction I got my piece of paradise in the mountains. I am deeply grateful the the Bolen brothers for all their hard work and tenacity in staying with me through a very emotional time. If you are considering buying or selling in the Tahoe area, call the Bolens. I'm so glad I did.
Rod and Serena: Upper Kingsbury, Lake Tahoe (Stateline), NV
Richard and Gary showed us a number of properties and we were quickly impressed by the depth of their knowledge of the Tahoe market. We knew we were safe in their hands. When we did purchase our house their service didn't stop there. They were most helpful in our discussions about remodeling plans. Richard and Gary, unlike most real estate agents who disappear after a sale, have stayed in touch with us on a regular basis for the last three years. We look forward to their frequent market updates and other detailed information about the Tahoe market and our neighborhood specifically. We highly recommend Gary and Richard and they will represent us when we buy or sell again.
Tony and Lisa: Tahoe Village, Lake Tahoe (Stateline), NV
We walked into the Bolen's office off the street. Gary and Richard listened closely to what we were looking for and in a matter of minutes we were shown exactly that. They took us directly to it. One house, one showing. That was it. We made an offer immediately and got a very quick acceptance. It was an incredibly quick transaction and we were soon the proud owners of our piece of paradise. Gary and Richard have stayed in contact with us on a regular basis for the last two years and are continuing to look for another piece of property that we can build on. We eventually plan to retire in the Tahoe area and will continue to work with Richard and Gary. These are the kind of guys you want working for you. If you are interested in Tahoe area real estate do yourself a favor, call the Bolens.
Manny and Carol: Hidden Woods, Lake Tahoe (Stateline), NV
We had been looking for Tahoe property for some time before we met Richard and Gary. We originally met another agent, but felt we wanted more follow up and attention. The Bolens can follow up and they will pay attention to you. They also knew the market and we knew we would get the kind of service we expect from a professional. It turned out we bought a house we had seen before but this time our questions were answered quickly and thoroughly. Richard was a terrific negotiator and the trust he instilled made us very comfortable. His attention to detail and depth of knowledge made us feel safe in our decision to purchase our dream home. There were no mistakes here. When you make this kind of investment you expect no mistakes. These two brothers will deliver everything you want in a Realtor, and then some.
Gary: Mid Kingsbury, Lake Tahoe (Stateline), NV
Richard and Gary came highly recommended from friends of mine who were very impressed with the service they had received in the purchase of their properties. "Gary has the patience of a saint and will show you properties till you drop, " said my friend. Fortunately he was a good listener too and I found the right property without going through as long a process as that it could have been. I was looking for value and I am not the kind of person who will let emotions blind me when it comes to making this type of decision. I found what I was looking for and I got the kind of service I would deliver. Richard and Gary are professionals. Gary has stayed in contact with me on a personal basis and has helped in many ways beyond what you would expect most realtors would do. I will recommend Gary and Richard to anyone interested in Lake Tahoe real estate.
Jeff, Cyndi and Beni: Upper Kingsbury, Lake Tahoe (Stateline), NV
Richard and Gary were referred to us by a very good friend who Richard has been working with for some time. They came recommended as very knowledgable, thorough, and very dedicated to providing the best real estate service possible. This proved to be true for us as well. They found what we were looking for in no time at all and showed truly excellant negotiating skills through the offer and acceptance period. We had another out-of-state property we needed to sell in order to make our Tahoe purchase. Richard was right there in helping monitor that transaction as well. Our Tahoe property is now a dream come true and every time we look out our window to the stunning lake below we pinch ourselves to make sure we are'nt dreaming. Our experience with Gary and Richard and the purchase of our home was the very best and we will recommend the Bolen brothers to you and anyone else who is looking for a Tahoe piece of paradise.
John and Brenda: Round Hill, Lake Tahoe (Stateline), NV
We like these guys. We were comfortabe with them from the start. They knew how to listen and then how to act. The house we bought had been on the market for a quite a while which we could not understand because it was perfect for us. It came professionally decorated and furnished with oustanding appointments...even down to the exquisite art on the walls...would you believe signed Dali prints and Tibetan thonkas? We were so glad the house we bought had somehow slipped through the minds of the other realtors in town. We later learned that it somehow it had been shown very seldom in the months prior. How lucky could we get! Anyway, Richard and Gary are now our friends and when we finally retire in a few months and make the permanent move to Tahoe we will see them alot more often. You would like these guys as neighbors as much as we do. You might want to become a neighbor too.
