Archive | January, 2011
Whether you’re here for a visit or a long time local in the North Tahoe and Truckee area, here’s a suggestion for a unique and wonderful outing. Over the Martin Luther King Holiday weekend, my family and I went to the Sugar Bowl Lodge for dinner. It was phenomenal! I’m no expert, but I believe you would call this European cuisine, ranging from vegetarian to carnivore in the mid $20 range per entrée. I had beef tenderloin that I could cut with a fork; it was served with tasty mashed potatoes, pearl onions, mushrooms and a wine reduction. My favorite part about going up to Sugar Bowl for dinner is the evening ride across in the gondola. You can make it even better if you go during a full moon night, which allows you to take in the beauty that is Donner Summit during the winter. So quiet. I have gone often and rarely see more than a handful of other people until we get to the dining room. Another thing to keep in mind is to take the time to view the vintage photos all around the lobby, bar and dining room. Be sure to look for a photo of Walt Disney and family, plus a picture of local skiing legend, Babette Haueisen celebrating following her Silver Belt victory in 1955. For more information go to http://www.sugarbowl.com/dining
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It was reported in a January, 1940, issue of the Sierra Sun that there were 5,000 automobiles parked along the 3 mile stretch of Highway 40 between Soda Springs and Donner Summit for the opening of Sugar Bowl. Traffic control was handled by 2, yes 2!, highway patrolmen who were kept busy for 10 hours convoying single lines of traffic over the 3 mile section of road. I am never going to complain about the congestion again!
There are 2 upcoming ski events for Donner Summit:
Feb 26 at Sugar Bowl: Jam for the Cure- Sugar Bowl joins with Boarding for Breast Cancer and the HERA Foundation. There will be a rail jam in the Switching Yard Terrain Park. Call Sugar Bowl for info 530-426-9000.
Feb 5 at Royal Gorge: 10k Snowshoe Race benefiting the Donner Summit Historical Society. Contact Royal Gorge for info 530-426-3871.
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One of the biggest issues with getting a short sale closed has been timeline from the point where the buyer’s offer is submitted to the lien holder (bank) to getting an approval. BofA is introducing a “cooperative short sale” where the homeowner is evaluated for a short sale, the property value and list price are determined by the bank and the homeowner is approved prior to offering the home for sale. Once the home is placed on the market and an offer recieved, BofA is saying it can provide a response within 10 days. The key will be the quality of the offer presented.
The benefits is that once a buyer has made an offer they no longer will wait 60-90 days to get an answer as the underlying approval process was completed prior to listing the property for sale. This will greatly increase the stigma that has been placed on short sales and make these listing more attractive to buyers.
There are several other programs that follow a similar model. The HAFA program designed by the US Treasury is available to borrowers who qualify and provides for an upfront approval. Also, if your mortgage is FHA insured the FHA Pre-Foreclosure Sale Program requires homeowners to get approved into the program and sets the list price prior to the marketing/listing of the property.
The key for homeowners in the Reno-Sparks market is to contact an experience agent who can make you aware of all your options when facing a possible foreclosure. When a short sale is the best solution for a homeowner, hiring an agent who is knowledgable about all the programs available to them is crucial.
For more information on the Bank of America Cooperative Short Sale please contact me.
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Cedric Watson and the Bijou Creole Band will be performing at the Truckee High School Theater courtesy of Arts for the Schools. Doors will open at 7 pm with adult tickets $15 and students $5.
Cedric Watson is a talented young musician who has been nominated this year for a Grammy along with three other Grammy nominees amongst his band. If you want to hear some lively, foot stomping Cajun or Creole music, this is your opportunity to come out for some great entertainment and at the same time, support Arts for the Schools. Then watch the Grammy awards on February 13, 2011 and proclaim “I saw Cedric live in our very own Truckee”.
There are five members in the band:
* Cedric on Fiddle and Accordion
* D’Jalma on Bass and Fiddle
* Lance on Clarinet
* Mike on Washboard, Spoons, and Accordion
* Ryan on Accordion and Drums
In addition to Friday night’s performance, Cedric and his band visited four local schools and performed to over a thousand students in Truckee, North Lake Tahoe and Incline Village. The students were gifted with the opportunity to learn the history and meanings behind Creole music.
