The Great Run of ’08

Here is a really interesting blog from Active Rain about what “good” the bailout has done or will do.  Some mixed aspects.  The Great Run of ’08 by Lou Barnes

Some interesting stuff but I have my doubts about gasoline reaching a low of $2.70 a gallon, at least here in Truckee.

Wow!!

What can I say, what a surprise this morning while working out watching the stock market fall 572 points and within 5 minutes reverse itself gain 100 pts.  I don’t know where we are right now — but these are exciting and interesting times.  The dollar is stronger — I heard that the euro is now worth only $1.35 as opposed to its high of $1.60.  Oil is down to $90 a barrel — all of this is so unnerving.  I just can’t imagine where we are going.  The one thing I do know is that at times like this, I would rather be holding onto a piece of dirt than a piece of paper.  At least if all else fails, you can go to your piece of dirt.

On another note, Mike, our office manager, shared the following information with us today on the state of the Real Estate Market up here.  I hope you find it useful:

9 month Review CY 2008 vs CY 2007, January 1 through September 30

SINGLE FAMILY HOMES					CONDOMINIUMS
NORTH LAKE TAHOE-TRUCKEE (Areas 1-9)					NORTH LAKE TAHOE-TRUCKEE (Areas 1-9)
TOTAL MARKET					TOTAL MARKET
	2008	2007	% Change			2008	2007	% Change
Sales Volume	$396,034,714	$436,853,058	-9.3%		Sales Volume	$95,038,238	$128,958,938	-26.3%
Units Sold	428	476	-10.1%		Units Sold	113	160	-29.4%
Median Price	$637,500	$665,000	-4.1%		Median Price	$545,000	$567,500	-4.0%
Average Price	$925,314	$919,690	0.6%		Average Price	$841,096	$805,993	4.4%
Units < $1 Million	334	392	-14.8%		Units < $500 Thousand	49	56	-12.5%
Units > $1 Million	94	84	11.9%		Units > $500 Thousand	64	104	-38.5%
DOM Median	83	73	13.7%		DOM Median	93	87	6.9%
DOM Average	133	120	10.8%		DOM Average	182	148	23.0%
NORTH LAKE TAHOE (Areas 1-5)					NORTH LAKE TAHOE (Areas 1-5)
Kings Beach To Tahoe City To Emerald Bay					Kings Beach To Tahoe City To Emerald Bay
	2008	2007	% Change			2008	2007	% Change
Sales Volume	$134,410,507	$161,483,568	-16.8%		Sales Volume	$17,529,500	$31,678,500	-44.7%
Units Sold	111	137	-19.0%		Units Sold	21	41	-48.8%
Median Price	$656,000	$722,500	-9.2%		Median Price	$495,000	$551,000	-10.2%
Average Price	$1,210,905	$1,187,379	2.0%		Average Price	$834,738	$772,646	8.0%
Units < $1 Million	85	104	-18.3%		Units < $500 Thousand	11	18	-38.9%
Units > $1 Million	26	33	-21.2%		Units > $500 Thousand	10	23	-56.5%
DOM Median	84	60	40.0%		DOM Median	100	47	112.8%
DOM Average	156	116	34.5%		DOM Average	158	90	75.6%
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS.  Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate.  Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy.  Data maintained by the MLS may not reflect all real estate activity in the market.