SELLERS:
Lynn and Larry: Summit Village, Lake Tahoe (Stateline), NV
We called the brothers because of their newsletter with all the market stats. Nobody else does anything like that. We talked to them for about two years on and off. When it came time to sell, they were our only choice. They knew the market extremely well. They listened. They found a full priced buyer for my property within 24 hours. We closed in 30 days. What more can we say?
Harvey, Elaine and Satoshi: Montgomery Estates, South Lake Tahoe, CA
OTHERS TRIED TO SELL IT, BUT COULDN'T !
We contacted Gary and Richard to see if they could possibly sell our vacation house. We were at first rather tentative because two other agents had tried to sell our house before and they couldn't. Gary and Richard made a very thorough presentation to us, and we discussed our concern about the obvious problem to the successful sale of our home; it had no front door and the only entrance was onto the second floor through the garage. We asked Gary and Richard if we built a new deck, planted flowers, painted and re-carpete...etc. They discouraged us from spending any more money because they thought it would not increase the value of our house. They suggested that the problem of selling our house was one of price and exposure. They told us that any property priced appropriately in today's market will sell, and sell quickly. Even if it had a design flaw as our house did.
In discussing price, Gary and Richard reviewed the previous strategy that had not been productive. Our home had been listed, then reduced, and reduced again and it would not sell. Gary and Richard suggested a listing price which was slightly higher than what we listed for the year before. We agreed and kept our fingers crossed. We thought our house would sell for much less and probably take a long time to do it.
We listed in late May. Four days later, Gary and Richard came with an offer that was $6,000 higher than our listing price. Four days! And we were in escrow. Six weeks later, it was sold without a hitch.
Obviously we were very happy with the Bolens. But we never thought of this: when we told them how happy we were with them, Gary and Richard instead told us how happy they were with us. They said the successful sale of a home is due to good team work of both owner and agent. "You are as much responsible for your happiness as we were, " they said, and we were certainly as happy with them as they were with us.
Tom: Tahoe Keys, South Lake Tahoe, CA
These guys really helped me out. This was a really stressful time in my life . My first buyer tried to buy my house without his wife knowing about it, so I wasn't surprised when it fell out of escrow. I wasn't happy about it either, but the Bolens were way ahead of the game. Their council very much helped soothe my fears by assuring me that another offer would come soon. It did immediately, much to my relief, and it was for $10,000 more money! Yea! The rest of the transaction went very smoothly.I feel I was in the best hands possible for this rather large listing and was very happy with the end result. These brothers are my friends and I could not have been treated any better.
Roger: Montgomery Estates, South Lake Tahoe, CA
I am a contractor and I met the Bolens while working on a house for one of their previous clients. I was told by my friend that Richard and Gary had sold two of his houses and they had a third listed with them at that time. I am by nature a very skeptical person and to be honest I have not been very impressed with my past dealings with Realtors. When I first met them I had a price in mind, but they told me my house would sell for $50,000 more than what I thought. Naturally I liked hearing that, but it didn't make me believe it. I took a look-see attitude and much to my surprise they produced. Long story short, the Bolens got me more money than I thought possible and they did it fast.
Paul and Mary: Pioneer Trail, South Lake Tahoe, CA
I build houses for a living and I build them almost entirely by myself. To say I work hard is an understatement. I would not turn over my investments to anyone I didn't completely trust. Gary and Richard have sold three of my houses and when I sell again that will make it four. I also referred the Bolens to another contractor friend of mine. He too got more money in less time than he thought possible. Do you want to talk to some real straight shooters about your property? Call Gary and Richard.
Randy: Summit Village / Tahoe Village, Lake Tahoe (Stateline), NV
"I asked Gary and Richard to list our house because of their direct mail marketing." I had received scads of other realtor's "come on" mail advertising, which I promptly threw in the trash. Richard and Gary had something that caught my eye because it had real "substance." Richard and Gary always provide the best market information. It's something I could really use. I had an idea of what my property was worth but was pleasantly surprised when I was told they felt it was worth a lot more. My house quickly went into escrow at full price . They really had my best interest in mind and they made the sale of my home as stress free as possible. If you need to sell or buy real estate "hire them."
