Kappy Mann

Winter has begun to set in finally. We have snow and the weather outside is frightful – 11:43 am and it is 3 degrees Fahrenheit. We just got the stats today at our sales meeting and the good news is that the inventory is flattening out. In our entire multiple listing service, we currently have a 15 month supply of inventory as opposed to last year at this time when there was a 37 month supply. Tahoe Donner is showing a 4 month supply compared to last year’s 11 month supply at this time. Sales are down from last month – 92 single family residences (including condos) sold in November. 18 of these were bank owned (REO), 8 were short sales (SS), making distressed properties 28% of total sales. Here are the statistics from the Tahoe MLS. The solds from November 1 - 30, 2009:

Tahoe Donner: 15 homes, (2 REOs,), 5 condos

Northstar: 2 homes, 2 condos

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 8 homes (2 REOs, 1 SS)

Prosser Lake Area: 7 homes (1 REO, 1 SS)

Sierra Meadows, Ponderosa Palisades, Winter Creek: 4 homes (1 REO) 3 condos (3 REOs)

Martiswoods, Ponderosa Ranchos: 0 residential properties

Olympic Heights: 0 residential properties

Lahontan: 2 homes (1 REO)

Timlick: 0 residential properties

Old Greenwood: 0 residential properties

Gray’s Crossing: 0 residential properties

Martis Camp: 0 residential properties

Truckee Proper: 2 homes (1 SS), 1 condo

Donner Crest: 0 residential properties

Donner Lake: 5 homes (1 SS)

Donner Summit: 0 residential properties

West shore Lake Tahoe: 9 homes (1 REO), 2 condos (2 REOs)

Tahoe City: 4 homes, 2 condos

North shore Lake Tahoe: 6 homes (2 REOs)

Kings Beach & Tahoe Vista: 8 homes (2 REOs, 2 SS), 3 condos (2 REOs)

Alpine & Squaw Valley: 7 homes (1 REO), 3 condos (2 REOs)

Shared Ownerships – entire region: 3 sales

Mobile Homes – entire region: 0 sales

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 13

Highest priced home or condo sold: This month the prize goes to a DONNER LAKEFRONT. 14732 Southshore Drive, 5 beds, 6 baths and a 3 car garage with 6326 square feet went for $3,700,000. Originally priced at $4,000,000, the buyer saved himself $300,000. by paying ALL CASH. Only 40 days on the market – I would say the sale was made in heaven.

Lowest priced home or condo sold: at $151,000 someone got his/her little piece of Tahoe. 4090 High St. in Carnelian Bay, a 1432 square foot fixer “A” frame, priced right because this buyer snagged it after only 5 days on the market.

The list to sell ration on the median was 92%. In other words, the homes sold within 92% of the list price. The median list price for this period was $487,000, median sale price was $449,500. Major Deals out there people!!!

Yes, well the trend continues to move forward – our numbers are up again!! Must be fall because typically these are the months when people finally decide to make a decision on a home. Buyers finally decide that they NEED a home in the mountains before the snow falls and Sellers decide that they don’t want to maintain a home for another winter. Last month’s 84 sales of condos and single family residences ratcheted up this month to a whopping 115!! Typically this trend will continue until Thanksgiving. Again, we are seeing more REO sales than short sales this month. Distressed property sales made up 24% of the solds for this month. Here are the statistics from the Tahoe MLS. The solds from September 1 – 30, 2009:

Tahoe Donner: 26 homes, (2 REOs, 1 short sale), 2 condos

Northstar: 4 homes, 6 condos

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 5 homes (2 REOs)

Prosser Lake Area: 6 homes (1 REO, 2 short sales)

Sierra Meadows, Ponderosa Palisades, Winter Creek: 4 homes (1 REO) 2 condos (2 short sales)

Martiswoods, Ponderosa Ranchos: 2 homes (1 short sale)

Olympic Heights: 0 residential properties

Lahontan: 1 home

Timlick: 1 condo

Old Greenwood: 1 condo

Gray’s Crossing: 1 home (short sale)

Truckee Proper: 4 homes (2 REOs, 1 short sale), 1 condo

Donner Crest: 2 homes (1 REO)

Donner Lake: 2 homes, 1 condo

Donner Summit: 3 homes (1 REO)

West shore Lake Tahoe: 13 homes (2 REOs 1 short sale), 1 condo

Tahoe City: 2 homes, 2 condos

North shore Lake Tahoe: 5 homes (2 REOs), 1 condo

Kings Beach & Tahoe Vista: 5 homes

Alpine & Squaw Valley: 5 homes (1 short sale), 4 condos

Shared Ownerships – entire region: 1 $336,000 in Northstar (1/8^th share)

Mobile Homes – entire region: 1 sale in Coachland -- $15,000

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 14

Highest priced home or condo sold: a $3,675,000 lakefront home located in Rubicon Bay. This 1716 square foot home was originally listed for $3,900,000 and on the market for 144 days, purchased with a conventional loan.

Lowest priced home or condo sold: $75,000 a little 2 bedroom, 1 bath home located in Floriston, CA. 84 days on the market, all cash and bank owned it was listed for $111,685. Sounds like pretty affordable housing!

