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Lake
Tahoe Real Estate Market News |
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HIGHLIGHTS:
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| Deb
Howard & Co. Newsletter
Winter 2010/2011 |
| LAKE
TAHOE REAL ESTATE UPDATE |
I’m thrilled to announce! DHoward & Co, Lake Tahoe Real Estate, is
celebrating our 10th anniversary after opening our doors Jan 1st 2001. As
you might know, I’ve been actively involved in assisting buyers and sellers
with their real estate needs since 1979, developing a top of the line “team
model” along the way. Our goal was to perfect the four core values of our
team's model and recruit a passionate group of realtors that are committed
to our customer's needs and service, possess cutting edge market
knowledgeand tools
, and deliver uccessful results.! This is evidenced by our fabulous DH&Co
team members, all of whom go “above and beyond” to assist you in making the
real estate experience a successful one!
As we enter the new year of 2011, we want to take this opportunity to share
our Lake Tahoe real estate forecast with you and encourage you to stay in
touch with us as we navigate these waters.
*After the Boom and Bust**,* The sky didn’t fall but it certainly adjusted!
After experiencing an amazing up turn in the realestate markets in our South
Shore Lake Tahoe area from 2001 through mid 2006, we’ve gotten a heavy dose
of reality as dictated by the economy and consequently the buyers and
sellers. The peak pricing of mid 2006 was followed by 4 years of declining
prices year over year, but I’m optimistic to report that during the past 12
months (month over month) the median sf home prices have shown a consistent
flat line in CA and the same with condo prices in NV. Stabilizing market
trends for median home prices are in the 2011 Lake Tahoe real estate
forecast with a continued increase in home sales as consumer confidence
improves in response to the “bottom of the market” data as indicated above.
For the same reason that Lake Tahoe and resort real estate has enjoyed the
spotlight historically, we expect a "new normal" market to appear this 2011.
This is being driven by value pricing and limited supply which is fueling
the turn by an infusion of qualified home buyers, investors & vacation life
style buyers, all of whom are attracted to our market for many of the
following reasons;
§ Quality of life investment i.e., resort real estate
*Value driven sales prices*
§ Life cycle housing uses; vacation and income, to seasonal , to
retirement to legacy.
§ Diversified portfolio investment
§ Historically low interest rates
§ Limited supply, improving demand,
§ Redevelopment: Vail & Marriott’s high profile investments have
helped in creating an enviable Mountain Village bringing our guests from
their rooms to the mountain, to shopping and to world class gaming and
entertainment.
§ 1031 & 1029 Tax Code, which encourages the movement of money& reinvestments with tax deferral incentives.
Whether buying or selling, your timing may be perfect as the market has some
sizzling deals! Contact us for free market analysis on your *property value
*. Or check our web site www.realtordeb.com for a complete listing of all
Tahoe properties for sale. While you’re there, visit our newsletter showing
current real estate trends and forecasts and meet our team.
If you haven’t been by to visit our office we are now located just steps
away from Ski Run Marina, minutes to Stateline’s casinos, Heavenly Ski
Resort, Tahoe’s hot spots and best of all, our world class real estate
market.
Thank you again for the opportunity to work with you and we wish you and
yours a wonderful New Year filled with health, happiness and goodwill. |
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Lake
Tahoe Real
Estate Update
Rental Resurgence
Mortgage Rates Near Record Lows
California New Home Sales on the Rise
Team
Announcements
MLS
Statistics
C.A.R.
Statistics
Mortgage
Rate Update
Comparison
Stats for
SLT Real Estate
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| Toll
Free
866-542-2912
Office
530-542-2912
Fax
530-542-8657
3599
Lake Tahoe Blvd
Suite A
South Lake Tahoe, California 96150
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Rental Resurgence: Owners of Vacation Rentals Optimistic About Their Rental Business in 2011, According to New HomeAway Report
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RISMEDIA, January 12, 2011—As leisure travel continues to rebound, owners of vacation rentals are expressing optimism about their bookings in 2011. In fact, HomeAway, Inc.—one of the world’s leading online vacation rental marketplaces—finds in its latest “HomeAway Vacation Rental Marketplace Report” that eight of 10 vacation rental owners anticipate their rental business this year will be stronger or about the same as it was in 2010.
