Tahoe Donner Weekly Real Estate Update
August 10, 2008
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
August 9, 2008
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
August 6, 2008
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.
Reno Estates Tour Tomorrow
August 5, 2008
The Tahoe Estates Tour was held on June 25, 2008 and was a huge success. The Reno Estates tour takes place tomorrow from 10:00 a.m. – 4:00 p.m. It is such a fun way to get out and see some of the beautiful estates that are currently listed in Reno. Many of these homes are not often open to the public, so it is a great opportunity to see some of these impressive properties! For the invitation to this event, click here: Reno Estates Tour
Truckee Real Estate Market Update July 2008
August 3, 2008
| AREA | Current homes/ condos | Low | High | Avg. | Avg. days listed | SFR Pend-ing | Sold SFR 07/08 | Sold SFR 2008 | |
| Tahoe Donner | 178 | 40 | $250K | $5.5 mil. | $965,188 | 113 | 23 | 15 | 103 |
| Sierra Meadows/ Prosser | 47 | 3 | $355K | $2,695K | $786,091 | 105 | 8 | 1 | 22 |
| Lahanton | 30 | 0 | $1,695K | $7,950K | $3,313,250 | 225 | 1 | 1 | 8 |
| Gray’s Crossing/ Old Green. | 35 | 8 | $1,199K | $3,995K | $1,595,028 | 144 | 1 | 0 | 3 |
| Northstar | 43 | 61 | $799K | $6.2 mil. | $1,705,417 | 127 | 0 | 0 | 6 |
| Alpine M./ Squaw Vly. | 47 | 96 | $499K | $5,750K | $1,796,042 | 176 | 4 | 0 | 11 |
| Donner Lake | 48 | 7 | $329K | $3,950K | $1,025,358 | 158 | 4 | 2 | 6 |
| Glenshire/ Devonshire | 66 | 0 | $279K | $3,250K | $735,641 | 118 | 4 | 7 | 31 |
Sales in July were down 14% compared to July 2007. 48 single family homes sold in July 2008 compared to the 56 homes that sold last year. The price range where we saw the most activity was in the $300,000 to $700,000 range.
There are currently 1190 single family homes listed in the Tahoe/Truckee area. This is 72 more listings that last month. 365 condos are currently listed in the area. Last year at this time there were 1114 single family homes and 412 condos listed. 12 of the 1190 single family homes are listed as short sales. The average listing price is $1,260,807 (down 4% from last month) and the median listing price is $787,000 (down 1% from last month). The average days on market is 143 days and the median days on market is 87 days. There are currently 81 homes under contract (up 130% from last month). The absorption rate for the homes listed in our MLS is about 15% (up 40% from last month). This means that 85% of listed homes are failing to sell. There is about 15 months of inventory in our MLS for the Tahoe/Truckee area.
