Tahoe Real Estate Agent comes up with Creative Solutions that Saved the Deal!

May 9, 2012 By Laura Allen, Broker Associate, Tahoe Real Estate Agent, CA RE 01473598 | 530-414-1260

Tahoe Real Estate Agent comes up with Creative Solutions that Saved the Deal!

As a Tahoe real estate agent working in a second home market we often face special challenges that are unique to our area and our clients. The value we bring to our clients is often in the form of creative solutions and extra services so our buyers and sellers can make and close their sale.

A good example of how this Tahoe real estate agent came up with a creative solution that saved a deal in our area was during the negotiation process.

Here’s the situation. I represented the seller. It’s a condo that they used as a second home. My sellers lived in the Bay area and the property being sold was located here in Tahoe City, California. The buyer wanted to buy the condo unfurnished, but the seller didn’t want to come-up, pack, and haul away the furnishings and wanted to sell the unit full-furnished, turn-key ready.

At this point the two parties were so close to having an agreement, if only they could do something about the furnishing. My seller didn’t want to lose the deal, but they didn’t want to move the furnishings and the buyer had already said no-way to taking the unit fully-furnished.

Negotiation isn’t always about the price, but about the options we can give our clients. In this case, I had remembered that the Salvation Army, located in Reno, Nevada, about 50 miles away would come up to Lake Tahoe and haul away an entire home. It just has to be packed up (loose items) and someone needs to be at the home during the pick-up window.

While I’m not a moving and storage company, I am willing to pack up some items for a client and meet someone who will haul it all away. After all these items will go to a local charity and unlike a full-time residence, second homes are often like hotel rooms – furnished, but not a lot of junk, or personal items to be removed. It’s an easy win-win for everyone.

I offered that service and option to my seller. Problem solved. My seller agreed to sell the condo without furnishings making the buyer very happy and we had a deal. During the escrow I spent a few hours packing up the loose items in the condo. I meet the Salvation Army who came up and took away a household of items that would benefit a lot of people, and the deal closed.

If you’re looking for a Tahoe Real Estate Agent that has creative solutions, call me. I can help!

Want to see what homes are for sale in Tahoe City? Here are the current listings:

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

Tahoe Real Estate Agent comes up with Creative Solutions that Saved the Deal!

Agate Bay, California – North Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011

January 14, 2012 By Laura Allen, Broker Associate, Tahoe Real Estate Agent, CA RE 01473598 | 530-414-1260

Agate Bay, California – North Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011

The Agate Bay neighborhood of Carnelian Bay, California is located approximately 6 miles east of Tahoe City in the heart of the North Shore of Lake Tahoe.

The Agate Bay area is a nice developed, North Shore neighborhood that is between the commercial core of Carnelian Bay and Tahoe Vista. This North Shore neighborhood is centrally located, and is close to Kings Beach and Tahoe City. Its location makes it easy to get to Northstar, Alpine Meadows, Squaw Valley, or Homewood Ski resorts. It is close to all of the Lake Tahoe recreational activities such as boating, hiking, biking (dirt and paved trails), tennis, golf, miniature golf, skiing, shopping, and restaurants.

The Agate Bay neighborhood is a mix of some smaller, older, Tahoe cabins, along with larger, newer luxury mountain homes. There are a limited number of lakefront properties in this neighborhood, and they can be classified as Carnelian Bay, or Agate Bay, depending on the listing agent, so some Agate Bay location lakefronts may appear in the Carnelian Bay real estate market report.

The Agate Bay community is very popular with second home owners. It has nice wide streets, and is easy to get to on a year-around basis making it a popular vacation rental location for summer and winter rentals.

Some of the owners in the Agate Bay neighborhood are members in the local home owners group Agate Pier and Swim Club that is very desirable with its own swimming pool, tennis courts, gated beach area, pier, and buoy rental option. The Agate Club membership is currently limited, and property owners that belong often get a market premium for their property, as this club membership is limited by geography and membership is typically gained by buying a property that is already an existing member and transferring the membership from one property owner to the next.

Sold Single Family Homes in the

Agate Bay neighborhood of Carnelian Bay, North Shore, Lake Tahoe, California:

In the Agate Bay area, mountain home and cabin prices are down, -8.2% this year, with the average median sales price at $352,500.

Cash sale transactions for the Agate Bay area declined to only 19%, which is well below the Tahoe-Truckee region of 34%. This means that buyers are finding conventional financing easier to get.

