Months Supply of Inventory

This is a chart showing activity in the past year for all properties in the Tahoe/Truckee area. The properties listed includes single family homes, condos, fractionals, and lots. Most of these numbers remain unchanged in the past year. The months supply of inventory number is how many properties are listed and how long it will take for them to sell at the current rate of properties going under contract.

Period	# Properties for Sale	# Pending	# Properties Sold	Months Supply Inventory
July 2008	1,816	109	77	16.7
June 2008	1,719	79	74	21.8
May 2008	1,566	72	66	21.8
Apr 2008	1,407	67	71	21
Mar 2008	1,330	66	67	20.2
Feb 2008	1,323	79	61	16.7
Jan 2008	1,342	64	51	21
Dec 2007	1,530	49	74	31.2
Nov 2007	1,633	65	93	25.1
Oct 2007	1,749	84	112	20.8
Sep 2007	1,892	107	89	17.7
Aug 2007	1,992	109	87	18.3
July 2007	1,964	83	72	23.7

To Increase Sales, Find the Silver Lining

This is an excerpt from Daily Real Estate News on August 7, 2008 about finding the silver lining to sell a house. Some of these are pretty funny…

As the crooner Bing Crosby once sang, “Accentuate the positive. Eliminate the negative. Don’t mess with Mister In-Between.” If you’re trying to sell a house, truer words were never spoken.

The National Association of Exclusive Buyer Agents has compiled some of the descriptions that emphasize the affirmative in a booklet. Here are a few of the most memorable ones:

• Cozy bedroom. Room for a twin bed and one very small dresser

• Damp basement. Three feet of water rushing across the floor

• Easy access to everywhere. Backing up to an expressway

• Galley kitchen. A hallway with cupboards

• Gorgeous home with great potential. Refers to the crack through the middle of the foundation

• Grandma’s house. Hasn’t been improved since she moved in and it still smells like her

• Light, airy basement. You can see daylight through the cracks in the foundation

• Low-maintenance front yard. Paved over with concrete

• Move-in ready. Vacant

• Period home. Kitchen in the basement

• Quaint cottage. Frame house from the ‘50s smaller than 600 square feet

• Retro décor. Original avocado appliances and paisley vinyl floors

Source: National Association of Exclusive Buyer Agents (08/01/2008)

Tahoe Donner Weekly Real Estate Market Update

The well priced homes in Tahoe Donner continue to be selling. 9 homes went into contract just this week! There are a total of 24 homes current pending in Tahoe Donner right now. 6 homes sold this week with the lowest selling for $469,000 and the higest selling for $1,395,000. The average days on market was 83 days (down from past weeks) and the average list to sales price was 96%. 11 new homes came on the market in Tahoe Donner this week and there are now a total of 179 homes listed. This number is the same as last week so we may be seeing the peak for inventory in Tahoe Donner this year. The absorption rate in Tahoe Donner is currently about 13.5% (up from last week). There is still about 7 1/2 months of inventory in Tahoe Donner, but this is also down from past months.

Truckee Music in the Park

There have been all kinds of great musicians that have been featured for music in the park this year in Truckee. Last night, the talented local band, Sol Jibe played at the Regional Park in Truckee. The crowd was huge and the music was fabulous! Many people brought amazing spreads for picnic dinners and blankets to sit on and enjoy the music. Quite a few people got down in front to dance to the music as well!

There are only 3 more concerts this summer at the Truckee Regional Park for these Wednesday night concerts:

Aug. 26: Roy Rogers & the Delta Rhythm Kings with opener Hellbound Glory
Sept. 2: The Commander Cody Band with opener the Jeff Jones Band
Sept. 9: The Trey Stone Band

Come on out and enjoy one of the upcoming park concerts if you haven’t been to one yet. They are such a blast!

Donald Trump Says Buy Buy Buy!

Donald Trump was on Good Morning America yesterday. He had some great advice for those looking to buy or sell and those facing foreclosures.

Donald Trump encouraged people to buy now if they can. This is the man that said to be careful about buying when the market was booming and people were getting those mortgages that were blowing up. He says to figure out which markets are holding strong and buy there. If you are in a place where the values haven’t gone up in 50 years, get out if you can.

He discouraged selling right now unless you have to. But if you must sell right now, make sure the home is in pristine condition.

If you are facing foreclosure he advises that you try to negotiate with the bank. Be NICE he says and try to come up with a solution. The banks do not want to carry your home along with all the others they have to deal with and even if you have a notice to vacate your home, he suggests that you don’t leave.

When asked how long the downturn market will last he said he thinks it will only last about a year. He suggests people hang in there and that it will soon turn.

