Tahoe/Truckee Real Estate Market Update for Monday, August 30

Over the weekend 28 new listings came onto the market comprising of 11 land listings, 2 condos, 3 shared ownership listings, 1 income property and 11 single family homes. Prices are ranging from $19,785 for a shared ownership listing in Squaw Valley to $3,495,000 for a 5 bedroom river front estate on the Truckee River just outside Squaw Valley. There were 10 properties going into contract over the weekend as standard contracts, and 2 accepted contracts for short sales awaiting bank approval. Of the 10 new purchase contracts, 1 was for a condo, 2 were for lots and 7 for single family homes.

Of the 63 new listings in the past week, 5 are bank owned and 2 are short sale offerings. There were 8 short sale properties with accepted contracts awaiting bank approval in the past week and of 30 new escrows in the past week, 5 were bank owned. In the week’s closed escrows, 4 of the 24 sold properties were bank owned and 2 were short sales. Single family homes made up over half of the sales, with 17 of 24 closed escrows. There were 7 sales in the Lake Tahoe Basin and 17 in the Truckee area. Closed escrows ranged from $115,000 for a lot in Tahoe Donner to $6,119,020 for a 5 bedroom lake front estate on the north shore of Lake Tahoe. While selling price averages took a dip the past two weeks to 92% and 90% of list price, it was once again at 96% of list for this past week, which is on par for the beginning of this year.

The market continues to be active right now with historically low mortgage rates and value pricing with most listings; historically, the fall becomes very active with sellers eager to sell before winter and buyers looking to get into a home before the snow falls. Contact me today to discuss how you can take advantage of the current market conditions and low rates.
View all area listings HERE.

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

Tahoe/Truckee Real Estate News - Mortgage Rates Fall Again!

McLean, VA - Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)30-year fixed-rate mortgage (FRM) averaged (so there are lower rates out there!) 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from last week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.

According to Amy Crews Cutts, deputy chief economist at Freddie Mac, existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed mortgage rates to ease to new record lows this week. Much of the slowdown in sales was expected due to the recently expired homebuyer tax programs. For instance, average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago. “Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency’s purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.” said Amy Crews Cutts.

With interest rates this low, it is a great time to purchase a home here in the Tahoe/Truckee market. Feel free to contact me so we can discuss your real estate needs and how I can help you meet those needs. Search all Area Listings, or view REO/Short Sale Listings.

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

Tahoe/Truckee Real Estate Market Update for Monday, August 23

Over the weekend 23 new listings came onto the market comprising of 8 land listings, 1 condo, 1 shared ownership listing and 13 single family homes. Prices are ranging from $60,000 for a shared ownership listing in Old Greenwood to $3,950,000 for a 1 bedroom lake front home on the west shore of Lake Tahoe. There were 8 properties going into contract over the weekend as standard contracts, and 7 accepted contracts for short sales awaiting bank approval. All 8 new purchase contracts were for single family homes.

Of the 56 new listings in the past week, 6 are bank owned and 1 is a short sale. There were 13 short sale properties with accepted contracts awaiting bank approval in the past week and of 32 new escrows in the past week, 7were bank owned and 1 was an approved short sale. In the week’s closed escrows, 6 of the 30 sold properties were bank owned. Single family homes made up over half of the sales, with 22 of 30 closed escrows. There were 8 sales in the Lake Tahoe Basin, 22 in the Truckee area. Closed escrows ranged from $68,000 for a studio condo unit at Donner Lake Village, to $10,000,000 for a 7+ bedroom lake front estate on the north shore of Lake Tahoe. While selling prices have been averaging right about 94% to 95% of list price for the year, this past week’s average rose to 92%, up from last week’s low 90% average.

The market continues to be active right now with historically low mortgage rates and value pricing with most listings; Contact me today to discuss how you can take advantage of the current market.
View all area listings HERE.

