Truckee-Tahoe Keller Williams Stats March 2009-2010

Here are the graphs that cover the period of time from March 31, 2009 through March 31, 2010.  Still shows Keller Williams an overall leader in the Truckee Tahoe area.

Sold12 Months All Areasmarch2010

Just looking at the Truckee area:

Sold12 Months Areas7%2c8%2c9march2010 –

And finally, the listings in Tahoe Donner (condos and homes):

Keller Williams Choice Chartslistingstd –

12049 Bernese in Tahoe Donner — Price Reduction

The price on this beautiful 4 bedroom home located in lower Tahoe Donner just got a lot more attractive.  Great open floor plan with granite counters and wood floors, the house is just perfect for 2 families or for one that loves to entertain.   The livingroom has a wonderful river rock fireplace and vaulted wood ceilings  while the family room sports a gas log woodstove.

The  level and well treed lot, quiet but easily accessible in a low snow area of the subdivision,  affords the feeling that you expect when you come to the mountains.

Approximately 2436 square feet, built in 2001, this house is well priced at $689,900.

New Developments in Short Sale and Foreclosure

There were a couple of new developments this past month in the banking industry with regard to foreclosures and short sales. The 2 largest banks have made some movement in changing their policies.

First, the Bank of America announced this past month that it will introduce “principal forgiveness.” This term refers to reducing the loan balances of some distressed homeowners who have either adjustable rate mortgages or sub-prime loans. If a borrower “qualifies” for this reduction, it will not only reduce his principal (the loan amount) but also his monthly payments.

The Obama administration’s Home Affordable Modification Program, or HAMP, has a goal of lowering the payment on a first mortgage to about 31% of a borrower’s gross income.

Not sure how this is going to work, or how it will be received by the people who are not currently “distressed,” but it remains to be seen whether or not the Bank of America actually carries through with this promise.

Another problem that has held homeowner’s hostage over the past 2-4 years is the second mortgage. It seems that even though some people qualified for relief for their principal mortgage under the U.S. Treasury’s mortgage-modification program, their home equity or second mortgages were still putting them at risk for default (some consumers’ second loan payments are higher than their first’s). Wells Fargo and the Bank of America have bowed to pressure from the federal government to modify these home-equity loans.

As for its part, government has come to the aid of distressed homeowners in that the IRS has been told not to pursue taxing the forgiveness (the difference between what a short sale/foreclosure/loan modification nets the bank and what the borrower owes), on principal residences. For a while it looked like this would NOT be the case in the state of California but another bill passed very recently by the state legislature (SB 401) and expected to be signed by Governor Swartzenegger in time for April 15, 2010, would, make homeowners immune from state taxation on this “forgiveness” also.

for more info

and even more

and for info on state forgiveness

North Lake Tahoe – Truckee Market Stats for March 2010

Sales continued to increase as we traveled through March. 84 single family residences (including condos) sold in March 2010.  16 of these properties were bank owned (REO), 15 were short sales (SS), making distressed properties 38% of total sales.   Tahoe Donner continues to be the most active of the areas with 16 home sales and 5 condos sold.  Lake Tahoe’s Westshore also remains strong with 7 homes sold.  Another interesting front runner was the Resort At Squaw Creek, where 7 condos closed escrow.    Here are the statistics from the Tahoe MLS.  The solds from March 1 – 31, 2010:

Tahoe Donner: 16 homes, (1 REO, 5 SS), 5 condos, (2 REOs, 1 SS)

Northstar: 1 homes , 8 condos (1 SS)

Glenshire, Cambridge, Juniper Hill, Juniper Creek, The Meadows: 6 homes (2 REOs, 2 SS)

Prosser Lake Area: 1 home (1 REO)

Russel Valley: 1 home

Pananonia Ranchos: 1 home (1 REO)

Sierra Meadows, Ponderosa Palisades, Winter Creek: 0 homes, 2 condos (2 REOs)

Martiswoods, Ponderosa Ranchos: 0 residential properties

Olympic Heights: 1 home (1 REO)

Lahontan: 1 home ( 1 REO)

Timlick: 0 residential properties

Old Greenwood: 0 residential properties

Gray’s Crossing: 1 home (1 REO)

Martis Camp: 0 residential properties

Truckee Proper: 2 homes (1 REO, 1 SS), 1 condo (1 SS)

Donner Crest: 0 residential properties

Adjacent to Tahoe Donner: 1 home

Donner Lake: 0 residential properties

Donner Summit: 2 homes, 1 condo

West shore Lake Tahoe: 7 homes

Tahoe City: 3 homes, 1 condo (1 SS)

North shore Lake Tahoe: 4 homes (1 REO)

Kings Beach & Tahoe Vista: 2 homes (1 SS), 1 condo

Alpine & Squaw Valley: 7 home (1 REO), 7 condos (1 REO, 1 SS)

Shared Ownerships – entire region: 7 (1 REO)

Mobile Homes – entire region: 2 (1 REO)

Condos and Homes sold over $1M in Truckee and North Lake Tahoe: 10

Highest priced home or condo sold:  a 3427 square foot condo at Northstar’s Trailside Loop, build in 2008 4 bedrooms 4.5 baths sold for $3,650,000 – CASH.

Lowest priced home or condo sold:  another condo, this one a studio located in the Franciscan Lakeside Lodge.  After 145 days on the market, this condo which was originally priced at $132,500 sold with owner financing at $125,500

The list to sell ratio on the median was 96%.  In other words, the homes sold within 96% of the list price.  The median list price for this period was $525,000 median sale price was $506,250.