The year is already off to a good start for some owners. According to HomeAway’s seventh quarterly report, about 60% of vacation rental owners say their bookings for the first quarter of the year (January through March) are about the same or higher than the same time period last year.
“It’s clear an increasing number of travelers are considering vacation rentals as an alternative to hotels,” says Brian Sharples, chief executive officer of HomeAway. “We’ve done a lot of work to promote the benefits of vacation rentals—extra space, added privacy and full kitchens—and that marketing and advertising is having an impact. More travelers are asking themselves, ‘Why hotel when I can HomeAway?’”
Good News for Travelers: Prices Stable, Choices Continue to Grow
The HomeAway report also found that a majority (59%) of vacation rental owners will keep their 2010 rental rates in place this year—good news for travelers looking to stretch their travel dollar in 2011. About 10% will decrease their rental rates from last year, and approximately 31% expect to increase their rates.
While rates look to be consistent in 2011, vacation rental inventory continues to grow. For the sixth consecutive quarter, Austin makes the list of the top 10 fastest-growing cities for vacation rental listings. Last year’s list, comprised of three markets in California (Carnelian Bay, Santa Monica and Beverly Hills), three ski towns (Estes, Colo.; Truckee and Carnelian Bay, Calif.) and two lake destinations (Canyon Lake, Texas; Lake Norman, Illinois) is a change from this year’s list that featured beaches and less traditional vacation rental destinations.
In addition to a greater selection of vacation rentals, travelers will also benefit from owners’ efforts to improve their properties and the experience that travelers have while staying in them. The report found that 59% of vacation rental owners are planning an upgrade to their homes in 2011.
Of those owners who say they’ll embark on an improvement project:
-41% plan to paint the interior of their vacation home
-29% will add new bedding
-23% will update the home’s exterior (landscaping, roofing, painting, etc.)
-21% will add new electronics
-17% will add new furniture
-11% will upgrade the appliances
-9% will make their vacation rental more energy efficient
“For most vacation rental owners, it’s about providing a great vacation experience for their renters,” says Sharples. “They’re looking to create a little piece of paradise that brings families together.”
In fact, when asked how they describe their vacation home to travelers, 19% say they use the word “paradise;” 18% say “retreat;” and 14% use the word “peaceful.” Other descriptors included:
-Private (9%)
-Convenient (8%)
-Cozy (7%)
-Fun (5%)
-Middle of the action (5%)
-Other (12%)
If they could afford to buy another vacation rental today, nearly half (49%) of the owners surveyed say they’d buy in a beach destination—more than any other type of destination. Fourteen percent would buy in a ski or mountain destination; 9% would buy near a lake; and 6% would buy in a big city like New York, Dallas, Los Angeles or San Francisco. The remaining owners would buy in a destination built around family attractions or a mid-sized city like Austin, New Orleans or Santa Fe.
However, for those who are serious about buying vacation real estate with the intent to rent, Sharples says they should consider markets where travelers are looking to vacation. McCall, Idaho, was the fastest-growing destination among travelers looking for vacation rentals in the third quarter of 2010. The resort city in the southwestern part of the state is known for its annual winter carnival. The destinations with the largest year-over-year percent increase (from Q3 2009 to Q3 2010) in inquiries from travelers looking to rent vacation homes:
-McCall, Idaho – up 467%
-New Orleans – up 226%
-Indio, Calif. (near Palm Springs) – up 157%
-Haiku, Maui – up 143%
-Chicago – up 121%
-Canyon Lake, Texas (in Texas Hill Country) – up 118%
-Portland, Ore. – up 115%
-Amelia Island, Fla. – up 113%
-Haena, Kauai – up 108%
-Wimberly, Texas (in Texas Hill Country) – up 108%
For more information, visit www.homeaway.com.
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Spring 2010
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| Greetings from Tahoe this lovely Spring Season 2010.
As hope springs eternal so does the optimism and excitement that the Spring season brings with it and this year this is particularly true.
