We are into the season of Autumn for sure, the wind is blowing and the sky is cloudy. With this season comes the serious real estate buyers. Typically this time of year is my busiest. To verify that statement, I searched the volume of sold listings in 2012 Summer verses Autumn and see that the sales of single family residences were up nearly 10% Summer over Fall. This year’s Summer season the number of sold single family properties was 221. I’ll check to see what this Autumn’s sales numbers come in when Winter arrives. This is a trend I’ve noticed during my 26 years in the industry. Seems like you all come to Tahoe to enjoy the Summer season but when school starts up again and it’s not so busy, you’re more focused on the business of finding your own piece of Tahoe. It’s much easier to get around when the traffic has diminished and your trips have a singular mission. This season is my favorite here in Tahoe with the mosquitos long gone, the sun lower in the sky showing off the contours of the mountains in the shadows and the changing of the Aspen leaves from green to gold. The typically calm days are great for paddling on the Lake and the increased moisture settling the dust on the trails is also great for hikers and bikers alike. Yup, this is a great time to get business done, but don’t be so singly focused that you can’t get out on the Lake and the trails, but do some and get your piece of the Lake Tahoe Life. This photo was taken by my friend Jon Paul and shared with his permission, www.jonpaulgallery.com.
When I woke up this morning and realized that I could see Mt. Tallac clearly, not masked by smoke. I jumped out of bed packed my backpack and drove to the trailhead with my trusty terrier Smitty. We have been inundated with smoke from the Rim Fire near Yosemite for the past two and a half week , so to wake up without the oppressive haze and smoke was a welcome break. The trail was uncrowded as most folks changed their plans for the Labor Day Holiday, those that did brave the forecast were treated to bright blue skies and mild temperatures. A perfect day for hiking.
I realize that someone reading my recent blogs may think I don’t really work, but rather play all day here in Tahoe. On the contrary, I just completed several transactions and a few of those were first time homebuyers. Mary and Greg, Jeremiah, Jacob and Liz were some of the people I was able to serve during that very rewarding and sometime scary process of buying that first home. For me, they are the most rewarding transactions and certainly the most labor intensive, but it is a labor of love, for sure. Thanks for your confidence guys.
Just home from vacation in McCall, Idaho and Glacier Park – had a great time. This is my life here in Tahoe where every day is a vacation. I went paddling with two of the grandchildren before work this morning from Camp Richardson where the waters were calm and clear.
Things are hopping at the office with the inventory up by 100% from the low around 100 listings. Interest rates spiking are creating urgency for those buyers who were on the fence and want to enjoy the quality of life Tahoe offers. Come on in – the water’s fine
I woke up this morning and went for a paddle. I was on the water within 10 minutes of leaving the house. What a great way to be on Lake Tahoe for peaceful vistas of mountains and the Lake’s clear blue water. The ski boats are not out this early and the winds were calm today. I love living in South Lake Tahoe with the health and resources to enjoy these pleasures.
How’s this for a backyard? This river setting goes along with 2211 Rainbow Road that I just listed in the Rainbow Tract here in South Lake Tahoe. Forest Service Cabins are on land that is rented via a Special USe Permit from the Forest Service. You don’t own the land and that’s the downside, the upside is that the rent is very reasonable (This cabin pays $380 per year). They don’t work for everybody, but for some folks, they are a great opportunity to have a family cabin in wonderful alpine settings that would otherwise be congested, expensive and just not as quaint as this.
Today there are 113 unsold single family properties in the South Lake Tahoe MLS in the City County areas. 37 homes closed escrow within the past 30 days. That means, if no other homes come on the market, we will be out of inventory within the next 101 days at that close rate. If you are a seller, this is good news for you. If you are a buyer, hang tough, it won’t always be like this and please be patient with the situation, the right house will come along in time.
I was at an advanced marketing class this week in Reno with Realtors from all over the country and, to some degree, they are all in the same boat with decreasing supply and increasing demand.
South Lake Tahoe, California – USA (Photo credit: AntoMinniti)
I was just driving back from Meyers on Highway 50 and saw the Clean Tahoe truck parked on the side of the road. Half a mile later I saw Lou Graves in his cowboy hat diligently picking up the roadside trash. Did you know that excellent program costs property owners less than $8 per year? Yup, it’s only $7.80. I don’t know about you, but I think that is a superior value. Clean Tahoe is a program that picks up trash in both the City and County areas of South Lake Tahoe. I have seen them going down the road with their truck entirely full of trash, couches, barbecues, mattresses and who knows what else. Thank you Clean Tahoe Program I really appreciate what you do for our community!.
I am so happy to report that Realty World – Lake Tahoe has grown by three new sales associates. We are proud to welcome Andria Peldszus, Jim Mathews and John Galea. All three of our friends have lived in South Lake Tahoe for an accumulated total of over eighty years. When that number of years in Tahoe is combined with the Mike, Trish and Joel’s many years, I feel it is safe to say that we are well versed in all things Tahoe. Please drop by and welcome our dynamic new comers and let us know if any one of us can help you with your Real Estate questions.
Nevada – South Lake Tahoe, California – NARA – 543601 (Photo credit: Wikipedia)
As I monitor the inventory and the sales stats for our little town, the decreasing levels in inventory of single family homes make things very difficult for buyers. Here are the numbers:
Active Listings: 115 Today – Single Family Residences, City County
Sold Listings: 23 (Sold between Jan 1 and today), of that number 2 are REO and 2 are Short Sales.
Pending Listings: 73, of that number 12 are REO and 20 are Short Sales.
To save you the effort of looking back through my archives of blog posts, in November 2011 the inventory was 291, in December 2012, yes that’s last December, the inventory was 150. I have been helping people buy and sell real estate in South Lake Tahoe for 25 years and the inventory has hovered at an average of 300-350 single family homes. There is speculation that banks are holding back the large inventory of homes that have been foreclosed on while the low inventory and low interest rates help the price to rebound a bit. Speaking for myself, I wish they would let a few more dribble onto the market.
Boxing ring (Photo credit: Wikipedia)
The number of available single family homes within the City and County areas of our MLS has been hovering around 150. That number is very low considering we generally run about 350. Today the number of active listings are even lower at 134.The number of closed sales within the past 30 days is 50. Out of that number only 4 (8%) were short sales and 11 (22%) were bank owned(REO), leaving the balance of 35 (70%) as “regular sales”. Last December REO sales made up 31% while short sales comprised 22.9% of the total number of single family homes sold.
Until we see an increase in the number of available properties, or a decrease in the number of buyers, things will stay busy and prices will be pushed in the upward direction. I am currently in a multiple offer situation with a local family attempting to take advantage of the low interest rates on their first home purchase. Unfortunately they will probably not get this one because first time home buyers are routinely getting bested by all cash, investor buyers. I’ll keep fighting for them in this boxing ring called The Tahoe Real Estate Market though.