Truckee–Tahoe Homes, Community Generosity and Snow in May!

Yes, there is more snow! Here it is May and with Little League in full swing, it is still snowing. Mother Nature is doing her best and our much needed snow packs are 25% above normal. Runoff is slow but sure and this exceptional winter will make a big difference with our Lake levels, helping to ensure a wonderful summer season – when it arrives!

As you’ll see in this combined April/May issue of Spotlight, real estate has been “all over the board” with tight inventory, some “great deals,” traditional sellers just ready to move on and many buyers who don’t want to miss the moment! We have prepared a comprehensive Real Estate Market Report explaining the key home sale trends in Truckee and at Lake Tahoe, highlighting some incredible properties for sale that are very well priced. Let me know if you are planning a trip to look at real estate – or thinking about selling your home and taking advantage of great prices to step up. It would be my pleasure to work with you!

Read on to learn more about our Truckee–Tahoe community and what we’ve been up to over the last couple of months. 

If you find our e-news informative, please consider forwarding to a friend. Be sure to visit our website for real estate updates and an insight into our community.

If you have any questions or would like to talk about your real estate needs, please e-mail Alison Elder directly. We look forward to hearing from you. Until next time! 

Truckee–Tahoe Home Sales Experience Big Increase During the First Quarter

There is no doubt people are buying their Truckee-Tahoe dream homes and values are solid. Yet, pricing is inconsistent with varying results by neighborhood. Our overall inventory of available homes for sale has been low. The banks reduced their REO property inventory and have focused on reducing short sales inventory. This is a trend we expect to continue. Equity sellers and vacation home owners are awaiting signs that the market has stabilized while buyers are preparing for our summer inventory, which has traditionally increased. Buyers are responding to the market changes and purchasing available inventory. Take a look at our Truckee Real Estate recap that includes current stats on the market, pricing, home sales and bank owned and short shale properties.

Truckee Luxury Market Returns with the West Shore and Northstar Posting Many Sales

High net worth individuals are buying luxury properties! Since January 1, 2010 an amazing 46 homes have sold for more than $1 million. In Truckee, 26 homes closed over $1 million. Lahontan real estate’s luxury community posted six sales averaging $1,621,833, closing at 95% of list price. With two pending sales now in the upper luxury price point of over $2 million, appraisal “comps” are established. Days on the market now indicate that the Lahontan lover is back – with 435 days on average to sell a home, these last tough two years appear to have passed. Learn more about how the Truckee–Tahoe real estate marketing is showing signs of returning.

Lake Tahoe Summer Events for the Entire Family

There’s no shortage of summer events here in Truckee-Tahoe. Make an action packed day of it enjoying the numerous hiking, biking and outdoor activities while celebrating our Truckee – Tahoe lifestyle with several events including golf, home tours, the Lake Tahoe Music Festival, July firework displays, museums and attractions. Look at our top picks.

Thinking of Buying In Truckee–Tahoe? Mortgage Rates at New Lows, Thanks To Our European Friends

Each month since the end of last year we have heard nothing but good news for the struggling U.S. housing market. What economic event aided to retain our low mortgage interest rates this time you ask? Well all the accolades go to the European debt crisis, specifically Greece, Spain and Portugal. But hey let’s not single them out. With the easy entry policy into the European Union and Euro Dollar other countries may just follow suit. So what does this mean to you, the U.S. home consumer - mortgage rates are at historic lows and one could not find a better time in our generation to buy or refinance a home especially with home prices rolled back to the beginning of the millennium. Read on about the facts impacting mortgage rates and opportunities for you in this volatile market.

Tahoe Defensible Space – Lean, Clean and Green

Everyone remembers the Angora Fire that devastated South Lake Tahoe and its real estate. The potential for another large fire is daunting and very real here in the Truckee and Lake Tahoe basin. Tahoe’s current forest is typically thick with trees, brush and dead vegetation. In many areas, there has been a great buildup of wildfire fuel and our forests have experienced significant growth changes over the last 100 years. TRPA is actively addressing Best Management Practices (BMP) to protect and repair Lake Tahoe’s clarity and defensible space compliance to help protect the safety of our homes, wildlife and forests in the event of fire. Learn more and get Lean, Clean and Green this summer.

California Eliminates State Tax on Forgiven Debt For Primary Homes

As reported by CAR, distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure or loan modification. Enacted into law this week, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence”, borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000. Learn more about.

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