Archives for December 2011

I have compared sales data from this year and last year in the Tahoe Basin and the tables below show how things look. The bottom line: average sales prices in the Tahoe Basin are down 5% year over year. And the units sold were almost exactly the same with 2011 barely edging out the previous year.

First I took all raw data in all price ranges and you’ll see this in the first set of tables. The next set of tables stops at purchases over $4 million because a few high-priced sales can skew the numbers and create an unrealistic picture.

I am always happy to research specific neighborhoods or types of property so if you’d like, just ask and I’ll send whatever information you’re looking for.

ALL PRICE RANGES

UP TO $4 MILLION

In  the Tahoe Basin there are currently 36 properties in escrow from a lakefront estate listed at $10.5 million all the way down to a condo for $59,000 – quite a range! The four top prices are lakefront and split-lakefront properties. When taking these out of the equation, the average price of property in escrow now is about $350k; the highest-priced non-lakefront home in escrow currently is $775,000. PDF of Property in Escrow Now

SOLDS: This autumn’s spike in buyer activity is now winding down as many of the homes which went into escrow are closing. There were 65 properties in escrow 2 weeks ago. Most of those have now completed their escrows and buyer activity is more normal for this time of year. PDF of Tahoe Basin Solds in the Last Month

In a nutshell, 2011 was quiet up until the 4th of July when things went bonkers for about two months. September had its usual nappy time then we had a considerable jump in October. This stayed in effect through November and now we’re winding down again. However, getting deals to close on time is quite a challenge. I’ve had four homes in escrow in the last month (3 currently) and each one has taken a lot of effort to close on the exact target date. Banks are extremely busy as buyers try to close on homes before the end of the year so underwriters and appraisers are the stumbling block right now. Back to Tahoe – if we get some snow soon, things will pick up over the holidays and then we’ll just have to see what winter brings…

Note: Tahoe Sierra MLS data covers the region from Rubicon on the West Shore, all the way to the North Shore border of NV (our MLS also covers Truckee but the data in this blog is for the Tahoe Basin only).

Martis Camp, the newest and most exclusive of the developments in Tahoe/Truckee is seeing it’s first REO listing of 2011. There has been one short sale in Martis Camp this year (lot for $350k)  and in 2010 there were 3 foreclosures and one short sale (all were lots; range $266k – $540k). Thus far, there have been no distress sales on the single family homes in Martis Camp.

This 1.6 acre REO lot is situated on a cul-de-sac and has good sun exposure. Homesites in Martis Camp range in price from this one, the lowest, up to roughly $1.8m. Homes start in the mid-$2 million range and head toward the $10m range (currently the highest price is $9m and change). Martis Camp has the most incredible amenities and largest acreage of any development in the country. It’s an absolutely incredible place with it’s renowned Barn for family activities, 50,000 square foot clubhouse for the adults, private library in the woods, and its own chairlift to Northstar. If you’re interested or know someone who might be, contact Alex for more information.

See all Martis Camp Homes for Sale

Currently, there are 68 properties in escrow at Tahoe (there are another 320 for sale). The high end has 5 lakefronts and one split-lakefront in escrow with list prices ranging from $1.05m (I am representing the buyer on this lakefront) up to $3.995m. At the other end of the spectrum the lowest price points are represented by a $60k condo and a Tahoma house listed at $94k. Of the total in escrow, 31 are short sales, 7 are REO / foreclosures and the remainder are standard sales. The market is busier now than usual. The mix of extremely low interest rates plus pent-up demand is currently equating to pretty good buyer activity.

Tahoe view property had a relatively rough go this summer. Only 10 properties with panoramic lakeviews sold and they averaged 170 days on the market. I was fortunate and sold one in 2 days for more than the asking price but generally things were slow. For example in Dollar Point not one view home sold this year, yet. This was partly due to pricing but you’d think something would have come together. While Rubicon lakefronts had a slow summer, 3 view properties sold there and there are 2 more in escrow now (one is a great short sale, the other is new construction in a distress sale). I am currently doing an Open House in 9 Tahoma, listed for $3.5m and one of the nicest homes in Dollar Point with the most incredible view and setting you could imagine. It’s kind of funny, I’m sitting at the dining room table in the first picture of the listing…

See all Tahoe View Property on the Tahoe Sierra MLS

See a PDF of the sales, escrows and active listings for Tahoe view property (you’re two clicks away):

Tahoe View Property on Tahoe Sierra MLS

PDF of 2011 Solds Only:

Tahoe View Property 2011 CMA

This property just fell out of escrow. It’s a 4 bed, 3 bath, 1900 square foot home with a 2 car garage on Lanny Lane in Squaw. List price is $465k and the bank has approved it – there might even be a little room in there. This will be one of the better deals in Squaw this year.

Here’s a link to the property directly from our MLS:

See 1104 Lanny Lane on Tahoe Sierra MLS

And here’s a PDF of the listing flyer:

 1104 Lanny Lane PDF

Feel free to email or call Alex directly for more information…