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

Tahoe/Truckee Real Estate Market Update for Monday, August 16

Over the weekend we had 28 new listings come onto the market comprising of 2 land listings, 7 condos, 1 shared ownership listing and 18 single family homes. Prices are ranging from $94,900 for a bank-owned one bedroom condo in upper Kings Beach to $4,750,000 for a 3 bedroom lake front home on the west shore of Lake Tahoe. There were 13 properties going into contract over the weekend as standard contracts, and 5 accepted contracts for short sales awaiting bank approval. The 13 new purchase contracts were comprised of 11 single family homes, 1 lot and 1 condo.

Of the 72 new listings in the past week, 5 are bank owned, and 5 are short sales. There were 11 short sale properties with accepted contracts awaiting bank approval in the past week and of 34 new escrows in the past week, 8 were bank owned. In the week’s closed escrows, 5 of the 34 sold properties were bank owned. Single family homes made up half of the sales, with 17 of 34 closed escrows. There were 18 sales in the Lake Tahoe Basin, 14 in the Truckee area and 2 north of Truckee. Closed escrows ranged from $18,000 for a shared ownership in Old Greenwood, to $1,900,000 for a 4 bedroom lake front home on the west shore of Lake Tahoe. While selling prices have been averaging right about 94% to 95% of list price for the year, this past week the average dipped to 90% of list price.

The market continues to be active right now with historically low mortgage rates and value pricing with most listings; Contact me today to discuss how you can take advantage of the current market.
View all area listings HERE.

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

Tahoe/Truckee Real Estate Market Update for Monday, August 9

Over the weekend we had 26 new listings come onto the market comprising of 4 land listings, 5 condos and 17 single family homes. Prices are ranging from $165,000 for a Lot in Tahoe Donner to $2,390,000 for a 5 bedroom lake front home on Donner Lake. There were 9 properties going into contract over the weekend as standard contracts, and 9 accepted contracts for short sales awaiting bank approval. The 9 new purchase contracts were comprised of 7 single family homes, 1 lot and 1 shared ownership opportunity.

Of the 63 new listings in the past week, only 1 is bank owned, and 3 are short sales. There were 12 short sale properties with accepted contracts awaiting bank approval in the past week and of 31 new escrows in the past week, only 2 were bank owned. In the week’s closed escrows, 11 of the 26 sold properties were bank owned. Single family homes again made up the bulk of the sales, with 14 of 26 closed escrows. There were 9 sales in the Lake Tahoe Basin, 12 in the Truckee area, 1 on the summit and 4 north of Truckee. Closed escrows ranged from $39,500 for a bank owned lot in Grey’s Crossing, to $3,200,000 for a 4 bedroom home on the slopes at Squaw Valley. Selling prices continue to average right about 94% to 95% of list price.

The market continues to be active right now with historically low mortgage rates and value pricing on most listings; Contact me today to discuss how you can take advantage of the current market.
View all area listings HERE.

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

J.D. Power and Associates Reports: Keller Williams Ranks Highest in Customer Satisfaction among Home Buyers for a Third Consecutive Year

WESTLAKE VILLAGE, Calif., July 28 /PRNewswire/ — Reflective of the real estate buyers’ market conditions in many regions in the U.S., satisfaction with real estate companies among home buyers has improved from 2009, while satisfaction among home sellers has declined, according to the J.D. Power and Associates 2010 Home Buyer/Seller Study(SM) released today.

The study, now in its third year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent/salesperson; office; and variety of additional services. Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services.

Overall satisfaction among home buyers averages 803 on a 1,000-point scale in 2010-increasing by 12 points from 2009. This improvement is primarily driven by increased satisfaction with agents and salespersons. In contrast, overall satisfaction among home sellers has declined by 40 points from 2009 and averages 742 in 2010. Among home sellers, satisfaction has decreased in all four factors, with the largest declines observed in marketing of the home and the variety of additional services offered.

“Among both home buyers and home sellers, the importance of agents and salespersons has increased substantially in 2010, compared with 2009,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “Buyers are increasingly relying upon negotiating skills of agents and seem to be satisfied with the purchase prices they are obtaining. Despite the fact that selling agents appear to be doing a good job of negotiating and marketing on behalf of home sellers, the tough economic conditions are negatively impacting their overall satisfaction with real estate companies.”

