California Association of Realtors Reports Increased October Sales

C.A.R. REPORTS SALES UP 117.1 PERCENT; MEDIAN PRICE FELL 39.9 PERCENT
Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent, C.A.R. reported yesterday. “Statewide sales increased significantly in October to 552,750 homes on an annualized basis, the highest sales level since late 2005,” said C.A.R. President James Liptak. “The record gain stemmed primarily from extremely large increases in regions with a high concentration of distressed sales.”Most October sales likely opened escrow prior to the beginning of the ongoing freeze in the financial markets. We won’t have a clear picture of the full impact of the fallout until November and December sales are reported,” Liptak added.

“The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months,” said C.A.R Vice President and Chief Economist Leslie Appleton-Young. “However, there is still no conclusive indication that prices have begun to stabilize.”
Taken from C.A.R. Newsline

Jamie Schou
Cell - 530.798.1393
jschou@kw.com

Tonopalo Home #5 - Offered at $425,000

Home #5 at Tonopalo is a beautiful home with outstanding Lake Tahoe views and room for the whole family with 3 bedrooms and 3.5 baths. 

Views, plenty of room and just a short walk to the beach where the fun really begins.  12 owner’s buoys, 300 foot pier, sailboats, kayaks and a 26 ft Formula speedboat are just some of the highlights of the wonderful amenitites at Tonopalo.  

Call now to learn more or visit www.TonopaloSales.com.
Jamie Schou
Cell - 530.798.1393
jschou@kw.com

Fed Cuts Rate

For the first time since June 2004 the fed funds rate is down to 1%.  The fed cut the key short term interest rate today by .5% amid continued concerns about the economy.  The fed has cut the fed funds rate 9 times since September 2007 and at 1% it matches it’s lowest level ever. 

So what does this mean?  Well, the fed funds rate is used to set rates for a wide variety of consumer loans including credit cards and home equity lines of credit.  So, those of you with HELOCs will see immediate relief.  Investors were expecting a rate cut of .5% and some were expecting a larger cut, so markets will not be effected too much by this news as it has already been built into the past weeks movement. 

We will see what this means for home loan rates as the bond market absorbs this news, but the idea is that they will improve.  That being said, interest rates are at all time lows and there are values abound throughout North Lake Tahoe and Truckee.  If you have been thinking of buying a home, now is the time!  When everyone else needs to sell, that will provide you the best opportunity to buy.  Ask me about the many short sales and bank owned properties in the area.  

Contact me for more information about the best buys now. 
Jamie Schou
530-798-1393
jschou@kw.com

Discounted Developer Pricing at Grizzly Ranch

Below is an excerpt taken from an e-mail I recieved this morning (10/27/08).   A possible opportunity for you golfers or investors (or golfing investors) out there!

Simply said – the lots must sell.
Never before has there been an opportunity for you to buy a homesite at one of the Best New Golf Course communities* in the United States. Current opportunities include fairway, view and wooded lots (from .25 acre to 4 acres) in one of the area’s most pristine settings within 45 minute drive from Reno and Truckee.

SEASON Close-Out specials
starting at $97,500
Additional incentives for the first 5 buyers. Reduced golf membership pricing.

Grizzly Ranch Benefits
45 minute drive to Reno and Truckee • Private gated community • Bob Cupp designed 18-hole golf course • Golf Club • Pro Shop • Restaurant • Swim and Fitness Center • Miles of hiking and biking • Nature conservancy throughout the Ranch

Not a lot of information is contained in the e-mail except that Grizzly Ranch wants to liquidate some inventory.  I have been up there and played the course and it is truely beautiful.  The course is at a lower altitude than most of the Tahoe/Truckee area courses which allows for a longer playing season and milder temperatures in the fall and spring.  If you are a golfer and enjoy the sierras I would recommend at least taking a short drive up there to look.   If you are interested in learning more please let me know and I will try to arrange an outing for you with golf included.  

Please contact me if you have any questions about Grizzly Ranch or any other real estate opportunities in the area.

Tonopalo Floorplans

Here are all the 19 Tonopalo home floorplans in PDF format.

Home #1
Home #2
Home #3
Home #4
Home #5
Home #6
Home #7
Home #8
Home #9
Home #10
Home #11
Home #12
Home #13
Home #14
Home #15
Home #16
Home #17
Home #18
Home #19