The secret is out.

Truckee is fast becoming a popular travel destination, but after Sunset Magazine dubbed Truckee one of the top 10 dream towns in its August issue, the mountain community may see some population growth.

“This validates everything we who live here already know — that it is a dream town,” said Mayor Barbara Green.

Ranked among other U.S. towns like San Luis Obispo, Calif., Crested Butte, Colo., and Prescott, Ariz., Truckee was commended for “it’s tight-knit, outdoorsy community, with good restaurants and year-round recreational fun,” according to the Sunset Magazine article.

This isn’t the first time Truckee has gained national attention from the media as an ideal place to settle in the Sierra Nevada. In 2006, Outside Magazine named Truckee the “Best Outside Town” thanks to the surrounding vertical terrain and low-key atmosphere.

“It’s always good when we get listed in these different magazines — it lets people know we exist,” said Vice Mayor Mark Brown. “We depend so much on tourism and this helps with our image and visibility.”

Sunset Magazine also paid tribute to Truckee due to its close proximity to San Francisco, but “worlds away in real estate prices.”

That exposure could influence readers to value Truckee as more than just a place to visit, but a place to live as well, said Stefanie Olivieri, president of the Truckee Downtown Merchants Association.

“In my eyes, Truckee has been a dream town all my life,” Olivieri said. “The recognition is nice … people who read the magazine and are thinking about moving will certainly take Truckee into consideration.”

Give me a call – as a local specialist/buyer’s agent I can provide you with outstanding services! Bonnie 530 412 3984

TRUCKEE CALIFORNIA REAL ESTATE NEWS
By Bonnie Jessee, Dickson Realty
530 412 3984
bjessee@dicksonrealty.com

As a homeowner myself and working with homeowners as my professional and livelihood on a daily basis, I typically find the news regarding economics and real estate depressing. Perhaps you feel the same way, however ~

Sometimes what might sound like really bad news at first might not be so bad if you closely examine the numbers. Let us consider the California housing market recent year developments. The state’s median price for homes dropped nearly 40% from July 2007 to July 2008. However, this percentage/number is very misleading.

The unusually large number of forced sales has in themselves pulled down the median price. A large increase in the volume of sales; particularly of deeply discounted foreclosures and short sales in localized hard-hit parts of the state provides the ‘statistics’ for much of the decline. And a larger share of recent sales is homes at the lower end of the price spectrum (during any economic correction, lower income homeowners are more directly affected, thus the increase in sales at the lower sales amounts).

What we have ascertained in working daily in the ‘business of real estate’ is that the value of any particular home probably hasn’t dropped nearly as much as the 40% number the media is always screaming about. Consider also that the increase in sales volume is good news, signaling the onslaught of sophisticated buyers and investors, confident that prices will head up.

The California state of affairs is being played out across much of the nation. Large numbers of troubled sales in localized markets are pulling down the median percentage numbers. However, on a one on one basis the chances are, the value of your home hasn’t suffered nearly as much damage.

So it appears we will continue to see the knowledgeable buyers continuing to come to Truckee and North Tahoe and our surrounding areas to make that purchase, before the upswing! Call me!
Bonnie Jessee 530 412 3984

Bonnie Jessee 530 412 3984

Whenever the market slows and prices decline as they sometimes do in certain areas, I have noticed some buyers are extremely tempted to wait on the bench to find that incredible bargain in terms of price, location and whatever other amenities you are searching for.

My professional advice is to not let yourself be tempted for too long! Keep these things in mind - when prices turn, interest rates usually follow the upswing. A home that appeared to have a bargain price and great financing can lose both those advantages as quickly as overnight. Remember also, once the market has truly turned upward, history tells us it is likely not to descend again and if so that time period could be decades.

Also, there are considerations other than money when making that very important decision to purchase. If you have found the home for your own future and the future of your family, risking the potential loss over a few hundred or even a few thousand dollars just isn’t worth it.

Purchasing your vacation or second home isn’t all about financial issues of course; it means living your dreams and those of your family. Waiting for the bottom might find you buying on the upswing.

Please call me anytime and allow me to share our current market information with you.

Bonnie Jessee 530 412 3984
www.welcomehometruckee.com

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