Thursday, March 31, 2011
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: March 14th to March 20th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went down slightly from 1,550 the previous week to 1,532 active listings in the market; 1,057 residential properties and 475 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 149 properties listed as short sales, (9.7%) and 52 properties listed as REO sales, (3.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 12-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
For 2011, there have been 232 properties sold in the market as compared to 229 for the same period in 2010 which is a 1.3% increase in sales.
Of the properties sold, 60 have been REO’s, (25.9%), and 33 have been Short Sales, (14.2%) which results in 40.1% of the properties sold being a distressed property. In 2010 for the same period, there were 59 REO sales and 28 short sales or 38% of the total sales.
For the year, there have been 157 properties sold priced below $500,000, 63 properties sold between $500,000 and $1,000,000 and 12 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date went up from last week to $370,000 and the average sales price dropped slightly to $473,892. For the same period in 2010, the median sales price was $400,000 and the average sales price was $517,352 which is an (7.5%) and (8.4%) decline in price respectively year over year.
Last Week’s Sales: For the week of March 14th a total of 16 properties sold which is down considerably from two very strong weeks. Of the properties sold last week, none of the properties sold were priced over $750,000.
Pending Sales: Currently there are 150 pending sales in the market which went up slightly from the previous week with 12 being a short sale and 38 being REO properties.
Market Activity Summary:
Last week’s sales took a breather from the two previous weeks which were the highest two weeks of the year. There were 16 properties sold in the market which is a little below the average of 21 sales per week. Not sure if weather had anything to do with the drop off given that we have had tremendous snow storms in the area which has impacted travel to the mountains. With great snow in the mountains and spring approaching we are hopeful of good things to come.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 68% or 157 properties have sold in this price range. Sales of homes priced above $1,000,000 have continued to be off from last year as only 12 properties have sold year to date in this price range. The mid range market sales, $500,000 to $1,000,000 are almost identical as in 2010 with 63 properties sold or 27% of the total sales.
Distressed properties, REO and Short Sales represent 40.1% of the sales in the market. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
Median and average sales prices for properties have gone from double digit decreases to a more reasonable single digit decreases. Median sales prices have decreased by 7.5% to $370,000 while the average sales prices have decreased by 8.4% to $473,892.
Tuesday, March 29, 2011
Its official, Governor Jerry Brown is going to declare an end to the three year drought Wednesday. I heard he's going to land on the deck of one of the mothball ships in Suisun Bay in a flight suit and declare "drought operations to be officially over. " Thanks Jerry.
There will be (in small type) a disclaimer at the bottom of the banner that reads: "Despite the good hydrological news, the governor's office said in a statement Monday it is critical Californians continue to conserve water. " Ya right, make us feel guilty.
Its about the level. For the boat owner its going to mean more ramps open, easier access to the east shore but for the beach goer its going to get ugly. Moms are going to be getting up at 5am to put towels down on what little spec of sand is going to be left at Bucks Beach-and then coming back at 9 with Starbucks in hand. Its not the Westin Maui ok? And Commons is going to be grass. Its just not the same-going to the beach on...the grass. The wait to get into Sand Harbor is going to be backed up to Incline. You'll see. I think we're going to have to have a massive amphibious invasion of the holy grail......the Incline Beaches (IVGID)-sounds more military. Or cut a hole in the wrought iron bars. For sure, fake HOA passes are going to go around. Its going to bring the issue of beach access to a whole new level.
So enough water and snow already. I want to get to the beach before its too late. Its going to be 63 on Friday....read: colossal melting? I hope everybody has their Ark built......too little, too much. You can't win.
But if you've been thinking of buying a lakefront.....now is a good time.
Monday, March 28, 2011
I spent a good part of yesterday digging out after Tahoe's version of the "Perfect Storm." Which is when moist air comes up from the south Pacific and the cold air comes down from Alaska...and they collide right over Tahoe and BANG! 14 feet at the top of Squaw-I'm not sure over how many days, but it seemed like 10. Which immediately brings up my argument that it wasn't perfect at all.