David and Lynne: Roundhill, Lake Tahoe (Stateline), NV
We worked with Gary and Richard for almost a year before we decided to sell. They came highly recommended from a good friend of ours. They showed us the comparables and we were suprised to learn the Bolens felt we could get about $30,000 more for our house than what the comparables showed. They said it was because it was January and there was not much competition on the market . They sold our house at full price in five minutes!
We were concerned that our children, who still had a few months of school left, would have to change school districts in the middle of what appeared was going to be a frantic move. Gary and Richard negotiated a lengthy lease-back for us at no cost. This was a great relief because now we didn't have the pressure of trying to do so much in so little time. The extra months allowed us make our move smoothly and our children were not uprooted from their school.
Shortly after our house was in escrow some friends of ours told us that they were thinking of selling their house also. We got them in touch with Gary and Richard and guess what? They sold our friend's house almost as fast. If you are thinking of buying or selling, call the Bolens...they know this market!
Ron and Dyana: Lower Kingsbury, Lake Tahoe (Stateline), NV
I had known Gary for some time before we decided to sell our house. Gary and I were fishing buddies and when we did decide to sell there was no question that we would call him. I had a general idea of what my house was worth but Gary and Richard felt it was substantially higher. I knew I could expect excellent service from the Bolens but just how fast I received a top dollar offer was surprising. If you want superb knowledge and marketing skills working for you and your family, get in touch with Richard and Gary....they will deliver.
Rich: Tahoe Keys, South Lake Tahoe, CA
I am a marketing professional. I called Richard and Gary because of their ability to market themselves. When I first met with Richard I was impressed with the approach and the materials he would use in the marketing of my house. When I learned of his extensive background in corporate level marketing, it all made sense. This level of professionalism is what I expect in any business venture. As a professional I like to work with professionals and the Bolen team is just that.
Chuck and Ida: Mid Kingsbury, Lake Tahoe (Stateline), NV
This story is pretty incredlible. When we called Richard and Gary to discuss listing our house we had only a vague idea of what the price should be. There were no comparables we could find anywhere. We were very impressed how quickly Richard found one because it had never been reported through the usual channels. We were also surprised to learn that Richard felt the house should be listed much higher than we originally thought.We felt the Bolens had done their homework and decided to list with them and we would sign the listing agreement the next day. The following morning we signed the agreement and were immediately handed a full price offer. For $20,000 more than we thought we would get. We were stunned! We didn't know what to expect, but it wasn't this good, that's for sure. What we got was more money with no hassles in no time at all. This was completely unbelievable. We cannot express how much we appreciate Richard and Gary's efforts and professionalism. We highly suggest that you put the Bolens on your team too.They turned an always stressful situation into an abslolute joy.
Suzanne: Tahoe Paradise, South Lake Tahoe, CA
I called Richard and Gary because of their marketing. I had been receiving their mailers for a long time and was impressed with the depth of their knowledge. They knew what I didn't and I felt completely safe in listing my house with them. My house sold in about an hour to a neighbor across the street that I had never met. The Bolens stayed in constant contact with me through the escrow period and my house closed without a hitch. These guys are very hands on professionals and I recommend them very highly.
Andy and Jutta: N. Upper Truckee, South Lake Tahoe, CA
It was time for us to move from our beloved "Little House in the Woods". We picked up one of the Bolens many pieces of mail and went to their office to meet them. We had a lot of questions about when would be the best time to put our house on the market. We thought late spring would be the best time, when our flowers were in bloom and our beautiful yard wasn't completely covered in snow. Richard and Gary explained why the best time was right now. There would be less competition in the winter because everybody thought the best time to put their houses on the market was the spring or summer. Now it was time to talk price. When we heard what they thought the price should be we couldn't believe it. We were very happy and a little bit skeptical at the same time. Could they really get that much for our house? We decided to take their advice and listed right away, with some conditions. We are very private people and we were living in the house at the time. It was very important to us that no lock box would be used and every showing would be by appointment only. Long story short,after five or six appointments the Bolens presented us an offer that was beyond our imagination. Were we dreaming? Richard and Gary just got us more money than had ever been paid for a house of our size in our entire neighborhood. To say that we are grateful and happy with the Bolens is an understatement. Our escrow went very smoothly and the Bolens were there with us every step of the way. All we can say is call Richard and Gary if you are thinking about real estate.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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