11956 Rhineland Avenue

226 Basque

SELLERS ARE MOTIVATED!!! Bring all reasonable offers. Mountain craftsman style home. Great floor plan with room for everyone. Built with floors made of heart pine wood, high beam ceilings, designer colors, 5 stage hydronic heat, 18×8 swim spa, security system and much more. Enjoy the views of the meadow and golf course from your living room. Take a hike out your back door on Northstar’s trail system and don’t forget the freedom for all with the Northstar shuttle bus.

Tahoe Donner Weekly Market Update

There is still quite a bit of activity in Tahoe Donner. 6 homes went into escrow this past week. 2 homes were in the $500K range, one at $800K, and 3 over $1 million. There are currently 22 homes under contract in Tahoe Donner. 6 new homes came on the market this week and there are now 148 active single family homes. 4 homes sold this week - 1 for $355K, 1 for $480K, 1 for $715K, and 1 for $1,040K. The average list to sales price was 95% and the average days on market was 97 days. The absorption rate for homes listed in Tahoe Donner is 15% and there is still about 6 1/2 months of inventory remaining.

Tahoe Donner Weekly Market Update

Week of September 15-21, 2008 

Three homes closed this week. One sold for $380K, one for $552K, and one for $1,695,000. The average days on market for these homes was 108 days. Three homes went into escrow. One that was listed at $520K, one that was listed for $745K, and one condo that was listed at $319K. 

Week of September 22-28, 2008 

Eight homes closed this week. Two were short sales – one sold for $249K and the other sold for $327K. One home sold for $492K, two for $630K, one for $897K and two homes sold for over $1.1 million. The average days on market for these homes was 49 days. Eight homes went into escrow – one for $359K, one for $499K, three for $700K, two for $750K and one for just over $1 million.   

Week of September 29 – October 5, 2008 

Ten homes closed this week. Two homes sold for $350K, one for $555K, two for $600K, one at $656K, one at $775K, one at $841K, one for $897K, and one for $995K.  The average days on market for these homes was 99 days. One condo closed for $529K. Three homes went into escrow – one for $439K, one for $628K, and one at $1.6 million. 

Week of October 6-13, 2008 

Seven homes closed this week. There were five homes in the $500K-$600K range, one at $810K, and one at $948K. 5 homes went into escrow this week. One that was listed at $479, two in the $550K-$600K range, one for $749K, and the other at $1.4 million. One condo that was listed for $299K went into escrow.

Opportunity in Tahoe and Reno Real Estate Market

The Lake Tahoe and Reno real estate market is right in step with national trends, as our third quarter report shows little increase in sales and prices. Truckee, however, continues to show signs of life with strong sales in million-dollar homes and average prices relatively un-phased by the rest of the market.

Truckee seems to be the anomaly, offering some positive indicators. The average price of a home in Truckee was up two percent to $825,312 and the median price held steady at $631,000. Homes sold under the million-mark were down 14 percent while homes sold for more than $1 million jumped 33 percent. Overall volume sold in Truckee was down five percent and units sold were down six percent. 

Here are some year to date stats for the Truckee area. It’s encouraging to see that for homes sold in Tahoe Donner, there was a 43% increase in home sales (31 in 2007 and 55 in 2008). For condo sales so far, there is a 25% increase in sales this year (6 in 2007 and 8 in 2008).

Tahoe/Truckee Third Quarter Stats

Sue Lowe, our Corporate Vice President of Chase International has just posted the third quarter statistics on the state of the market for the Lake Tahoe Basin, Truckee, Reno, Sparks and the Carson Valley. These are “real numbers” through 9/30/08 and we are comparing to the same time last year, first nine months. In the Truckee area, sales in the $500,000 to $749,000 range have seen the most action. There have been quite a few sales in the $500,000 and under range as well. Click on the graph below for an enlarged version of the charts and stats for all surrounding areas.

 

Truckee Ranks in the Top 10 Places to Live…Again!

Truckee was ranked among the top 10 dream towns in the West. This is how they describe Truckee: “The laid-back Sierra Nevada mountain town is just three hours from San Francisco but worlds away in real-estate prices. It’s a tight-knit, outdoorsy community with good restaurants and year-round recreational fun — some of California’s best ski resorts are minutes away, as is Lake Tahoe.” According to the article, the median home price is around $539,000. I thought that sounded low, so I checked. For 2008 sales in Truckee, the median home sold price is $485,000. For Tahoe Donner, the median home sold price in 2008 is $615,000. I guess it’s pretty accurate then. Here’s the Article.

Wall Street Journal Market Watch Article

Here is an interesting article from the Wall Street Journal about interest rates today. The article states that even though interest rates are getting lower, it is becoming more and more difficult to obtain a home loan. This article was written by Amy Hoak and was published on September 14, 2008. Click here to read article.

Tahoe Donner Weekly Market Update

It was another great week for sales in Tahoe Donner. 7 homes and 1 condo went into escrow. 3 properties were under $370K, 3 were in the $600K range, and 1 was over $1 million. There are now 33 single family homes under contract in Tahoe Donner. 16 new homes came on the market in Tahoe Donner this week for a total of 174 active single family homes. 4 homes sold this week - one for $770K, one for $850K, one for $975K, and one for $1,194,500. The average list to sales price was 97%. The average days on market was 79 days. The absorption rate for listed homes in Tahoe Donner is 19% and there is currently just over 5 months of inventory remaining. We will see some homes come on off the market in the next couple weeks and months that will be turned into ski leases. This is good news for the homes that stay on the market because there will be less competition with inventory. If buyers are looking for more properties to chose from, they may want to act soon while there is still so much on the market!

“Mortgaged America” Article

This is an interesting article I found from the American History magazine October 2008 issue. It compares the condition of our country with its mortgages today compared to during the Great Depression. This article shows that homeowners faced with loss of their property today is 1.4% and states that this number “pales in comparison” to the 10% during the Depression. This article also explains that the other potential crisis is the amount of personal equity in homes and the fact that about half of homeowners in the U.S. owe more on their mortgages than their property is currently worth.

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