The current absorption rate for this neighborhood is at 8 months. Anything above 7 months of inventory is considered a Buyer’s market. The Agate Bay neighborhood is very close to becoming a balanced market, which should result in some price stabilization.

Distress sales (bank foreclosures – real estate owned (REO’s) and short sales) accounted for 44%, or almost half of all Agate Bay sales in 2011, which is a rise of 13% over 2010. The increase in distress sales is the single largest contributing factor to the continued decline in price. If you look at the longer-term price history, you will see that the big price correction in the Agate Bay, California neighborhood for single family homes corresponds to the first short sales and REO sales in this neighborhood.

There were 8 Active – available homes for sale in the Agate Bay, California, North Shore, Lake Tahoe, area as of 01/13/2012. These Agate Bay lakefronts, mountain homes, and cabins ranged in price from $175,000 to $4.2 million. Of the 8 homes offered for sale, 2 homes were lakefronts and 6 were non-lakefront properties; none were REO listings, but 2 are short sale listings.

There is 1 pending sale, and it is a lakefront property listed at $10.5 million in the Agate Bay, California, North Shore, Lake Tahoe area.

See all Agate Bay, California mountain homes and cabins for sale here.

See all Carnelian Bay, California mountain homes and cabins for sale here.

See all North Shore, Lake Tahoe, California mountain homes and cabins for sale here.

Agate Bay, California North Shore, Lake Tahoe Real Estate Summary

Sold Single Family Homes

Year	Homes Sold	Median Average Sales Price	Lowest Price Sold	Highest Price Sold	% Cash Transactions	Absorption Rate < 5 months Sellers Mkt 5-7 months balanced Mkt >7 months Buyer’s Mkt	% Distressed Sales	Breakdown of distressed Sales
2011*	16	$352,500	$205,000	$3,150,000 1 Lakefront	19%	8 months Buyers’ Market	44%	4 REO’s 3 Short Sales
2010	13	$384,000	$265,000	$2,850,000 1 Lakefront	36%	NA	31%	3 REO’s 1 Short Sale
2009	7	$470,000	$369,900	$850,000 0 Lakefront	43%	NA	29%	1 REO’s 1 Short Sale
2008	8	$653,450	$430,000	$2,200,000 1 Split Lakefront 0 Lakefront	13%	NA	0%	0 REO’s 0 Short Sale
2007	7	$650,000	$558,000	$735,000 0 Lakefront	14%	NA	0%	0 REO’s 0 Short Sale
2006	9	$647,500	$450,000	$1,925,000 1 Split Lakefront 0 Lakefront	22%	NA	0%	0 REO’s 0 Short Sale

*YTD period is 01/01/2011 – 12/31/2011. Data Source: Tahoe Sierra Multiple Listing Service.

Use caution when only a handful of sales are available in a neighborhood. Numbers are easily moved in either direction depending on the combination of homes sold. When reviewing neighborhood data, I recommend reviewing the overall Lake Tahoe, California area, or the entire Lake Tahoe – Truckee Region to confirm market trends and direction, rather than relying on just the neighborhood sales.

If you’re thinking of selling and would like to get a current market valuation for your Tahoe property, click here.

Note: Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice. Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

Agate Bay, California – North Shore, Lake Tahoe, Real Estate Market Report – Year End Review 2011

5 Tahoe Short Sale Buyer Tips for the Vacation-Resort Second Home and Condo Market

December 27, 2011 By Laura Allen, Broker Associate, Tahoe Real Estate Agent, CA RE 01473598 | 530-414-1260

5 Tahoe Short Sale Buyer Tips for the Vacation-Resort Second Home and Condo Market

It’s that time of year and buyers are once again getting serious about getting a vacation-resort second home, or condominium in Lake Tahoe, California. Interest rates have never been lower, and prices in the area have really corrected from the peak of the market a few years ago. Mountain homes, including lakefront properties have dropped by 40% since 2007, and condos depending on the complex have dropped 50% or more.

By now, everyone seems to know at least one person that has either purchased a REO (Real Estate Owned – bank foreclosure), or short sale. Everyone has their tips and suggestions on how to be successful in getting a deal. If you’re thinking about buying a Tahoe resort-vacation second home, or condo and you’re considering buying a short sale in our area, here are 5 Tahoe Short Sale Buyer Tips for vacation-resort second homes and condos for 2012.