The list to sell ration on the median was 95%. In other words, the homes sold within 87% of the list price. The median list price for this period was $475,000, median sale price was $449,000.

So, I am sitting here on a beautiful autumn day, in the office negotiating 2 contracts on one listing - we should all be so lucky!! Must have priced the house correctly, huh? (One smart Realtor!) Only 5 days on the market. So the question comes to my mind: Are things beginning to turn around in the Real Estate Market in Truckee and North Lake Tahoe? While I am waiting for the machinations of e-mail, phone calls, scanning, etc. I decided to run the stats. These statistics were taken from the sold listings between the beginning of January each year until the end of September each respective year (this year we are not quite at the end - expect a few more closings). This is what I found:

YEAR Qty Sold Vol Sold Average Sale Active Inventory

2009 553 $ 363,649,877 $657,595 2823

2008 546 488,204,884 894,148 2872

2007 635 561,638,896 884,471 2815

2006 720 683,205,789 948,897 2234

2005 988 756,058,456 765,656 1541

2004 1151 702,935,829 610,717 1656

(These stats are courtesy of the Tahoe Sierra Multiple Listing Service and include all single family residences (homes, condos and mobile homes) EXCEPT those located in Sierra or Plumas County.)

This is just a tiny bit of an indicator but it looks to me that inventory peaked in 2008 and sales have increased (unit wise) in 2009. I don’t want to make any projections but this looks like overall the beginning of a healthier market. Inventory is coming down, consequently there are fewer choices for buyers, giving them a sense of urgency. Unfortunately (or fortunately depending on which side you are coming at it from) we cannot say as much for the average sale price. You can see that there has been a dramatic decrease since 2005 and that the average is returning to the 2004 level.

Well, I got the paperwork ready for the counter offers so I guess I will move on to the next business of the day our Client Appreciation Party! Gotta go and cook!!

Here is everything you need for a great getaway in the amenity rich subdivision of Tahoe Donner. If you like to horseback ride, cross country ski, downhill ski, swim, play tennis or just about any other social or fitness activity known to man, then Tahoe Donner is the place to be. This sweet 2 bedroom, 2 bath offering will get you close to all the action at a wonderfully affordable price. Inside, the open floor plan invites entertaining and family gatherings. If your objective is to escape the hustle bustle of city life, here you will find maximum privacy as the home is set back on the totally level lot. There is plenty of parking including a large 2 car garage to keep your vehicle out of the snow. Take a tour soon because, at this price, this will not last: $319,000

Whoa, another month has flown by. I can’t believe summer is almost over. BooHoo. The skiers are happy though, with all of the discount ski passes. It will definitely be a good year for Ski Leases. The following are stats for the month of August 2009. Sales increased with 84 condos and homes selling compared to last month’s 82. Tahoe Donner still leads the market with 20 properties trading hands. Of course there are a lot of properties in that subdivision. The dark horse and always a surprise to me is the Westshore at Lake Tahoe. These communities apparently have quite a loyal following as they usually post quite a few sales for the amount of inventory they have. An interesting observation this month is the ratio of REO sales to short sales. It looks like foreclosures are up in the area. Maybe the banks are tired of dealing with their short sale departments, or maybe it is just an anomaly. It will be interesting to observe the trend next month. Here are the statistics from the Tahoe MLS. The solds from August 1 – 31, 2009:

Tahoe Donner: 17 homes, (1 REO, 1 short sale), 3 condos (1 short sale)

Northstar: 2 homes, 9 condos

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 7 homes (3 REO, 1 short sale)

Prosser Lake Area: 1 home in Russell Valley (REO)

Sierra Meadows, Ponderosa Palisades, Winter Creek: 2 homes (1 REO, 1 short sale)

Martiswoods, Ponderosa Ranchos: 0 residential properties

Olympic Heights: 0 residential properties

Lahontan: 0 residential properties

Martis Camp: 0 residential properties

Old Greenwood: 1 home (REO)

Gray’s Crossing: 1 home (REO)

Truckee Proper: 1 home, 2 condos (1 short sale)

Adjacent to Tahoe Donner: 0 residential properties

Donner Lake: 2 homes

Donner Summit: 1 home

West shore Lake Tahoe: 9 homes (2 REO, 1 short sale), 1 condo

Tahoe City: 2 homes

North shore Lake Tahoe: 3 homes, 2 condos

Kings Beach & Tahoe Vista: 5 homes

Alpine & Squaw Valley: 4 homes, 3 condos (1 REO)

Shared Ownerships – entire region: 1 $28K in Old Greenwood

Mobile Homes – entire region: 2 sales (both in Coachland in Truckee)

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 8

Highest priced home or condo sold: $6,000,000 Beautiful Lakefront home located in Cedar Flat at 4170 Ferguson Ave. The original home of the Thunderbird. This 5140 square foot home was originally listed for $7,953,000 and on the market for 229 days before the winning offer of all cash came in.

Lowest priced home or condo sold: $250,000 for a little 2 bedroom, 1.5 bath condo located in the Lake Forest Glen complex. 990 square feet and after 22 days on the market – priced right, I guess.

The list to sell ration on the median was 87% . In other words, the homes sold within 87% of the list price.