Real Estate Monthly Update for Tahoe Donner
December 4, 2009
The real estate market in Tahoe Donner is doing well! There were 15 homes that sold in November 2009. The lowest priced home was $300K and the highest price home was $1.2 million. The average was $604,790 and the median was $535K. The average days on market was 123 days. There are now 192 homes that have sold in Tahoe Donner year to date. There are 95 homes that are still for sale in Tahoe Donner and 35 are in escrow. This puts the absorption rate at 37% which is phenomenal! There is just over 2 1/2 months of inventory still on the market in Tahoe Donner. An average or “healthy” market is around 6 months of inventory, so these numbers are outstanding! There are lots of buyers just waiting for that good deal and when it comes on the market, it doesn’t seem to last long.
Challenges of Selling an Older Home in this Marketplace
May 5, 2009
This is definitely a challenge and one very close to my heart today having two listing in an area of a large inventory of new or newer homes, “How can I sell my two listings that are both 20+ years old against all this competition? “ Yes, they are in Tahoe Donner, which is one of the most popular areas in the North Lake Tahoe region. It is the first exit off of I-80 to Truckee, has all the amenities that anyone could desire including a downhill and cross country skiing for the winter and a private beach with boat launch and picnic area at Donner Lake in the summer. This plus equestrian facilities, fine food dining, a sports center, eleven tennis courts, golf, trails for hiking, biking and many a fun party, Tahoe Donner offers it all.
In Tahoe Donner there are over 140 homes on the market each month with 7%-10% selling. So how do you promote your older home listing that is on 1.5 lots, 4000+ sq. feet or has a special view when it is 20+ years old? Most buyers feel it would take $200,000 to upgrade to today’s standards against the new comparable homes where a buyer can move right in and have beautiful wood floors, granite and flagstone for their kitchen counter tops and floors and no additional work needed. They may have less square footage but have all the necessary rooms which are new. Most people don’t mind smaller bedrooms when they are active outside people.
The answer is simple but difficult for sellers to accept. The house has to be priced right for the situation. In today’s market when only 7% - 10% of the properties are being sold, you need to be in that 10%. In other words, you need to price your house to sell. How? - By being the very best bargain in your price range at that time.
Someone will buy the 1 ½ lots or a special private view of an older home if the price makes up for the improvements needed. Otherwise, the buyers will move on to a smaller house that doesn’t need all the extra TLC. This is a time when it is even more important to have the right real estate agent. Talk to your professional real estate agent. Let them do the work for you to get the best price, but to get it “sold”.
11719 Kitzbuhel in Tahoe Donner
February 23, 2009
Special price of $500,000 until Labor Day. This is the very best deal in Tahoe Donner.
Over 2200 sq. feet on one of the best streets in lower Tahoe Donner just reduced to $535,000. What a deal for Tahoe Donner. This home has been lovingly cared for with new grantie in kitchen, newer carpet, fireplace extraordinaire, house restained in summer of 2008. With two bedrooms, great room, kitchen and bath on the main floor, master bedroom with bath plus 4th bedroom on the lower floor. The 4th bedroom has bath and kitchenette and could be lock out for in-law. There is lots of parking and a one car garage. This is a great house for entertaining and family gatherings. For more information, click here.
Mortgage Rates Hits New Low
February 23, 2009
Low mortgage rates may be encouraging buyers to step up to purchase. Two high end areas in Truckee, Lahontan and Old Greenwood have recently had new activity. Lahontan had two sales last week with average price of $1.7M and Old Greenwood had one sale at $2.0M. There are currently three properties in escrow in Old Greenwood. This is good news as the properties over a million dollars are showing activity.
Realtor.com news shows mortage rate at new low. This was posted on realtor.com on February 20, 2009.
30-Year Rates Drop to Near 5%
Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.
The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
- 15-year mortgage rates: averaged 4.68 percent, down from last week’s 4.81 percent. Last year at this time: 5.64 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week’s 5.23 percent. Last year at this time: 5.37 percent
- 1-year ARMs: averaged 4.8 percent, down from last week’s 4.94 percent. Last year at this time: 4.98 percent
“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist.
Lake Tahoe/Truckee Weekly Sales Update
November 2, 2008
The following is a graph for weekly sales in the Tahoe/Truckee area for the week of October 27-November 2, 2008. The information was taken from the Tahoe Sierra Board of Realtors.
| AREA | Current homes/ condos | Low | High | Avg. | Median | Avg. days listed | SFR Pend-ing | Sold SFR | |
| Tahoe Donner | 162 | 22 | $359,900 | $4,200K | $972,187 | $832K | 132 | 16 | 5 |
| Sierra Meadows/ Prosser | 47 | 1 | $330K | $4,500K | $792,731 | $599K | 120 | 4 | 1 |
| Lahanton | 31 | 0 | $1,549K | $7,950K | $3,162,951 | $2,950K | 266 | 0 | 0 |
| Gray’s Crossing/ Old Green. | 32 | 5 | $899K | $3,995K | $1,860,187 | $1,750K | 148 | 2 | 0 |
| Northstar | 37 | 64 | $749K | $4,950K | $1,545,702 | $1,199K | 198 | 1 | 1 |
| Alpine M./ Squaw Vly. | 45 | 87 | $560K | $4,900K | $1,648,833 | $1,275K | 185 | 2 | 1 |
| Donner Lake | 29 | 3 | $329,900 | $3,950K | $1,185,717 | $875K | 168 | 0 | 0 |
| Glenshire/ Devonshire | 59 | 0 | $275K | $2,499K | $739,120 | $549,950 | 140 | 5 | 3 |
| Lake Tahoe North Shore | 158 | 61 | $319K | $10,995K | $1,287,216 | $749,500 | 184 | 10 | 3 |
| Lake Tahoe West Shore | 128 | 3 | $185K | $31,550K | $2,484,387 | $849,975 | 174 | 4 | 1 |
