Another Powder Day? Really?
I’m lamenting the weather man’s forecast this morning, as it’s nearly mid-April and yet another foot of the “good stuff” is fore-casted for tomorrow. The resorts are starting close. What do we need with a fresh foot of powder in April? I coach girls softball at Truckee High School, thus my current aggravation with this Spring’s weather. We had a home game two weeks ago…our first, and then got to get on the field to practice that following Monday…our first outside, and then POW. Winter! My friends who ski are mostly stoked. My clients who were here this week for spring break were loving the conditions too. Where I’m bummed, many are happy as a lark. It made me think that that’s how it is in the Truckee real estate market right now too. Some are bummed and others are living the dream. Last week, some clients of mine closed escrow on a lot in Martis Camp that backs up to the Tahoe National Forest. They’d been trying to buy it as a short sale for almost 8 months. The seller had bought it from the developer three years ago, and unfortunately for them, things did not go well. The buyer however, intends to build their dream vacation home, and to have a place to make good memories with their kids. Many years of powder days for them we hope. I sold a home that I built for my family in 2006 a couple of months ago as a short sale too. My credit is battered pretty good after my wife and I worked so hard to have FICO scores in the 800′s. We’re renters now. We’re making a living thank God, but we’re nowhere close to saving for a down-payment. The young family that bought our house purchased their dream home…for $175K less than it cost me to build it just 4 years ago. Powder Day for them, and here’s my little lesson. In August, when the forest is hot and dry, I’ll be plenty appreciative of the fresh foot of snow we had in April. We don’t need another year of drought conditions and empty reservoirs. Today’s storm is a good thing for everyone. Even for a softball coach who just wants to practice on dirt. I may not be happy about it today…but I will be down the line. Bring it!
Old Greenwood – Gray’s Crossing Developer Files Chapter 11
This long protracted market downturn has caused East West Partners, the developer of several high end local subdivisions to file for Chapter 11 Bankruptcy protection for several of their properties. You can read about the details in this article just published in the local newspaper.
An update was printed about the potential fate of Gray’s Crossing and Old Greenwood’s Real Estate in this article that was printed on March 17, 2010
Median Single Family Home Graph for Truckee Real Estate, 2004 – 2009
Homes and cabins in the Truckee and Donner Lake real estate market finished the year with an overall 15 percent downturn in median sales price. This graph shows how median sales prices have been steadily decreasing since 2005, with a total decrease of about 27 percent. Truckee homes and cabins that were priced under 1 million dollars decreased in an average per foot selling price at the same percentage. Homes over 1 million dollars have only declined about 13% in dollar per foot sales price.
NOTE: This representation is based in whole or in part on data supplied by the Tahoe Sierra Board of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
Truckee Home Sales Chart 2004 – 3rd Quarter 2009
This chart shows the decline in the number of single family residences that have sold each year since 2004 in the Truckee Real Estate market. This YTD chart ending September 30, 2009 shows a total decline of 61%. This is just single family homes in Truckee and Donner Summit. This number will improve, as there are currently 79 homes in escrow, and another 28 short sales in escrow. Short sales are a real wild card, but some of them will close before the end of the year. I’m predicting that by year end, the current 2009 decline in units sold will actually be an increase over last year. That would make the 61% number of total decline I used above more like 51%. We’ll wait and see.
NOTE: This representation is based in whole or in part on data supplied by the Tahoe Sierra Board of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
Median Land Price Chart for Truckee Real Estate 2004 – August 30, 2009
This chart shows the median land sales price changes since 2004 for vacant land in the Truckee Real Estate market. As you can see, prices have really taken a big hit so far in 2009. What’s more, activity based by the number of sales this year has been abysmal. Much of the decline can be attributed to the lack of available construction financing. 2008′s statistics are a bit of an aberration, as individual land sales prices did not increase. Far from it, but there were just many fewer sales in the more “affordable” neighborhoods of Truckee, and thus the median sales price for what did sell was higher. This land graph only accounts for lots that were under 1.5 acres, and excludes Northstar and Martis Camp, which are much higher price points.