Short Sale Buyer Tip #1 – Listing Status: In the Tahoe Sierra Multiple Listing Service (TSMLS) our short sales can be shown as “Active”, or “Active-Contingent” when searching for properties currently offered for sale. “Active” means no offer has been accepted. “Active-Contingent” means the short sale listing is still being offered for sale, and is considered active, but the Seller has already accepted another Buyers’ offer. Buyers need to focus on just the “Active Listings” for sale, not the “Active-Contingent” listings.

Short Sale Buyer Tip #2 – “Active-Contingent” Distraction: Buyers look for homes on-line, and they can easily be distracted by the “Active-Contingent” listings – the one that got away syndrome. While it is believed that 50% of all first offers accepted on a short-sale will be canceled, that number will continue to drop as agents and the lenders become better at the short-sale process. Hoping for a cancellation on an “Active-Contingent” listing is big distraction that can cause a Buyer to miss a new short-sale opportunity.

Short Sale Buyer Tip #3 – Short-Sale Situation: Not all Tahoe short-sales are equal. Our vacation-resort second home market means not everyone will qualify for a short sale. Learning what the short-sale situation is on each Tahoe property can make a big difference on the over-all success of the transaction. A few questions to ask your Tahoe REALTOR® are as follows:

Is the property a primary residence, or second home?

What is the hardship?

Is this a strategic default – short sale? Has the seller approached the lender? Has the lender approached the seller? Why does the listing agent believe they can close this second home short-sale?

How many short-sales has the listing agent closed in Tahoe? Tahoe is a small community of agents, and a good REALTOR® will know what type of track record the listing agent has with short-sales.

How many loans, or liens are against the property? The more loans, and liens to clear, the harder it will be to close the transaction. Knowing as much information about what is owed, and who is it owed to can really impact the success of the short-sale and the ability to close it.

Short Sale Buyer Tip #4 – Who is negotiating for the Seller: Not all listing agents do the negotiating for the seller. Some hire a third party negotiator, and others share the listing with another REALTOR® who has extensive short sale experience and staff. Knowing who is doing the negotiating and will be working with the lender to get them to agree to the short-sale is very important to know. Inexperience can be a fatal error in the short-sale process for both the buyer and seller.

Short Sale Buyer Tip #5 – No Repairs: When buying a short-sale property what you see is, is what you get. Don’t expect to negotiate for home repairs with the Seller, or lender after you are in escrow. There are always exceptions, but don’t count on it.

These quick 5 Tahoe short sale Buyer tips for vacation-resort second homes and condos for 2012 should help you in your search for the perfect Tahoe vacation property. For more Tahoe buyer short sale Buyer tips and information visit my website, or give me a call.

If you’re thinking about getting a Tahoe Lakefront, Mountain Home, or Cabin on the West Shore, you can search for real estate here.

Thinking about buying a West Shore, Lake Tahoe lakefront, mountain home, or cabin?

Check out what is for sale here:

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

5 Tahoe Short Sale Buyer Tips for the Vacation-Resort Second Home and Condo Market

Tahoe Pines, Homewood, West Shore, Lake Tahoe, California Real Estate Market Report – November 2011

November 20, 2011 By Laura Allen, Broker Associate, Tahoe Real Estate Agent, CA RE 01473598 | 530-414-1260

Tahoe Pines, Homewood, West Shore, Lake Tahoe, California Real Estate Market Report – November 2011

The Tahoe Pines neighborhood of Homewood, California is located approximately 5 miles south of Tahoe City on the West Shore of Lake Tahoe.

Tahoe Pines, Homewood, California - West Shore, Lake Tahoe California

The Tahoe Pines area is one of the older neighborhoods in Lake Tahoe and was established in 1911. It is a small, West Shore neighborhood, that is just a couple of miles north of the Homewood Ski Resort.This West Shore neighborhood is close to Lake Tahoe recreational activities such as boating, hiking, biking (dirt and paved trails), tennis, golf, skiing, shopping, and restaurants. It is also home to Fleur du Lac, a small, exclusive, gated group of townhomes, which is where the movie The Godfather II was filmed back in the early 1970’s.

The Tahoe Pines neighborhood is a mix of smaller, older, Tahoe cabins, to larger, newer luxury mountain homes, with a limited number of lakefront properties. Home owners do have the option to join a local home owners group that has access to a gated shared pier, located at the end of Grand Avenue. This second home neighborhood has more of a mountain – forest feel to it, and when it snows, home owners really know that they are living near a ski resort area.

Sold Single Family Homes in the Tahoe Pines neighborhood West Shore, Lake Tahoe, California:

In the Tahoe Pines area, mountain home and cabin prices are up significantly this year, with the average median sales price at $655,000. While home prices are up, sales for 2011 have been slower, but could come close to 2010 sales levels if all pending sales close by the end of the year.

