WHAT’S HAPPENING WITH REAL ESTATE IN TRUCKEE?

BONNIE JESSEE, Realtor®
530 412 3984

New Properties for Sale

Over the past few weeks, I have had several new friends from out of the immediate area calling to view and potentially purchase properties in Truckee, North Tahoe and the Soda Springs area. It has been quite a surprise to our out of town friends (or our part timers as I like to think of everyone) to see that low-ball offers are not the norm and if placed are being rejected.

For instance, today (Friday the 25th) 25 new listings were on the MLS – of those 25 new listings, 8 were single family residences, 6 were in Truckee and pricing ranged from $459,000 to $1,350,000. The remaining were shared ownerships, out of the immediate area properties and even 2 boat slips in Tahoe City listed for $375,000 and $385,000 (yes, a boat slip in Tahoe City)!

Bank Owned Properties

Despite the fact there are bank owned properties on the ‘market’ and there truly are some fabulous deals to be had, for the most part, these bank owned or pre-foreclosure properties sell almost immediately when displayed in the MLS. The down fall can be that the ‘bank’ or lender will typically provide no assistance with repairs and what you see (or don’t) is what you buy! In relation to what is for sale and what is selling, the number of these types of properties available is quite insignificant.

What is Truly Happening

On a very personal note, I have a buyer I am working with who owns a property (vacant land) that we are attempting to use as a trade/down payment. We made an above full price offer on a new property which I felt as a professional was a terrific offer. In any case, the following day, the seller received an additional three, yes three offer, on the same property and the result was a sale well above listing price. Not uncommon for this much localized area.

What Does Localized Indicate?

Although Truckee has a full time base population of around 17,000 individuals and approximately 12,000 properties (including Northstar and Squaw) it appears that each ‘neighborhood’ is currently rather independent of another when it comes to the sales price point being reached in negotiations. In other words, a property in Tahoe Donner may command a price of $750,000 which in Serene Lakes that property would be close or higher in price, in Glenshire it may command $675,000, regardless of the fact they may be almost identical properties. And, of course, the North Shore of Lake Tahoe is another localized area.

What Now?

While most of you know I work almost exclusively with buyers, my goal has been to get the best deal for my buyers. I do see economic healing on the horizon; I also see with that an increase in the cost of owning in our beautiful Sierras! I truly believe, from what we see daily in this real estate industry/market (localized) now is the time to buy.

Bonnie Jessee
530 412 3984