Jamie Schou Real Estate

We had another active weekend in the Tahoe/Truckee real estate market. Over the weekend, 37 new listings came onto the market comprising of 8 land listings, 4 condos, 3 commercial property listings and 22 single family homes. Prices are ranging from $120,000 for a lot in Prosser Lakeview Estates to $1,300,000 for a commercial building at Donner Lake. Of the new listings, 4 are bank owned and 3 in the short sale mode, very similar numbers and ratios as last week. Of the 12 properties going into contract, 5 are either bank owned or short sales – 2 are short sale properties awaiting bank approval and 3 are bank owned with accepted contracts. Once again, over one third of the new escrows over the weekend involve distressed properties! New purchase contracts included 2 lots, 1 mobile home, 1condo and 8 single family homes, 4 of which were bank owned or short sales.

These numbers again mirror the past week’s activity, with 10 of the 26 new escrows being bank owned, and 12 of the 98 new listings being distressed properties. In the week’s closed escrows, 9 of the 32 sold properties were bank owned or short sale listings, down in percentage slightly from last week. Single family homes made up the bulk of the sales, with 22 closed escrows. Prices for the single family homes ranged from $129,900 for a 4 bedroom home in Loyalton to $2,500,000 for a 4 bedroom lakefront North Tahoe home that was on the market for only two weeks before going into contract.

We are seeing an increase of listings; I believe there are excellent opportunities for buyers looking to get into the market, whether it be to purchase land, a condo or a single family home. Sellers need to be prepared to differentiate their property and position it in the market to attract a buyer and get the optimum price. Either way, I have the experience and knowledge to help you in today’s market. Give me a call to help you buy or sell your next Tahoe/Truckee property. View All Area Listings Here

Jamie Schou
Direct 530-798-1393
jschou@kw.com

SAN FRANCISCO, June 16, 2010 – A new report found 22 percent of homes listed for sale nationwide experienced at least one price reduction as of June 1 compared with 23.6 percent in June 2009, according to Trulia.com. The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.

Cities in the Western U.S. experienced the largest decreases in price reductions compared with the previous year. Las Vegas led the way with a 67 percent decrease and six California cities (Oakland, San Jose, Los Angeles, Sacramento, San Francisco, and San Diego) experienced a price reduction of 24 percent or more, according to the report. Price reduction levels for luxury homes–those listed at $2 million and higher–continued to hold steady with 21 percent of homes experiencing a price reduction and an average reduction of 14 percent off the listing price.

“Sellers are optimistic heading into the summer season because of the strong sales figures from the spring. The spring sales were fueled by the expiration of the tax credit and my concern is that this heavy activity is providing sellers with a false state of optimism,” said Pete Flint, co-founder and CEO of Trulia. “We are already starting to see rising inventory levels and I believe this will be the story of the summer. For the unforeseen future, buyers will continue to have the negotiating power and I expect we will see sellers get aggressive via price cuts throughout the summer.”

So while price reductions have been declining, all indications show current market conditions to still be in favor of the buyer. If you are thinking of purchasing a property in the North Lake Tahoe/Truckee region, you can view all current listings here. Contact me to discuss your plans and let me put my experience to work for you.

Jamie Schou
Direct – 530-798-1393
jschou@kw.com

We had an active weekend to kick off the first official week of summer in the Tahoe/Truckee real estate market. Over the weekend, 41 new listings came onto the market comprising of 6 land listings, 7 condos, 2 shared ownership opportunities and 26 single family homes. Prices are ranging from $44,900 for a lot near Lake Almanor to $3,950,000 for a Tahoe lakefront home. Of the new listings, only 4 are bank owned and 2 in the short sale mode. This is in contrast to the high ratio of distressed properties we saw go into contract over the weekend – of the 23 properties going into contract, 13 are either bank owned or short sales – over half! 7 are short sale properties awaiting bank approval and 6 are bank owned with accepted contracts. Over one third of the new escrows over the weekend involve bank owned properties! New purchase contracts included 7 lots, only 1 of them being a standard sale, 1 mobile home, 4 condos, of which 3 were short sales and 11 single family homes, 4 of which were bank owned or short sales.

These numbers mirror the past week’s activity, with one third of the 27 new escrows being bank owned, and only 12 of the 92 new listings being distressed properties. In the week’s closed escrows, 9 of the 23 sold properties were bank owned or short sale listings. Single family homes made up the bulk of the sales, with 14 closed escrows. Prices for the single family homes ranged from $55,000 for a bank owned, 3 bedroom home in Portola to $2,625,000 for a 4 bedroom home in Northstar.

As we see more listings come onto the market during this traditionally “busy” season, I believe there will be excellent opportunities for buyers looking to get into the market whether looking to purchase land, a condo or single family home. Search for your next Truckee/Tahoe property here. Sellers need to be prepared to differentiate their property and position it in the market to attract a buyer and get the optimum price. Either way, I have the experience and knowledge to guide you in today’s market. Give me a call to help you buy or sell your next Tahoe/Truckee property.

Jamie Schou
Direct – 530-798-1393
jschou@kw.com