You see a perfect storm would come in, lay down about three feet of the fine white stuff and clear up for a day-then it can come back in and do it over and over until May if it wants. This was just a relentless, pounding-caught in the surf-let me up for air kind of storm in Tahoe. But I quibble. We need the water, right? I don't know ask the plow guys if it was too much of a good thing.
My street in Tahoe City was about 4 feet wide Sunday morning. (kindly see exhibit #1)I was digging out Sunday admittedly because I'd fallen behind. I had to knock the ice dams down, the giant cornices off my roof and push snow off the tops of the snow banks so that I could put more up there (Snowbank Management). Then I hear in the distance the tell-tale rumble of the berm cutter-can't be, thought they'd thrown in the towel. But alas it wasn't the giant "dog-eater" we're so used to seeing on highway 28 but some kind of midget variety they pulled out of Marysville-I'd heard. Anyway it did the job and in an hour they had our street back to where we couldn't tell if your neighbor had the same clothes on as yesterday as you went by them mirrors scrapping. Who's supposed to pull over and let the other guy pass? There's a whole new etiquette right there.
So I got things tidy and had a look around and there is a LOT of snow. I've never seen so much snow on some of the roofs and it brings up a serious point. Shovel. Snow load is real and if we get some warm water we're talking water weight up there. If you have a flat(er) roof it should be considered. But also shovel decks, stairs and get the snow away from the siding. I hear its dangerous to the have gas meter buried. Not to mention the gas exhaust vent or the drain/waste pipes that are usually coming out of the roof. I know my neighbor has six feet of snow on his roof and I'm not sure if he's really thinking about all the issues. I happen to have a pretty steep pitch but not everybody does.
If you need a snow shoveler around Tahoe Let me know. I would be happy to connect you with them.
Sunday, March 27, 2011
With new ownership at Squaw there has been a lot of speculation about what might happen to our half price passes, not to mention rumor (sigh) and innuendo about the reported offer in on Alpine and the mega resort in the works. What? No really, so called "highly reliable" sources are talking about about it after being sworn to secrecy or be "banned for life" from Squallywood...
I trash talk but people are talking about it.....who knows.
Management even sent out a survey earlier in the year and it looks like they even listened a little bit but I still don't see my own run on West face yet but here's the deal:
Squaw Valley USA season passes are on sale. Below are complete details on pricing, blackouts and perks. Thank you for skiing and riding with us. Guaranteed lowest prices valid through June 15, 2011.
No Blackout Dates!
Squaw Valley USA Season Pass Benefits
(Bronze, Silver and Gold all receive the following benefits):
- Passholders are eligible for one adult full day lift ticket at half day rate on all blackout dates (for blacked out passes). Tickets are non-transferrable and for passholder use only.
- Bring a friend and receive $10 off of an adult all day lift ticket or $5 off a senior, youth or child lift ticket. Valid when winter pass is valid only, limit one discount ticket per passholder, per day. Passholder must be present for purchase.
- 30% discount on Adult Snowsports School private half-day lesson (3-hours) with 24-hour or more advance reservation required, up to five people (non-holiday)
- Invitation to the Annual Passholder party
- 15% off Squaw Valley USA retail purchases
- 15% off Winter Season Parking Passes
- Free summer Cable Car rides
- All passes include night skiing when night skiing is in effect
- Turn in your spring lift ticket and we'll apply up to $30 off your spring or 2011/2012 season pass. Not valid on complimentary or promotional tickets. Pass purchase must be made on same day as ticket purchase.
- College passes can be purchased in advance of the June 15, 2011 deadline. Proof of full time student status (current student id, copy of course registration and official, signed letter from Registrar stating full time (12 credits or more, student status at an accredited college for the 2011/2012 season). must be provided in fall prior to pass validation.
- Prices are guaranteed through June 15, 2011 only.