Not only is the Spring season creating a sense of new beginnings within the our homes and the economy, but also within the real estate industry. Buyer's are tiptoeing out from their winter's den in search of values that will compel them to purchase their second home and or investment property, particularly while the rates are still so attractive.
Sellers are coming to the negotiating table ever more knowledgeable about the market conditions and the long-term trend forecasts that indicate we are at or near the bottom of the market and that we will likely bounce along the bottom for the period of economic recovery. The bottom line is if you need to sell in the foreseeable future, prices are as good as they're going to get (for the short term that is).
The South Tahoe Association of Realtors trends indicate that the market has flattened at $317K median home price also evidenced by the lower decline in price year over year (click here for more details). The year-to-date numbers confirm a trend of increasing sales and decreasing price (year over year). However the very interesting trend we are witnessing is the stabilization of prices for the past 3 months as our median home price is hovering around $315-$317K and on a month over month basis the prices are even showing some increase for the past month. While I'm fairly confident that we're at the bottom of the market, I'll wait to claim that we are starting the move upwards in prices until we have 3 months of statistics to confirm.
The good news is, however, that we are enjoying favorable selling conditions; sellers are realistic with pricing and buyers are serious about jumping in (finally). Fence sitters are moving off the fence!
More to follow as we ramp up for summer selling season!
Sincerely,
Deb Howard
Q4 '09 EXISTING HOME SALES RISE
The expanded homebuyer tax credit helped boost existing-home
sales in the fourth quarter of 2009, NAR announced.
Total existing-home sales in the fourth quarter were
27.2 percent above the level recorded a year earlier.
Fourth quarter sales were 13.9 percent higher than
the previous quarter, reaching a seasonally adjusted
annual rate of 6.03 million. Distressed properties
accounted for 32 percent of fourth quarter transactions,
which marks a decline from the Q4 2008 rate of 37 percent.
Quarterly sales increased in 48 states and the District
of Columbia, with 32 states posting double-digit gains.
Year-over-year sales rose in 49 states. But pricing pressure
was still a factor in the market. The national median existing
single-family home price was $172,900 in the fourth quarter,
which is 4.1 percent below the median price recorded in
the fourth quarter of last year.
“The surge in home sales was driven by buyers responding
strongly to the tax credit combined with record low mortgage
interest rates,” says NAR chief economist Lawrence
Yun. “With inventory levels trending down over the
past 18 months, we expect broadly balanced housing market
conditions in much of the country by late spring with more
areas showing higher prices.”
More
Source: Council of Residential Specialists
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U.S. FORECLOSURES DECLINE IN JANUARY
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| Foreclosure filings, including
default notices, scheduled auctions and bank repossessions,
were reported on 315,716 U.S. properties during January,
a 10 percent decrease from December but still 15 percent
higher than January 2009, according to the latest RealtyTrac
figures released today. One in every 409 U.S. homes received
a foreclosure filing during the month.
REO activity fell 5 percent from the previous month, but
was up 31 percent from a year ago. Default notices were
down 12 percent in January, but were up 4 percent from
January 2009, while scheduled auctions were down 11 percent
for the month but were 15 percent higher than a year ago.
RealtyTrac’s CEO James J. Saccacio says the January
foreclosure data is similar to a year ago, when a double-digit
jump in foreclosure activity in December 2008 was followed
by a 10 percent drop in January 2009. “If history
repeats itself, we will see a surge in the numbers over
the next few months as lenders foreclose on delinquent
loans where neither the existing loan modification programs
or the new short sale and deed-in-lieu of foreclosure alternatives
works,” Saccacio says.
Nevada continues to lead the country in foreclosure activity
with one in every 95 households receiving a foreclosure
filing during January, more than four times the national
average. Arizona was second with one in every 129 households
receiving a foreclosure filing.
Las Vegas had the highest metro foreclosure rate in the
country, with one in every 82 households receiving a foreclosure
filing during the month, despite a decrease of 2 percent
in foreclosure activity from the previous month and 21
percent drop in activity from a year ago. Phoenix was the
only metro area among the top 10 to post a month-over-month
increase (4 percent) in foreclosure activity.
