Truckee Redevelopment Makes Loans for Downtown Businesses
June 10, 2011
A trip through Historic Downtown Truckee makes one aware of empty storefronts there. Sadly many businesses have moved on for various reasons not the least of which is the downturn in the economy. In the interest of sparking some sort of enthusiasm towards starting up a commercial venture in the downtown area, the Town of Truckee has initiated a program which will provide low interest loans of up to $50,000 for an expanding business or a business moving into a vacant space in the Redevelopment Area (which is essentially the Downtown area). According to David Griffith, the Town’s Economic Development Specialist, “The loan can be used for costs including tenant improvements, design, permit fees and exterior facade improvements.” “The interest rate is one percent annual simple interest and must be repaid in full if the business moves, is sold or closes.”
When contacted today on the availability of these funds David said that the program is still active and ready to go. So far only one business has made application. Contact David at 530 582-2910 or by e-mail at dgriffith@townoftruckee.com to get in on the offering. Opportunity knocks for those who are awake enough to hear it!!!
Additionally, the Town has resolved to make the permit process for this type of endeavor much simpler, vowing to process tenant improvement plan check applications for existing commercial buildings in three business days. According to Community Development Director John McLaughlin: “We want to be part of the solution to grow our local economy and work in partnership with the business community.” The Town’s building counter is open Tuesday – Friday 8:00 am – 4:00 pm and there is no appointment necessary to submit plans.
If you are interested click here to read more information about applying for this and other related loans.
Home Auctions as a Marketing Tool
February 17, 2011
Lately we have been seeing quite a few sellers using the private auction as a marketing tool to get their homes sold. This tool is not a new invention, we have seen it used here about 20 years ago when there was a plethora of lots for sale in the Tahoe Donner Subdivision. The auction was an effective tool for getting some of the inventory off of the market. Today’s auction is somewhat different however.
Most often now the private auction is used as a tool by banks who have had to purchase the properties that they held loans against at trustees sale. After they take the property back, the bank typically lists it on the multiple listing service with a local (sometimes not so local) real estate agent. If the property does not sell, then some banks employ the assistance of a private auction house such as Williams & Williams. This marketing tool works well for the banks because they can lower the price of the home since they generally will not be paying anymore than 1-2% to a real estate agent who helps a buyer. Some buyers will decide to skip the buyers’ agent altogether, thus lowering the overhead further for the bank.
One of the problems with this type of sale is that there is no “inspection contingency” period. When a buyer and/or his/her agent put in a bid — be it on line, pre-auction or at the physical auction itself — they best be prepared to buy that house no matter what. The auction house does offer to hold the house open for a couple of hours prior to the auction and if you employ a buyer’s agent, the auction house will give your agent that lockbox code so you can go inside the house and inspect but there is no formal “inspection” period and no opportunity to present the seller with a “request for repairs” as is typical in a standard transaction in California.
Each auction house handles their auctions differently so if you want to participate, you best be sure to read the fine print — usually published under “terms and conditions.” There is no arguing with the auction house, either you play by their rules or you don’t play at all. The good news is that you can get a super bargain by using this tool. The bad news is that if you aren’t careful, you could “get what you paid for.”
We currently have a client who is involved with us in this Auction process. There is a “physical” auction in Truckee for the home he wants but he has decided to place a pre-auction bid, which is just another story.
One of the things you can count on if you are involved in this real estate business is CHANGE!! First there was the short sale, then REO sales and now this Auction sale. If we don’t keep up with the changing market — we may as well get out. Never a dull moment.
The Resort at Squaw Creek, Squaw Valley, U.S.A.
January 30, 2011
We thought you might be interested to see what other real estate options JK Real Estate is available to show you. We have begun to claim a presence over in the Keller Williams office at The Resort at Squaw Creek located in Squaw Valley. In case you haven’t noticed it, it is the “futuristic” black building on the south side of the valley, across the broad expanse of golf course.
The full-service luxury hotel at the base of Squaw Valley Ski Resort was built in 1993 but in 2005 it underwent a $53 million resort-wide renovation transforming hotel rooms and suites into 238 beautiful condos with luxurious finishes and extraordinary views. March of 2005 was the launch of sales for the newly converted condos at which time nearly 70% were sold as fee simple ownership. After a short break the remaining units became available and currently the re-sale market offers a selection of units for sale. Condos include one, two, and three bedroom suites with lock off ability to independent bedroom suites for separate renting. 2 story penthouse units are located on the 8th & 9th floors providing fantastic views of the Squaw Valley Ski area. RSC as we refer to it, offers an incredible list of amenities:
- True Ski-In, Ski-Out with direct access to Squaw Valley USA, site of the 1960 Winter Olympics
- Ice Rink and Cross Country Skiing
- Full Service Spa, Gym & Fitness Center
- Hot Tubs, Saunas and Heated Swimming Pools
- 18 Hole Championship Golf Course
- Tennis Courts, Hiking & Biking Trail Access
- Convention, Private Party & Wedding Facilities
- Restaurants and Shopping Promenade
- Concierge Service & Valet Parking
Resort at Squaw Creek property management will handle the rental of units, and it seems that the Resort does a good job as 90% of owners participate in the rental program. $4.4 million is spent annually in marketing to bring in seminars and conventions to augment the shoulder seasons.
With the economic downturn, financing of these “condo-hotel” type properties became non-existent limiting most sales to all cash deals.
Please contact us for a list of available units or if you would like more information about the Resort at Squaw Creek.
Truckee, North Lake Tahoe End of Year Stats
January 2, 2011
Well, here they are. The long awaited end of year statistics. I have put them into very simple graph form. I think if you check it out, you will definitely see a curve towards the better over the past 5 years. Although the median and average price has fallen (consequently the gross sales dollar amount) — the AMOUNT of sales are returning to normal.
Toilets for Truckee!!
December 1, 2010
The Truckee Donner PUD and Western Nevada Supply have joined together to offer a wonderful deal for those of us who live in Truckee and have older toilets. In the interest of conserving water, they have initiated a program where you can take your old, water guzzling toilet to Western Nevada Supply at 10990 Industrial Way, #1 in Truckee and exchange it for a new less water intensive model. The technology now allows for the toilets to work on only 1.6 gallons per flush as opposed to the older 3-7 gallon use per flush. Apparently, toilets are the largest users of water in a household or a businesses.
If you take advantage of this program you will not only be saving yourself some initial outlay but obviously you will save on the monthly metered water charge we will soon all be getting since Truckee is close to becoming a water metered community — Yeah!! Besides all of that money you will save, you will be saving the environment — water is a PRECIOUS resource.
Homeowners can receive credit for up to 3 toilets per household. Check out the PUD’s website for more information, or call 530 587-3896 for more information on the program.