So come on out this Friday…listen to a great band…and support Arts for the Schools.
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With another year into the history books, what can we learn from the real estate sales that occurred in 2010? With a total of 858 single family homes reported sold, an increase of 8% over 2009, the median price of $465,000 unfortunately reflected a drop of 9% from 2009, bringing the total decrease in median price since the high in 2006 to 32%. The 617 single family homes currently on the market reflect approximately a 9-month inventory.
In looking at the Tahoe Donner subdivision in Truckee, which comprises the largest percentage of the sales in the overall area, the statistics are similar. A total of 222 single family homes sold in the subdivision (5 less than in 2009), at a median price of $520,000, a decrease of 8% from 2009, and a total decrease of 32% over that subdivision’s high of $765,000 in 2005. The 86 homes currently on the market within Tahoe Donner is only a 4.6 month inventory.
The sale of distressed properties increased in 2010, no surprise. Of the 858 homes sold, 151 were REO (investor owned) and 108 were Short Sales, an increase of 22% over the number of REO/Short Sales sold in 2009. We anticipate this distressed property activity to continue in 2011, as homeowners and their real estate agents/representatives continue to negotiate short sales where loan modifications/refinances are not an option, and lending institutions continue to sell their inventory of homes taken back in foreclosure.
A bright light for Buyers, and Sellers too, for that matter: Frank Nothaft, chief economist for Freddie Mac, says he expects long-term mortgage rates to hold below the 5% threshold throughout 2011, as key macroeconomic drivers provide a backdrop that supports a continued, albeit gradual, housing recovery. Turning to home prices, Nothaft says markets that have large inventories of for-sale homes and REO properties will continue to see home-value weakness in 2011, but he believes price indexes for the U.S. as a whole are close to bottoming out.
In this mountain paradise we love to call home, that’s great news. We look forward to another successful year, helping buyers and sellers realize their dreams!
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I’m sure you know the story – the village who pools their meager resources finds that each of their individual little bits of food actually goes a long way when combined with that of others. Truckee has its own version that can be found weekly at our local community center. Now in its third year, Stone Soup offers a chance for all of us to get out and enjoy the company of our friends and neighbors, and recreate that sense of community that can sometimes be lost during the harsh winters here. There is no shortage of groups who get together to make the soup from goods donated by local restaurants each week – nonprofits, businesses, community organizations – all are on the docket to cook this year. T Pots Pottery is going to offer premade soup bowls for you to decorate for a $10 fee. Keep your bowl and bring it each week, or donate it to Stone Soup and pay it forward for a long time to come!
So if you find yourself in town on a Sunday evening between now and the end of March, come join us anytime between 5and 7pm at the Community Arts Center, 10046 Church Street. There is always entertainment by area musicians and lots of friendly folks to share a table with. Donate some money to the cause if you can, but if not, just enjoy a bowl of hot soup and fresh bread while listening to the music and watching all the little kids dancing around. It’s a great way to enjoy the best of Truckee!
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What You Need To Know!
1. Buying a foreclosure involves hidden costs
2. The home may continue to lose value after purchase
Consider the following prior to purchasing a foreclosure or REO property:
AS IS – what this means to a bank is just as written. Most banks have no interest in providing repairs even if they are safety and health issues. If the property you are considering appears to have problems make certain you get the appropriate inspections. Often times utilities are turned off at bank owned properties but sometimes you can get the utilities turned on for inspections by asking the listing agent or paying for this yourself.
DISCLOSURES – In the course of a standard sale, the sellers are required to provide you with all information regarding the property that they are aware of, as is the listing agent. The bank has no such obligations and most of the time might not be aware of any problems, so again, get the utilities on and get the property inspected.
CONTRACTURAL OBLIGATIONS – Contracts written by banks do not necessarily protect you from losing your deposit as in a standard sale. Be certain your real estate agent understands the timeframes in the bank contract so your deposit is safe should you decide to back out of the purchase.