Source: Council of Residential Specialists
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U.S. HOME VALUES DECLINE IN FOURTH
QUARTER
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| U.S. home values
fell 5 percent in the fourth quarter of 2009 over the previous
year, marking the 12th consecutive quarter of year-over-year
declines, according to the Q4 2009 Zillow Real Estate Market
Report. Home values nationwide also fell 0.5 percent from
the previous quarter to a median price of $186,200.
After showing at least five consecutive month-to-month
increases in home values during 2009, 29 of the 143 markets
tracked by Zillow showed flat or decreasing values in the
second half of the year. Negative equity remained high
at 21 percent of all single-family homes with mortgages.
The number of homeowners who lost their home to foreclosure
peaked in December, with more than one in every 1,000 homes
being foreclosed, Zillow reports. Foreclosure re-sales
made up more than one-fifth of all U.S. home sales in December.
Additionally, 28.5 percent of home sales nationwide sold
for less than what the seller originally paid.
Source: Council of Residential Specialists
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MORTGAGE RATES HOVER NEAR RECORD
LOWS
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McLean, VA – Freddie Mac (NYSE:FRE) today released
the results of its Primary Mortgage Market Survey® (PMMS®)
in which the 30-year fixed-rate mortgage (FRM) averaged 4.93
percent with an average 0.7 point for the week ending February
18, 2010, down from last week when it averaged 4.97 percent.
Last year at this time, the 30-year FRM averaged 5.04 percent.
“Mortgage rates eased for the second week, while
economic data releases suggest that the housing market
may be in a slow state of recovery,” said Frank Nothaft,
Freddie Mac vice president and chief economist. “The
National Association of Realtors® (NAR) reported that
existing home sales rose in 48 states and the District
of Columbia between the third and fourth quarters of 2009;
32 states experienced double-digit growth. In addition,
67 metropolitan areas saw positive annual house price growth
in the fourth quarter, more than double that in the third
quarter, according to the NAR.
“New home construction is also
slowly improving. One-family housing starts rose to an
annual pace of 484,000
homes in January, which is up almost 36 percent from January
2009, based on the U.S. Census figures. Moreover, homebuilder
assessments of market conditions over the first half of
2010 improved in February, according to National Association
of Homebuilders/Wells Fargo Housing Market Index.”
More
(Courtesy of Freddie Mac)
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| CALIFORNIA
NEW-HOME SALES RISE 25 PERCENT |
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Sales in new-home communities of 10 units or more
in California rose 25 percent in October compared with a year ago, according
to the monthly California Building Industry Association (CBIA)/HanleyWood Market
Intelligence report. The increase marked the first year-to-year sales appreciation
since December 2006, according to CBIA. Sales of single-family homes increased
4 percent, while sales of townhomes and multiple-unit homes rose 36 percent.
Condominium sales increased 94 percent compared with a year ago, according
to the report.
“While this month’s figures are encouraging, we must keep in mind
that we’re comparing the figures to October of 2008, which was the second
lowest month of nominal sales we’ve seen during the downturn,” said
Jonathan Dienhart, director of published research for HanleyWood Market Intelligence.
More info
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FED HOLDS KEY INTEREST
RATE UNCHANGED
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Dec. 16, 2009
The Federal Reserve today announced it
will maintain its target for the federal funds rate in
the 0 percent to 0.25 percent range, and expects economic
conditions to warrant exceptionally low levels of the
federal funds rate for an extended period of time. “Information
? suggests that economic activity has continued to pick
up and that the deterioration in the labor market is
abating,” the Fed said in a prepared statement.
“Financial market conditions have become more
supportive of economic growth, although economic activity
is likely to remain weak for a time. The Committee anticipates
that policy actions to stabilize financial markets and
institutions, fiscal and monetary stimulus, and market
forces will contribute to a strengthening of economic
growth and a gradual return to higher levels of resource
utilization in a context of price stability,” the
Fed said.
To provide support to mortgage lending and housing
markets and to improve overall conditions in private
credit markets, the Federal Reserve also said it will
purchase a total of $1.25 trillion of agency mortgage-backed
securities and nearly $175 billion of agency debt,
and will gradually slow the pace of these purchases
in order to promote a smooth transition in markets.