In the home-buyer segment, Keller Williams ranks highest for a third consecutive year, with a score of 817 on a 1,000-point scale. Keller Williams performs particularly well in the agent and office factors. Following in the rankings are Prudential (811) and Coldwell Banker (805). Prudential performs well in the additional services category.

Based on the J.D. Power and Associates survey, it sounds like you should definitely contact me when you decide to buy property in the Tahoe/Truckee area! View all area listings here.

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

Tahoe/Truckee Real Estate Market Update for Monday, August 2

Over the weekend we had 33 new listings come onto the market comprising of 5 land listings, 7 condos, 3 commercial property listings, 21 shared ownership listings and 16 single family homes. Prices are ranging from $50,900 for a 3 bedroom, 2 bath bank-owned home in Loyalton to $1,795,000 for a commercial building in Tahoe City. There were only 4 properties going into contract over the weekend, down again considerably from the past few weekends. The 4 new purchase contracts were comprised of 3 single family homes and 1 condo.

Of the 86 new listings in the past week, 8 are bank owned, 6 are short sales and 1 requires court approval. There were 8 short sale properties with accepted contracts awaiting bank approval in the past week and of 16 new escrows in the past week, only 3 were bank owned. In the week’s closed escrows, 8 of the 38 sold properties were bank owned or short sales. Single family homes again made up the bulk of the sales, with 22 of 38 closed escrows. There were 18 sales in the Lake Tahoe Basin, 16 in the Truckee area, 1 on the summit and 3 north of Truckee. Closed escrows ranged from $18,500 for a bank owned 1 acre lot in Grizzly Ranch, a golf community north of Truckee to $3,400,000 for a commercial building in downtown Tahoe City. Prices for the single family homes ranged from $45,000 for a 3 bedroom bank-owned home in Portola to $1,380,000 for a 4 bedroom home at Serene Lakes on Donner Summit. Selling prices continue to average right about 94% of list price.

The market is active right now with buyers moving on the best deals while taking advantage of historically low rates; I believe there are excellent opportunities for buyers and sellers in the current market. You can view all area listings HERE. I have the experience and knowledge to help you negotiate the best deal in today’s market. Give me a call to help you sell or purchase your Tahoe/Truckee property.

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

Tahoe/Truckee Real Estate News - Truckee development: Coldstream Project

TRUCKEE, Calif. - With a backdrop of scrutiny of environmental issues, debate over reconnecting Deerfield Drive and analysis of economic competition, the town council and planning commission on Monday talked about public benefits that could come out of the Coldstream development project.

Known also as Planned Community One, Coldstream sits on 178 acres next to Donner Memorial State Park, at the mouth of Coldstream Canyon. Project owners Teichert Aggregates has a plan in submittal, and both environmental and economic review documents are in progress.

“Town council directed staff to look for equal requirements between planned communities for public benefits,” said Associate Planner Jenna Endres, setting the stage for Monday’s discussion. “We look to larger developments to go above and beyond.”

She compared the Coldstream plan to Planned Community Two, known as Gray’s Crossing, which had a number of public benefits from bike trails to land dedications.

Mike Isle of Teichert warned against using Gray’s Crossing, a larger project, as a yardstick for Coldstream, and said many of the elements of the project will have public benefit - from planned trails to the improved one-time mining ponds, and a planned 109 acres of open space.

Kaitlin Backlund, executive director of the Mountain Area Preservation Foundation, expressed concerns about the density of the project, and suggested some additional public benefits that might come from the project would be more conservation work in Coldstream Canyon.

Town council member Joan Jones said she is in favor of looking for more benefits from the project that would be for the good of the whole town - not just project neighbors - because the impacts of a large project like Coldstream would likewise be felt by all of Truckee.

“To me, the No. 1 thing is to prove that it’s flood safe,” said Commissioner Bob Johnston. “No. 2 is to ensure public access to the pond … then there is the Deerfield Drive connection; I’m still on the fence on that.”

With different ideas suggested, Mayor Carolyn Wallace Dee asked town staff to analyze those possible benefits to see how feasible they are, and to report back in the next meeting.

