Northstar (Truckee), California Homes Real Estate Market Report – Year End Review 2011
The Northstar neighborhood of Truckee is located approximately six (6) miles south downtown historic Truckee, California, or six and one-half (6.5) miles north of Kings Beach, Lake Tahoe, California.
The Northstar neighborhood is a premium ski resort location. This resort area is very desirable for many reasons. Property owners find the close proximity to the Ritz Carlton at Tahoe resort and the Village at Northstar, with all of its amenities such as shopping, restaurants, ski lifts, ice skating, and the special events that the Northstar organizers put on a real plus.
They also find the close proximity to Truckee, California and Lake Tahoe recreational activities such as boating, hiking, biking, tennis, golf, skiing, shopping, and restaurants makes the Northstar area a great community to live in.
In addition to all of the great area amenities that the region offers, the Northstar property owners also have access to the Northstar home owners club, which includes a seasonal swimming pool, and tennis courts, and the area has a golf course in the community.
The Northstar area is known for its easy year-around access, the larger lot sizes, and the nice wide streets. It’s an easy neighborhood to get to on a year-around basis, and winter vacation rentals in the area are very desirable.
The Northstar neighborhood has some smaller, older Tahoe cabins and homes, but the area also has a nice selection of larger, newer, luxury mountain homes. Northstar has approximately 569 parcels. Some of the properties are ski-in and ski-out. Many are golf course properties that back to the Northstar 18-hole golf course. Some have a view of Martis Valley, and lastly all have access to the Northstar shuttle bus system which makes getting to everything east. Check out some of the fun in this video at Northstar:
Northstar (Truckee), Lake Tahoe, California – Sold Single Family Homes:
The Northstar (Truckee), Lake Tahoe, California ski resort area single family home prices have dropped -34% since 2006, reflecting the overall decline and market correction that seems to have hit most markets.
Second home buyers have taken advantage of this price correction in 2011, which is seen in the increase in home sales volume, which is up 61% over 2010 volume sales.
Cash sale transactions were at 48% of the Northstar home market, which is above the regional average of 35%, again showing us that investors found value in this market and a good place to invest their dollars.
The current absorption rate for the Northstar neighborhood is at 8.7 months. Anything above 7 months of inventory is considered a Buyers’ market. Getting an absorption rate below 7 months is the first step to turning around a declining market is reducing the current inventory.
Distress sales (bank foreclosures- real estate owned (REO’s) and short sales) accounted for 17% of all homes sold in 2011, which is a slight decrease over last year. While most sellers are not distressed sellers, having REO’s or short sales in their neighborhood puts pricing pressure on regular sellers as these distressed sales are helping to set the sales price for all sellers in a neighborhood. The second step to turning a declining market around is to work through the short sales and foreclosures.
There were 23 Active – available homes for sale in the Northstar area as of 01/29/2012. They ranged in price from $485,500 to $3,250,000. Of the 23 homes offered for sale there were no bank foreclosures zero (0) REO listings, but two (2) short sales, which made up making up 9% of the available inventory. There are five (5) pending sales in this exclusive vacation-resort second home market ranging in listed price from $419,950 to $1,165,000, one of these sales is an REO listing.
See all Northstar (Truckee), California mountain homes and cabins for sale here.
See all Northstar (Truckee), California condos and townhouses for sale here.
There may not be short sales or Bank Foreclosures (REO’s) for sale at this time. If there are not current listings, and you’d like to know when a new listing does come on the market, call Laura 530-414-1260 to see if there are any properties for sale that fit this classification.
Northstar (Truckee), 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 |
Absorption Rate < 5 months Sellers Mkt 5-7 months balanced >7 months Buyers’ Mkt |
% Distressed Sales |
Breakdown of distressed Sales |
|
2011* |
29 |
$765,000 |
$452,500 |
$3,200,000 |
48% |
8.7 months Buyers’ Market |
17% |
4 REO’s 1 Short Sales |
|
2010 |
18 |
$1,454,250 |
$396,000 |
$3,000,000 |
44% |
NA |
21% |
1 REO’s 3 Short Sale |
|
2009 |
20 |
$937,500 |
$585,000 |
$2,950,000 |
50% |
NA |
5% |
0 REO’s 1 Short Sales |
|
2008 |
11 |
$1,195,000 |
$699,000 |
$5,500,000 |
54% |
NA |
0% |
0 REO’s 0 Short Sales |
|
2007 |
21 |
$1,210,000 |
$785,000 |
$5,050,000 |
38% |
NA |
0% |
0 REO’s 0 Short Sales |
|
2006 |
18 |
$1,162,500 |
$935,000 |
$2,399,000 |
33% |
NA |
0% |
0REO’s 0 Short Sales |
*YTD period is 01/01/2011 – 12/31/2011. Absorption rate is based on 30 day period as of 01/29/2012.
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.
Northstar (Truckee), California Homes Real Estate Market Report – Year End Review 2011