Cash sale transactions for the Tahoe Pines area has doubled to 50%, indicating buyers are still finding good real estate values in the Homewood area, and willing to place their investment dollars here.

The number of homes going into escrow with in the first 30 days of being listed in the Tahoe Sierra Multiple Listing Service (TSMLS) has also increased to 1 out of every 2 Tahoe Pines homes sold. Sending a message to buyers, if it’s a deal and you’re interested, you need to write your offer up now.

Distress sales (bank foreclosures- real estate owned (REO’s) and short sales) accounted for 25%, which is a significant improvement over 2010, where 62.5% of all homes and cabins sold were REO sales in this neighborhood.

There were 6 Active – available homes for sale in just the Tahoe Pines, Homewood, West Shore, Lake Tahoe, California area as of 11/08/2011. They ranged in price from $340,000 to $6.495 million.Of the 6 homes offered for sale there are no REO, or short sale listings. There are 3 pending sales in the Tahoe Pines, Homewood area as of 11/08/2011, ranging in price from $325,000 to $1,395,000.

Want to know what Tahoe Pines, lakefronts, mountain homes, and cabins are for sale?

Tahoe Pines, West Shore, Lake Tahoe, California, Real Estate Summary for Sold Single Family Homes:

Year

Homes

Sold

Median Average Sales Price

Lowest

Price Sold

Highest

Price Sold

% Cash

Transactions

Homes

into escrow with in 30 days of being

listed in TSMLS

%Distressed

Sales

Breakdown

of distressed

Sales

2011*

$655,000

$450,000

$899,000

0 Lakefronts*

50%

More than

1 out of 2

25%

1 REO’s

0 Short Sales

2010

$377,450

$260,000

$5,450,000

1 Lakefronts

25%

1 out of 4

62.5%

5 REO’s

0 Short Sale

*YTD period is 01/01/2011 – 11/08/2011. Data Source:Tahoe Sierra Multiple Listing Service. One lakefront in Tahoe Pines did sell this year, but was not reported in the MLS, so it is not included in this data.

Remember when we have only a handful of sales in a neighborhood, the increase and decrease swings in the percent changes can be significant. Numbers are easily moved in either direction depending on the combination of homes sold. When reviewing neighborhood data, I recommend reviewing the overall Lake Tahoe, California area, or the entire Lake Tahoe – Truckee Region to confirm trends and direction, rather than relying on just a small group of sales.

Note:Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TMLS’s may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change and/or correction without prior notice.Data Source – Tahoe Sierra Multiple Listing Service (TSMLS). If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

Overview and summary completed by:
Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

The Tahoe Ski Lease Season is here!

October 5, 2011 By Laura Allen, Broker Associate, Tahoe Real Estate Agent, CA RE 01473598 | 530-414-1260

The temperatures are dropping and the weather services are predicting our first snow in the high Sierra Mountains this week. Fall is here and the snow boarders and skiers will soon be back on the slopes.

This past weekend I was in our office and I was talking to Debbie Milani, Vacation Rental Property Manager-Owner and she reminded me to let my Tahoe clients know that now is the time to get their properties on the vacation rental list for the upcoming “Tahoe Ski Lease” season.

A Tahoe ski lease is a winter monthly rental, which may begin as early as the 1st of November, and can end as late as May. It can also be a shorter period of time beginning right after New Year’s Eve and ending in March. It all depends on what period of time the Tahoe property owner isn’t going to use their property, and how much income they are hoping to generate.

Tahoe property owners that know they will not being using their property at all during the winter season that want to generate some income to off-set operating costs, often ski-lease their Tahoe cabin, condo, home, or lakefront property rather than just closing the property up for the winter.

Those Tahoe owners that want to use their property during the ski season, or for the major holidays, but still want vacation rental income select the vacation weekend/weekly rental periods rather than the ski lease option.

Our Tahoe winter season started early last year with heavy snow on the ground before Thanksgiving. Many are hoping for the same thing this year as our phones have begun to ring and our on-line bookings are picking up for our premium winter vacation rental periods.

October may seem too early for many of us to think about the upcoming winter season, but those potential renters that want to ski this year are already busy searching the internet, walking into our local real estate offices and inquiring about the availability for ski lease rentals for the 2011-2012 winter season right now.

Talking with your Tahoe vacation-resort second home property manager now will allow you to maximize your income opportunities to get the best bookings for this upcoming season.

Overview and summary completed by:
Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304