Spring skiing is calling and the conditions are perfect so take advantage of the great resorts around Lake Tahoe. My favorite this year is North Star with wide groomed trails and a snowboarding park complete with jumps, rails and pipes. I even took advantage of the reduced rates to purchase a pass for next year at $399, the only exclusion is Saturday..they have lots of different programs and the one I highly suggest is the Vertical Pass which jumps you ahead of all the lines! Here is a link to the various resorts to check out conditions and get early pass information:
Real Estate Update
It’s time to get serious about listing over the next couple of months. We haven’t seen a real increase in new homes coming on but rather listings which were on the market under different agencies or listings which have been on over six months. Agents are only allowed to put a property back on the broker’s open house tour through our Multiple listings service once every six months.
We will be mailing out a newsletter to owners with data on the market and predictions for the year.
Market update for this week
Condominiums listed for sale= 149
17 Closed Sales, 25 Under Contract
Residential listings for sale= 178
19 Closed Sales, 18 Under Contract
Planned Unit Developments= 38
11 Closed Sales, 8 Under Contract
Buyers beware of short sales and what you are really buying, especially when listings are with out of area agents. Do yourself a favor and utilize the services of a Lakeshore Realty agent who has the expertise needed based on honest, educated experience about the market, building codes, regulatory agency’s and property values… to name a few items of importance when buying. Plan on a very long escrow period (3 months+) . There are a few bank owned properties which are basically priced at lot value and happen to have a house. To bring some of the properties into livable condition can incur some large expenses. Older homes need to be brought up to current codes which can push a budget beyond expectations.
There are a few condominium complexes which have litigation outstanding with the HOA’s and in many cases lender’s will not loan on these complexes. Something a buyer needs to be aware of along witht any outstanding assessments which may be pending.
Condominiums have taken the hardest hit with price drops- to pick up a two bedroom McCloud for under $400,000 is a real deal considering they were selling in the $600,000 range 2 years ago.
For information on any property including foreslosures and bank owned- give us a call or email and we’ll be there to answer any quesitons and be of service. Lakeshroe Realty is the leader in Closed transactions for 2010 and the next quarter looks even better!