 9 Month Review CY 2008 through CY 2007, January 1 through September 30

SINGLE FAMILY HOMES					CONDOMINIUMS
TRUCKEE MARKET (Areas 7-9)					TRUCKEE MARKET (Areas 7-9)
Truckee – Glenshire – Martis Valley – Tahoe Donner – Soda Springs					Truckee – Glenshire – Martis Valley – Tahoe Donner – Soda Springs
	2008	2007	% Change			2008	2007	% Change
Sales Volume	$229,800,082	$246,526,990	-6.8%		Sales Volume	$60,713,488	$78,682,238	-22.8%
Units Sold	297	321	-7.5%		Units Sold	68	93	-26.9%
Median Price	$615,000	$625,000	-1.6%		Median Price	$537,500	$560,000	-4.0%
Average Price	$773,737	$767,996	0.7%		Average Price	$892,845	$846,045	5.5%
Units < $1 Million	238	281	-15.3%		Units < $500 Thousand	29	30	-3.3%
Units > $1 Million	59	40	47.5%		Units > $500 Thousand	39	63	-38.1%
DOM Median	77	77	0.0%		DOM Median	84	128	-34.4%
DOM Average	122	117	4.3%		DOM Average	191	187	2.1%
SQUAW VALLEY – ALPINE MEADOWS (Area 6)					SQUAW VALLEY – ALPINE MEADOWS (Area 6)
Squaw Valley – Alpine Meadows – Truckee River					Squaw Valley – Alpine Meadows – Truckee River
	2008	2007	% Change			2008	2007	% Change
Sales Volume	$31,824,125	$28,842,500	10.3%		Sales Volume	$16,795,250	$18,598,200	-9.7%
Units Sold	20	18	11.1%		Units Sold	24	26	-7.7%
Median Price	$965,500	$1,237,500	-22.0%		Median Price	$638,500	$595,600	7.2%
Average Price	$1,591,206	$1,602,361	-0.7%		Average Price	$699,802	$715,315	-2.2%
Units < $1 Million	11	7	57.1%		Units < $500 Thousand	9	8	12.5%
Units > $1 Million	9	11	-18.2%		Units > $500 Thousand	15	18	-16.7%
DOM Median	145	109	33.0%		DOM Median	164	101	62.4%
DOM Average	169	220	-23.2%		DOM Average	178	96	85.4%
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS.  Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate.  Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy.  Data maintained by the MLS may not reflect all real estate activity in the market.

Bear Country

I found this picture on a joke that someone sent me over the internet.  I hope you enjoy it as much as I did.  Can you figure out how they got this photo?  I am amazed.  That bear looks real, doesn’t he?  He also looks really friendly but I bet not!!

Weekend Log

Great mixture of business and friends this weekend.

Friday night, an old friend and client of mine Colin Gilboy returned to Truckee from Heber City, Utah where he and his wife Kim and son Sean moved about 4 years ago.  Colin came back this year so that he could lead one of the hikes that were featured in the annual Donner Party Hike program that is put on by the Truckee Donner Chamber of Commerce. 

Colin is an expert on the poor party that crawled over the Sierra during the winter of 1846 – 1847,  probably one of the worst years ever as far as depth of snow up here.  The pathetic midwesterners chose to take the Hasting’s Cutoff instead of sticking to the regular route on the Oregon Trail and instead of getting to Sacramento quicker, they paid the ultimate price by loosing many members of their wagon train.

It was great to see Colin.  His normal job is owner of a website called www.4specs.com where he categorizes all sorts of building materials — he calls it sort of an online yellow pages or for those of us who remember — an online sweets catalog.  Check it out.  Colin says that his business is booming!!  Horray for you Colin, Kim and Sean.  Thanks for dinner!!

Saturday I spent all day up in the beautiful Sierra Valley trying to help my brother-in-law Chuck find a little palace for himself.  He lives in Paris, France right now but is anticipating his retirement and ideally he would like to live here 6 months of the year — in France the other 6.  So we combed the countryside looking for a place.  We found quite a few acceptable places, all priced under $250K.  There definetly are some good deals to be had up there.  The day was cloudy and rainy — a relief for all of us here in Northern California. 

Following all of that work, we went to the Willinghams for dinner and to play a game where the leader picks a word out of the dictionary that no one in the group knows.  The leader writes the definition down on a piece of paper.  Then the other players are told to make up a definition for that word.  After everyone has had a chance to write that down, the leader reads them all out loud and all players (except the leader) vote on which definition is the correct one.  Sounds confusing but after you play one round, you get it quick!!  Lots of fun and laughs.  The trout that Jim cooked was spectacular as was the Amaretto cake that Manon made. 

This morning (Sunday) back up to Sierra Valley to look at more homes. The air is crisp and the drive up the valley was so beautiful with the remaining water drops glistening on the trees in the early morning sun.  Man, are we lucky or what?

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