More Info
(Source: Federal Reserve Board)
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Congratulations
to all of our team members who have, against the odds (and
the goofy market), excelled not only in their sales activity
but also as vital contributors to the overall team and office
environment. Notable mentions go to:
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Deb
Howard |
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Shannon
Witt, with nearly two years in the profession, took Agent
of the Year Honors for 2008 with very impressive sales stats.
We welcomed Shannon onboard with Deb Howard & Company
in April 2007.
Shannon can be contacted through our office or her email
at:
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Shannon
Witt |
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Michelle
Keck, our consistent top producer went away with Listing
Agent of the Year for 2008, and is already racking up impressive
numbers for 2009.
Michelle can be contacted through our office or her email
at:
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Michelle
Keck |
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Corrie
Anderson, another consistent top producer garnered the Nevada
Agent of the Year for 2008. She has also celebrated her 3-year
anniversary with Deb Howard & Co.
Corrie can be contacted through our office or her email
at:
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Corrie
Anderson |
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CURRENT
SOUTH LAKE TAHOE MARKET STATISTICS |
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No. of Listings |
$ Volume |
Average Price |
Median Price |
Average D.O.M. |
Active Listings
Listings Under Contract
Listings Sold 2009
Residential Homes Sold 2009
(as of 11 / 22 / 09 ) |
626
65
451
368 |
$325,680,256
$22,734,855
$162,714,175
$145,351,967 |
$520,256
$411,767
$360,077
$394,978 |
$350,000 $275,000
$299,900 $315,000 |
252
120
172
160 |
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SINGLE FAMILY HOME MEDIAN PRICE BY AREA |
| Al Tahoe |
$ 570,000 (27) |
No.Upper Truckee |
$ 639,000 (22) |
| Bijou |
$ 439,000 (29) |
Sierra Tract |
$ 299,000 (20) |
| Christmas Valley |
$ 499,000 (11) |
Stateline |
$ 339,900 (11) |
| Gardner Mountain |
$ 428,500 (17) |
Tahoe Island Park |
$ 430,950 (10) |
| Heavenly Valley |
$ 549,000 (21) |
Tahoe Keys |
$ 1,147,500 (54) |
| Meyers |
$ 539,500 (12) |
Tahoe Paradise |
$ 465,000 (19) |
| Montgomery Est. |
$ 688,000 (29) |
Y Area |
$ 382,000 (10) |
| (as of 11 / 22 / 09 ) |
CALIFORNIA
ASSOCIATION OF REALTORS MARKET STATISTICS |
Calif. Median Home Price
Calif. Highest Median Price by C.A.R. Region
Calif. Lowest Median Price by C.A.R. Region
(as of 12 / 30 / 09 )
Source: California Association of Realtors |
Oct. 2009
Oct. 2009
Oct. 2009
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$297,500
Santa Barbara $970,000
High Desert $118,580 |
Mortgage Rates as of 2 / 19 / 2010
(Western U.S. Average)
(Source: Freddie Mac) |
30 Year Fixed
15 Year Fixed
1 Year Adj. |
4.88 %
4.29 %
4.24 % |
Fees & Points: 0.8 %
Fees & Points: 0.6 %
Fees & Points: 1.0 % |
COMPARISON
STATISTICS FOR THE SOUTH LAKE TAHOE REAL ESTATE MARKET |
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Median Sales Price |
This Month Last Year |
Percent Increase |
Residential Sales -
November 2009 |
$320,000 |
$412,500 |
-22.4% |
Residential Sales -
November 2008 |
$412,500 |
$445,000 |
-7.3% |
STAOR Methodology used.
Multi-Year Statistics Here. |
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No.
of Listings |
$ Volume |
Average
Price |
Median
Price |
Average
D.O.M. |
Residential Sales -
Q3 2009 |
127 |
$51,620,775 |
$406,463 |
$315,000 |
151 |
Residential Sales -
Q3 2008 |
102 |
$49,843,383 |
$488,661 |
$420,000 |
152 |
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| page revised on
2 / 24 / 10 |
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