What’s next? The town has plans for a workshop on the economic impact analysis for Coldstream in August, followed by public meetings on that study and the environmental review of the project in the fall, Endres said. The planning commission and town council would then review the project late this year/early next year, she said. Depending on approval and the economy, Isle guessed construction wouldn’t start before 2012, and take five to 10 years to build out.

 The project, by the numbers
• 178: Total project site in acres
• 70,000: Maximum commercial space in square feet
• 345: Number of residential units
• 109: Total open space, in acres

Although a few years off, it seems that this project will be moving ahead. I believe much will depend on the economy over the next couple of years. With lot prices and sales flat in many area around town right now, I would be suprised to see this project pushing forward at anything more than a snail’s pace. If you’d like more information, feel free to contact me.

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

Tahoe/Truckee Real Estate Market Update for Monday, July 26

Over the weekend we had 26 new listings come onto the market, comprising of 5 land listings, 4 condos, 1 commercial property, 1 shared ownership listing, a mobile home and 14 single family homes. Prices are ranging from $49,000 for a .32 acre lot in Grey’s Crossing to $4,150,000 for a lakefront bed and breakfast operation on the North Shore of Lake Tahoe. There were only 6 properties going into contract over the weekend, down considerably from the past few weekends. The 6 new purchase contracts were comprised of 5 single family homes and 1 condo.

Of the 64 new listings in the past week, 4 are bank owned and 4 are short sales. There were 6 short sale properties with accepted contracts awaiting bank approval in the past week and of 21 new escrows in the past week, only 3 were bank owned. In the week’s closed escrows, 9 of the 25 sold properties were bank owned or short sales. Single family homes again made up the bulk of the sales, with 15 of 25 closed escrows. There were 9 sales in the Lake Tahoe Basin, 14 in the Truckee area and 2 north of Truckee. Closed escrows ranged from $40,000 for a bank owned lot in Grey’s Crossing to $1,250,000 for a lake view home in Tahoe Vista. Of notable sales this past week was the former “Sunset Idea Home” in Grey’s Crossing that sold for an undisclosed amount in a bankruptcy sale. Prices for the single family homes ranged from $153,000 for a 2 bedroom home in Sierra City to the lake view home in Tahoe Vista that sold for $1.25 million. Selling prices continue to average right about 94% of list price.

The market is active right now with buyers moving on the best deals while taking advantage of historically low rates; I believe there are excellent opportunities for buyers and sellers in the current market. You can view all area listings HERE. I have the experience and knowledge to help you negotiate the best deal in today’s market. Give me a call to help you sell or purchase your Tahoe/Truckee property.

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

Tahoe/Truckee Real Estate News - Foreclosure Sales Account for 31% of Q1 Sales Nationwide

Sales of foreclosure properties accounted for 31 percent of all residential sales nationwide in the first quarter, according to a foreclosure sales report published by RealtyTrac®. The report also showed that the average sales price of properties that sold while in the foreclosure process was nearly 27 percent less than the average sales price of properties not in the foreclosure process.

A total of 144,503 bank-owned (REO) properties were sold to third parties in the first quarter, a decrease of 13 percent from the previous quarter and down 27 percent compared with the first quarter of 2009. REO sales accounted for 19 percent of all sales in the first quarter, up from nearly 16 percent in the previous quarter, but down from 21 percent of all sales in the first quarter of 2009. REOs sold for an average discount of 34 percent, up from an average discount of nearly 32 percent in both the previous quarter and the first quarter of 2009.

Foreclosure sales accounted for 51 percent of all sales in California in the first quarter, up slightly from 50 percent in the fourth quarter, but down from 70 percent of all sales in the first quarter of 2009, according to the report. Read Full Report

Here in the Tahoe/Truckee market, REO properties made up 23% of first quarter sales this year, up just a bit from 20% of sales in the fourth quarter of 2009. If we look at year-to-date sales, 20% of those have been REO properties. If you are looking to take advantage of this market segment, you can view all current area foreclosure and short sale listings. Feel free to call me to help you find the best deal.

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

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