EXPECT SOME CHAOS – Typically banks like to work with their own escrow and title companies and might hurry you on deposits and then take what seems like forever to get the necessary signatures on documents for you. Again, make certain your real estate agent understands the system and will always be prepared for the unexpected to keep the deal on track.
Above all, be patient and know your buyer agent is doing everything to close the escrow for you.
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Effective January 1, 2011 the State of Nevada will be requiring the seller or a certified inspector to complete a 4 page form that will then be provided to the home buyer. Click here to see the new regulation. The required form has the seller providing information about the home, monthly energy consumption for the past 12 months, information on any energy efficient improvements to the property, the use of Energy Star rated appliances, etc.
Sellers should be receiving a copy of the form when they list their property so that the form can then be provided to the buyer. The form can be waived if agreed upon by both the buyer and the seller.
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Did you know that older toilets typically use between 3-7 gallons of water per flush? The new water-saving toilets use only 1.6 gallons of water per flush! You can help conserve water and save money by participating in the new toilet exchange program.
The Truckee Donner Public Utility District (TDPUD), in collaboration with Western Nevada Supply, is now offering a toilet exchange program. With the Water-efficient Toilet Exchange Program, TDPUD District customers can exchange their old, higher-use toilets for low-flush toilets for free!
Here’s how it works:
* Remove your old toilet and take it to Western Nevada Supply:
o Located at 10990 Industrial Way, Unit A in Truckee
o Days/Hours: Monday thru Friday, 6:00 am to 5:00 pm.
* They will dispose of the old toilet(s) and give you free 1.6 gallon per flush toilets in exchange.
* Rules & Limitations:
o You must be a TDPUD water customer and your home or business must have been built prior to 1992 in order to qualify.
o Western Nevada Supply will verify that your old toilet used greater than 1.6 gallons per flush.
o There are two low-flush toilet options available for direct exchange, or you may apply a $100 per toilet credit towards the purchase of an “upgrade”.
o You must present a copy of your current TDPUD water bill at the time of the exchange.
NOTE: There is a combined limit of three toilets per household or business for any one or all of the toilet programs.
For more information about the TDPUD, call 530-587-3896 or visit www.tdpud.org.
NEED HELP EXCHANGING YOUR TOILETS? We can help!
Call us at Dickson Realty (530-587-7444) and we can put you in touch with a contractor that will assist you with the removal, exchange, and installation of the new toilets.
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In the recent texting challenge between the Wolf Pack and Boston College fans, Kraft has just announced that the Wolf Pack Fans have successfully sent more texts than Boston College resulting in a 20,000-meal donation from Kraft to the Food Bank of Northern Nevada. The Wolf Pack will also receive an additional meal for each text sent. Wolf Pack fans came out in support of this challenge with so much excitement and commitment for which the Food Bank is so grateful for the participation.
Kraft created the text challenge for fans of each team to help make a difference with hunger issues in their region. Wolf Pack fans texted the word Nevada followed by a space and then their zip code to 71717 to show their support. Boston College fans are encouraged to text a similar message.
The Kraft Fight Hunger Bowl is the only bowl game raising money and awareness regarding the hunger problem in the United States. The bowl will celebrate the culmination of Kraft Foods’ HUDDLE TO FIGHT HUNGER program, which is the food company’s largest-ever branded initiative to fight hunger in America. The goal of the program is to donate as many as 20 million meals or more to Feeding America – the nation’s leading hunger relief organization – to help people in need.
The Food Bank of Northern Nevada is a regional food distribution and support system serving over 100 partner agencies in Northern Nevada and the Eastern Sierra. The Food Bank of Northern Nevada provides and supports programs including food pantries, soup kitchens, emergency shelters, after-school programs and Kids Cafe (dinner program), Kids Cafe Summer Meals program, Food Stamp Outreach and much more. The Food Bank of Northern Nevada is a member of Feeding America ~ The Nation’s Food Bank Network (formerly America’s Second Harvest).
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Monday, January 31, 2011 By: Sandy Horn
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