“If you want to buy a house there’s probably never been a better time,” the real estate mogul said.  “It’s a tough market. It’s a horrible market,” he said. But “this is the absolute time to buy.”

To see the interview click here: Donald Trump Video

Lots of Activity in Northstar!

Northstar seems to be the happening place right now! Since the condos went on sale last month, 10 condos in the Village at Northstar went under contract this month alone. The condos were discounted nearly 25% but the sale only lasted a short time. The condos went up to the full prices again yesterday, so the people currently under contract really lucked out!

Many people are taking advantage of all the summer activites offered at Northstar. The mountain bike park at there is very popular and some bikers are getting quite a lot of use out of it.  Here is more info on the Mountain Biking at Northstar. The chair lift there at the mountain is free for people who just want to ride to the top and walk around. Northstar is the only mountain in the area that offers free lift rides to people during the summer. Mountain bikers have to pay to bring their bikes up, but it is free for the rest of the adventurers! There are some great hikes up at the top there for people looking to get out and enjoy the outdoors with some spectacular views.

There are some exciting new commercial buildings coming to Northstar as well. The Chocolate Bar is a well known bar/cafe in Reno and they just opened a second location at the new Summit Mall in southwest Reno. Exciting news for Truckee/Northstar - The Chocolate Bar will be coming to Northstar this winter! Baxter’s is another fantastic restaurant that is coming to Northstar this winter. Lots of exciting new developments in the Village at Northstar!

Truckee Real Estate Market Update

For the week of August 3-10, 2008, there was not much activity in the Truckee area. Only 1 house in Sierra Meadows sold this week for $425,000. There are currently 278 active single family listings and 114 condos for the whole Truckee area (not including Tahoe Donner). 20 homes are currently under contract which puts Truckee at an absorption rate of about 7%. This means that 93% of homes that are currently listed in Truckee are failing to sell. There is about 13 months of inventory for the Truckee area. Of the 278 homes listed, 47 are under $500K, 88 are in the $500K-$900K range, 42 are in the $900K-$1.2 mil. range, 42 are listed in the $1.2-$1.8 mil. range, and 70 are listed for over $1.8 million. It continues to be a buyers market (duh) and there are still lots of great deals out there!

Tahoe Donner Weekly Real Estate Update

 Sales in Tahoe Donner continue to be strong. The inventory is the highest it has been all year with 179 single family homes listed and 39 condos listed. 5 homes and 2 condos went into escrow this week. 22 homes in Tahoe Donner are currently under contract which gives us an absorption rate of about 12%. 4 homes and 1 condo sold this past week. The lowest priced home sold for $525,000 and the highest priced home sold for $1,520,000. The average days on market for these sold homes was 217 days and the average list to sales price was 96%. There is still around 8 months of inventory in Tahoe Donner and 88% of homes listed right now are failing to sell. The homes that are priced just under market value seem to be the homes that are getting scooped up quickly. There are lots of buyers out there, they are just waiting for that perfect opportunity!

 

The New Aspens Condos

The current Aspens Apartments in Truckee are in the process of being turned into condos! There are some fabulous deals available on these adorable condo units. This is a great opportunity for first time home buyers or investors looking for rental potentials!

32 units are available for purchase and come in 1 or 2 bedroom floor plans. The 1 bedroom/1 bathroom condos vary in size from 697 sq. ft. to 746 sq. ft. and start at around $239,000. The 2 bedroom/2 bathroom condos are around 1,008 sq. ft. to 1,074 sq. ft. and start at $339,000. All units have a patio or a deck and 24 garages are available for property owners.

This complex was built in 1997 originally to be sold as condos but rented as apartments instead. Although the units are only 11 years old, there will be the option for upgrades in these condos. All pricing includes the upgrades, but if buyers prefer not to have the upgrades, they can get a credit towards the purchase price. Available upgrades include new flooring, thick carpet pads (to diminish sound for units below), accent painting, new fixtures, and stainless steel appliances.

One of the great things about these Aspens Condos is their efficiency towards being “green” buildings. The condos have 12″ thick walls (double code) with cement which makes heat very hard to escape. The units have radient heating with tankless water heaters and utilities for home owners are expected to be very low.

These condos are very centrally located and are in walking distance to 2 schools and a local park. They are located right off of Donner Pass Road on Donner Trail. The complex is only made up of 2 buildings - one with 12 units and the other with 20 units. Not many people know about this exciting new opportunity and the condo units may go quickly once they hit the market!
Click here for additional photos.

Housing Cycles Video

This is a great video that explains housing cycles and how real estate is a cyclical business. It explains how the real estate market got to where it is today. John Burns is the real estate consultant who produced this video. It’s a great visual for understanding the market and helping consumers make informed decisions about purchasing real estate.

 

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