What’s Happening With Real Estate in Truckee?
WHAT’S HAPPENING WITH REAL ESTATE IN TRUCKEE?
BONNIE JESSEE, Realtor®
530 412 3984
UPDATED JUNE 5, 2008
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 typical and if placed are being rejected – on occasion even verbally.
While the number of listings has not significantly changed, we are seeing a rise in the median pricing of asking and sold. For instance, today 15 new listings were on the MLS – of those 15 new listings, 10 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, $385,000 for 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 of Serene Lakes.
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 (updated new pricing in TD is showing an increase of around $15,000), 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.
Give me a call today for professional services that you deserve.
(No Ratings Yet)
Loading ...
